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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The estimated fair value amounts of the Company’s financial instruments were determined using available market information, current pricing information applicable to Horizon and various valuation methodologies. Where market quotations were not available, considerable management judgment was involved in the determination of estimated fair values. Therefore, the estimated fair value of financial instruments shown below may not be representative of the amounts at which they could be exchanged in a current or future transaction. Due to the inherent uncertainties of expected cash flows of financial instruments, the use of alternate valuation assumptions and methods could have a significant effect on the estimated fair value amounts.
The following table does not include certain financial instruments that are recorded at fair value on a recurring basis, including some non-recurring financial instruments. See Note 10 for more details.

The estimated fair values of financial instruments, as shown below, are not intended to reflect the estimated liquidation or market value of Horizon taken as a whole. The disclosed fair value estimates are limited to Horizon’s significant financial instruments at March 31, 2025 and December 31, 2024. These include financial instruments recognized as assets and liabilities on the condensed consolidated balance sheets as well as certain off–balance sheet financial instruments. The estimated fair values shown below do not include any valuation of assets and liabilities, which are not financial instruments as defined by the FASB ASC fair value hierarchy.
The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
Cash and Cash Equivalents – Cash and cash equivalents are composed of: cash and due from banks, interest bearing deposits in banks, and federal funds sold. The carrying amounts approximate fair value.
Interest-Earning Time Deposits – The carrying amounts approximate fair value.
Held–to–Maturity Securities – For debt securities held to maturity, fair values are based on quoted market prices or dealer quotes. For those securities where a quoted market price is not available, carrying amount is a reasonable estimate of fair value based upon comparison with similar securities.
Loans Held for Sale – For mortgage loans, the fair value is derived from third party pricing models, based on active quotes. For non-mortgage loans, the assets are carried at the lower of cost or fair value.
Net Loans – The fair value of net loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors.
FHLB Stock – Fair value of FHLB stock is based on the price at which it may be resold to the FHLB.
Interest Payable – The carrying amounts approximate fair value.
Deposits – The fair value of demand deposits, savings accounts, interest bearing checking accounts and money market deposits is the amount payable on demand at the reporting date and are classified within Level 1. The fair value of fixed maturity certificates of deposit is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturity and are classified within Level 2.
Borrowings – Rates currently available to Horizon for debt with similar terms and remaining maturities are used to estimate fair values of existing borrowings.
Subordinated Notes – The fair value of subordinated notes is based on discounted cash flows based on current borrowing rates for similar types of instruments.
Junior Subordinated Debentures to Capital Trusts – Rates currently available for debentures with similar terms and remaining maturities are used to estimate fair values of existing debentures.
The following tables present estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall.
March 31, 2025
Carrying
Amount		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Cash and due from banks$89,643 $89,643 $— $— 
Interest- bearing deposits in banks80,023 80,023 — — 
Cash and cash equivalents169,666 169,666 — — 
Investment securities, held to maturity1,843,851 — 1,550,127 — 
Loans held for sale3,253 — — 3,253 
Loans, net4,857,161 — — 4,687,773 
Stock in FHLB45,412 — 45,412 — 
Liabilities
Non-interest bearing deposits$1,127,324 $1,127,324 $— $— 
Interest bearing deposits4,638,459 3,393,371 1,241,557 — 
Borrowings900,069 — 900,292 — 
Subordinated notes55,772 — 56,316 — 
Junior subordinated debentures issued to capital trusts57,531 — 49,487 — 
Interest payable11,441 — 11,441 — 
December 31, 2024
Carrying
Amount		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Cash and due from banks$92,300 $92,300 $— $— 
Interest-earning deposits201,131 201,131 — — 
Federal funds sold— — — — 
Cash and cash equivalents293,431 293,431 — — 
Interest earnings time deposits735 — 735 — 
Investment securities, held to maturity1,867,690 — 1,566,268 — 
Loans held for sale67,597 — 64,824 2,773 
Loans (excluding loan level hedges), net4,795,060 — — 4,611,702 
Stock in FHLB53,826 — 53,826 — 
Liabilities
Non-interest bearing deposits$1,064,818 $1,064,818 $— $— 
Interest bearing deposits4,535,834 3,446,680 1,084,986 — 
Borrowings1,232,252 — 1,230,860 — 
Subordinated notes55,738 — 55,284 — 
Junior subordinated debentures issued to capital trusts57,477 — 48,559 — 
Interest payable11,137 — 11,137 —