Financial Data and Key Metrics Changes - For Q4 2025, the company reported a core earnings per share (EPS) of $1.43, a core return on assets (ROA) of 1.42%, and a core return on tangible common equity of 18%, all showing significant year-over-year increases [3][4] - The full-year core EPS for 2025 was $5.21, reflecting a 19% increase from the previous year, while Q4 core EPS increased by 29% year-over-year [4] - The net interest margin (NIM) for the quarter was 3.83%, down 8 basis points from the previous quarter but up 3 basis points year-over-year [4][5] Business Line Data and Key Metrics Changes - Core fee revenue increased by 2% linked quarter and 8% year-over-year, driven by strong growth in Wealth and Trust, capital markets, and home lending [5] - The Wealth and Trust business grew by 13% year-over-year, with WSFS Institutional Services experiencing a 29% growth [5] - Total gross loans grew by 2% linked quarter and 9% annualized, with commercial loans leading the growth at 4% linked quarter [6] Market Data and Key Metrics Changes - Total client deposits increased by 2% linked quarter and 10% annualized, with non-interest-bearing deposits growing by 6% linked quarter [6] - The company maintained a 32% share of non-interest-bearing deposits within total client deposits [6] Company Strategy and Development Direction - The company aims for mid-single-digit loan growth overall and expects continued broad-based deposit growth across its businesses in 2026 [9][10] - The strategy includes maintaining a high level of buybacks while being open to adjusting based on macroeconomic conditions and investment opportunities [9][10] - The company is focused on enhancing its fee businesses, which contribute approximately one-third of total revenue, and expects fee revenue to grow in the mid-single digits [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering another year of high performance and growth, with expectations for a core ROA of approximately 1.40% and double-digit growth in core EPS for 2026 [9] - The management noted that while the path of future rate cuts remains uncertain, they are prepared to manage margins through deposit repricing and other strategies [10] - The company highlighted the importance of maintaining strong expense discipline while also investing in growth opportunities [12] Other Important Information - Non-performing assets decreased significantly, down approximately 40% compared to year-end 2024, indicating improved asset quality [7] - The company returned $119 million in capital during the quarter, including $109 million in buybacks, representing 3.7% of outstanding shares [8] Q&A Session Summary Question: Can you discuss the better commercial trends and what is driving strong originations? - Management noted that improved economic clarity led to strong originations and fundings in the commercial sector, with a pipeline exceeding $300 million [15][17] Question: What are the parameters for capital return and buybacks? - The company focuses on CET1 and TCE ratios, with a capital return philosophy primarily through buybacks, aiming to return roughly 100% of net income annually [19][20] Question: What is the outlook for Cash Connect revenue and profitability? - Management indicated that while revenue may be impacted by interest rates, margin improvements are expected due to pricing strategies and operational efficiencies [25][28] Question: What is the anticipated mix of deposit growth? - The company aims to match fund loan growth and is focused on growing non-interest-bearing deposits, particularly from institutional services and small business contributions [35][80] Question: Are there any ongoing evaluations of business segments for profitability? - Management confirmed ongoing evaluations of business segments to ensure strategic fit and profitability, with a focus on shedding low-profitability partnerships [44][46] Question: What are the expectations around M&A activity? - Management remains open to M&A opportunities that could strengthen their market position, while also focusing on organic growth [50][51]

Financial Data and Key Metrics Changes - In 2025, Five Star Bancorp achieved a year-over-year growth in total loans held for investments of 15%, total deposit growth of 18%, net income growth of 35%, and an increase in earnings per share of 28% to $2.90 per share [5][6] - Financial highlights for Q4 included net income of $17.6 million, earnings per share of $0.83, return on average assets of 1.50%, and return on average equity of 15.97% [5][6] - The net interest margin expanded by 10 basis points to 3.66%, while the total cost of deposits declined by 21 basis points to 2.23% [5][6] Business Line Data and Key Metrics Changes - Loans held for investment grew by $187.7 million, or 19% on an annualized basis in Q4, and total deposits increased by $97.6 million, or 10% on an annualized basis [6][9] - The commercial real estate portfolio saw significant growth, increasing by $161.4 million in Q4 and $448.5 million for the year [8] Market Data and Key Metrics Changes - The company experienced outstanding balance sheet growth, with total assets increasing by $113.1 million in Q4 and $701.6 million for the full year [8] - Non-wholesale deposits increased by $738.1 million, or 25%, while wholesale deposits decreased by $95 million, or 