PenFed Credit Union welcomes record 287,000 new members in first half of 2022

America’s Second-Largest Federal Credit Union Funds a Record $18.2 Billion in Mortgages and Consumer Loans during First Half of 2022

TYSONS, VA (July 14, 2022) — PenFed Credit Union, the nation’s second largest federal credit union, today released financials highlighting continued financial strength in an increasingly challenging economic environment. In second-quarter 2022, PenFed originated $3.4 billion in mortgage loans and $4.1 billion in consumer loans, bringing the year-to-date totals to $9.8 billion and $8.4 billion, respectively. Consumer loans include auto loans, credit cards, personal loans and refinanced student loans.

“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.”

Among PenFed’s highlights in second-quarter 2022:

  • Membership grew to over 2.8 million, adding over 130,000 net new members in the second quarter.


  • PenFed’s member shares grew year-over-year by $5.7 billion, which represents over 27% growth.


  • PenFed continues to experience strong asset growth, achieving $36.6 billion in assets at the end of the second quarter.


  • PenFed’s overall loan portfolio grew year-over-year by $9.4 billion, which represents 43% growth.


  • Even with the slowing market demand, PenFed’s mortgage division still managed to originate $3.4 billion in the second quarter.


  • The consumer lending division originated $4.1 billion for the second-quarter. This 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 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.


In addition to accomplishing these key business milestones, PenFed donated nearly $1.2 million to charitable organizations during the first half of 2022.

“Most recently,” Schenck pointed out, “we partnered with America’s VetDogs to provide life-changing service dogs for veterans with disabilities; we aligned with the National Alliance on Mental Illness to provide mental wellness during our nation’s mental health crisis; and we are working with the Honor Flight Network to plan the first-ever free flight for United States veterans living in Puerto Rico to visit the memorials in our nation’s capital that honor their military service. True to the credit union philosophy of ‘People Helping People,’ we will continue giving back to the communities where our members and employees live and serve.”

During the second half of 2022, Schenck acknowledged, “we expect loan demand will decline as the Federal Reserve continues raising interest rates. Our business priorities for the second half of 2022 are to continue building capital, deposits and liquidity while maintaining credit quality and delivering world-class service to members. Our teammates are fully engaged and working collaboratively across divisions to execute our strategic plan.”

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 $35 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, 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.


Abagail Chambers
Account Coordinator
+1 724 366 0397

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