TYSONS, Va.– PenFed Credit Union is reporting it experienced “another record year” in its 87-year history.
In the fourth quarter of 2021, PenFed said it originated a record $6.3 billion in mortgage loans and a record $3.3 billion in consumer loans, bringing the 2021 totals to $19 billion and $12 billion, respectively.
PenFed said its performance highlights during 2021 included:
- It reached $32.5 billion in assets
- Membership grew to more than 2.6 million, after it added more than 500,000 new members.
- Its loan portfolio grew by $4.8 billion, which represents 25% growth in 2021.
- The mortgage division originated $18.9 billion, another PenFed annual record. “This represents 128% annual growth in 2021, and includes home equity origination volume of $1.2 billion,” PenFed said.
- The consumer lending division originated $11.7 billion, also another PenFed annual record. This represents 46% annual growth in 2021.
- The credit card lending division, as part of consumer lending, again had its strongest quarter ever with more than $1.3 billion of new money.
- It sold $12.2 billion of loans into the secondary market, of which, more than 50% were sold to other credit unions.
- It ended 2021 with over $860 million of capital in excess of regulatory capital requirements while adding nearly $300 million of net income for the year.
The Measure of Success
“We measure success by helping our 2.6 million members do better financially,” said PenFed President and CEO James Schenck. “Making $31 billion worth of mortgage and consumer loan originations in 2021 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 3,700 financial professionals who power PenFed forward.”
Schenck added that PenFed also donated $5.5 million to charitable organizations in 2021.