FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES (Dollar Amounts in Thousands) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 14— Interest-Bearing Deposits NOTE 16— Company Obligated Mandatorily Redeemable Capital Securities of Subsidiary Trust NOTE 15— Short-term Borrowings Components of interest-bearing deposits at December 31 were as follows: 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: Short-term borrowings at December 31 were as follows: 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. 2002 $ 977,218 2003 278,473 2004 240,294 2005 54,277 2006 and thereafter 39,813 $ 1,590,075 2001 2000 Ending Average Average Ending Average Average Balance Balance Rate Balance Balance Rate Federal funds purchased $ 108,250 $ 46,608 3.28% $ 16,825 $ 49,990 6.28% Borrowings from FHLB 40,000 9,918 2.45% -0- 20,814 6.03% Securities sold under agreements to repurchase 216,486 214,900 3.95% 237,806 275,839 5.92% Treasury, tax and loan note option 63,000 28,747 3.39% 17,540 24,643 6.04% Total $ 427,736 $300,173 3.74% $ 272,171 $ 371,286 5.98% Maximum total at any month-end $ 427,736 $ 455,285 2001 2000 NOW and Super NOW accounts $ 61,791 $ 98,552 Savings and MMDA accounts 1,028,368 919,653 Time deposits  1,590,296  1,696,137 Total interest-bearing deposits $ 2,680,455 $ 2,714,342 2001 2000 1999 Federal funds purchased $ 1,527 $ 3,138 $  4,913 Borrowings from FHLB 243 1,256 2,557 Securities sold under agreements to repurchase 8,483 16,335 5,825 Treasury, tax and loan note option 974 1,489 537 Total interest on short-term borrowings $ 11,227 $ 22,218 $ 13,832 Interest expense on short-term borrowings for the years ended December 31 is detailed below: 29