Audited Financial Statements Assets and liabilities measured at fair value on a recurring basis Level changes in fair value measurements page 71 The following table presents the balances of the assets and liabilities measured at fair value on a recurring basis as of  December 31, 2011 and 2010, respectively, by caption, on the Consolidated Balance Sheets by FASB ASC 820 valuation  hierarchy (as described above). Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that  caused the transfer, which generally coincides with the Corporation’s monthly and/or quarterly valuation process. The  Company monitors the valuation techniques utilized for each category of financial assets and liabilities to ascertain when  transfers between levels have been affected. The nature of the Company’s financial assets and liabilities generally is such  that transfers in and out of any level are expected to be rare. For the year ended December 31, 2011, there were no transfers  between levels.  $^{(1)}$Represents the fair value of interest rate swap agreements. For the year ended December 31, 2010, the Company determined that its corporate debt securities should be transferred  from Level 2 and classified as Level 1. The Company disposed of these corporate debt securities during the first two weeks  of January 2011. Due to the proximity between December 31, 2010 and the respective trade dates for these corporate debt  securities sold, the Company determined that the trade price for each security approximated its fair value at December 31,  Quoted Prices in Significant Active Markets Other Significant for Observable Unobservable Identical Assets Inputs Inputs (Dollars in thousands) Amount (Level 1) (Level 2) (Level 3) December 31, 2011: Securities available-for-sale: Agency obligations  $ 51,085 — 51,085 — Agency RMBS 164,798 164,798 State and political subdivisions 81,713 — 81,713 — Trust preferred securities: Pooled 100 — — 100 Individual issuer 1,886 1,886 Total securities available-for-sale 299,582 — 297,596 1,986 Other assets  (1) 1,325 1,325 — Total assets at fair value $ 300,907 — 298,921 1,986 Other liabilities (1) 1,325 — 1,325 — Total liabilities at fair value $ December 31, 2010: Securities available-for-sale: Agency obligations  $ 90,471 — 90,471 — Agency RMBS 143,144 143,144 State and political subdivisions 76,766 — 76,766 — Trust preferred securities: Pooled 20 — — 20 Individual issuer 2,129 2,129 Corporate debt 2,690 2,690 — — Total securities available-for-sale 315,220 310,381 2,149 Other assets  (1) 1,101 — 1,101 — Total assets at fair value $ 316,321 2,690 311,482 2,149 Other liabilities (1) 1,101 — 1,101 — Total liabilities at fair value $