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Securities | 12 Months Ended
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Dec. 31, 2012
Securities [Abstract] |
Securities | Note 4 — Securities The fair value of securities is as follows:
December 31, 2012 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  | $ | 51,458 |  |  | $ | 351 |  |  | $ | (30 | ) |  | $ | 51,779 |
State and municipal |  |  | 162,147 |  |  |  | 10,842 |  |  |  | (84 | ) |  |  | 172,905 |
Federal agency collateralized mortgage obligations |  |  | 95,337 |  |  |  | 1,533 |  |  |  | (39 | ) |  |  | 96,831 |
Federal agency mortgage-backed pools |  |  | 152,372 |  |  |  | 6,847 |  |  |  | (15 | ) |  |  | 159,204 |
Private labeled mortgage-backed pools |  |  | 1,960 |  |  |  | 71 |  |  |  | — |  |  |  | 2,031 |
Corporate notes |  |  | 32 |  |  |  | 19 |  |  |  | — |  |  |  | 51 |
Total available for sale investment securities |  | $ | 463,306 |  |  | $ | 19,663 |  |  | $ | (168 | ) |  | $ | 482,801 |
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 December 31, 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 United States Department of the Treasury (“U.S. Treasury”) and federal agencies, 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 December 31, 2012. The amortized cost and fair value of securities available for sale and held to maturity at December 31, 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.
|  | December 31, 2012 |  |  | December 31, 2011 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 4,358 |  |  | $ | 4,368 |  |  | $ | 931 |  |  | $ | 940 |
One to five years |  |  | 49,415 |  |  |  | 50,673 |  |  |  | 30,796 |  |  |  | 31,910 |
Five to ten years |  |  | 98,551 |  |  |  | 104,258 |  |  |  | 51,476 |  |  |  | 55,053 |
After ten years |  |  | 61,313 |  |  |  | 65,436 |  |  |  | 64,533 |  |  |  | 69,033 |
|  |  | 213,637 |  |  |  | 224,735 |  |  |  | 147,736 |  |  |  | 156,936 |
Federal agency collateralized mortgage obligations |  |  | 95,337 |  |  |  | 96,831 |  |  |  | 89,016 |  |  |  | 91,122 |
Federal agency mortgage-backed pools |  |  | 152,372 |  |  |  | 159,203 |  |  |  | 173,797 |  |  |  | 179,351 |
Private labeled mortgage-backed pools |  |  | 1,960 |  |  |  | 2,032 |  |  |  | 3,518 |  |  |  | 3,636 |
Total available for sale investment securities |  | $ | 463,306 |  |  | $ | 482,801 |  |  | $ | 414,067 |  |  | $ | 431,045 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | — |  |  | $ | — |  |  | $ | 7,100 |  |  | $ | 7,134 |
One to five years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total held to maturity investment securities |  | $ | — |  |  | $ | — |  |  | $ | 7,100 |  |  | $ | 7,134 |
The following table shows investments’ gross unrealized losses and fair value, 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 |
December 31, 2012 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury and federal agencies |  | $ | 13,064 |  |  | $ | (30 | ) |  | $ | — |  |  | $ | — |  |  | $ | 13,064 |  |  | $ | (30 | )
State and municipal |  |  | 11,928 |  |  |  | (84 | ) |  |  | — |  |  |  | — |  |  |  | 11,928 |  |  |  | (84 | )
Federal agency collateralized mortgage obligations |  |  | 12,719 |  |  |  | (39 | ) |  |  | — |  |  |  | — |  |  |  | 12,719 |  |  |  | (39 | )
Federal agency mortgage-backed pools |  |  | 4,126 |  |  |  | (15 | ) |  |  | — |  |  |  | — |  |  |  | 4,126 |  |  |  | (15 | )
Total temporarily impaired securities |  | $ | 41,837 |  |  | $ | (168 | ) |  | $ | — |  |  | $ | — |  |  | $ | 41,837 |  |  | $ | (168 | )
|  | 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 | )
Information regarding security proceeds, gross gains and gross losses are presented below.
|  | Years ended December 31 |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Sales of securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Proceeds |  | $ | 14,989 |  |  | $ | 77,379 |  |  | $ | 85,892 |
Gross gains |  |  | 2 |  |  |  | 1,777 |  |  |  | 675 |
Gross losses |  |  | — |  |  |  | — |  |  |  | 142 |
The tax effect of the proceeds from the sale of securities available for sale was $1, $622 and $187 for the years ended December 31, 2012, 2011 and 2010, respectively. The Company pledges securities to secure retail and corporate repurchase agreements to the Federal Reserve for borrowing availability and as settlements for the fair value of swap agreements. At December 31, 2012, the Company had pledged $171.6 million of fair value or $165.7 million of amortized cost, in securities as collateral for $138.4 million in repurchase agreements, $90.9 million of fair value or $84.5 million of amortized cost, in securities as collateral for borrowing availability at the Federal Reserve with no current outstanding borrowings and $8.6 million of fair value or $12.9 million of amortized cost, in securities as collateral for $13.5 million in settlements on the fair value of swap agreements.

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