James Schenck, President and CEO of PenFed, attributed the growth to a strategy focused on competitive rates and digital accessibility. The institution’s lending activity saw sharp year-over-year increases, with mortgage originations climbing 83% to $1.2 billion and auto loan originations rising 49% to $1.3 billion. This momentum has pushed the credit union's net worth ratio to 10.72%, providing a capital cushion of $1.1 billion above regulatory requirements.
Beyond financial metrics, the credit union reported improvements in credit quality, with loan loss rates dropping 27% compared to the previous year. Digital engagement remains a central pillar of the firm's operations, with IT infrastructure now handling over 13 million monthly interactions. Alongside its commercial expansion, the organization maintained its philanthropic efforts, contributing nearly $1 million to community initiatives, including support for Children's National Hospital.
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