17% [6][10] Company Strategy and Development Direction - The company plans to further develop all business verticals while expanding into new markets, emphasizing a blend of technology and personalized service [17] - Five Star Bancorp aims to maintain a focus on innovation and service excellence, with a commitment to organic growth and community engagement [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve 10% growth in both loans and deposits for 2026, despite acknowledging the competitive landscape [26][44] - The company is focused on maintaining strong asset quality, with non-performing loans representing only 8 basis points of total loans held for investment [6][9] Other Important Information - The company announced a cash dividend increase to $0.25 per share, marking the first increase since April 2023 [8] - The efficiency ratio was reported at 40.62% for Q4 and 41.03% for the year, indicating a focus on managing expenses while supporting growth [5][6] Q&A Session Summary Question: Drivers behind loan origination growth - Management noted strong performance across all verticals, particularly in food and agriculture, with seasonal factors contributing to loan production [21][22] Question: Competitive landscape for deposits - The market is highly competitive, but the company believes its business development team provides a competitive advantage in attracting core deposits [24][25] Question: Expense growth outlook - Management anticipates a moderate increase in expenses, targeting an expense-to-asset ratio of 148%-155% for 2026 [36][37] Question: Loan origination yields and competition - The company is experiencing competitive pressures on loan spreads, particularly in owner-occupied real estate and lines of credit [38][39] Question: Capital comfort and growth expectations - Management expressed confidence in maintaining capital ratios with a 10% growth rate, but acknowledged that higher growth rates would necessitate additional capital [42][44]

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Financial Data and Key Metrics Changes - Fourth quarter net income was $11.4 million, or $1.46 per share, an 8% decrease from the prior quarter but a 21% increase year-over-year [6][2] - Full year 2025 net income reached $46 million, or $5.87 per share, a record for the company and 29% higher than 2024 earnings per share [2] - Fourth quarter net interest margin (NIM) was 4.06%, up 32 basis points year-over-year, while return on assets (ROA) increased to 1.29% [3][6] - Loans grew by $38 million in the fourth quarter, or 6% annualized, while deposits increased by 7%, or $192 million [3][9] Business Line Data and Key Metrics Changes - The Texas franchise has seen loans grow at a 15% annual rate since entering the market, now representing 20% of the loan portfolio [5] - Non-performing loans increased in 2025, but charge-offs remained low, averaging about 6 basis points over the last six years [5][8] - Noninterest income was $4 million, slightly above expectations, with projections for future quarters to be between $3.8 million and $4 million [10] Market Data and Key Metrics Changes - Average non-interest bearing deposits increased by $3 million in the fourth quarter and $40 million in 2025, representing 27% of total deposits [9] - The cost of interest-bearing deposits decreased by 6 basis points in the fourth quarter and 15 basis points since the fourth quarter of 2024 [10] Company Strategy and Development Direction - The company intends to focus on deposit growth to build franchise value and increase profitability when loan growth returns to historical rates [4] - Plans to open a new full-service branch in Houston and close a loan production office, indicating a commitment to expanding the Texas market [4] - The company is optimistic about M&A opportunities in 2026, with a focus on smaller deals that could be paid for in cash [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet high standards in various economic climates, despite some challenges in the credit environment [5] - There are no negative comments from customers in any markets, with a generally positive outlook as interest rates decrease [24] - Loan growth is expected to be in the mid-single digits for 2026, contingent on lower interest rates [45] Other Important Information - The company reduced its loan-to-deposit ratio to 92% from 98% a year ago, reflecting successful deposit attraction [4] - Noninterest expenses increased to $23 million, in line with expectations, with projections for further increases due to annual raises and new projects [11] Q&A Session Summary Question: Credit side and Class 5 NPAs trajectory - Management noted that some credits in Louisiana and Mississippi are taking longer to resolve, but they expect to see improvements in NPAs as properties are sold or refinanced [16][17] Question: Loan pipeline and portfolio shifts - Management indicated that while there were payoffs in 2025, they expect less of that in 2026, which could support loan growth [20][22] Question: SBA business growth potential - Management anticipates that the SBA business will improve with lower interest rates, although it may not see significant growth immediately [31] Question: M&A as a capital deployment priority - Management is optimistic about pursuing M&A opportunities in 2026, particularly