Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 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
	March 31, 2023				March 31, 2023
	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments
Interest rate contracts – cash flow hedges	$	50,000	$	1,418	$	—	$	—
Total derivatives designated as hedging instruments	50,000		1,418		—		—
Derivatives not designated as hedging instruments
Interest rate contracts – fair value hedges	530,858		33,446		530,858		33,446
Mortgage loan contracts	11,907		37		—		—
Commitments to originate mortgage loans	8,775		219		—		—
Total derivatives not designated as hedging instruments	551,540		33,702		530,858		33,446
Total derivatives	$	601,540	$	35,120	$	530,858	$	33,446

	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 hedges	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 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 for the three–month periods ended March 31 is as follows:

	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative
	Three Months Ended
	March 31, 2023		March 31, 2022
Derivatives in cash flow hedging relationship
Interest rate contracts	$	(442)	$	2,169

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, 2023		March 31, 2022
Derivative designated as hedging instruments
Interest rate contracts – cash flow hedges	Interest expense – Borrowings	$	209	$	(340)
Total		$	209	$	(340)

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, 2023		March 31, 2022
Derivatives not designated as hedging instruments
Interest rate contracts – fair value hedge	Interest income – loans receivable	$	120	$	(112)
Interest rate contracts – fair value hedge	Interest income – investment securities	49		(65)
Mortgage loan contracts	Non–interest income – Gain on sale of loans	87		(348)
Commitments to originate mortgage loans	Non–interest income – Gain on sale of loans	(65)		(675)
Total		$	191	$	(1,200)