Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following tables present a summary of interest rate swap derivatives designated as cash flow accounting hedges of variable rate liabilities used in the Company's asset/liability management activities at December 31, 2022 and 2021.

	December 31, 2022
						Weighted Average Rate
Cash Flow Hedges	Notional Amount		Weighted Average Remaining Maturity (years)	Fair Value		Receive	Pay
Interest rate swaps	$	50,000	3.6 years	$	1,976	1 month LIBOR	2.81	%

	December 31, 2021
						Weighted Average Rate
Cash Flow Hedges	Notional Amount		Weighted Average Remaining Maturity (years)	Fair Value		Receive	Pay
Interest rate swaps	$	50,000	4.6 years	$	(3,673)	1 month LIBOR	2.81	%

Fair Value of Derivative Financial Instruments

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

	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

	Asset Derivatives				Liability Derivatives
	December 31, 2021				December 31, 2021
	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments
Interest rate contracts – cash flow hedges	$	—	$	—	$	50,000	$	3,673
Total derivatives designated as hedging instruments	—		—		50,000		3,673
Derivatives not designated as hedging instruments
Interest rate contracts – fair value hedge	488,967		14,419		488,967		14,419
Mortgage loan contracts	—		—		43,630		238
Commitments to originate mortgage loans	32,584		1,037		—		—
Total derivatives not designated as hedging instruments	521,551		15,456		532,597		14,657
Total derivatives	$	521,551	$	15,456	$	582,597	$	18,330

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

The effect of the derivative instruments on the consolidated statement of comprehensive income (loss) for the 12–month periods ended December 31 is as follows:

	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Years Ended December 31
	2022		2021		2020
Derivatives in cash flow hedging relationship
Interest rate contracts	$	4,463	$	3,610	$	(3,004)

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

The effect of the derivative instruments on the consolidated statements of income for the 12–month periods ended December 31 is as follows:

	Location of gain (loss) recognized on derivative	Amount of Gain (Loss) Recognized on Derivative Years Ended December 31
		2022		2021		2020
Derivative designated as hedging instruments
Interest rate contracts – cash flow hedges	Interest expense – Borrowings	$	(628)	$	(1,901)	$	(1,838)
Total		$	(628)	$	(1,901)	$	(1,838)

	Location of gain (loss) recognized on derivative	Amount of Gain (Loss) Recognized on Derivative Years Ended December 31
		2022		2021		2020
Derivative not designated as hedging instruments
Interest rate contracts – fair value hedge	Interest income – loans receivable	$	(39)	$	(372)	$	(223)
Interest rate contracts – fair value hedge	Interest income – investment securities	(99)		(267)		(183)
Mortgage loan contracts	Non–interest income – Gain on sale of loans	188		(238)		38
Commitments to originate mortgage loans	Non–interest income – Gain on sale of loans	(753)		(8)		781
Total		$	(703)	$	(885)	$	413