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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) announced a quarterly cash dividend of $.46 per share, payable on September 29, 2021, to stockholders of record by September 9, 2021. This decision reflects the company's ongoing commitment to shareholder returns, with 74,013,999 shares outstanding as of August 18, 2021. Jack Henry provides technology solutions for the financial services sector, serving approximately 8,500 clients across its three divisions.
Jack Henry & Associates reported a successful fiscal year ended June 30, 2021, with GAAP revenue increasing 4% to $1.758 billion and GAAP EPS rising 7% to $4.12. The fourth quarter showed even stronger growth, with revenue up 10% and operating income up 25%. Non-GAAP adjusted revenue climbed 6%, while operating income rose by 13%. For fiscal 2022, the company projects GAAP revenue between $1.902 billion and $1.911 billion, with EPS forecasted at $4.53 to $4.60. Despite challenges from COVID-19, Jack Henry remains optimistic about future growth in technology solutions and customer relationships.
Jack Henry (NASDAQ:JKHY) announced that Keesler Federal Credit Union has migrated its core operations to its private cloud environment. This $3.7 billion-asset credit union, based in Biloxi, Miss., sought to enhance its disaster recovery capabilities following recent hurricanes. The migration alleviates the need for frequent hardware updates and data transfers, allowing Keesler's staff to focus on member services. Over 60% of Jack Henry's credit union clients have adopted this hosted model, which offers improved reliability and efficiency in operations.
On August 11, 2021, Jack Henry & Associates (NASDAQ:JKHY) announced an expanded partnership with FirstBank, a financial institution with assets of $11.9 billion. This collaboration will leverage Jack Henry's digital commercial loan platform, enhancing efficiency in the lending process. FirstBank aims to improve the borrower experience by digitizing workflows and optimizing reporting. The integration facilitates faster loan fulfillment and improved customer interactions, building on a successful long-standing relationship between both entities.
On August 10, 2021, Jack Henry & Associates (NASDAQ: JKHY) announced its support for TruStone Financial Credit Union during its merger with Firefly Credit Union. The integration, completed in March, utilizes Symitar's core technology and the Banno Digital Platform, enhancing member experiences for over 100,000 clients. TruStone's CEO emphasized the partnership's importance in navigating digital service demands, especially post-COVID-19. Jack Henry's expertise is vital for seamless transitions in challenging merger environments, highlighting the company's role as a technology leader in the financial services sector.
Jack Henry & Associates (NASDAQ: JKHY) announced a live webcast for its fourth quarter and fiscal year 2021 earnings conference call on August 18, 2021. The earnings press release will be available after market close on August 17, 2021. The call is accessible via the company website, starting at 7:45 a.m. Central Time. This follows the pattern of potential financial updates, as Jack Henry serves around 8,500 clients in the financial services industry with innovative SaaS solutions.
Jack Henry & Associates (NASDAQ: JKHY) announced a referral partnership with CU Business Group (CUBG), the largest business services CUSO, on August 3, 2021. This partnership aims to provide over 600 credit unions access to Jack Henry's payment, digital, and lending solutions. CUBG will refer a range of services, including digital loan management and payment solutions, to support credit unions in enhancing their business member relationships. The collaboration focuses on meeting the needs of business members and enabling credit unions to expand their service offerings.
Jack Henry & Associates (NASDAQ: JKHY) has expanded its partnership with Autobooks to enhance payment and invoicing capabilities within its Banno Digital Platform. Over 500 community banks and credit unions, along with 5 million users, will gain access to improved tools aimed at supporting local businesses. This partnership positions Jack Henry as the first major fintech provider to integrate these services, allowing businesses to manage payments and invoices seamlessly. This initiative aims to improve cash flow and increase revenue for financial institutions by offering essential digital tools to small businesses.
Jack Henry & Associates (NASDAQ: JKHY) announced that One Florida Bank and Gulfside Bank, based in Florida, are successfully meeting growth goals with its support. One Florida Bank, with over $950 million in assets, aims to become a $1 billion institution within three years by leveraging Jack Henry's digital solutions. Gulfside Bank has exceeded its asset projections by 30%, currently holding $215 million, and differentiates itself through technology. Jack Henry emphasizes its commitment to supporting community banks in competing against larger institutions, enhancing local economies.
Jack Henry (NASDAQ: JKHY) announced a partnership with Merchant's PACT on July 26, 2021, aimed at enhancing merchant services for banks and credit unions. This collaboration provides access to flexible, customizable consulting services and various payment processor options. The initiative is designed to help smaller financial institutions compete effectively by offering robust merchant solutions. The partnership leverages MPACT's expertise in optimizing payment strategies and supports Jack Henry's evolving open strategy.
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