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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 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.
Jack Henry & Associates has launched the FactorSoft® Web Portal at the International Factoring Association's 27th Annual Factoring Conference. This new digital solution enables over 175 lenders to provide app-like mobile access for borrowers, enhancing user experience with features like improved security and multilingual support. FactorSoft is designed to help lenders grow their market share while efficiently managing portfolios. The solution is hosted on Jack Henry's private cloud, providing comprehensive IT resources and disaster recovery services.
Jack Henry & Associates (NASDAQ: JKHY) has expanded its ProfitStars division to include new risk management solutions for community banks, now part of the ICBA Preferred Service Provider program. These services aim to enhance cybersecurity, compliance, and disaster recovery. Key offerings include managed cybersecurity and IT services, private cloud computing, and data recovery services. The initiative addresses the growing need for community banks to manage cyber threats and comply with regulations, particularly as competition intensifies in the financial services sector.
Jack Henry & Associates (NASDAQ: JKHY) has acquired tools and analytics from Stackfolio, enhancing its Jack Henry Loan Marketplace. This platform, serving over 1,000 financial institutions, opens access to more than $1 billion in loan opportunities. The Loan Marketplace streamlines loan transactions, reducing processing time significantly. This acquisition aims to provide banks and credit unions with advanced analytics and research to optimize trading decisions. The COO, Greg Adelson, highlighted the benefits of automated, unbiased access to diverse loan opportunities, aiding in effective portfolio management.
Jack Henry (NASDAQ: JKHY) has partnered with Finicity, a Mastercard company, to enhance open banking capabilities for community financial institutions. This integration into the Banno Digital Toolkit enables over 400 institutions to provide consumers with secure access to their financial data, facilitating better financial decisions. The partnership supports the FDX standard for consumer-permissioned data access, aiming to empower community banks and credit unions as central financial hubs. This collaboration aligns with Jack Henry's commitment to innovation in digital banking solutions.
On May 4, 2021, The Clearing House and Jack Henry joined forces to waive onboarding fees for minority depository institutions (MDIs) connecting to the RTP® network. This initiative aims to enhance access to real-time payments for underserved communities, helping prevent late fees and improve financial health. With over 115 institutions already on the JHA PayCenter, the program allows MDIs to provide 24/7 payment capabilities, thereby supporting local economies. The RTP network reaches approximately 60% of U.S. demand deposit accounts, facilitating immediate payment confirmations and reducing reliance on slower payment methods.
Jack Henry & Associates (NASDAQ: JKHY) announced a partnership with The Clearing House to facilitate real-time payments for minority-owned depository institutions (MDIs). This initiative will cover onboarding fees for MDIs using JHA PayCenter to access the RTP network. MDIs play a crucial role in underserved communities, often facing challenges like predatory lending. The program aims to improve cash flow and financial health for these institutions, enabling immediate payment processing, reducing reliance on slower methods. Jack Henry currently supports over 115 institutions on its payments hub.
Jack Henry & Associates (NASDAQ: JKHY) announced that chairman John F. Prim will retire on June 30, 2021, after 26 years with the company and nearly 12 years as CEO. His leadership has been pivotal in driving the company’s growth. David Foss, the current CEO, acknowledged Prim's contributions and noted that a search for a new board member is already underway. This leadership transition signals a shift but also highlights the strength of the existing management team as they continue to navigate the financial services technology landscape.
Jack Henry & Associates (NASDAQ: JKHY) reported third-quarter fiscal 2021 results with GAAP revenue increasing 1% to $433.8 million, while non-GAAP adjusted revenue rose 6% to $429.4 million. For the first nine months, GAAP revenue grew 2% to $1.3 billion, and GAAP EPS increased slightly to $3.08. Operating income decreased by 1% for the quarter but remained stable year-to-date. The company continues to face headwinds from reduced deconversion fees and decreased hardware revenues due to M&A activity decline. Cash on hand was $70.1 million, down from $109.5 million a year ago.
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