Cash and cash equivalents decreased primarily due to the
Corporation’s reinvestment in marketable securities and
other investments, as well as repayment of long-term debt.
Other unconsolidated investments continue to increase
as the Corporation increases its investments in alternative
investments held in partnership and partnership-like entities
where the Corporation owns less than 100% of the entity.
Long-term liabilities decreased from FY2018 to FY2019 as
the Corporation continues to pay down long-term debt.
BBNC shareholders’ equity continues to grow as a result of
increased earnings net of dividends paid to shareholders.
LIQUIDITY AND CAPITAL RESOURCES
The following table displays total liquidity and capital resources as of March 31, for the fiscal year ended (in thousands):
FISCAL YEAR
2019 2018 2017
13,180 24,615 85,159
150,808 150,763 139,563
(5,000) (25,241) (56,276)
158,988 150,137 168,446
AVAILABLE FUNDS
Cash and cash equivalents
$
Marketable securities
Less: collateral on long-term debt
Total available funds
$
AVAILABLE LINE OF CREDIT
Total line of credit
Less: outstanding letters of credit
Total available line of credit
Total liquidity
To meet both BBNC’s short- and long-term liquidity
requirements, the Corporation looks to a variety of funding
sources, both internal and external. BBNC’s primary source
of liquidity is cash generated from operating activities
and from Portfolio earnings. In order to meet additional
liquidity needs at the parent level, the Corporation has a
line of credit that it may draw upon to fund cash needs.
$
75,000 57,332 35,607
(3,750) (3,750) (3,300)
71,250 53,582 32,307
230,238 203,719 200,753
The primary line of credit has a ceiling of $75.0 million and
is secured by marketable securities. If further acquisition
opportunities arise, the Corporation will consider the costs
and benefits of additional debt sources. BBNC’s cash flow
from operations and access to short-term debt give man-
agement confidence that the Corporation’s liquidity needs
can be met in both the short- and long-term.
M anagement ' s D iscussion and A nalysis
35