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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following tables present a summary of interest rate swap derivatives designated as cash flow accounting hedges of variable rate liabilities used in the Company's asset/liability management activities at December 31, 2022 and 2021.
|  | December 31, 2022
|  |  |  |  |  |  |  | Weighted Average Rate
Cash Flow Hedges |  | Notional Amount |  | Weighted Average Remaining Maturity (years) |  | Fair Value |  | Receive |  | Pay
Interest rate swaps |  | $ | 50,000 |  |  | 3.6 years |  | $ | 1,976 |  |  | 1 month LIBOR |  | 2.81 | %
|  | December 31, 2021
|  |  |  |  |  |  |  | Weighted Average Rate
Cash Flow Hedges |  | Notional Amount |  | Weighted Average Remaining Maturity (years) |  | Fair Value |  | Receive |  | Pay
Interest rate swaps |  | $ | 50,000 |  |  | 4.6 years |  | $ | (3,673) |  |  | 1 month LIBOR |  | 2.81 | %
Fair Value of Derivative Financial Instruments | The following tables summarize the fair value of derivative financial instruments utilized by Horizon:
| Asset Derivatives |  | Liability Derivatives
| December 31, 2022 |  | December 31, 2022
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – cash flow hedges | $ | 50,000 |  |  | $ | 1,976 |  |  | $ | — |  |  | $ | — |
Total derivatives designated as hedging instruments | 50,000 |  |  | 1,976 |  |  | — |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – fair value hedges | 514,551 |  |  | 42,619 |  |  | 514,551 |  |  | 42,619 |
Mortgage loan contracts | — |  |  | — |  |  | 13,800 |  |  | 50 |
Commitments to originate mortgage loans | 12,179 |  |  | 284 |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | 526,730 |  |  | 42,903 |  |  | 528,351 |  |  | 42,669 |
Total derivatives | $ | 576,730 |  |  | $ | 44,879 |  |  | $ | 528,351 |  |  | $ | 42,669 |
| Asset Derivatives |  | Liability Derivatives
| December 31, 2021 |  | December 31, 2021
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – cash flow hedges | $ | — |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | 3,673 |
Total derivatives designated as hedging instruments | — |  |  | — |  |  | 50,000 |  |  | 3,673 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – fair value hedge | 488,967 |  |  | 14,419 |  |  | 488,967 |  |  | 14,419 |
Mortgage loan contracts | — |  |  | — |  |  | 43,630 |  |  | 238 |
Commitments to originate mortgage loans | 32,584 |  |  | 1,037 |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | 521,551 |  |  | 15,456 |  |  | 532,597 |  |  | 14,657 |
Total derivatives | $ | 521,551 |  |  | $ | 15,456 |  |  | $ | 582,597 |  |  | $ | 18,330 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effect of the derivative instruments on the consolidated statement of comprehensive income (loss) for the 12–month periods ended December 31 is as follows:
| Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Years Ended December 31
| 2022 |  | 2021 |  | 2020
Derivatives in cash flow hedging relationship |  |  |  |  |
Interest rate contracts | $ | 4,463 |  |  | $ | 3,610 |  |  | $ | (3,004) |
Effect of Derivative Instruments on Consolidated Statement of Income Derivative in Fair Value Hedging Relationship | The effect of the derivative instruments on the consolidated statements of income for the 12–month periods ended December 31 is as follows:
| Location of gain (loss) recognized on derivative |  | Amount of Gain (Loss) Recognized on Derivative Years Ended December 31
|  | 2022 |  | 2021 |  | 2020
Derivative designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – cash flow hedges | Interest expense – Borrowings |  | $ | (628) |  |  | $ | (1,901) |  |  | $ | (1,838) |
Total |  |  | $ | (628) |  |  | $ | (1,901) |  |  | $ | (1,838) |
| Location of gain (loss) recognized on derivative |  | Amount of Gain (Loss) Recognized on Derivative Years Ended December 31
|  | 2022 |  | 2021 |  | 2020
Derivative not designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – fair value hedge | Interest income – loans receivable |  | $ | (39) |  |  | $ | (372) |  |  | $ | (223) |
Interest rate contracts – fair value hedge | Interest income – investment securities |  | (99) |  |  | (267) |  |  | (183) |
Mortgage loan contracts | Non–interest income – Gain on sale of loans |  | 188 |  |  | (238) |  |  | 38 |
Commitments to originate mortgage loans | Non–interest income – Gain on sale of loans |  | (753) |  |  | (8) |  |  | 781 |
Total |  |  | $ | (703) |  |  | $ | (885) |  |  | $ | 413 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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