TYSONS, Va.–PenFed Credit Union is reporting it originated $3.4 billion in mortgage loans and $4.1 billion in consumer loans during Q2, while also adding 130,000 new members.
PenFed said its year-to-date totals for mortgages and consumer loans added are $9.8 billion and $8.4 billion, respectively.
According to PenFed, its Q2 highlights included:
- Membership grew to over 2.8 million, adding over 130,000 net new members in the second quarter.
- Member shares grew year-over-year by $5.7 billion, which represents over 27% growth
- The CU saw strong asset growth, achieving $36.6 billion in assets at the end of the second quarter.
- Overall loan portfolio grew year-over-year by $9.4 billion, which represents 43% growth.
- The consumer lending division’s $4.1-billion in originations for Q2 represents 31% growth over the prior year’s second quarter.
- PenFed credit cards, as part of consumer lending, continued strong performance with $1.3 billion of originations in the second quarter.
- PenFed said it ended the second quarter with over $740 million of capital in excess of required regulatory net worth while generating $93 million of net income during the second quarter and $170 million of net income during the first half of 2022.
- Total operating expenses year to date are $5 million under budget.
Defining Success
“Helping our 2.8 million members do better financially is how we measure success,” said PenFed President and CEO James Schenck. “Adding an average of 47,800 new members per month during the first six months of this year is the result of PenFed’s value proposition of great rates for everyone and the dedication to member service of over 4,000 financial professionals who power PenFed forward. In a world where members have 10,000 other choices of where to conduct their financial business, PenFed’s membership growth is truly remarkable. I’m extremely proud of the entire PenFed team and their performance in an extremely volatile economic environment.”
In addition to the business milestones above, PenFed said it donated nearly $1.2 million to charitable organizations during the first half of 2022.