Interest-Bearing Deposits

12 Months Ended

Dec. 31, 2021

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


	2021		2020
	(dollars in thousands)

Interest-bearing demand deposits	$	291,476	$	250,353
Savings deposits	4,647,197		4,305,391
Time deposits	385,043		562,964
Total interest-bearing deposits	$	5,323,716	$	5,118,708

Interest-bearing deposits at both December 31, 2021 and 2020 include allocations from interest-bearing demand deposit accounts of $1.2 billion into savings, which includes money market accounts. These allocations are based on a formula and were made to reduce First Commonwealth’s reserve requirement in compliance with regulatory guidelines. Deposits totaling $0.6 million and $0.7 million at December 31, 2021 and 2020, respectively, were reclassified from deposits to loans due to their overdrawn status.

Included in time deposits at December 31, 2021 and 2020 were certificates of deposit in denominations of $250 thousand or more of $51.7 million and $93.1 million, respectively.

Interest expense related to certificates of deposit in denominations of $250 thousand or greater amounted to $0.4 million in 2021, $2.0 million in 2020 and $3.3 million in 2019.

Included in time deposits at December 31, 2021, were certificates of deposit with the following scheduled maturities (dollars in thousands):


2022	$	276,014
2023	50,607
2024	25,370
2025	12,814
2026 and thereafter	20,238
Total	$	385,043