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## NOTE 14— Interest-Bearing Deposits 

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

<img src='content_image/49694.jpg'>

Interest-bearing deposits at December 31, 2001 and 2000, include reallocations from NOW and Super NOW accounts of $323,490 and $279,779 respectively into Savings and MMDA accounts. These reallocations are based on a formula and have been made to reduce the Corporation’ s reserve requirement in compliance with regulatory guidelines. 

Included in time deposits at December 31, 2001 and 2000, were certificates of deposit in denominations of $100 or more of $497,318 and $455,382 respectively. 

Interest expense related to $100 or greater certificates of deposit amounted to $27,922 in 2001, $22,639 in 2000, and $18,103 in 1999. 

Included in time deposits at December 31, 2001, were certificates of deposit with the following scheduled maturities: 

<img src='content_image/49692.jpg'>

## NOTE 15— Short-term Borrowings 

Short-term borrowings at December 31 were as follows: 

<img src='content_image/49693.jpg'>

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Interest expense on short-term borrowings for the years ended December 31 is detailed below: 

<img src='content_image/49695.jpg'>

## NOTE 16— Company Obligated Mandatorily Redeemable Capital Securities of Subsidiary Trust 

The Corporation established First Commonwealth Capital Trust I (“ the Trust” ), a Delaware business trust and the Trust issued 35,000 capital securities (liquidation amount of $35,000) during September 1999, through a private offering to qualified investors. Additionally, the Trust issued common securities to the Corporation. The Trust used the proceeds from the sale to buy a series of 9.50% junior subordinated deferrable interest debentures due 2029 from the Corporation with the same economic terms as the capital securities. The sole asset of the Trust is the $36,083 aggregate liquidation amount of the junior subordinated debentures. The Trust will distribute the cash payments it receives from the Corporation on the debentures to the holders of the capital securities and the common securities. 

The original series A capital securities and series A junior subordinated deferrable interest debentures have since been exchanged for registered series B capital securities and registered series B junior subordinated deferrable interest debentures having the same economic terms as the original series A securities. 

The Trust will redeem all of the outstanding capital securities when the debentures are paid at maturity on September 1, 2029. Subject to receiving prior approval of the Board of Governors of the Federal Reserve System the Corporation may redeem the debentures, in whole or in part, at any time on or after September 1, 2009, at a redemption price equal to 104.750% of the principal amount of the debentures on September 1, 2009, declining ratably on each September 1 thereafter to 100% on or after September 1, 2019, plus accrued and unpaid interest to the date of redemption. The Corporation may also redeem the debentures prior to September 1, 2009, upon the occurrence of certain tax and bank regulatory events, subject to receiving prior approval of the Board of Governors of the Federal Reserve System. If the Corporation redeems any debentures before their maturity, the Trust will use the cash it receives on the redemption of the debentures to redeem, on a pro rata basis, capital securities and common securities having an aggregate liquidation amount equal to the aggregate principal amount of the debentures redeemed. 

(Dollar Amounts in Thousands) 

