Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020			September 30, 2020
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest rate contracts	Other assets	$	40,434	Other liabilities	$	49,331
Total derivatives designated as hedging instruments		40,434			49,331
Derivatives not designated as hedging instruments
Mortgage loan contracts	Other assets	1,584		Other liabilities	—
Total derivatives not designated as hedging instruments		1,584			—
Total derivatives		$	42,018		$	49,331

	Asset Derivatives			Liability Derivatives
	December 31, 2019			December 31, 2019
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest rate contracts	Other assets	$	11,422	Other liabilities	$	15,861
Total derivatives designated as hedging instruments		11,422			15,861
Derivatives not designated as hedging instruments
Mortgage loan contracts	Other assets	264		Other liabilities	38
Total derivatives not designated as hedging instruments		264			38
Total derivatives		$	11,686		$	15,899

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–month and nine–month periods ending September 30 is as follows:

	Amount of Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion)
	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Derivatives in cash flow hedging relationship
Interest rate contracts	$	(284)	$	(682)	$	(3,523)	$	(3,058)

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, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Derivative in fair value hedging relationship
Interest rate contracts	Interest income - loans	$	1,944	$	(6,091)	$	(27,548)	$	(17,671)
Interest rate contracts	Interest income - loans	(1,944)		6,091		27,548		17,671
Total		$	—	$	—	$	—	$	—

	Location of gain (loss) recognized on derivative	Amount of Gain (Loss) Recognized on Derivative
		Three Months Ended				Nine Months Ended
		September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Derivative not designated as hedging relationship
Mortgage contracts	Other income - gain on sale of loans	$	994	$	(429)	$	1,358	$	(97)