TYSONS, Va.– PenFed Credit Union is reporting that it closed the first half of 2024 with increased liquidity and capital. PenFed also finished the first half with nearly three-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," President and CEO James Schenck said in a statement. "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 five 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.
"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” said Schenk. “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."