PenFed Credit Union Finishes Second Quarter with Increased Liquidity and Capital

America's second largest federal credit union welcomes over 66,000 new members and maintains over $3 billion in regulatory net worth.

TYSONS, Va., July 31, 2024 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, finished the first half of 2024 with increased liquidity and capital. PenFed also finished the first half with nearly 3 million members, $33.5 billion in assets and over $3 billion in regulatory net worth.

"We are ahead of our 2024 business plan and continue to execute on our key priorities of building liquidity and capital," said PenFed President and CEO James Schenck. "PenFed is proud to deliver on our promise to members by paying top dollar on certificates. During the first half of 2024, PenFed paid out $422 million in member dividends, up from $308 million in the first half of 2023, a 37% increase. Being a credit union with the mission of people helping people, we continue to take perfect care of our membership by providing market leading rates to our savers and our borrowers."

PenFed's first half of 2024 financial highlights include:

• PenFed's total cash and investments increased to 12.5% of total assets, an increase of 228 basis points year over year.
• PenFed's regulatory net worth capital ratio increased from 9.10% at year-end to 9.57% end of June, an increase of 47 basis points.
• PenFed's year-to-date net income was $46 million. Over the past 5 years, PenFed has increased its regulatory net worth by $612 million with over $792 million in net income.
• PenFed reduced total operating expense by $22 million year-over-year, which represents a 5% reduction.
• Driven by offering great rates to our members, member share deposits were up $141 million year over year.
• PenFed closed the quarter with over $871 million of capital in excess of required regulatory net worth to be well capitalized.

In addition to accomplishing key business milestones, PenFed donated over $800,000 to 29 charitable organizations during the first half and will continue to support the communities where its employees live and work throughout the year.

Recently PenFed Credit Union joined Beaches Habitat for Humanity as a top sponsor and broke ground on a home for a veteran. PenFed employees and community members will build the home for a local veteran in need of affordable housing as part of the new 44-unit Atlantic Beach, Florida community. PenFed is proud to support Beaches Habitat for Humanity because everyone deserves a place to live, especially our nation's heroes.

Looking forward, Schenck said, "PenFed will continue to take care of its members with outstanding rates and service provided by world-class financial professionals and by keeping the institution safe and sound with strong capital and liquidity. PenFed will also continue to have a positive impact on society through its philanthropic giving. Being a federal credit union and governed by dedicated volunteer board members, PenFed can always play the long-game and take care of its constituents throughout all rate environments."

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 over $33.5 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 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 PenFed.org, 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. 

SOURCE PenFed Credit Union