PenFed Credit Union, the nation’s second largest federal credit union, today released financials highlighting a robust start to 2022. In first-quarter 2022, PenFed originated a record $6 billion in mortgage loans and $4.3 billion in consumer loans. Consumer loans include auto loans, credit cards, personal loans and refinanced student loans.
“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.”
Among PenFed’s highlights in first-quarter 2022:
· Membership grew to over 2.7 million, adding 156,000 net new members.
· PenFed continues to see robust asset growth, surpassing $35 billion in assets during the first quarter.·
PenFed’s 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. This represents 75% growth over year-over-year.
· PenFed credit cards, as part of consumer lending, continued strong performance 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.
“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 concluded. “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.”