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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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
			March 31, 2024												March 31, 2024
			Notional Amount						Fair Value						Notional Amount						Fair Value
Derivatives not designated as hedging instruments
Interest rate contracts – fair value hedges			553,131						34,126						510,600						31,244
Mortgage loan contracts			7,906						9						—						—
Commitments to originate mortgage loans			3,172						88						—						—
Total derivatives not designated as hedging instruments			564,209						34,223						510,600						31,244
Total derivatives			$	564,209					$	34,223					$	510,600					$	31,244

			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

Schedule of Effect of Derivative Instruments on Condensed Consolidated Statements of Income Derivative in Cash Flow Hedging Relationship

The effect of the derivative instruments on the condensed consolidated statements of comprehensive income (loss) for the three–month periods ended March 31 is as follows:

															Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative
									Three Months Ended
															March 31, 2024						March 31, 2023
Derivatives in cash flow hedging relationship
Interest rate contracts															$	—					$	(442)

Schedule of Effect of the Derivative Designated as a Hedging Instrument on the Consolidated Statements of Income Derivative in Fair Value Hedging Relationship

The effect of the derivative designated as a hedging instrument on the condensed consolidated statements of income for the three–month periods ended March 31 is as follows:

			Location of gain (loss) recognized on derivative																		Amount of Gain (Loss) Recognized on Derivative
															Three Months Ended
																					March 31, 2024						March 31, 2023
Derivative designated as hedging instruments
Interest rate contracts – cash flow hedges			Interest expense – Borrowings																		$	—					$	209
Total																					$	—					$	209

The effect of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three–month periods ended March 31 is as follows:

			Location of gain (loss) recognized on derivative																		Amount of Gain (Loss) Recognized on Derivative
															Three Months Ended
																					March 31, 2024						March 31, 2023
Derivatives not designated as hedging instruments
Interest rate contracts – fair value hedge			Interest income – loans receivable																		$	335					$	166
Interest rate contracts – fair value hedge			Interest income – investment securities																		71						49
Mortgage loan contracts			Non–interest income – Gain on sale of loans																		(24)						87
Commitments to originate mortgage loans			Non–interest income – Gain on sale of loans																		(38)						(17)
Total																					$	344					$	285

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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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-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4C
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-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
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