TYSONS, Va.–PenFed Credit Union said the second quarter of this year was the strongest quarter in its 86-year history.
In second-quarter 2021, the $27.6-billion PenFed reported it originated a record $4.3 billion in mortgage loans and a record $3.8 billion in consumer loans, bringing the year-to-date totals to $7.3 billion and $6.1 billion, respectively.
Among PenFed’s other second-quarter 2021:
- Membership grew to over 2.3 million, adding 108,608 net new members.
- The mortgage division’s $4.3 billion in volume represents 110% growth over second-quarter 2020 and includes home equity origination volume of $301 million.
- The consumer lending division’s $3.8 billion represents 118% growth over second-quarter 2020.
- PenFed said its credit cards had their strongest quarter ever with nearly $1.2 billion of new money.
- PenFed said its net worth increased to 10.77%.
Measuring Success
“Helping our 2.3 million members do better financially is how we measure success,” said PenFed President and CEO James Schenck. “Making $8.1 billion worth of loan originations in the second quarter is the result of PenFed’s value proposition of great rates for everyone, inspired leadership within our mortgage and consumer lending teams, and the dedication to member service of the 3,200 financial professionals who power PenFed forward.
“In addition to accomplishing these key business milestones, PenFed is proud to have donated nearly $1.2 million to charitable organizations during the first half of 2021,” Schenck continued. “As we continue to grow, we will continue to give back to the communities where our members and employees live and serve.”