At March 31, 2020, the Company had approximately $262.9 million of interest rate lock commitments and $318.1 million of forward commitments for the future delivery of residential mortgage loans and forward sales of mortgage backed securities. These commitments are considered derivatives. The Company had $17.0 million of interest rate lock commitments and $34.4 million of forward commitments at December 31, 2019.

The fair value of these mortgage banking derivatives are reflected by a derivative asset recorded in other assets and a derivative liability recorded in other liabilities in the Consolidated Statements of Financial Condition. The table below provides data about the carrying values of these derivative instruments:

March 31, 2020

December 31, 2019

Assets

(Liabilities)

Assets

(Liabilities)

Derivative

Carrying

Net Carrying

Carrying

Net Carrying

Value

(In Thousands)

Derivatives not designated as

hedging instruments

Mortgage Banking Derivatives

4,073

586

3,487

883

)

892

The Company maintains an interest rate protection program for commercial loan customers that was acquired in the merger with UCFC. Under this program, the Company provides a customer with a fixed rate loan while creating a variable rate asset for the Company by the customer entering into an interest rate swap with terms that match the loan. The Company offsets its risk exposure by entering into an offsetting interest rate swap with an unaffiliated institution. The Company had interest rate swaps associated with commercial loans with a notional value of $50.1 million and fair value of $1.9 million in other assets and $2.1 million in other liabilities at March 31, 2020. The difference in fair value of $194,000 between the asset and liability represents a credit valuation adjustment that flows through noninterest income. Since January 31, 2020, $108,000 of the $194,000 has flowed through noninterest income. The remainder was part of the Merger consideration. The Company had no interest rate swaps outstanding at December 31, 2019.

The Company also acquired time deposits in its acquisition of UCFC that have written and purchased option derivatives to facilitate an equity linked time deposit product. The time deposit provides the purchaser a guaranteed return of principal at maturity plus a potential equity return (a written option), while the Bank receives a known stream of funds based on the equity return (a purchase option). The written and purchased options are mirror derivative instruments which are carried at fair value on the consolidated statement of financial condition. At March 31, 2020, the balance of the equity linked time deposits was $9.6 million and the written and purchased options each had a fair value of $86,000.