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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Derivative Financial Instruments | The following tables summarize the fair value of our derivative financial instruments utilized by Horizon on a gross basis for the periods indicated.
| Asset Derivatives |  | Liability Derivatives
| June 30, 2024 |  | June 30, 2024
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – fair value hedges | $ | 52,097 |  |  | $ | 3,364 |  |  | $ | — |  |  | $ | — |
Total derivatives designated as hedging instruments | 52,097 |  |  | 3,364 |  |  | — |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – customer accommodation | 529,613 |  |  | 30,986 |  |  | 529,613 |  |  | 30,986 |
Mortgage loan contracts | — |  |  | — |  |  | 2,348 |  |  | 7 |
Commitments to originate mortgage loans | 300 |  |  | 8 |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | 529,913 |  |  | 30,994 |  |  | 531,961 |  |  | 30,993 |
Total derivatives | $ | 582,010 |  |  | $ | 34,358 |  |  | $ | 531,961 |  |  | $ | 30,993 |
Total derivatives subject to enforceable master netting arrangements, gross | $ | 582,010 |  |  | $ | 34,358 |  |  | $ | 531,961 |  |  | $ | 30,993 |
Less: Gross amounts offset | — |  |  | — |  |  | — |  |  | — |
Total derivatives subject to enforceable master netting arrangements, net | $ | 582,010 |  |  | $ | 34,358 |  |  | $ | 531,961 |  |  | $ | 30,993 |
| Asset Derivatives |  | Liability Derivatives
| December 31, 2023 |  | December 31, 2023
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – fair value hedges | $ | 53,468 |  |  | $ | 2,950 |  |  | $ | — |  |  | $ | — |
Total derivatives designated as hedging instruments | 53,468 |  |  | 2,950 |  |  | — |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – customer accommodation | 504,696 |  |  | 23,606 |  |  | 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 | 513,891 |  |  | 23,764 |  |  | 514,881 |  |  | 24,024 |
Total derivatives | $ | 567,359 |  |  | $ | 26,714 |  |  | $ | 514,881 |  |  | $ | 24,024 |
Total derivatives subject to enforceable master netting arrangements, gross | $ | 567,359 |  |  | $ | 26,714 |  |  | $ | 514,881 |  |  | $ | 24,024 |
Less: Gross amounts offset | — |  |  | — |  |  | — |  |  | — |
Total derivatives subject to enforceable master netting arrangements, net | $ | 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 and six month periods ended June 30 is as follows:
|  |  |  |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative
|  |  | Three Months Ended |  | Six Months Ended
|  |  |  |  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Derivatives in cash flow hedging relationship |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  | $ | — |  |  | $ | (1,119) |  |  | $ | — |  |  | $ | (1,561) |
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 derivatives in cash flow hedging relationships on the condensed consolidated statements of income for three and six month periods ended June 30 is as follows:
| Location of gain (loss) recognized |  |  |  |  |  | Amount of Gain (Loss) Recognized
|  | Three Months Ended |  | Six Months Ended
|  |  |  |  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Derivatives in cash flow hedging relationship |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts – cash flow hedges | Interest expense – Borrowings |  |  |  |  |  | $ | — |  |  | $ | 1,624 |  |  | $ | — |  |  | $ | 1,832 |
The effect of the derivative and the hedged item in fair value hedging relationships on the condensed consolidated statements of income for three and six month periods ended June 30 is as follows:
| Location of gain (loss) recognized on derivative and hedged item |  | Amount of Gain (Loss) Recognized on Derivative and Hedged Item
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Interest rate contracts - fair value hedge | Interest income - loans receivable |  | $ | 330 |  |  | $ | 314 |  |  | $ | 665 |  |  | $ | 434 |
Hedged item |  | (330) |  |  | (314) |  |  | (665) |  |  | (434) |
Interest rate contracts - fair value hedge | Interest income - investment securities |  | 21 |  |  | 61 |  |  | 92 |  |  | 110 |
Hedged item |  | (21) |  |  | (61) |  |  | (92) |  |  | (110) |
Total |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The effect of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three and six month periods ended June 30 is as follows:
| Location of gain (loss) recognized on derivative |  | Amount of Gain (Loss) Recognized on Derivative
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Mortgage loan contracts | Non-interest income - Gain on sale of loans |  | $ | 15 |  |  | $ | (119) |  |  | $ | (39) |  |  | $ | (32) |
Commitments to originate mortgage loans | Non-interest income - Gain on sale of loans |  | (49) |  |  | (88) |  |  | (76) |  |  | (153) |
Totals |  |  | $ | (34) |  |  | $ | (207) |  |  | $ | (115) |  |  | $ | (185) |

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