PenFed Credit Union Welcomes Record 156,000 New Members in First Quarter

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Apr 21, 2022, 15:57 ET

America's Second-Largest Federal Credit Union Funds a Record $10.7 Billion in Mortgages and Consumer Loans during First-Quarter 2022

TYSONS, Va., April 21, 2022 /PRNewswire/ -- PenFed Credit Union, the nation's second largest federal credit union, today released financials highlighting a robust start to 2022. In first-quarter 2022, PenFed originated a record $6 billion in mortgage loans and $4.3 billion in consumer loans. Consumer loans include auto loans, credit cards, personal loans and refinanced student loans.

"Helping our 2.7 million members do better financially is how we measure success," said PenFed President and CEO James Schenck. "Adding an average of 52,000 new members per month is the result of PenFed's value proposition of great rates for everyone and the dedication to member service of over 3,900 financial professionals who power PenFed forward."

Among PenFed's highlights in first-quarter 2022:

Membership grew to over 2.7 million, adding 156,000 net new members.
PenFed continues to see robust asset growth, surpassing $35 billion in assets during the first quarter.
PenFed's overall loan portfolio grew by $9.6 billion, which represents 47% growth year-over-year.
The mortgage division originated $6 billion, a PenFed quarterly record. This represents growth of 114% over the prior year, and includes home equity origination volume of $450 million.
The consumer lending division originated $4.3 billion, a PenFed quarterly record. This represents 75% growth over year-over-year.
PenFed credit cards, as part of consumer lending, continued strong performance with $1.3 billion of originations in the first quarter.
PenFed ended the first quarter with over $739 million of capital in excess of regulatory capital requirements while generating $77 million of net income.

"Our business priorities for the remainder of 2022 are continuing to build capital and liquidity while maintaining credit quality and delivering world-class service to members," Schenck concluded. "In addition to accomplishing these key business milestones, PenFed is proud to have donated nearly $1.2 million to charitable organizations during our first quarter of 2022. True to the credit union philosophy of 'People Helping People,' we will continue to give back to the communities where our members and employees live and serve."

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.7 million members worldwide with $35 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.

SOURCE PenFed Credit Union