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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 that its Chief Risk Officer, Charlie Wright, has been appointed as the board chair of The Institute of Internal Auditors (IIA) Global Board. With over 35 years of experience, Wright has been integral to IIA, serving since 2014. As board chair, he will lead the Global Board and discuss the impact of technology on the internal audit profession. David Foss, Jack Henry's CEO, praised Wright's leadership abilities, emphasizing the strategic alignment between Wright's role at IIA and Jack Henry's objectives.
Jack Henry & Associates (NASDAQ: JKHY) announced a new board appointment and leadership change effective July 1, 2021. Curtis Campbell, previously with Blucora, Inc. (NASDAQ: BCOR), joins as a board member, bringing significant technology and customer experience expertise. David Foss, current president and CEO, will serve as the new board chair, following the retirement of Jack Prim. Foss, with over 22 years at Jack Henry, believes combining the roles of CEO and board chair will benefit stakeholders and align strategic objectives.
Jack Henry & Associates (NASDAQ: JKHY) announced that Rusiru Gunasena, managing director of operations for JHA PayCenter, has been appointed to the U.S. Faster Payments Council Board Advisory Group. This group focuses on promoting faster payment solutions in the U.S. Currently, over 130 banks and credit unions utilize JHA PayCenter, with an additional 200 institutions contracted. The platform supports near-real-time payments and will connect to future networks like FedNow. Gunasena brings over 20 years of experience in the payments industry, emphasizing the growth and maturity of faster payments.
On June 24, 2021, Land Gorilla announced its participation in the Jack Henry Banking Vendor Integration Program (VIP). This collaboration will enable Land Gorilla to integrate its construction loan management software with Jack Henry's core platforms, including SilverLake System, CIF 20/20, and Core Director. This integration aims to enhance operational efficiencies and improve accuracy and timeliness in transaction data. Land Gorilla's CEO, Sean Faries, emphasized that this partnership will facilitate faster disbursement of construction loans, ultimately boosting profitability for financial institutions.
Jack Henry & Associates (NASDAQ: JKHY) announced that The National Bank of Indianapolis has migrated to its SilverLake System core to enhance efficiency and meet growing demand. With $2.5 billion in assets, the bank opted for a remote migration, leveraging Jack Henry's private cloud environment for automation. The migration was highlighted as a significant success, allowing the bank to utilize advanced functionalities and improve customer service with the Banno Digital Platform. This transition is aimed at enhancing the customer experience while maintaining personal service.
Jack Henry & Associates, Inc. (NASDAQ: JKHY) has appointed Chris King as the new chief sales and marketing officer, following the retirement of Steve Tomson. King, a veteran with 31 years in the financial services industry, previously served as vice president at NCR. His leadership roles include positions at Diebold Nixdorf and Regions Bank. CEO David Foss expressed confidence in King's ability to drive sales and marketing innovations, while also acknowledging Tomson's 15 years of significant contribution to the company.
Jack Henry (NASDAQ: JKHY) announced a partnership with Tennessee Valley Federal Credit Union (TVFCU) on June 16, 2021, to deploy its cloud-based technology for enhanced growth. TVFCU chose Jack Henry due to its expertise and reliable support, which will allow the credit union to optimize its operations and streamline processes. With access to advanced reporting tools and open banking capabilities, TVFCU plans to improve member experience and expand its business offerings. The partnership aims to ensure better service delivery and increased operational efficiency for TVFCU.
Jack Henry & Associates (NASDAQ:JKHY) announced that Peapack-Gladstone Bank, with $5.9 billion in assets, gained over 800 new small business banking relationships during the pandemic, surpassing the total of the previous three years. This success was attributed to Jack Henry's technological solutions, which helped the bank efficiently manage operations in a digital environment. The bank's adoption of Jack Henry Lending's digital Paycheck Protection Program (PPP) solution enabled it to process 1,500 applications swiftly. New features like the JHA Agiletics Escrow System™ enhance customer control and streamline operations.
Jack Henry & Associates (NASDAQ: JKHY) announced that Delta Community Credit Union received the Celent Model Bank 2021 Award for Retail Digital Transformation. The award highlights the credit union's comprehensive IT and core banking system overhaul initiated in 2015, significantly enhancing operational efficiency and member satisfaction. The pandemic underscored the success of this transformation, leading to over 4% member growth and a Net Promoter score of 76%. The partnership with Jack Henry's Symitar division played a key role in this achievement, showcasing effective technology utilization for resilience and adaptability.
Jack Henry & Associates announced a quarterly cash dividend of $.46 per share, payable on June 14, 2021. The record date for shareholders is May 28, 2021. Additionally, the Board increased its stock repurchase authorization by 5.0 million shares, totaling 5.2 million shares. The repurchase will be funded through available cash or short-term borrowings. CFO Kevin D. Williams emphasized confidence in strong organic growth and cash flows, highlighting the commitment to enhancing shareholder value.
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