PenFed Credit Union attracts nearly $1.2 billion in new shares and 174,000 new members through the third quarter of 2023
SAN ANTONIO, VA (November 1, 2023) — PenFed Credit Union, the nation’s second-largest federal credit union, today released financial results. PenFed continues to focus on its members with its market-leading products and services, despite a challenging economic environment with rising inflation. Year-to-date as of Q3 2023, PenFed attracted nearly $1.2 billion in new shares and added 174,000 new members.
“We are continuing to deliver on our key priorities of building deposits, liquidity and capital,” said PenFed President and CEO James Schenck. “The PenFed family continues to grow based on the value of our products and services. PenFed welcomed 174,000 new members year-to-date, as we increase our digital capabilities while offering great rates and world-class service. We thank all of our 2.9 million members for choosing to save and borrow with PenFed.”
PenFed financial highlights as of the third quarter of 2023 include:
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PenFed’s member shares grew year-over-year by $1.7 billion, which represents 6% growth.
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PenFed grew total revenue $300 million from $1.3 to $1.6 billion, a 16% increase year-over-year.
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PenFed reduced total operating expense by $114 million year-over-year, which represents a 16% reduction.
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PenFed’s external borrowings declined $2.1 billion year-over-year, as external borrowings were replaced with member share deposits, driven by offering great rates to our members.
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PenFed’s net worth ratio increased to 9.8% at the close of the third quarter, an improvement of 0.5% year-over-year.
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PenFed closed the third quarter with $989 million of capital in excess of required regulatory net worth.
In addition to accomplishing these key business milestones, PenFed donated over $1.7 million to charitable organizations so far in 2023.
PenFed is proud to support our communities. Founded in 1935, PenFed Credit Union’s core membership is comprised of members of the national defense community. In the wake of the September 11, 2001 terror attacks, PenFed Credit Union founded The PenFed Foundation, a national 501(c)3, that has provided more than $55 million in financial support to veterans, active-duty service members and military families. The credit union funds the Foundation’s personnel and most operational costs, allowing 99% of donations to go directly to programs.
Last month, The PenFed Foundation raised nearly $1 million at its 20th Annual Military Heroes Golf Classic thanks to our generous supporters.
Looking forward, Schenck said, “PenFed will continue to take perfect care of its members by providing great rates and world-class digital capabilities and service while building a stronger PenFed through sustainable, risk-balanced growth, and giving back to the community.”
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.9 million members worldwide with nearly $34.6 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 with members' interests always in mind. 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 X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
