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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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, 2023												December 31, 2023
			Notional Amount						Fair Value						Notional Amount						Fair Value
Derivatives not designated as hedging instruments
Interest rate contracts – fair value hedges			558,164						26,556						514,881						24,024
Mortgage loan contracts			4,844						33						—						—
Commitments to originate mortgage loans			4,351						125						—						—
Total derivatives not designated as hedging instruments			567,359						26,714						514,881						24,024
Total derivatives			$	567,359					$	26,714					$	514,881					$	24,024

			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 hedge			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

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
			2023						2022						2021
Derivatives in cash flow hedging relationship
Interest rate contracts			$	(1,561)					$	4,463					$	3,610

Schedule of Effect of Derivative Instruments on Consolidated Statement of Income Derivative in Fair Value Hedging Relationship

The effect of derivatives designated as a hedging instrument 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
									2023						2022						2021
Derivative designated as hedging instruments
Interest rate contracts – cash flow hedges			Interest expense – Borrowings						$	1,832					$	(628)					$	(1,901)
Total									$	1,832					$	(628)					$	(1,901)

The effect of derivatives not designated as a hedging instrument 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
									2023						2022						2021
Derivative not designated as hedging instruments
Interest rate contracts – fair value hedge			Interest income – loans receivable						$	1,169					$	(39)					$	(372)
Interest rate contracts – fair value hedge			Interest income – investment securities						240						(99)						(267)
Mortgage loan contracts			Non–interest income – Gain on sale of loans						83						188						(238)
Commitments to originate mortgage loans			Non–interest income – Gain on sale of loans						(159)						(753)						(8)
Total									$	1,333					$	(703)					$	(885)

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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