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Segment financial information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Financial Information |
(in thousands) |  | Electric utility |  | All Other |  | Total
Three months ended September 30, 2025 |  |  |  |  |  |
Revenues |  | $ | 787,428 |  |  | $ | 3,182 |  |  | $ | 790,610 |
Depreciation and amortization |  | $ | 73,735 |  |  | $ | 221 |  |  | $ | 73,956 |
Interest income |  | $ | 1,461 |  |  | $ | 5,499 |  |  | $ | 6,960 |
Interest expense, net |  | $ | 22,114 |  |  | $ | 4,097 |  |  | $ | 26,211 |
Income (loss) from continuing operations before income taxes |  | $ | 48,459 |  |  | $ | (8,513) |  |  | $ | 39,946 |
Income tax expense (benefit) |  | 10,973 |  |  | (2,245) |  |  | 8,728 |
Net income (loss) from continuing operations |  | 37,486 |  |  | (6,268) |  |  | 31,218 |
Preferred stock dividends of subsidiaries |  | 498 |  |  | (27) |  |  | 471 |
Net income (loss) from continuing operations for common stock |  | $ | 36,988 |  |  | $ | (6,241) |  |  | $ | 30,747 |
Nine months ended September 30, 2025 |  |  |  |  |  |
Revenues |  | $ | 2,268,276 |  |  | $ | 12,796 |  |  | $ | 2,281,072 |
Depreciation and amortization |  | $ | 220,919 |  |  | $ | 5,704 |  |  | $ | 226,623 |
Interest income |  | $ | 4,657 |  |  | $ | 22,505 |  |  | $ | 27,162 |
Interest expense, net |  | $ | 66,272 |  |  | $ | 21,407 |  |  | $ | 87,679 |
Income (loss) from continuing operations before income taxes |  | $ | 160,247 |  |  | $ | (46,787) |  |  | $ | 113,460 |
Income tax expense (benefit) |  | 34,797 |  |  | (6,257) |  |  | 28,540 |
Net income (loss) from continuing operations |  | 125,450 |  |  | (40,530) |  |  | 84,920 |
Preferred stock dividends of subsidiaries |  | 1,496 |  |  | (79) |  |  | 1,417 |
Net income (loss) from continuing operations for common stock |  | $ | 123,954 |  |  | $ | (40,451) |  |  | $ | 83,503 |
Capital expenditures |  | $ | 253,927 |  |  | $ | 1,523 |  |  | $ | 255,450 |
Total assets (at September 30, 2025) |  | $ | 8,390,959 |  |  | $ | 422,677 |  |  | $ | 8,813,636 |
Three months ended September 30, 2024 |  |  |  |  |  |
Revenues |  | $ | 829,617 |  |  | $ | 3,622 |  |  | $ | 833,239 |
Depreciation and amortization |  | $ | 70,548 |  |  | $ | 2,764 |  |  | $ | 73,312 |
Interest income |  | $ | 1,671 |  |  | $ | 1,991 |  |  | $ | 3,662 |
Interest expense, net |  | $ | 20,223 |  |  | $ | 11,862 |  |  | $ | 32,085 |
Loss from continuing operations before income taxes |  | $ | (117,526) |  |  | $ | (55,137) |  |  | $ | (172,663) |
Income tax benefit |  | (35,439) |  |  | (14,515) |  |  | (49,954) |
Net loss from continuing operations |  | (82,087) |  |  | (40,622) |  |  | (122,709) |
Preferred stock dividends of subsidiaries |  | 498 |  |  | (27) |  |  | 471 |
Net loss from continuing operations for common stock |  | $ | (82,585) |  |  | $ | (40,595) |  |  | $ | (123,180) |
Nine months ended September 30, 2024 |  |  |  |  |  |
Revenues |  | $ | 2,410,526 |  |  | $ | 10,144 |  |  | $ | 2,420,670 |
Depreciation and amortization |  | $ | 211,254 |  |  | $ | 8,891 |  |  | $ | 220,145 |
Interest income |  | $ | 4,555 |  |  | $ | 5,374 |  |  | $ | 9,929 |
