Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

The following tables summarize the fair value of derivative financial instruments utilized by Horizon:

	Asset Derivatives			Liability Derivatives
	September 30, 2021			September 30, 2021
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest rate contracts	Other assets	$	19,391	Other liabilities	$	24,044
Total derivatives designated as hedging instruments		19,391			24,044
Derivatives not designated as hedging instruments
Mortgage loan contracts	Other assets	666		Other liabilities	333
Total derivatives not designated as hedging instruments		666			333
Total derivatives		$	20,057		$	24,377

	Asset Derivatives			Liability Derivatives
	December 31, 2020			December 31, 2020
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest rate contracts	Other assets	$	35,388	Other liabilities	$	43,631
Total derivatives designated as hedging instruments		35,388			43,631
Derivatives not designated as hedging instruments
Mortgage loan contracts	Other assets	1,045		Other liabilities	—
Total derivatives not designated as hedging instruments		1,045			—
Total derivatives		$	36,433		$	43,631

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The effect of the derivative instruments on the condensed consolidated statements of income for the three and nine–month periods ending September 30 is as follows:

	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion)
	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Derivatives in cash flow hedging relationship
Interest rate contracts	$	438	$	(107)	$	2,836	$	(3,239)

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

	Location of gain (loss) recognized on derivative	Amount of Gain (Loss) Recognized on Derivative
		Three Months Ended				Nine Months Ended
		September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Derivative in fair value hedging relationship
Interest rate contracts	Interest income - loans	$	3,302	$	(3,162)	$	15,997	$	(29,492)
Interest rate contracts	Interest income - loans	(3,302)		3,162		(15,997)		29,492
Total		$	—	$	—	$	—	$	—

	Location of gain (loss) recognized on derivative	Amount of Gain (Loss) Recognized on Derivative
		Three Months Ended				Nine Months Ended
		September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Derivative not designated as hedging relationship
Mortgage contracts	Other income - gain on sale of loans	$	(167)	$	(679)	$	(712)	$	364