Interest-Bearing Deposits

12 Months Ended

Dec. 31, 2022

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


	2022		2021
	(dollars in thousands)

Interest-bearing demand deposits	$	357,769	$	291,476
Savings deposits	4,572,183		4,647,197
Time deposits	405,009		385,043
Total interest-bearing deposits	$	5,334,961	$	5,323,716

Interest-bearing deposits at both December 31, 2022 and 2021 include allocations from interest-bearing demand deposit accounts of $1.4 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 $0.7 million and $0.6 million at December 31, 2022 and 2021, respectively, were reclassified from deposits to loans due to their overdrawn status.

Included in time deposits at December 31, 2022 and 2021 were certificates of deposit in denominations of $250 thousand or more of $65.5 million and $51.7 million, respectively.

Interest expense related to certificates of deposit in denominations of $250 thousand or greater amounted to $0.2 million in 2022, $0.4 million in 2021 and $2.0 million in 2020.

Included in time deposits at December 31, 2022, were certificates of deposit with the following scheduled maturities (dollars in thousands):


2023	$	230,244
2024	83,065
2025	64,757
2026	18,708
2027 and thereafter	8,235
Total	$	405,009