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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 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 our derivative financial instruments utilized by Horizon on a gross basis for the periods indicated.
| Asset Derivatives |  | Liability Derivatives
| December 31, 2024 |  | December 31, 2024
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – fair value hedges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total derivatives designated as hedging instruments | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts – customer accommodation | 521,520 |  |  | 28,817 |  |  | 521,520 |  |  | 28,817 |
Mortgage loan contracts | 6,155 |  |  | 27 |  |  | — |  |  | — |
Commitments to originate mortgage loans | 6,856 |  |  | 202 |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | 534,531 |  |  | 29,046 |  |  | 521,520 |  |  | 28,817 |
Total derivatives | $ | 534,531 |  |  | $ | 29,046 |  |  | $ | 521,520 |  |  | $ | 28,817 |
Total derivatives subject to enforceable master netting arrangements, gross | $ | 534,531 |  |  | $ | 29,046 |  |  | $ | 521,520 |  |  | $ | 28,817 |
Less: Gross amounts offset | — |  |  | — |  |  | — |  |  | — |
Total derivatives subject to enforceable master netting arrangements, net | $ | 534,531 |  |  | $ | 29,046 |  |  | $ | 521,520 |  |  | $ | 28,817 |
| 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 Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effect of the derivative instruments on the consolidated statements of comprehensive income (loss) for the twelve months ended December 31 is as follows:
|  |  |  |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Years Ended December 31
|  |  |  |  | 2024 |  | 2023 |  | 2022
Derivatives in cash flow hedging relationship |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  | $ | — |  |  | $ | (1,561) |  |  | $ | 4,463 |
Schedule of Effect of Derivative Instruments on Consolidated Statement of Income Derivative in Fair Value Hedging Relationship | The effect of the derivatives in cash flow hedging relationships on the consolidated statements of income for the twelve months ended December 31 is as follows:
| Location of gain (loss) recognized |  |  |  |  |  | Amount of Gain (Loss) Recognized on Derivative Years Ended December 31
|  |  |  |  | 2024 |  | 2023 |  | 2022
Derivatives in cash flow hedging relationship |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts – cash flow hedges | Interest expense – Borrowings |  |  |  |  |  | $ | — |  |  | $ | 1,832 |  |  | $ | (628) |
The effect of the derivative and the hedged item in fair value hedging relationships on the consolidated statements of income for the twelve months ended December 31 is as follows:
| Location of gain (loss) recognized on derivative and hedged item | Amount of Gain (Loss) Recognized on Derivative and Hedged Item Years Ended December 31
|  | 2024 |  | 2023 |  | 2022
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts - fair value hedge | Interest income - loans receivable |  | $ | 1,166 |  |  | $ | 1,169 |  |  | $ | (39) |
Hedged item |  | (1,166) |  |  | (1,169) |  |  | 39 |
Interest rate contracts - fair value hedge | Interest income - investment securities |  | (220) |  |  | 240 |  |  | (99) |
Hedged item |  | 220 |  |  | (240) |  |  | 99 |
Total |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The effect of derivatives not designated as hedging instruments on the consolidated statements of income for the twelve months ended December 31 is as follows:
| Location of gain (loss) recognized on derivative |  | Amount of Gain (Loss) Recognized on Derivative Years Ended December 31
|  | 2024 |  | 2023 |  | 2022
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Mortgage loan contracts | Non-interest income - Gain on sale of loans |  | $ | 68 |  |  | $ | 83 |  |  | $ | 188 |
Commitments to originate mortgage loans | Non-interest income - Gain on sale of loans |  | (67) |  |  | (159) |  |  | (753) |
Total |  |  | $ | 1 |  |  | $ | (76) |  |  | $ | (565) |
Schedule of Derivative Instruments | The following tables summarize the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.
| Amortized Cost of Hedged Items |  | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Items
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Loans | $ | — |  |  | $ | 40,788 |  |  | $ | — |  |  | $ | (2,532) |

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