for smaller banks, as their stock price improves [33] Question: Trajectory of NIM and rate sensitivity - Management expects NIM to potentially increase to 4.1%-4.15% throughout the year, despite some competitive pressures on deposit rates [48][50]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a net income of $11.4 million, or $1.46 per share, which is a record for the company and represents a 29% increase from 2024 earnings per share [3][4] - The net interest margin (NIM) for Q4 was 4.06%, up from 3.82% in Q4 2024, while the return on assets (ROA) increased to 1.29% from 1.12% year-over-year [4][7] - Loans grew by $38 million in Q4, or 6% annualized, while deposits increased by 7%, or $192 million, during the same period [4][11] Business Line Data and Key Metrics Changes - The Texas franchise has shown strong performance, with loans growing at a 15% annual rate since entering the market in 2022, now representing 20% of the loan portfolio [5][6] - Non-performing loans increased in 2025, but charge-offs remained low, averaging about 6 basis points over the last six years [6][10] Market Data and Key Metrics Changes - Average non-interest bearing deposits increased by $3 million in Q4 and $40 million in 2025, representing 27% of total deposits [11] - The cost of interest-bearing deposits decreased by 6 basis points in Q4 and 15 basis points since Q4 2024, with an overall cost of deposits at 1.84% [12] Company Strategy and Development Direction - The company plans to focus on deposit growth to build franchise value and increase profitability when loan growth returns to historical rates [5][6] - The company is optimistic about M&A opportunities in 2026, with a focus on smaller banks, potentially half their size or less [37][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic challenges and maintain high standards in credit management [6] - There are no negative comments from customers across different markets, indicating a generally positive outlook despite national economic concerns [28] Other Important Information - Noninterest income was $4 million, slightly above expectations, and is expected to increase in the coming quarters [12] - The company has increased its quarterly dividends per share by 55% to $0.31 and repurchased 17% of its shares since 2019 [13] Q&A Session Summary Question: Concerns about Class 5 and NPAs trajectory - Management acknowledged the slow resolution of certain credits but expects to resolve some properties by February, indicating potential for NPAs to decrease [19][20] Question: Loan pipeline composition - Management noted that while there were payoffs in 2025, they anticipate less of that in 2026, which could support loan growth [25] Question: SBA business growth potential - Management indicated that the SBA business could see growth as interest rates decrease, although it may require further investment [35] Question: M&A as a capital deployment priority - Management confirmed that M&A is a priority, with a focus on smaller banks as opportunities arise [36][37] Question: Loan growth capacity and expectations - Management expects mid-single digit loan growth for 2026, potentially increasing if interest rates decrease [49] Question: NIM trajectory and rate sensitivity - Management projected NIM could increase to 4.1-4.15% throughout the year, despite some competitive pressures on deposit rates [52][54]

Financial Data and Key Metrics Changes - The company reported net income of $20.7 million for the quarter, with diluted earnings per share of $2.47, down from previous quarters [9][13] - Return on average assets was 1.87% for the quarter and 2% year to date, while return on average equity was 15.6% for the quarter and 16.6% year to date [13] - Net interest margin (NIM) was 4.49%, down from 4.59% in the linked quarter, resulting in net interest income of $48.8 million for the quarter [14][15] Business Line Data and Key Metrics Changes - The company originated $252 million in loans during the quarter, with a record volume of $576 million in purchased loans at a purchase price of $533 million [8][19] - SBA loan originations totaled $39.8 million, with $25 million sold for a gain of $2.1 million [9][15] - The small business insured loan product saw originations of $70 million during the quarter [16][21] Market Data and Key Metrics Changes - The total assets ended the quarter at $4.95 billion, with loans at $4.4 billion, up from $3.7 billion as of September 30 [13] - The company experienced a 40.3% deposit growth over a three-year period in its seven branches in Maine [5] Company Strategy and Development Direction - The company aims to grow its deposit base in Maine, which is generally less expensive and stickier than brokered deposits [30] - There is a focus on expanding the small balance insured loan program, which is expected to sustain its growth trajectory [21] - The company is also exploring niche opportunities for deposit growth while relying on brokered deposits to fund loan growth [30][31] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating results for the quarter were lower than previous quarters, primarily due to the impact of the government shutdown on SBA loan activity [7][10] - There is an expectation of increased net interest income in subsequent quarters due to a higher loan book [11][12] - The company