PenFed’s record quarter for mortgages, new members

Tysons, Virginia-based Pentagon Federal Credit Union, the second largest federal credit union in the country behind Vienna-based Navy Federal Credit Union, had a record quarter for growth.

PenFed added 156,000 new members in the first quarter, the largest quarterly growth on record, and ended the quarter with more than 2.7 million members.

Lending also set new highs.

PenFed originated $6 billion in mortgage loans for its members during the quarter, more than double the same quarter a year ago. Consumer lending rose to $4.3 billion, up 75% and also a record high.

“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,” said president and CEO James Schenck.

PenFed ended the first quarter with $739 million of capital in excess of regulatory capital requirements, and had net income of $77 million.

The credit union also donated $1.2 million to charitable organizations in the first quarter.

PenFed, established in 1935, has $35 billion in total assets.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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