Jan 20, 2022, 15:51 ET
TYSONS, Va., Jan. 20, 2022 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, today released financials highlighting another record year in the institution's 87-year history. In the fourth quarter of 2021, PenFed originated a record $6.3 billion in mortgage loans and a record $3.3 billion in consumer loans, bringing the 2021 totals to $19 billion and $12 billion, respectively. Consumer loans include auto loans, credit cards, personal loans and student loans.
"We measure success by helping our 2.6 million members do better financially," said PenFed President and CEO James Schenck. "Making $31 billion worth of mortgage and consumer loan originations in 2021 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 3,700 financial professionals who power PenFed forward."
Among PenFed's highlights in 2021:
- PenFed reached $32.5 billion in assets.
- Membership grew to more than 2.6 million, adding over 500,000 new members.
- PenFed's loan portfolio grew by $4.8 billion, which represents 25% growth in 2021.
- The mortgage division originated $18.9 billion, another PenFed annual record. This represents 128% annual growth in 2021, and includes home equity origination volume of $1.2 billion.
- The consumer lending division originated $11.7 billion, also another PenFed annual record. This represents 46% annual growth in 2021.
- PenFed's credit card lending division, as part of consumer lending, again had its strongest quarter ever with more than $1.3 billion of new money.
- PenFed sold $12.2 billion of loans into the secondary market, of which, more than 50% were sold to other credit unions.
- PenFed ended 2021 with over $860 million of capital in excess of regulatory capital requirements while adding nearly $300 million of net income for the year.
"In addition to accomplishing these key business milestones, PenFed is proud to have donated $5.5 million to charitable organizations in 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."
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.6 million members worldwide with $32.5 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. Our mission is to empower members of our community to achieve their financial well-being. 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 Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
SOURCE PenFed Credit Union
Share this article