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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 1st United Credit Union has selected its Episys core platform and Banno Digital Platform. This partnership aims to enhance member services by offering a flexible, customizable banking experience. The $1.2 billion credit union anticipates immediate efficiency gains and a new level of integration across services, particularly in bill pay. Joanna Uhl, CIO of 1st United, expressed confidence in Jack Henry's innovative solutions, while Shanon McLachlan of Symitar emphasized the importance of innovation in financial services.
Jack Henry & Associates declared a quarterly cash dividend of $.43 per share, effective September 28, 2020. Stockholders of record by September 9, 2020, will receive this dividend. As of August 19, 2020, there were 76,641,833 shares of common stock outstanding. This action reflects the company's ongoing commitment to returning value to its shareholders and signifies a positive outlook on financial sustainability.
Jack Henry & Associates reported a 9% increase in GAAP revenue and a 10% increase in operating income for the fiscal year ending June 30, 2020, amounting to $1.697 billion in revenue. GAAP EPS rose to $3.86 from $3.52 in the previous year. Cash surged to $213.3 million, a 128% increase. For FY 2021, guidance expects revenue between $1.75B and $1.77B and EPS between $3.70 and $3.75. However, Q4 saw a 3% decline in operating income with revenue growth slowing due to COVID-19 impacts.
Jack Henry & Associates (NASDAQ: JKHY) has launched the Jack Henry Loan Marketplace, an innovative online platform designed for financial institutions to streamline the buying, selling, and trading of loans. This marketplace aims to enhance liquidity and aid in the diversification of loan portfolios, addressing the needs of smaller banks and credit unions. By facilitating direct connections between institutions and eliminating broker requirements, the marketplace offers improved transparency and faster transactions. Participants can filter listings by various metrics, ensuring a tailored experience to meet their funding needs.
Jack Henry & Associates (NASDAQ: JKHY) announced that OE Federal Credit Union has selected the Episys core platform, hosted in Jack Henry's private cloud, to support its growth and operational flexibility. The $1.2 billion credit union chose Jack Henry for its efficiency, innovation, and member service capabilities. OE Federal emphasized the advantages of Jack Henry's infrastructure, including enhanced security and data resiliency, crucial for future-readiness. The Symitar division's partnership with over 250 credit unions highlights the trust in their cloud solutions.
Jack Henry & Associates (NASDAQ: JKHY) announced that over 300 banks and credit unions are now using its Banno Digital Platform, enhancing digital experiences for over 2.6 million monthly active users. FirstBank successfully integrated the platform to improve customer engagement, while TruStone Financial reported a 10% increase in mobile app enrollment and a 70% boost in engagement after adopting Banno Mobile. The Banno Digital Toolkit allows financial institutions to integrate third-party technology efficiently, reinforcing Jack Henry's commitment to delivering user-friendly, technology-driven solutions.
Jack Henry & Associates (NASDAQ: JKHY) will host a live webcast of its fourth quarter and fiscal year end 2020 earnings conference call on August 19, 2020, after issuing the earnings announcement post-market on August 18, 2020. The webcast will start at 7:45 AM Central (8:45 AM Eastern) and will be accessible on the company's website. An archived replay will be available approximately one hour after the live call. Jack Henry is a leading provider of technology solutions for the financial services industry, serving about 9,000 clients nationwide.
Jack Henry & Associates (NASDAQ: JKHY) aids Lakeside Bank in its transition to a cloud-hosted SilverLake System core and Jack Henry Digital services, enhancing its growth strategy while maintaining community banking values. Lakeside Bank aims to grow from $80 million to $500 million in assets within five years. The bank successfully processed $23 million in PPP loans, demonstrating efficiency with Jack Henry's systems. The partnership focuses on expanding services, improving efficiency, and integrating technology with personal customer service.
Jack Henry & Associates (NASDAQ: JKHY) has partnered with NuData Security, a Mastercard company, to integrate advanced behavioral security into the Banno Digital Platform. This collaboration aims to enhance digital banking by accurately identifying genuine users while minimizing fraud risks. The technology analyzes 650 billion behavioral data points, blocking over 99% of automated fraud attempts. This initiative not only improves user experience but also reduces operational costs for financial institutions, addressing the growing sophistication of cyber threats in the digital banking landscape.
Jack Henry & Associates (NASDAQ: JKHY) announces that SAFE Federal Credit Union has successfully migrated to its Episys core platform, hosted in Jack Henry's private cloud. This $1.1 billion asset credit union completed the virtual conversion on May 15, 2020, overcoming pandemic-related challenges. SAFE sought better integration and efficiency to enhance service for its 126,000 members. The move to Symitar allows for improved operations and member service, alongside a flexible core solution that adapts to changing needs. The conversion represents a commitment to progress despite external pressures.
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