anticipates a favorable trajectory for SBA loan originations and sales moving forward [15][40] Other Important Information - The allowance for credit losses increased from $46.7 million to $63.8 million during the quarter, reflecting the purchase loan activity [16] - Non-interest expense decreased to $20.8 million, attributed to lower professional fees and reduced loan acquisition costs [17] Q&A Session Summary Question: Did the company buy back stock in the fourth quarter? - The company did not buy back any stock; the decrease in share count was due to stock compensation activity [26] Question: Will net interest margin see a lift going forward? - Management indicated that a lift in net interest margin is expected due to downward liability repricing [28] Question: How does the company view the funding mix as it grows? - The company plans to continue using brokered deposits while also growing its deposit base in Maine [30] Question: What percentage of purchase loans does the company typically retain at maturity? - Management did not have the exact number but indicated that they try to retain many loans, especially when rates are higher [32] Question: Will there be a catch-up in SBA gain on sale income next quarter? - The company expects an increase in SBA loan volume and anticipates that gain on sale percentages will remain around 8%-9% [39][43] Question: How does the company see the growth of the insured small business product? - The company believes the growth rate is sustainable and is focused on selling the originated loans [44][46]

Financial Data and Key Metrics Changes - The company reported net income of $20.7 million for the quarter, with diluted earnings per share of $2.47, down from previous quarters [9][13] - Return on average assets was 1.87% for the quarter and 2% year to date, while return on average equity was 15.6% for the quarter and 16.6% year to date [13] - Net interest margin (NIM) was 4.49%, down from 4.59% in the linked quarter, resulting in net interest income of $48.8 million for the quarter [14][15] Business Line Data and Key Metrics Changes - The company originated $252 million in loans during the quarter, marking a record for the bank, with a weighted average rate of origination of 7.6% [8][20] - SBA loan originations totaled $39.8 million, with $25 million sold for a gain of $2.1 million [9][16] - The small business insured loan product saw originations of $70.6 million during the quarter [9][22] Market Data and Key Metrics Changes - Total assets ended the quarter at $4.95 billion, with loans at $4.4 billion, up from $3.7 billion as of September 30 [13][14] - The company experienced a 40.3% deposit growth over a three-year period in its seven branches in Maine [5] Company Strategy and Development Direction - The company aims to grow its deposit base in Maine, which is generally less expensive and stickier than brokered deposits [31] - The current pipeline for loan origination is robust, with expectations of significant opportunities in the coming quarters, particularly in commercial real estate and small business lending [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the SBA activity was impacted by a government shutdown, but noted a positive trajectory in December and expectations for increased loan originations moving forward [16][22] - The company anticipates a higher loan book in subsequent quarters, which should lead to increased net interest income [11][12] Other Important Information - The allowance for credit losses increased from $46.7 million to $63.8 million during the quarter, reflecting the purchase loan activity [17] - Non-interest expense decreased to $20.8 million, attributed to lower professional fees and reduced loan acquisition costs [18] Q&A Session Summary Question: Did the company buy back stock in the fourth quarter? - The company did not buy back any stock; the decrease in share count was due to stock compensation activity [28] Question: Will net interest margin see a lift going forward? - Management indicated that a lift in net interest margin is expected due to downward liability repricing [30] Question: How does the company view its funding mix as it grows? - The company plans to continue using brokered deposits while also focusing on growing deposits in Maine [31] Question: What percentage of purchase loans does the company typically retain at maturity? - The company did not have the exact number but aims to retain many loans, especially when rates are higher [34] Question: Will there be a catch-up in SBA gain on sale income next quarter? - The company expects an increase in SBA loan volume and anticipates that gain on sale percentages will remain around 8%-9% [42][47] Question: How does the company see the growth of the insured small business product? - The company believes the run rate for the insured small business product is sustainable, with significant demand [48]

