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Jack Henry & Associates, Inc.® (Nasdaq: JKHY) is a prominent financial technology company that has been empowering financial institutions for over 47 years. Known for its commitment to openness, collaboration, and user-centric solutions, Jack Henry provides core processing and complementary services to nearly 7,500 clients, including banks and credit unions, primarily in the United States. The company's robust suite of products and services includes core banking platforms like SilverLake, CIF 20/20, and Core Director, as well as credit union platforms such as Episys and Cruise.
Jack Henry's integrated computer systems support in-house and outsourced data processing, covering crucial aspects like deposit, loan, and general ledger transactions. The company's offerings extend to business intelligence and management solutions, internet banking, EFT solutions, risk management, item and document imaging, payment processing solutions, and professional services.
Recent achievements highlight Jack Henry's continuous innovation. The company's digital banking platform Banno recently integrated with Bits of Stock, allowing community financial institutions to offer stock rewards to customers. This integration enhances Jack Henry's ecosystem of over 950 fintechs, bringing modern financial products to approximately 7,500 financial institutions.
In fiscal second quarter 2024, Jack Henry reported deconversion revenue of $4.9 million, with full-year guidance maintaining estimates at $16 million. Deconversion revenue, typically arising from customer acquisitions by other institutions, is not reflective of Jack Henry's core operations but is significant for financial reporting.
Notable partnerships include Legacy Bank & Trust, which doubled its asset size by leveraging Jack Henry's scalable hosted core processing solution, and United Bank, which selected Jack Henry to modernize operations and improve customer experience through tools like the Banno Digital Platform™ and LoanVantage®. Additionally, the successful merger of UniWyo Credit Union and Reliant Federal Credit Union was facilitated by Jack Henry's seamless data conversion and integration capabilities, showcasing the company's ability to support significant transformation projects.
As an S&P 500 company, Jack Henry remains dedicated to helping clients innovate, differentiate, and compete effectively in the evolving financial landscape. The company's people-inspired innovation and personal service continue to reduce barriers to financial health, fostering strong connections between financial institutions and the communities they serve. For more information, visit the official website at www.jackhenry.com.
Jack Henry & Associates (NASDAQ: JKHY) is partnering with NYDIG to enhance access to bitcoin services for financial institutions. This collaboration allows consumers and businesses to utilize NYDIG's buy-hold-sell capabilities through the Banno Digital Platform and facilitates transactions via JHA PayCenter over the RTP network. This initiative aims to address growing demand for bitcoin services and create non-interest income opportunities for banks and credit unions, ultimately improving their competitive edge.
Jack Henry & Associates (NASDAQ: JKHY) is set to host its Investor Day on May 9, 2022, at 1:00 p.m. CT. The event will feature presentations from the senior leadership team, alongside live Q&A sessions. Stakeholders can access the live audio broadcast and presentation materials via the company's Investor Relations website, with an on-demand replay available after the event. Jack Henry serves around 8,000 clients through its three divisions, focusing on technology solutions for the financial services industry.
Jack Henry & Associates (NASDAQ: JKHY) has appointed Renee Swearingen as Senior Vice President and Chief Accounting Officer, effective May 5, 2022. Swearingen, a 26-year veteran of the company, previously served as Vice President of Finance and Procurement and Assistant Treasurer. In her new role, she will oversee all financial and accounting operations, including SEC reporting and compliance. Her extensive experience and leadership have been pivotal in the company’s success. The announcement underscores Jack Henry’s commitment to fostering seasoned talent within its ranks.
Jack Henry & Associates (NASDAQ: JKHY) reported a strong financial performance for Q3 FY22, with GAAP revenue rising by 10% to $478.3 million and operating income climbing 22% to $111.6 million. Year-to-date, GAAP revenue increased 12% to $1.46 billion, and GAAP EPS improved to $3.84, up 25% from the previous year. The company maintains positive guidance for FY22, expecting GAAP revenue between $1.939 billion and $1.942 billion. However, cash reserves fell to $39.8 million, and debt increased to $225 million, raising some concerns about liquidity amid sustained growth.
Jack Henry & Associates (NASDAQ: JKHY) announced that North Jersey Federal Credit Union (NJFCU) has selected Symitar to host its core in the Jack Henry private cloud. This decision stems from employee usability and aims to enhance efficiency and user experience. Symitar offers improved reporting capabilities and allows easy integration with third-party fintechs. NJFCU's CEO highlighted Jack Henry's ability to meet expectations and provide necessary tools for financial improvement. The collaboration promises flexibility with access to over 850 fintech solutions.
Jack Henry & Associates (NASDAQ: JKHY) will host a live Webcast for its third quarter fiscal year 2022 earnings conference call on May 4, 2022. The earnings press release will be issued after market close on May 3, 2022. The call starts at 7:45 a.m. Central Time and can be accessed on the Jack Henry website. The earnings call can also be joined via US and international dial-in numbers. Jack Henry is a leading SaaS provider for the financial services sector, serving over 8,000 clients through various solutions.
Old Second National Bank has enhanced its partnership with Jack Henry to bolster its digital growth strategy. The collaboration is expected to yield operational efficiencies and advanced banking services by utilizing Jack Henry's technology, including the Banno Digital Platform and jhaEnterprise Workflow. This expansion follows a seven-year modernization journey to upgrade Old Second's technology infrastructure. The bank aims to better serve its customers with innovative fintech solutions via Jack Henry's extensive network of partners.
Jack Henry (NASDAQ: JKHY) announced that Lea County State Bank, based in Hobbs, N.M., will upgrade its technology platform using Jack Henry's digital solutions. This $600-million asset bank aims to compete effectively against larger institutions while enhancing customer satisfaction through modern technology.
The engagement will include the Banno Digital Platform™ and access to over 850 third-party fintechs, ensuring a streamlined experience for both business and retail clients. This partnership reinforces Jack Henry's commitment to community banking and digital transformation.
Plinqit has integrated its savings platform with Jack Henry's Banno Digital Platform, enabling users to earn while learning about personal finance. This collaboration allows community banks and credit unions to offer unique savings solutions at lower costs than traditional accounts. Plinqit's Build Skills™ feature incentivizes financial literacy, catering to the Millennial demographic. Jack Henry emphasizes the importance of innovation in digital banking, providing tools for fintech collaborations that enhance customer experiences.
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