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Interest-Bearing Deposits | 12 Months Ended
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Dec. 31, 2023
Deposits [Abstract] |
Interest-Bearing Deposits | Interest-Bearing Deposits Components of interest-bearing deposits at December 31 were as follows:
| 2023 |  | 2022
| (dollars in thousands)
Interest-bearing demand deposits | $ | 629,138 |  |  | $ | 357,769 |
Savings deposits | 4,886,781 |  |  | 4,572,183 |
Time deposits | 1,287,857 |  |  | 405,009 |
Total interest-bearing deposits | $ | 6,803,776 |  |  | $ | 5,334,961 |
As of December 31, 2023 interest-bearing deposits increased $1.5 billion compared to December 31, 2022, of which $544.4 million were acquired as part of the Centric acquisition. Interest-bearing deposits at December 31, 2023 and 2022 include allocations from interest-bearing demand deposit accounts of $1.2 billion and $1.4 billion, respectively, 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 at both December 31, 2023 and 2022 were reclassified from deposits to loans due to their overdrawn status. Included in time deposits at December 31, 2023 and 2022 were certificates of deposit in denominations of $250 thousand or more of $288.8 million and $65.5 million, respectively. Interest expense related to certificates of deposit in denominations of $250 thousand or greater amounted to $8.1 million in 2023, $0.2 million in 2022 and $0.4 million in 2021. Included in time deposits at December 31, 2023, were certificates of deposit with the following scheduled maturities (dollars in thousands):
2024 | $ | 1,051,314 |
2025 | 202,145 |
2026 | 22,293 |
2027 | 6,902 |
2028 and thereafter | 5,203 |
Total | $ | 1,287,857 |

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481047/942-405-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph (e) -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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