Interest-Bearing Deposits

12 Months Ended

Dec. 31, 2020

Components of interest-bearing deposits at December 31 were as follows:


	2020		2019
	(dollars in thousands)

Interest-bearing demand deposits	$	250,353	$	254,981
Savings deposits	4,305,391		3,896,536
Time deposits	562,964		835,851
Total interest-bearing deposits	$	5,118,708	$	4,987,368

Interest-bearing deposits at December 31, 2020 and 2019 include allocations from interest-bearing demand deposit accounts of $1.2 billion and $1.1 billion, respectively, into savings, which includes money market accounts. These allocations are based on a formula and were made in 2019 to reduce First Commonwealth’s reserve requirement in compliance with regulatory guidelines. Deposits totaling $0.7 million and $0.9 million at December 31, 2020 and 2019, respectively, were reclassified from deposits to loan due to their overdrawn status.

Included in time deposits at December 31, 2020 and 2019 were certificates of deposit in denominations of $250 thousand or more of $93.1 million and $143.9 million, respectively.

Interest expense related to certificates of deposit in denominations of $250 thousand or greater amounted to $2.0 million in 2020, $3.3 million in 2019 and $1.6 million in 2018.

Included in time deposits at December 31, 2020, were certificates of deposit with the following scheduled maturities (dollars in thousands):


2021	$	419,197
2022	88,783
2023	22,997
2024	16,222
2025 and thereafter	15,765
Total	$	562,964