Jack Henry Launches Agricultural Lending with Seamless Integration into Single Lending Solution

About this update from Jack Henry & Associates, Inc.

Fully integrated agricultural industry spreading models enable banks and credit unions to fulfill agricultural loans with more speed and efficiency while improving borrower experience MONETT, Mo., March 16, 2021 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, Jack Henry Lending introduced agricultural industry spreading models within its digital lending solution, delivering a more accurate, efficient way for financial institutions to process agricultural loans. Agriculture contributes more than $1 trillion to the U.S. economy each year, and community-based financial institutions have a long history of supporting the American agricultural industry. This industry needs support now more than ever, as the pandemic, trade disputes, and an increase in natural disasters have placed mounting pressure and uncertainty on farmers. With the agricultural industry spreading models seamlessly integrated into Jack Henry's digital lending solution, community banks and credit unions can increase the automation of their agricultural lending, creating efficiencies by saving time and reducing the potential for manual errors. The models provide new levels of flexibility in spreading, allowing for close analysis between business and personal assets as well as cash flow, which is especially critical given the nature of farming income and farmers' frequent reliance on off-farm income to support operations. Farmington, Mo.-based First State Community Bank launched Jack Henry's digital solution for commercial lending last year and recently added the agricultural lending spreading models. Ben Wasson, senior credit administration officer for the $2.9 billion-asset bank, commented, "With Jack Henry, we were able to eliminate the separate system we previously relied on for agricultural lending, while also reducing the costs and bottlenecks associated with multiple solutions. The sophisticated spreading capabilities offered through Jack Henry Lending will allow us to streamline processes, taking loans from application to close with more speed and efficiency. We expect this technology to support us as we grow our agricultural division and help our lenders become more comfortable with the nuanced process, allowing us to better serve farmers across...

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