Federal Funds Purchased and Short -Term Borrowings (Carried at Cost)  Long -Term Borrowings (Carried at Cost)  Off -  Balance Sheet Financial Instruments (Disclosed at Cost)  The carrying amounts of federal funds purchased and short -term borrowings approximate their fair values.  Fair values of long -term borrowings are estimated using discounted cash flow analysis, based on rates currently available to the Bank for advances from the FHLB with similar terms and remaining maturities.  Fair values for the Bank’ s off -  balance sheet financial instruments ([ ending commitments and letters of credit) are based on fees currently charged to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing.  The information presented is based on pertinent information available as of December 31, 2013 and 2012. Although the Bank is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued since that time and current estimated fair value of these financial instruments might have changed significantly (in thousands).  Financial assets:  Cash and cash equivalents Securities available -for-  sale Loans held - for -sale Loans receivable, net Restricted investment in bank stocks Accrued interest receivable Asset derivatives Financial liabilities:  Demand and savings deposits Time deposits Accrued interest payable Long -term borrowings Liability derivatives Off- balance sheet financial instruments:  Commitments to extend credit and letters of credit 2013 2012 Carrying Carrying Amount Fair Value Amount Fair Value 4, 986 4, 986 23, 272 23, 272 39, 203 39, 203 36, 228 36, 228 6, 669 6, 669 6, 005 6, 005 218, 537 220, 186 204, 315 206, 330 1, 788 1, 788 1, 814 1, 814 736 736 745 745 381 381 352 352 153, 499 153, 499 152, 796 152, 796 91, 472 92, 226 93, 306 94, 963 220 220 258 258 7, 750 7, 818 5, 750 5, 935 1 1 35 35 40