Interest expense, net |  | $ | 61,625 |  |  | $ | 34,451 |  |  | $ | 96,076 |
Loss from continuing operations before income taxes |  | $ | (1,725,279) |  |  | $ | (104,102) |  |  | $ | (1,829,381) |
Income tax benefit |  | (454,017) |  |  | (25,092) |  |  | (479,109) |
Net loss from continuing operations |  | (1,271,262) |  |  | (79,010) |  |  | (1,350,272) |
Preferred stock dividends of subsidiaries |  | 1,496 |  |  | (79) |  |  | 1,417 |
Net loss from continuing operations for common stock |  | $ | (1,272,758) |  |  | $ | (78,931) |  |  | $ | (1,351,689) |
Capital expenditures |  | $ | 244,300 |  |  | $ | 12,620 |  |  | $ | 256,920 |
Total assets (at December 31, 2024) |  | $ | 7,613,604 |  |  | $ | 1,317,812 |  |  | $ | 8,931,416 |
Summary of Discontinued Operations | The following table summarizes the income from discontinued operations included in the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024:
(in thousands) |  | Three months ended September 30, 2024 |  | Nine months ended September 30, 2024
Interest and dividend income |  |  |  |
Interest and fees on loans |  | $ | 73,654 |  |  | $ | 219,585 |
Interest and dividends on investment securities |  | 14,001 |  |  | 42,183 |
Total interest and dividend income |  | 87,655 |  |  | 261,768 |
Interest expense |  |  |  |
Interest on deposit liabilities |  | 19,018 |  |  | 54,465 |
Interest on other borrowings |  | 6,403 |  |  | 21,036 |
Total interest expense |  | 25,421 |  |  | 75,501 |
Net interest income |  | 62,234 |  |  | 186,267 |
Provision for credit losses |  | 248 |  |  | (3,821) |
Net interest income after provision for credit losses |  | 61,986 |  |  | 190,088 |
Noninterest income |  |  |  |
Fees from other financial services |  | 5,188 |  |  | 15,195 |
Fee income on deposit liabilities |  | 5,156 |  |  | 14,684 |
Fee income on other financial products |  | 3,131 |  |  | 8,834 |
Bank-owned life insurance |  | 2,993 |  |  | 8,832 |
Mortgage banking income |  | 363 |  |  | 1,151 |
Other income, net |  | 658 |  |  | 1,767 |
Total noninterest income |  | 17,489 |  |  | 50,463 |
Noninterest expense |  |  |  |
Compensation and employee benefits |  | 31,485 |  |  | 93,746 |
Occupancy |  | 5,630 |  |  | 15,913 |
Data processing |  | 4,974 |  |  | 14,780 |
Services |  | 3,816 |  |  | 12,217 |
Equipment |  | 2,436 |  |  | 7,562 |
Office supplies, printing and postage |  | 1,014 |  |  | 3,038 |
Marketing |  | 885 |  |  | 2,408 |
Goodwill impairment |  | — |  |  | 82,190 |
Other expense |  | 5,806 |  |  | 16,561 |
Total noninterest expense |  | 56,046 |  |  | 248,415 |
Income (loss) before income taxes from discontinued operations |  | 23,429 |  |  | (7,864) |
Income tax expense (benefit) |  | 4,651 |  |  | (1,789) |
Income (loss) from discontinued operations |  | $ | 18,778 |  |  | $ | (6,075) |
The net assets were classified as current, and are summarized as follows:
(in thousands) |  | September 30, 2025
Property, plant and equipment, net of accumulated depreciation |  | $ | 46,051 |
Other assets |  | 9,827 |
Assets held for sale-current |  | $ | 55,878 |
Long-term debt, net |  | $ | 51,116 |
Other liabilities |  | 7,959 |
Liabilities held for sale-current |  | $ | 59,075 |

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