XML 58 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Securities | 9 Months Ended
--- | ---
Sep. 30, 2012
Securities [Abstract] |
Securities | Note 3 – Securities The fair value of securities is as follows:
September 30, 2012 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  | $ | 46,982 |  |  | $ | 394 |  |  | $ | — |  |  | $ | 47,376 |
State and municipal |  |  | 163,407 |  |  |  | 11,476 |  |  |  | (62 | ) |  |  | 174,821 |
Federal agency collateralized mortgage obligations |  |  | 97,534 |  |  |  | 1,621 |  |  |  | (114 | ) |  |  | 99,041 |
Federal agency mortgage-backed pools |  |  | 166,029 |  |  |  | 8,114 |  |  |  | (6 | ) |  |  | 174,137 |
Private labeled mortgage-backed pools |  |  | 2,207 |  |  |  | 81 |  |  |  | — |  |  |  | 2,288 |
Corporate notes |  |  | 32 |  |  |  | 9 |  |  |  | — |  |  |  | 41 |
Total available for sale investment securities |  | $ | 476,191 |  |  | $ | 21,695 |  |  | $ | (182 | ) |  | $ | 497,704 |
Held to maturity, State and Municipal |  | $ | 6,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,100 |
December 31, 2011 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  | $ | 12,693 |  |  | $ | 329 |  |  | $ | — |  |  | $ | 13,022 |
State and municipal |  |  | 135,011 |  |  |  | 8,950 |  |  |  | (71 | ) |  |  | 143,890 |
Federal agency collateralized mortgage obligations |  |  | 89,016 |  |  |  | 2,106 |  |  |  | — |  |  |  | 91,122 |
Federal agency mortgage-backed pools |  |  | 173,797 |  |  |  | 5,669 |  |  |  | (115 | ) |  |  | 179,351 |
Private labeled mortgage-backed pools |  |  | 3,518 |  |  |  | 118 |  |  |  | — |  |  |  | 3,636 |
Corporate notes |  |  | 32 |  |  |  | — |  |  |  | (8 | ) |  |  | 24 |
Total available for sale investment securities |  | $ | 414,067 |  |  | $ | 17,172 |  |  | $ | (194 | ) |  | $ | 431,045 |
Held to maturity, State and Municipal |  | $ | 7,100 |  |  | $ | 34 |  |  | $ | — |  |  | $ | 7,134 |
Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. While these securities are held in the available for sale portfolio, Horizon intends, and has the ability, to hold them until the earlier of a recovery in fair value or maturity. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. At September 30, 2012, no individual investment security had an unrealized loss that was determined to be other-than-temporary. The unrealized losses on the Company’s investments in securities of state and municipal governmental agencies, and federal agency mortgage-backed pools were caused by interest rate volatility and not a decline in credit quality. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company expects to recover the amortized cost basis over the term of the securities. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity, the Company did not consider those investments to be other-than-temporarily impaired at September 30, 2012. The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2012 and December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | September 30, 2012 |  |  | December 31, 2011 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 4,232 |  |  | $ | 4,245 |  |  | $ | 931 |  |  | $ | 940 |
One to five years |  |  | 45,096 |  |  |  | 46,420 |  |  |  | 30,796 |  |  |  | 31,910 |
Five to ten years |  |  | 97,217 |  |  |  | 102,990 |  |  |  | 51,476 |  |  |  | 55,053 |
After ten years |  |  | 63,876 |  |  |  | 68,583 |  |  |  | 64,533 |  |  |  | 69,033 |
|  |  | 210,421 |  |  |  | 222,238 |  |  |  | 147,736 |  |  |  | 156,936 |
Federal agency collateralized mortgage obligations |  |  | 97,534 |  |  |  | 99,041 |  |  |  | 89,016 |  |  |  | 91,122 |
Federal agency mortgage-backed pools |  |  | 166,029 |  |  |  | 174,137 |  |  |  | 173,797 |  |  |  | 179,351 |
Private labeled mortgage-backed pools |  |  | 2,207 |  |  |  | 2,288 |  |  |  | 3,518 |  |  |  | 3,636 |
Total available for sale investment securities |  | $ | 476,191 |  |  | $ | 497,704 |  |  | $ | 414,067 |  |  | $ | 431,045 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 6,100 |  |  | $ | 6,100 |  |  | $ | 7,100 |  |  | $ | 7,134 |
One to five years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total held to maturity investment securities |  | $ | 6,100 |  |  | $ | 6,100 |  |  | $ | 7,100 |  |  | $ | 7,134 |
The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
September 30, 2012 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
State and municipal |  | $ | 9,535 |  |  | $ | (62 | ) |  | $ | — |  |  | $ | — |  |  | $ | 9,535 |  |  | $ | (62 | )
Federal agency collateralized mortgage obligations |  |  | 19,284 |  |  |  | (114 | ) |  |  | — |  |  |  | — |  |  |  | 19,284 |  |  |  | (114 | )
Federal agency mortgage-backed pools |  |  | 4,479 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 4,479 |  |  |  | (6 | )
Total temporarily impaired securities |  | $ | 33,298 |  |  | $ | (182 | ) |  | $ | — |  |  | $ | — |  |  | $ | 33,298 |  |  | $ | (182 | )
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
December 31, 2011 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
State and municipal |  | $ | 1,550 |  |  | $ | (44 | ) |  | $ | 1,948 |  |  | $ | (27 | ) |  | $ | 3,498 |  |  | $ | (71 | )
Federal agency mortgage-backed pools |  |  | 23,442 |  |  |  | (115 | ) |  |  | 23 |  |  |  | — |  |  |  | 23,465 |  |  |  | (115 | )
Corporate notes |  |  | 24 |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | (8 | )
Total temporarily impaired securities |  | $ | 25,016 |  |  | $ | (167 | ) |  | $ | 1,971 |  |  | $ | (27 | ) |  | $ | 26,987 |  |  | $ | (194 | )
|  | Three months ended September 30 |  |  | Nine months ended September 30 |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Sales of securities available for sale (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds |  | $ | 14,991 |  |  | $ | 153,299 |  |  | $ | 14,991 |  |  | $ | 170,689 |
Gross gains |  |  | 3 |  |  |  | 1,115 |  |  |  | 3 |  |  |  | 1,754 |
Gross losses |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | — |

X
- Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration