Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 99

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 99
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(Most recent available statistics)MontgomeryBucksLancasterPhiladelphiaPennsylvaniaNationalUnemployment rate (1) (2)2.7%2.9%2.6%4.4%3.3%4.1%Median Household Income (3)$113,000$110,000$87,000$57,000$75,000$79,000Median Age (3)424540364140Population Growth (2020-2025) (3)2.2%0.1%1.7%(4.8)%(0.3)%1.9%

(1)  Pennsylvania Department of Labor and Industry - Montgomery, Bucks, Lancaster, Philadelphia and Pennsylvania unemployment rates are as of December 2024 

(2)   Bureau of Labor Statistics - National unemployment rates are as of December 2024, seasonally adjusted

(3)   S&P Global - Demographic data is provided by Claritas based primarily on US Census data

 Significant types of employment industries for our markets include health care and social assistance, professional, scientific and technical services, retail trade, manufacturing, accommodation and food services, educational services, construction, and public administration. As of June 30, 2024 (the latest date for which such information is available), the Corporation ranked fourth out of 32 financial institutions in deposit market share in Montgomery County with 11 financial centers, sixth out of 31 financial institutions in Bucks County with eight financial centers, ninth out of 24 financial institutions in Lancaster County with five financial centers, and thirteenth out of 38 financial institutions in Philadelphia County with five 

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financial centers, with 4.1% of total combined deposit market share in the four counties, according to data provided by Federal Deposit Insurance Corporation ("FDIC") Market Share Data.

Competition

The Corporation's service areas are characterized by intense competition for banking business among commercial banks, savings institutions and other financial institutions. In competing with other banks, savings institutions and other financial institutions, the Bank provides personalized services and local decision making through management's knowledge and awareness of its service area, customers and borrowers.

Other competitors, including credit unions, consumer finance companies, mortgage companies, insurance companies, wealth management providers, leasing companies, financial technology companies, specialty finance companies, technology companies and mutual funds, compete for certain lending and deposit gathering services and insurance and wealth management services offered by the Bank and its operating segments.

Human Capital Resources

At December 31, 202