Hibs announced earlier in the week that the 26-year-old, who joined the McDiarmid Park club from Falkirk in 2008, will move to Leith at the end of the season on a two-year agreement.
Saints boss Lomas, whose side return to action against Motherwell at Fir Park on Sunday following their winter break, took a pragmatic view to the loss of one of his top players.
The Northern Irishman said: "I knew it was going to happen, that's just the way it is.
"We can't compete with the likes of Hibs and some other SPL clubs for wages, it's as simple as that.
"Liam has been a great servant to the club and I have no worries about him for the rest of the season.
"I know his character, he will give it everything and it's because of players like him that St Johnstone have had success in recent seasons, they are all an honest bunch of lads."
Lomas has already lined up a replacement in Richard Brittain, who has signed a pre-contract deal, although the move to recruit the Ross County skipper raised a few eyebrows.