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Derivatives
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives DERIVATIVES
Lakeland is a party to interest rate derivatives that are not designated as hedging instruments. Under a program, Lakeland executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Lakeland executes with a third party, such that Lakeland minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties. As of December 31, 2020 and 2019, Lakeland had $83.2 million and $30.0 million, respectively, in securities pledged for collateral on its interest rate swaps.
In June 2016, the Company entered into two cash flow hedges in order to hedge the variable cash outflows associated with its floating rate subordinated debentures. For more information, see Note 10 to the Company's consolidated financial statements. The notional value of these hedges was $30.0 million. The Company’s objective in using the cash flow hedge is to add stability to interest expense and to manage its exposure to interest rate movements. The Company used interest rate swaps designated as cash flow hedges which involved the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In these particular hedges the Company is paying a third party an average of 1.10% in exchange for a payment at 3 month LIBOR. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2020, the Company did not record any hedge
ineffectiveness. The Company recognized $50,000 of accumulated other comprehensive expense that was reclassified into interest expense during 2020. The Company did not enter into any hedges in 2020.
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. Until maturity in June 2021, the Company estimates that $129,000 will be reclassified as an increase to interest expense should the rate environment remain the same.
The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands):
December 31, 2020Notional  AmountAverage
Maturity (Years)		Weighted  Average
Rate Fixed		Weighted Average
Variable Rate		Fair Value
Classified in Other Assets:
  Third party interest rate swaps$73,075 9.53.20 %
1 Mo. LIBOR +2.55
$503 
  Customer interest rate swaps907,069 8.73.79 %
1 Mo. LIBOR + 1.99
80,231 
Classified in Other Liabilities:
  Customer interest rate swaps$73,075 9.53.20 %
1 Mo. LIBOR + 2.55
$(503)
  Third party interest rate swaps907,069 8.73.79 %
1 Mo. LIBOR + 1.99
(80,231)
Interest rate swap (cash flow hedge)30,000 0.51.10 %3 Mo. LIBOR(143)

December 31, 2019Notional  AmountAverage
Maturity (Years)		Weighted  Average
Rate Fixed		Weighted Average
Variable Rate		Fair Value
Classified in Other Assets:
  3rd Party interest rate swaps$85,796 9.03.51 %
1 Mo. LIBOR + 1.95
$947 
  Customer interest rate swaps473,273 9.94.32 %
1 Mo. LIBOR + 1.93
25,905 
  Interest rate swap (cash flow hedge)30,000 1.51.10 %3 Mo. LIBOR271 
Classified in Other Liabilities:
  Customer interest rate swaps $85,796 9.03.51 %
1 Mo. LIBOR + 1.95
$(947)
  3rd party interest rate swaps473,273 9.94.32 %
1 Mo. LIBOR + 1.93
(25,905)