U.S. community banks posted both higher loan growth and higher deposit growth year over year compared to U.S. credit unions.
Loans grew by 8.2% year over year at the nation's community banks and thrifts under $10 billion in assets, while U.S. credit unions posted 5.9% growth. Similarly, deposits grew by 8.1% at community banks, compared to 6.9% at credit unions.
Meanwhile, cost of funds at U.S. credit unions was 1.04% in the third quarter versus 0.98% at community banks. Net interest margin was also 5 basis points higher at community banks, at 3.68%.