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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) announces that three de novo banks—Bank of Burlington, RockPoint Bank, and Moultrie Bank & Trust—have chosen its technology to enhance local financial services accessibility. The banks aim to compete against larger institutions with Jack Henry's flexible and digital-focused solutions. RockPoint Bank surpassed $100 million in assets within nine months of its launch, leveraging Jack Henry's tech to connect with fintechs. These partnerships signify Jack Henry's commitment to equipping new banks with vital technology strategies to thrive.
Jack Henry & Associates (NASDAQ: JKHY) announced that CEO David Foss will present at two upcoming conferences: the Raymond James 43rd Annual Institutional Investors Conference on March 8, 2022, at 11:35 am ET, and the Wolfe Research FinTech Forum on March 9, 2022, at 10:25 am ET. Live webcasts of both presentations will be available online. Jack Henry is a leading technology provider for the financial services sector, supporting approximately 8,000 clients through its brands, including Jack Henry Banking and Symitar.
Unifimoney Inc. announced its digital wealth management platform is now integrated with Jack Henry's Banno Digital Platform. This allows community and regional banks to offer their customers access to trade thousands of stocks, ETFs, cryptocurrencies, and precious metals. The integration uses the Banno Digital Toolkit, streamlining fintech service embedding for financial institutions. The partnership aims to democratize investment access, enhancing local banking services and catering to increased consumer interest in both conventional and alternative investments.
Jack Henry & Associates (NASDAQ: JKHY) has introduced its new Performance Scorecard tool as part of the Independent Community Bankers of America (ICBA) Preferred Service Provider program. This tool assists community banks in automating their incentive compensation systems and provides timely performance tracking. With customizable features, it connects compensation to performance metrics, enhancing employee retention and satisfaction amidst labor market challenges. The Performance Scorecard can function independently or integrate with the Financial Performance Suite for improved data consistency.
Jack Henry & Associates (NASDAQ: JKHY), a top technology solutions provider for the financial industry, will present at two upcoming investor conferences on March 3, 2022. CFO Kevin Williams will speak at the 6th Annual Evercore ISI Payments & Fintech Innovators Forum at 2:45 PM ET, followed by David Foss, CEO, at the 2022 KBW Fintech & Payments Conference at 11:00 AM ET. Live webcasts will be available for both events, with replays on Jack Henry’s investor relations site.
On February 15, 2022, Jack Henry & Associates (NASDAQ: JKHY) announced that Independent Financial, a Texas-based bank, has chosen its LoanVantage® digital lending platform to automate commercial loans. This collaboration aims to improve the bank's lending efficiency for small and medium-sized businesses. Independent Financial, with $18.7 billion in assets, is expanding its digital capabilities to enhance customer experience and streamline lending operations. The partnership follows Independent Financial's acquisition of a Jack Henry Lending user in 2019, showcasing its commitment to technological advancement.
Jack Henry & Associates (NASDAQ: JKHY) has announced a 7% increase in its quarterly dividend, raising it to $.49 per share. This dividend, payable on March 25, 2022, is for stockholders of record as of March 8, 2022. With 33 consecutive increases in dividends since 1991, Jack Henry underscores its strong organic growth and cash flow, according to CFO Kevin D. Williams. The company aims to continue its investments while deploying cash to benefit shareholders.
Jack Henry & Associates (NASDAQ: JKHY) announced its Q2 fiscal 2022 results, revealing a 17% increase in GAAP revenue and a 34% rise in operating income compared to Q2 2021. Non-GAAP adjusted revenue saw an 11% growth, with a GAAP EPS of $1.30, up 38% year-over-year. The company projects full-year GAAP revenue between $1,939 million and $1,942 million and GAAP EPS of $4.75 to $4.82. Cash decreased to $29.1 million, with $240 million in debt. Management emphasized strong demand and a robust sales pipeline, targeting community financial institutions.
Jack Henry & Associates (NASDAQ: JKHY) announced a cloud-native technology strategy aimed at enhancing innovation for community and regional financial institutions. This multi-year plan focuses on developing a modern open-banking platform that integrates various fintech solutions, responding to the surge in digital banking needs during the pandemic. CEO David Foss highlighted the importance of adapting to market changes and emphasized ongoing investments in digital banking, payments, and lending. Jack Henry aims to support clients with Banking-as-a-Service options, without necessitating full core conversions.
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