TYSONS, Va., Oct. 18, 2021 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, today released financials highlighting another record quarter in the institution's 86-year history. In third-quarter 2021, PenFed originated a record $5.4 billion in mortgage loans and a record $3 billion in consumer loans, bringing the year-to-date totals to $12.6 billion and $8.4 billion, respectively. Consumer loans include auto loans, credit cards, personal loans and student loans.
"We measure success by helping our 2.4 million members do better financially," said PenFed President and CEO James Schenck. "Making $8.4 billion worth of mortgage and consumer loan originations in the third 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 3,700 financial professionals who power PenFed forward."
Among PenFed's highlights in third-quarter 2021:
PenFed reached $29.7 billion in assets.
Membership grew to more than 2.4 million, adding 76,435 net new members.
PenFed's loan portfolio grew by $2.4 billion, which represents 11.6% growth since second-quarter 2021.
The mortgage division originated $5.4 billion, another PenFed quarterly record. This represents 113% growth over the same quarter of the prior year, and includes home equity origination volume of $296 million.
The consumer lending division originated $3 billion, also another PenFed quarterly record. This represents 43% growth over the same quarter of the prior year.
PenFed's credit card lending division, as part of consumer lending, again had its strongest quarter ever with more than $1.2 billion of new money.
PenFed's net worth ratio is 10.33% -- far above the 7.00% required by the National Credit Union Administration to remain Well Capitalized. PenFed's capital cushion is nearly $1.0 billion.
"In addition to accomplishing these key business milestones, PenFed is proud to have donated $3.5 million to charitable organizations thus far 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 2.4 million members worldwide with $29.7 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.