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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) reported its fourth quarter 2024 deconversion revenue results. The company announced $6.7 million in deconversion revenue for the fiscal fourth quarter ended June 30, 2024, and $16.6 million for the full fiscal year 2024. Deconversion revenue primarily occurs when a Jack Henry customer is acquired by another financial institution, leading to contract termination. The company excludes this revenue from non-GAAP reports as it doesn't represent ongoing business operations. For updated guidance on deconversion revenue estimates, investors are directed to Jack Henry's August 3, 2023 Form 8-K filing with the SEC.
Jack Henry & Associates (NASDAQ: JKHY) has announced its upcoming fourth quarter and fiscal year-end 2024 earnings call, scheduled for August 21, 2024. The company will release its earnings press release after market close on August 20, 2024. The live webcast will begin at 7:45 a.m. Central Time on the company's website. Investors can access the call via US dial-in number 833-630-0605 or international number +1 412-317-1830.
Additionally, Jack Henry will release its fourth quarter 2024 deconversion revenue results separately, with the press release scheduled for after market close on August 12, 2024. This early release of deconversion revenue data precedes the full quarterly earnings report.
Jack Henry & Associates Inc. (Nasdaq: JKHY) has appointed Tammy LoCascio and Lisa Nelson to its Board of Directors on July 22, 2024. The company has temporarily expanded its Board from nine to ten directors until the 2024 Annual Meeting of Stockholders. LoCascio, 55, is the Senior Executive VP and COO of First Horizon , bringing expertise in banking strategy, technology, operations, and human capital management. Nelson, 61, is the President of Equifax Inc. International business, offering experience in managing technology companies, strategic acquisitions, and growth initiatives. Both appointments aim to add unique perspectives and expertise to Jack Henry's Board.
Jack Henry (Nasdaq: JKHY) reports significant growth for three de novo banks in the Southeastern U.S. - Craft Bank, RockPointBank, and Moultrie Bank & Trust. These banks, established within the last four years, have experienced steady growth using Jack Henry's modern technology platform. Key factors contributing to their success include:
- Local ownership and decision-making
- Rapid population growth in the Southeast
- Jack Henry's robust technology solutions
Craft Bank ($230M assets) and RockPointBank ($280M assets) focus on serving SMBs, while Moultrie Bank & Trust ($100M assets) caters to both retail and commercial customers. All three banks highlight Jack Henry's role in enabling them to compete with larger institutions while providing personalized banking experiences.
Jack Henry (Nasdaq: JKHY) has been named one of America's best mid-size companies for 2024 by TIME and Statista. The recognition highlights the company's strong performance in employee satisfaction, revenue growth, and sustainability. Jack Henry, known for its commitment to taking care of associates, servicing clients, bettering communities, and rewarding shareholders, was evaluated based on 15 criteria across three dimensions: employee satisfaction, revenue growth, and sustainability transparency. CEO Greg Adelson expressed pride in the achievement, which aligns with Jack Henry's recent recognition as one of the 2024 – 2025 Best Companies to Work For by U.S. News & World Report.
Jack Henry, a technology solutions provider, announced that First Federal Bank of Kansas City (FFBKC) has selected its services to drive growth and innovation. FFBKC, a mutual bank with $960 million in assets, aims to enhance customer experience and expand its small business services, particularly in real estate. Jack Henry's hosted core processing solution and Banno Digital Platform will streamline operations and improve digital banking for retail and commercial customers. The bank's expansion plan includes offering loans to SMBs, supported by Jack Henry's enterprise solutions like treasury, document, and workflow management, and LoanVantage for commercial real estate lending. Both companies share a strong local community focus, and the partnership will help FFBKC surpass $1 billion in assets while remaining agile and responsive to market opportunities.
Jack Henry (NASDAQ: JKHY) announced that Quail Creek Bank, a single-location community bank in Oklahoma City with $800 million in assets, has chosen Jack Henry to enhance its competitive edge and customer experience. The bank aims to leverage Jack Henry's SilverLake System® to automate internal processes, enable real-time payments, digital account opening, and electronic document delivery. Celebrating its 50th anniversary, Quail Creek Bank plans to maintain its local decision-making and quality customer service amidst competition from megabanks and regional institutions. The bank's technology modernization plan also includes better vendor integration through Jack Henry's open ecosystem, providing access to over 950 API-integrated third-party fintechs.
Jack Henry (Nasdaq: JKHY) announced that Forest Park Bank has chosen its technology solutions to modernize and improve customer experience. The $300 million-asset bank aims to stay competitive, attract younger clients, and maintain its community focus. Jack Henry will provide a suite of modern services, including Banno Digital Platform™, contactless cards, digital wallets, and an improved account opening process. The partnership will also enhance operational efficiency through hosted core processing, document storage, and reporting tools, while ensuring real-time fraud and BSA compliance through Financial Crimes Defender™. Forest Park Bank views 2024 as a transformative year, with these technologies expected to streamline operations and boost customer service.
Jack Henry (Nasdaq: JKHY) has been recognized by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For. This accolade highlights Jack Henry's commitment to providing a workplace that meets employees' needs, including opportunities for advancement, flexibility, and stability.
U.S. News' ratings are based on various metrics such as quality of pay and benefits, work-life balance, job stability, and career development. The list, which includes 549 companies across different sectors, is derived from reviews and data collected between 2020 and 2023 from sources like Revelio Labs, Good Jobs First, and QUODD.
David Foss, Jack Henry's CEO, expressed pride in the company's inclusion on the list, emphasizing the importance of creating a positive work environment.
Jack Henry announced its participation in upcoming investor conferences. Greg Adelson, President & COO, will present at the Baird Global Consumer, Technology & Services Conference on June 4 at 8:30 a.m. ET. The presentation will be webcast live.
Mimi Carsley, CFO & Treasurer, will present at the Morgan Stanley US Financials, Payments & CRE Conference on June 10 at 11 a.m. ET, and at the RBC Capital Markets Financial Technology Conference on June 11 at 8:40 a.m. ET. Both presentations will also be webcast live. Replays of all events will be available on Jack Henry's investor relations website.
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