education, health, government, leisure and hospitality and professional business services. We also maintain a representative office in Albany County to originate indirect automobile loans. We view Orange and Albany Counties, which have larger populations than Dutchess and Ulster Counties, as primary areas for growth.
Based on published statistics, the U.S. unemployment rate was 6.7%, while the New York State unemployment rate was 8.2% as of December 31, 2020. The four counties in our primary market area each had a lower unemployment rate than New York State as a whole (Dutchess County, 5.4%; Orange County, 5.9%, Ulster County, 5.4% and Albany County, 5.5%). According to the New York State Department of Labor, for the twelve-month period ended December 31, 2020, the Hudson Valley’s private sector job growth decreased by 9.2%. Over the year, the job losses continue to reflect the impact of the COVID-19 pandemic. Based on published statistics, median household income for 2019 (the latest date for which information was available) was $81,219 in Dutchess County, $79,944 in Orange County, $64,304 in Ulster County and $66,252 in Albany County, compared to $62,843 in the U.S. and $68,486 in New York State as a whole. Based on published statistics, the 2019 population was 294,218 in Dutchess County, 384,940 in Orange County, 177,573 in Ulster County and 305,506 in Albany County.
Competition
We face significant competition for deposits and loans. Our most direct competition for deposits has historically come from the numerous financial institutions operating in our market area (including other community and commercial banks and credit unions), many of which are significantly larger than we are and have greater resources. We also face competition for investors’ funds from other sources such as brokerage firms, money market funds and mutual funds, as well as securities, such as Treasury bills, offered by the Federal Government. Based on Federal Deposit Insurance Corporation data, at June 30, 2020 (the latest date for which information is available), we had 10.86% of the FDIC-insured deposit market share in Dutchess County, which was 4th among the 15 institutions with offices in the county, 1.62% of the FDIC-insured deposit market share in Ulster County, which was 14th among the 19 institutions with offices in the county, and 0.24% of the FDIC-insured deposit market share in Orange County, which was 21st among the 24 institutions with offices in the county. In all three counties, New York City money center banks or large regional banks have a significant presence.
Our competition for loans comes primarily from the competitors referenced above and from other financial service providers, such as mortgage companies, mortgage brokers and credit unions. Competition for loans also comes from the increasing number of non-depository financial service companies participating in the mortgage market, such as insurance companies, securities companies, specialty finance firms and financial technology companies.
We expect competition to remain intense in the future as a result of legislative, regulatory and technological changes and the continuing trend of consolidation in the financial services industry. Technological advances, for example, have lowered barriers to entry, allowed banks to expand their geographic reach by providing services over the internet and made it possible for non-depository institutions, including financial technology companies, to offer products and services that traditionally have been provided by banks. Competition for deposits and the origination of loans could limit our growth in the future.
We seek to meet this competition by the convenience of our branch locations, emphasizing personalized banking and the advantage of local decision-making in our banking businesses. Specifically, we promote and maintain relationships and build customer loyalty within local communities by focusing our marketing and community involvement on the specific needs of individual neighborhoods. We do not rely on any individual, group, or entity for a material portion of our deposits.
Lending Activities
General.
Loans are our primary interest-earning asset. At December 31, 2020, net loans represented 77.4% of our total assets.