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Derivatives
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Lakeland is a party to interest rate derivatives that are not designated as hedging instruments. 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 these interest rate swaps 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, 2022 Lakeland had no securities pledged for collateral on its interest rate swaps and at December 31, 2021, had $55.1 million 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 was 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 was 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. On June 30, 2021, $20.0 million in notional value of the swaps matured and on August 1, 2021, the remaining $10.0 million matured. The Company did not enter into any hedges in 2022. During the year ended December 31, 2022, the Company did not record any hedge ineffectiveness. The Company recognized no accumulated other comprehensive expense that was reclassified into interest expense during 2022 and recognized $142,000 of accumulated other comprehensive expense that was reclassified into interest expense during 2021.
The following tables present summary information regarding these derivatives for the periods presented (dollars in thousands).
December 31, 2022Notional  AmountAverage
Maturity (Years)		Weighted  Average
Rate Fixed		Weighted Average
Variable Rate		Fair Value
Classified in Other Assets:
Third party interest rate swaps$918,758 7.53.70 %
1 Mo. SOFR + 2.00
$94,800 
Third party interest rate swaps$48,497 1.53.40 %
1 Mo. LIBOR + 2.52
$1,841 
Customer interest rate swaps51,864 8.55.60 %
1 Mo. SOFR + 1.95
1,207 
Classified in Other Liabilities:
Customer interest rate swaps$918,758 7.53.70 %
1 Mo. SOFR + 2.00
$(94,800)
Customer interest rate swaps$48,497 1.53.40 %
1 Mo. LIBOR + 2.52
$(1,841)
Third party interest rate swaps51,864 8.55.60 %
1 Mo. SOFR + 1.95
(1,207)
December 31, 2021Notional  AmountAverage
Maturity (Years)		Weighted  Average
Rate Fixed		Weighted Average
Variable Rate		Fair Value
Classified in Other Assets:
  Third Party interest rate swaps$326,941 7.73.14 %
1 Mo. LIBOR + 2.32
$9,847 
  Customer interest rate swaps607,688 8.23.97 %
1 Mo. LIBOR + 1.87
33,952 
Classified in Other Liabilities:
  Customer interest rate swaps $326,941 7.73.14 %
1 Mo. LIBOR + 2.32
$(9,847)
  Third party interest rate swaps607,688 8.23.97 %
1 Mo. LIBOR + 1.87
(33,952)