This excerpt taken from the PBNY 10-K filed Dec 13, 2007.
(e) Other Financial Instruments
The other financial assets and liabilities listed in the preceding table have estimated fair values that approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk.
The fair values of the Companys off-balance-sheet financial instruments described in Note 15 (Off Balance Sheet Financial Instruments) were estimated based on current market terms (including interest rates and fees), considering the remaining terms of the agreements and the credit worthiness of the counterparties. At September 30, 2007 and 2006, the estimated fair values of these instruments approximated the related carrying amounts, which were insignificant.