Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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
	June 30, 2023				June 30, 2023
	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments
Interest rate contracts – cash flow hedges	$	—	$	—	$	—	$	—
Total derivatives designated as hedging instruments	—		—		—		—
Derivatives not designated as hedging instruments
Interest rate contracts – fair value hedges	523,396		39,146		523,396		39,146
Mortgage loan contracts	—		—		15,198		18
Commitments to originate mortgage loans	5,486		131		—		—
Total derivatives not designated as hedging instruments	528,882		39,277		538,594		39,164
Total derivatives	$	528,882	$	39,277	$	538,594	$	39,164

	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 and six–month periods ended June 30 is as follows:

	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative
	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Derivatives in cash flow hedging relationship
Interest rate contracts	$	(1,119)	$	824	$	(1,561)	$	2,993

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 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, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Derivative designated as hedging instruments
Interest rate contracts – cash flow hedges	Interest expense – Borrowings	$	1,624	$	(275)	$	1,832	$	(615)
Total		$	1,624	$	(275)	$	1,832	$	(615)

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, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Derivatives not designated as hedging instruments
Interest rate contracts – fair value hedge	Interest income – loans receivable	$	314	$	(52)	$	434	$	(164)
Interest rate contracts – fair value hedge	Interest income – investment securities	61		(47)		110		(112)
Mortgage loan contracts	Non–interest income – Gain on sale of loans	(119)		434		(32)		87
Commitments to originate mortgage loans	Non–interest income – Gain on sale of loans	(88)		(81)		(153)		(756)
Total		$	168	$	254	$	359	$	(945)