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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, Inc. declared a regular quarterly cash dividend of $.55 per share payable on June 17, 2024, to stockholders of record as of May 28, 2024.
Jack Henry & Associates, Inc. reported positive financial results for the third quarter of fiscal 2024, with increases in revenue and operating income compared to the prior year. The company also provided updated guidance for the full fiscal year, showcasing growth in revenue and operating margin. CEO David Foss highlighted the strong sales performance and innovative solutions offered to financial institutions. The company's cash position improved, while debt decreased, contributing to a favorable balance sheet. Overall, Jack Henry & Associates, Inc. demonstrated solid performance and strategic positioning in the financial technology sector.
Jack Henry (Nasdaq: JKHY) announced that New Peoples Bank is utilizing their technology to enhance customer experiences and drive growth. The bank, with $800 million in assets and 17 branches across multiple states, has invested in Jack Henry's core processing solution and Banno Digital Platform to streamline operations, optimize services, and deliver a seamless experience. This strategic move aims to position the bank for scalability and continued community support.
Jack Henry & Associates, Inc. announced $0.8 million in deconversion revenue for the fiscal third quarter of 2024, with full-year guidance at $16 million. Deconversion revenue is excluded from non-GAAP revenue due to factors beyond the company's control.
Jack Henry's 2024 Strategy Benchmark revealed that community and regional financial institutions are prioritizing growing deposits and enhancing operational efficiency due to rising deposit costs. The survey highlighted the importance of technology investments in areas such as fraud detection, digital banking, and data analytics. Key findings include plans to expand services for small businesses, enhance lending solutions, add payment services, and embed fintech into digital banking experiences.
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