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Employee Stock Ownership Plan
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Employee Stock Ownership Plan Employee Stock Ownership PlanEffective January 1, 2007, Horizon converted its stock bonus plan to an employee stock ownership plan (“ESOP”). Prior to that date, Horizon maintained an employee stock bonus plan that covered substantially all employees. The stock bonus plan was noncontributory, and Horizon made matching contributions of amounts contributed by the employees to the Employee Thrift Plan and discretionary contributions. Prior to the establishment of the employee stock bonus plan, Horizon maintained an ESOP that was terminated in 1999. The prior ESOP accounts of active
employees and the discretionary accounts of active employees remain in the new ESOP. The Matching contribution accounts under the stock bonus plan were transferred to the Employee Thrift Plan. Horizon's ESOP was terminated on July 1, 2021. The Internal Revenue Service issued a favorable determination letter on October 29, 2021, and the Plan distributed all assets to participants in 2022.
Total cash contributions and expense recorded for the ESOP was $0 in 2022, $0 in 2021 and $591,000 in 2020.
The ESOP, which was not leveraged, owned no shares of Horizon’s stock as of December 31, 2022.