XML 57 R44.htm IDEA: XBRL DOCUMENT v3.22.0.1

PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations and Plan Assets

Information as to the Company’s employee benefit plans at December 31, 2021 and 2020 is as follows:

			Pension Benefits												SERP Benefits
(dollars in thousands)			2021						2020						2021						2020
Change in benefit obligation:
Beginning benefit obligation			$	2,710					$	2,715					$	968					$	991
Interest cost			52						75						18						27
Actuarial (gain) loss			(153)						276						13						84
Benefits paid			(311)						(356)						(132)						(134)
Ending benefit obligation			2,298						2,710						867						968
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value:
Beginning plan assets			2,349						2,472						879						914
Actual return			265						233						101						99
Employer contribution			0						0						0						0
Benefits paid			(311)						(356)						(132)						(134)
Ending plan assets			2,303						2,349						848						879
Funded status at end of year			$	5					$	(361)					$	(19)					$	(89)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets consist of:

			Pension Benefits												SERP Benefits
(dollars in thousands)			2021						2020						2021						2020
Funded status included in other liabilities			$	5					$	(361)					$	(19)					$	(89)

Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in accumulated other comprehensive income consist of:

			Pension Benefits												SERP Benefits
(dollars in thousands)			2021						2020						2021						2020
Net actuarial loss			$	852					$	1,362					$	431					$	553

Schedule of Components of Net Periodic Benefit Cost

Net period benefit cost and other amounts recognized in other comprehensive income (loss) include the following:

			Pension Benefits																		SERP Benefits
(dollars in thousands)			2021						2020						2019						2021						2020						2019
Net pension expense:
Service cost			$	0					$	0					$	0					$	0					$	0					$	0
Interest cost			52						75						87						18						27						37
Expected return on plan assets			(133)						(140)						(137)						(47)						(51)						(55)
Recognized net actuarial (gain) loss			160						171						132						82						80						73
Settlement cost			65						115						0						0						0						0
Net pension expense			$	144					$	221					$	82					$	53					$	56					$	55
Net (gain) loss			$	(350)					$	69					$	353					$	(40)					$	36					$	56
Amortization of net loss			(160)						(171)						(132)						(82)						(80)						(73)
Total recognized in other comprehensive income (loss)			(510)						(102)						221						(122)						(44)						(17)
Total recognized in net pension expense and other comprehensive income (loss)			$	(366)					$	119					$	303					$	(69)					$	12					$	38

Schedule of Assumptions Used in Calculating the Net Benefit Obligation

			Pension Benefits																		SERP Benefits
			2021						2020						2019						2021						2020						2019
The following assumptions were used in calculating the net benefit obligation:
Weighted average discount rate			2.49		%				2.08		%				2.98		%				2.49		%				2.08		%				2.98		%
Rate of increase in future compensation			N/A						N/A						N/A						N/A						N/A						N/A
Lump sum assumed interest rates First 5 years			0.87		%				0.53		%				2.01		%				N/A						N/A						N/A
Next 15 years			2.74		%				2.31		%				3.06		%				N/A						N/A						N/A
All future years			3.16		%				3.09		%				3.65		%				N/A						N/A						N/A
The following assumptions were used in calculating the net pension expense:
Weighted average discount rate			2.08		%				2.98		%				4.08		%				2.08		%				2.98		%				4.08		%
Rate of increase in future compensation			N/A						N/A						N/A						N/A						N/A						N/A
Expected long-term rate of return			6.50		%				6.50		%				6.50		%				6.50		%				6.50		%				6.50		%

Schedule of Allocation of Plan Assets

The Company’s pension plan asset allocation at year end 2021 and 2020, target allocation for 2021, and expected long-term rate of return by asset category are as follows:

NOTE 11 – PENSION AND OTHER POSTRETIREMENT PLANS (continued)

			Target Allocation												Percentage of Plan Assets at Year End												Weighted Average Expected Long-Term Rate of Return
Asset Category			2022												2021						2020
Equity securities			55			-			65		%				61		%				65		%				8.85		%
Debt securities			35			-			45		%				37		%				31		%				3.00		%
Other			5			-			10		%				2		%				4		%				0.10		%
Total															100		%				100		%				6.50		%

