TYSONS, Va.–PenFed Credit Union is reporting robust growth numbers from the first quarter of this year.
The $35-billion PenFed, the second largest federal charter in the country, said it originated a record $6 billion in mortgage loans and $4.3 billion in consumer loans during Q1.
Among PenFed’s highlights in first-quarter 2022:
• Membership grew to over 2.7 million, with 156,000 net new members.
• The 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, representing 75% growth over year-over-year.
• PenFed credit cards reported 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.
How to Measure Success
“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.
“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 continued.
“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.”