Continuing its record of positive growth over the last several years, NRA partner PenFed Credit Union reported increases in capital and liquidity, earning growth and credit quality through the first quarter of 2026.
"PenFed's first quarter results demonstrate the strength of our member focus, digital banking and disciplined lending strategy," said James Schenck, PenFed president and CEO. "Strong quarterly net income was driven by robust member demand and competitive pricing, as well as improved operating performance and credit discipline."
The credit union reported a net income of nearly $93 million, up 137 percent quarter over quarter and up 56 percent from the first quarter of 2025. PenFed's strong quarterly net income has led to an increased net worth ratio of 10.47 percent, up from 10.19 percent in Q4 of 2025 and 9.47 percent in Q1 of 2025. Higher investment balances and a strong flow of deposits have increased the credit union's total cash and investments to 16 percent of its total assets.
Schenck also credited PenFed's growth to the credit union's forward-thinking approach to artificial intelligence, and he highlighted the company's partnership with Salesforce as part of PenFed's continued financial success.
"PenFed's AI-driven partnership with Salesforce is fueling PenFed's success in enhancing the member experience and contributing to our ability to deliver great rates, hyper-personalization, and a complete unified banking platform across all channels," Schenck said. "Being an agentic enterprise is central to creating value for our members, employees, and the institution by driving innovation, building resilience, and generating long-term impact throughout PenFed. This strategy enables us to deliver great rates for our members, generate strong earnings, and grow capital."
The company's strong growth has enabled PenFed to give back to the community through its foundation, and in the first quarter of 2026, PenFed donated $520,692 to nine separate charitable organizations.
To learn more about PenFed Credit Union, visit the company's website here.
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