XML 40 R30.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Financial Instruments
The following tables summarize the fair value of our derivative financial instruments utilized by Horizon on a gross basis for the periods indicated.
Asset DerivativesLiability Derivatives
June 30, 2024June 30, 2024
Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivatives designated as hedging instruments
Interest rate contracts – fair value hedges$52,097 $3,364 $— $— 
Total derivatives designated as hedging instruments52,097 3,364 — — 
Derivatives not designated as hedging instruments
Interest rate contracts – customer accommodation529,613 30,986 529,613 30,986 
Mortgage loan contracts— — 2,348 7 
Commitments to originate mortgage loans300 8 — — 
Total derivatives not designated as hedging instruments529,913 30,994 531,961 30,993 
Total derivatives$582,010 $34,358 $531,961 $30,993 
Total derivatives subject to enforceable master netting arrangements, gross $582,010 $34,358 $531,961 $30,993 
Less: Gross amounts offset— — — — 
Total derivatives subject to enforceable master netting arrangements, net$582,010 $34,358 $531,961 $30,993 
Asset DerivativesLiability Derivatives
December 31, 2023December 31, 2023
Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Derivatives designated as hedging instruments
Interest rate contracts – fair value hedges$53,468 $2,950 $— $— 
Total derivatives designated as hedging instruments53,468 2,950 — — 
Derivatives not designated as hedging instruments
Interest rate contracts – customer accommodation504,696 23,606 514,881 24,024 
Mortgage loan contracts4,844 33 — — 
Commitments to originate mortgage loans4,351 125 — — 
Total derivatives not designated as hedging instruments513,891 23,764 514,881 24,024 
Total derivatives$567,359 $26,714 $514,881 $24,024 
Total derivatives subject to enforceable master netting arrangements, gross$567,359 $26,714 $514,881 $24,024 
Less: Gross amounts offset— — — — 
Total derivatives subject to enforceable master netting arrangements, net$567,359 $26,714 $514,881 $24,024 
Schedule of Effect of Derivative Instruments on Condensed Consolidated Statements of Income Derivative in Cash Flow Hedging Relationship
The effect of the derivative instruments on the condensed consolidated statements of comprehensive income (loss) for the three and six month periods ended June 30 is as follows:
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Derivatives in cash flow hedging relationship
Interest rate contracts$— $(1,119)$— $(1,561)
Schedule of Effect of the Derivative Designated as a Hedging Instrument on the Consolidated Statements of Income Derivative in Fair Value Hedging Relationship
The effect of the derivatives in cash flow hedging relationships on the condensed consolidated statements of income for three and six month periods ended June 30 is as follows:
Location of gain
(loss)
recognized		Amount of Gain (Loss) Recognized
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Derivatives in cash flow hedging relationship
Interest rate contracts – cash flow hedgesInterest expense – Borrowings$— $1,624 $— $1,832 
The effect of the derivative and the hedged item in fair value hedging relationships on the condensed consolidated statements of income for three and six month periods ended June 30 is as follows:
Location of gain (loss)
recognized on derivative and hedged item		Amount of Gain (Loss) Recognized on Derivative and Hedged Item
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Derivatives designated as hedging instruments
Interest rate contracts - fair value hedgeInterest income - loans receivable$330 $314 $665 $434 
Hedged item(330)(314)(665)(434)
Interest rate contracts - fair value hedgeInterest income - investment securities21 61 92 110 
Hedged item(21)(61)(92)(110)
Total$— $— $— $— 
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 EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Derivatives not designated as hedging instruments
Mortgage loan contractsNon-interest income - Gain on sale of loans$15 $(119)$(39)$(32)
Commitments to originate mortgage loansNon-interest income - Gain on sale of loans(49)(88)(76)(153)
Totals$(34)$(207)$(115)$(185)