America’s Second-Largest Federal Credit Union Funds a Record $8.1 Billion in Mortgages and Consumer Loans during Second-Quarter 2021
PenFed Credit Union, the nation’s second largest federal credit union, released financials highlighting the strongest quarter in the institution’s 86-year history. In second-quarter 2021, PenFed originated a record $4.3 billion in mortgage loans and a record $3.8 billion in consumer loans, bringing the year-to-date totals to $7.3 billion and $6.1 billion, respectively. Consumer loans include auto loans, credit cards, personal loans and refinanced student loans.
“Helping our 2.3 million members do better financially is how we measure success,” said PenFed President and CEO James Schenck. “Making $8.1 billion worth of loan originations in the second quarter is the result of PenFed’s value proposition of great rates for everyone, inspired leadership within our mortgage and consumer lending teams, and the dedication to member service of the 3,200 financial professionals who power PenFed forward.”
Among PenFed’s highlights in second-quarter 2021:
- PenFed surpassed $27.6 billion in assets.
- Membership grew to over 2.3 million, adding 108,608 net new members.
- The mortgage division originated $4.3 billion, a PenFed quarterly record. This represents 110% growth over second-quarter 2020, and includes home equity origination volume of $301 million.
- The consumer lending division originated $3.8 billion, a PenFed quarterly record. This represents 118% growth over second-quarter 2020.
- PenFed credit cards had their strongest quarter ever with nearly $1.2 billion of new money.
- PenFed’s ratio of net worth to assets increased to 10.77% — far above the 7.00% required by the National Credit Union Administration to remain Well Capitalized. PenFed’s capital cushion is now at an all-time high: $1.0 billion.
“In addition to accomplishing these key business milestones, PenFed is proud to have donated nearly $1.2 million to charitable organizations during the first half of 2021,” Schenck concluded. “As we continue to grow, we will continue to give back to the communities where our members and employees live and serve.”