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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) has introduced agricultural industry spreading models within its digital lending solution, enhancing efficiency for financial institutions processing agricultural loans. This initiative supports community banks and credit unions as they navigate challenges faced by the agricultural sector, which contributes over $1 trillion annually to the U.S. economy. The new models automate lending processes, reducing errors and offering flexibility in analyzing farmer income. With these advancements, Jack Henry aims to bolster the competitiveness of community institutions in a rapidly evolving lending landscape.
Jack Henry & Associates (NASDAQ: JKHY) announced that President & CEO David Foss will present with Simmons Bank's Alex Carriles at Wells Fargo's Bank and Tech Pop Up Virtual Conference on March 4, 2021. They will discuss how regional banks compete with larger institutions through technology. Simmons Bank experienced a 30% increase in digital users in 2020, underscoring the effectiveness of its tech strategy. Simmons is a subsidiary of Simmons First National Corporation (NASDAQ: SFNC) and operates over 200 branches across multiple states.
Jack Henry & Associates (NASDAQ: JKHY) announced that 93 financial institutions are now operational on its JHA PayCenter, a faster payments hub that connects to RTP and Zelle networks. Over 170 institutions are contracted to utilize JHA PayCenter, which will also integrate with future networks like FedNow. The hub enables near-real-time payment processing, enhancing digital user experiences for banks like City National Bank. Jack Henry plans to onboard 20-25 institutions monthly in 2021, addressing the growing demand for real-time payment solutions in the financial sector.
Jack Henry & Associates announced a 7% increase in its quarterly dividend to $0.46 per share. This cash dividend will be payable on March 25, 2021, to stockholders of record as of March 8, 2021. As of February 10, 2021, there were 76,077,510 shares outstanding. CFO Kevin D. Williams emphasized strong organic growth and cash flows, attributing the dividend increase to the company's commitment to shareholders and confidence in continual growth despite ongoing investments in capital expenditures and R&D.
Autobooks has partnered with Community Bank, N.A. to deliver integrated online banking solutions for small business clients. This collaboration, facilitated by Jack Henry & Associates, allows customers to send digital invoices and accept payments via the Banno Digital Platform. Community Bank aims to enhance its service offerings and increase non-interest fee income through Autobooks' product suite, including digital invoicing and accounting solutions, available within 90 days. Community Bank, N.A. manages over $13 billion in assets and operates more than 235 facilities in several states.
Jack Henry & Associates (NASDAQ: JKHY) announced that BankPlus has selected its SilverLake System core, enhancing operational efficiency and supporting growth. With $4.5 billion in assets, BankPlus will transition from a 30-year partnership with its prior provider to Jack Henry, which aligns with their technology needs and corporate culture. The new system will improve employee user experiences and increase automation through advanced technologies. BankPlus values Jack Henry's open ecosystem, enabling collaboration with fintech partners, facilitating seamless transitions to new technologies.
Jack Henry & Associates (NASDAQ: JKHY) reported a 2% increase in GAAP revenue for the first half of fiscal 2021, reaching $874.2 million, and a consistent operating income of $211.2 million. Non-GAAP adjusted revenue grew 4%, with an EPS of $2.13, up from $2.10 year-over-year. Cash reserves surged 104% to $147.8 million, while debt remained nonexistent. However, revenue from deconversion fees declined significantly, affecting overall growth. The company maintains a full-year revenue guidance of $1.76-$1.77 billion.
Jack Henry & Associates (NASDAQ: JKHY) announces that First State Bank of the Southeast has expanded its partnership, adopting Jack Henry's digital commercial loan solution. This transition aims to automate the previously manual lending process, improving efficiency and borrower experience. With enhanced tracking and mobile capabilities, loan officers can better serve small and mid-sized businesses. The move reflects the bank's commitment to digital solutions, helping clients navigate financial challenges effectively.
Jack Henry & Associates (NASDAQ: JKHY) has announced an expanded partnership with Salesforce (NYSE: CRM) aimed at enhancing customer experiences for financial institutions. By deploying Salesforce solutions such as Sales Cloud and Tableau CRM, Jack Henry will streamline its customer relationship management, improving onboarding and support processes. The implementation is expected to be completed by May 2022. This collaboration aims to provide better service to banks and credit unions, especially in light of evolving customer needs exacerbated by the COVID-19 pandemic.
Jack Henry & Associates, a technology solutions provider for the financial services sector, will host a live Webcast for its Q2 fiscal 2021 earnings call on February 9, 2021, at 7:45 a.m. Central time. The earnings announcement will be released post-market on February 8, 2021. Investors can access the live Webcast via the company's website, with a replay available approximately an hour after the live event. Jack Henry serves around 8,700 clients through its three divisions, focusing on technology solutions and payment processing.
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