PenFed Credit Union Delivers on Strategic Goals in Q3 2022: Increasing Member Shares, Liquidity and Capital

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Oct 24, 2022, 15:28 ET

America's Second-Largest Federal Credit Union Attracts Nearly $1 Billion in New Shares in Q3, Adds 30 Basis Points of Net Worth

TYSONS, Va., Oct. 24, 2022 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, today released financials highlighting continued strength in an increasingly challenging economic environment. During the third quarter of 2022, PenFed attracted nearly $1 billion in new shares, and increased net worth by 30 basis points since the second quarter of 2022.

"Building deposits, liquidity and capital are PenFed's key priorities for the second half of 2022 – and during the third quarter we made tremendous progress in achieving these goals," said PenFed President and CEO James Schenck. "The PenFed family continues to grow based on the value of our products and services. Over 400,000 new members joined PenFed during the first nine months of 2022, as current members share their stories about PenFed's great rates and world-class service. We thank all of our 2.8 million members for choosing to save and borrow with PenFed."

PenFed reported many financial highlights after closing the third quarter of 2022:

PenFed's member shares grew year-over-year by $5.4 billion, which represents 24% growth.
Over the same period, PenFed balanced that share growth with loan portfolio growth of $5.7 billion or 23%.
PenFed's net worth ratio increased to 9.33% at the close of the third quarter, 30 basis points higher than the close of the second quarter.
PenFed closed the third quarter with over $834 million of capital in excess of required regulatory net worth.

In addition to accomplishing these key business milestones, PenFed donated over $1.6 million to more than 50 charitable organizations during the first nine months of 2022.

"Most recently," Schenck pointed out, "we began moving forward with plans to build a PenFed Grand Lodge at the Warrior Retreat in Haymarket, Virginia, which will serve as a second home to help wounded warriors recover and rebuild relationships with their families. And we mobilized hundreds of PenFed employees across America to raise funds and participate in the Susan G. Komen Walk to fight breast cancer."

During the fourth quarter of 2022, Schenck acknowledged, "we expect loan demand will continue to decline as the Federal Reserve continues to raise interest rates. PenFed will focus on finishing this year strong by continuing to build deposits, liquidity and capital, while maintaining credit quality and delivering world-class service to our growing membership."

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.8 million members worldwide with $35.9 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services. Our mission is to empower members of our community to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

*Loan originations represent funded balances.

SOURCE PenFed Credit Union