The Company’s SERP plan asset allocation at year end 2021 and 2020, target allocation for 2021, and expected long-term rate of return by asset category are as follows:

			Target Allocation												Percentage of Plan Assets at Year End												Weighted Average Expected Long-Term Rate of Return
Asset Category			2022												2021						2020
Equity securities			55			-			65		%				59		%				64		%				8.85		%
Debt securities			35			-			45		%				36		%				34		%				3.00		%
Other			5			-			10		%				5		%				2		%				0.10		%
Total															100		%				100		%				6.50		%

Schedule Of Fair Values Of Pension Plan and Postretirement Plan Assets By Asset Category

The fair values of the Company’s pension plan assets at December 31, 2021, by asset category are as follows:

Asset Category			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks			$	923					$	923					$	0					$	0
Equity securities - US mid cap stock mutual funds			104						104						0						0
Equity securities - US small cap stock mutual funds			106						106						0						0
Equity securities - international stock mutual funds			193						193						0						0
Equity securities - emerging markets stock mutual funds			73						73						0						0
Debt securities - intermediate term bond mutual funds			273						273						0						0
Debt securities - short term bond mutual funds			572						572						0						0
Cash - money market account			59						59						0						0
Total			$	2,303					$	2,303					$	0					$	0

The fair values of the Company’s pension plan assets at December 31, 2020, by asset category are as follows:

Asset Category			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2 )						Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks			$	962					$	962					$	0					$	0
Equity securities - US mid cap stock mutual funds			124						124						0						0
Equity securities - US small cap stock mutual funds			129						129						0						0
Equity securities - international stock mutual funds			202						202						0						0
Equity securities - emerging markets stock mutual funds			105						105						0						0
Debt securities - intermediate term bond mutual funds			526						526						0						0
Debt securities - short term bond mutual funds			205						205						0						0
Cash - money market account			93						93						0						0
Total			$	2,346					$	2,346					$	0					$	0

The fair values of the Company’s SERP assets at December 31, 2021, by asset category are as follows:

Asset Category			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks			$	327					$	327					$	0					$	0
Equity securities - US mid cap stock mutual funds			38						38						0						0
Equity securities - US small cap stock mutual funds			38						38						0						0
Equity securities - emerging markets stock mutual funds			27						27						0						0
Equity securities - international stock mutual funds			71						71						0						0
Debt securities - intermediate term bond mutual funds			85						85						0						0
Debt securities - short term bond mutual funds			222						222						0						0
Cash - money market account			40						40						0						0
Total			$	848					$	848					$	0					$	0

The fair values of the Company’s SERP assets at December 31, 2020, by asset category are as follows:

Asset Category			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks			$	360					$	360					$	0					$	0
Equity securities - US mid cap stock mutual funds			23						23						0						0
Equity securities - US small cap stock mutual funds			72						72						0						0
Equity securities - emerging markets stock mutual funds			37						37						0						0
Equity securities - international stock mutual funds			72						72						0						0
Debt securities - intermediate term bond mutual funds			216						216						0						0
Debt securities - short term bond mutual funds			82						82						0						0
Cash - money market account			16						16						0						0
Total			$	878					$	878					$	0					$	0

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid over the next ten years:

Plan Year			Pension Benefits						SERP Benefits
(dollars in thousands)
2022			$	193					$	130
2023			209						123
2024			182						115
2025			190						105
2026			191						94
2027-2031			703						294

X

- Definition

Tabular disclosure of the amounts recognized in accumulated other comprehensive income.

+ References

No definition available.

+ Details

Name:	lkfn_AmountsRecognizedInAccumulatedOtherComprehensiveIncomeTableTextBlockTableTextBlock
Namespace Prefix:	lkfn_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of fair values of pension plan and postretirement plan assets by asset category.

+ References

No definition available.

+ Details

Name:	lkfn_ScheduleOfFairValuesOfPensionPlanAndPostretirementPlanAssetsByAssetCategoryTableTextBlock
Namespace Prefix:	lkfn_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration