Building on the company’s impressive first-quarter results for 2026, PenFed Credit Union, one of the nation’s largest credit unions, reported strong financial results through the second quarter of 2026. PenFed President and CEO James Schenck credits the company’s performance to a combination of competitive rates, disciplined growth, digital innovation and exceptional customer service.
“PenFed’s second quarter results show the power of our flywheel in action,” said James Schenck, PenFed President and CEO. “When we deliver great rates, easy digital access, responsive service and responsible lending solutions, members respond, and that momentum strengthens our ability to serve even more members through every rate environment.”
PenFed reported a year-to-date net income of $144 million, up 73 percent from last year, as well as an increased year-to-date return on assets to 0.98 percent, which is up 80 percent over 2025. The credit union increased its net-worth ratio to 10.72 percent. The company strengthened its capital position by increasing its capital to $1.1 billion, which is in excess of the required regulatory net worth. Total cash and investments measured 17 percent of total assets, highlighting the credit union’s strong liquidity.
“PenFed has grown assets at a 9 percent compound annual growth rate from 2006 to 2026 while remaining focused on helping members achieve their financial dreams,” Schenck said. “Our mortgage and consumer lending continues to see accelerating volumes across all product lines on a year-over-year basis, while our support services teams on the phones and in branches continue to earn the highest consumer satisfaction scores.”
Schenck also noted that the company’s commitment to digital innovation remains at the forefront, with PenFed’s top-rated mobile and website experiences processing more than 13 million member interactions a month. Earlier this year, PenFed touted its AI-driven relationship with SalesForce to enhance member experience and contributing the company’s ability to deliver competitive rates rates, personalized service and a unified banking platform across all of its channels.
“I am incredibly proud of our employees and the momentum we have built through disciplined execution, thoughtful decision-making and an unwavering commitment to excellence,” Schenck said.
For more information on PenFed and its services, visit penfed.org.
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