Financial Data and Key Metrics Changes - The company reported record revenue of $655 million for the full year 2025, with GAAP EPS for Q4 at $0.31 and adjusted EPS at $0.33, reflecting a quarter-over-quarter improvement from $0.29 and $0.04 respectively [3][11] - Net interest income grew by $6.2 million or 4.6% quarter-over-quarter, with net interest margin improving to 3.69% [11][15] - Non-interest income increased by $5.5 million or 17% quarter-over-quarter, contributing to a total revenue increase of $11.8 million or 7% [11][12] Business Line Data and Key Metrics Changes - Average loans grew by $414 million quarter-over-quarter, with end-of-period loans increasing by $66 million, totaling $13 billion [12][13] - Commercial loans increased by $162 million or 7.1% quarter-over-quarter and $509 million or 26% year-over-year [13] - The company introduced a new franchise finance vertical and significantly grew its SBA lending activity, ranking among the top 50 originators in the U.S. [6] Market Data and Key Metrics Changes - Average total deposits grew by $475 million quarter-over-quarter, with customer non-brokered average deposits increasing by $507 million [14] - The average balance of customer deposits is $19,000, with over 723,000 accounts and an average tenure of 12 years [14] - The cost of deposits decreased by 2 basis points to 1.53% [14] Company Strategy and Development Direction - The company aims for continued growth in 2026, focusing on optimizing operations, expanding its financial center network, and enhancing consumer and commercial lines of business [7][20] - The successful integration of the Penns Woods acquisition has positioned the company among the top 100 banks in the U.S. by assets [4] - The company is committed to maintaining a strong core performance while investing in talent, technology, and new financial centers [3][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory for 2026, providing guidance for revenues between $710 million and $730 million and net interest margin in the low 3.70s [20] - The company anticipates loan growth in the low-to-mid single digits and deposit growth in the low single digits for 2026 [20] - Management noted a significant reduction in classified assets and a focus on organic growth [7][20] Other Important Information - The company returned more than half of its profits to shareholders through a quarterly dividend of $0.20 per share, marking the 125th consecutive quarter of cash dividends [7] - The adjusted efficiency ratio improved to 59.5% in Q4, reflecting tight expense management [12][17] Q&A Session Summary Question: Can you comment on the trend line with expenses? - Management acknowledged typical seasonal increases in expenses in Q1 but expects overall expenses to be lower than Q4 levels [25][26] Question: Is there a non-recurring performance in Q4 figures? - Management confirmed that there was a lift in Q4 due to year-end true-ups of incentive plans [27] Question: Does the NIM guidance include accretion? - Management confirmed that the NIM guidance includes normal contractual purchase accounting accretion and is not heavily dependent on anticipated rate cuts [28][29] Question: Can you provide details on the SBA business funding? - Management indicated a balanced approach to retaining SBA loans on the balance sheet while also generating fee income [41][45] Question: What is the appetite for M&A following the last deal? - Management stated a focus on executing the 2026 plan and organic growth, with openness to future M&A opportunities that fit culturally and geographically [80][81]

Financial Data and Key Metrics Changes - The company reported a 17.8% increase in diluted earnings per share for the full year of 2025 [5] - Net interest margin (NIM) expanded by 33 basis points to 4% in the fourth quarter [5] - Tangible book value per share grew by more than 14% to $29.05 [5][28] - Diluted earnings per share decreased to $0.90 from $0.96 in the linked quarter, primarily due to a larger provision for credit losses [24] Business Line Data and Key Metrics Changes - Loans held for investment increased by $91 million to $3.14 billion in the fourth quarter, driven by organic growth in multifamily property loans, direct energy loans, and other commercial loans [12] - The indirect auto loan portfolio remained relatively unchanged at $241 million, with a focus on maintaining credit quality [18] - Non-interest income was $10.9 million in the fourth quarter, flat compared to $11.2 million in the linked quarter [21] Market Data and Key Metrics Changes - Loan growth in major metropolitan markets of Dallas, Houston, and El Paso increased by $15 million or 5.8% annualized to $1.03 billion [16] - The Houston market is projected to be a significant growth area, with the Bank of Houston acquisition expected to enhance the company's presence [7][17] Company Strategy and Development Direction - The company is focused on expanding its lending team in high-growth Texas markets and pursuing accretive M&A opportunities [6] - The acquisition of Bank of Houston is expected to complement existing operations and enhance customer relationships [7][9] - The company aims to achieve mid to high single-digit loan growth in 2026, driven by new hires and the BOH acquisition [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities ahead, particularly in the Houston market [10] - The company is well-capitalized and plans to continue returning income to shareholders through dividends and share buybacks [11] - Management acknowledged potential headwinds in the first quarter of 2026 from expected payoffs in the multifamily property portfolio [16] Other Important Information - The company recorded a $1.8 million provision for credit losses in the fourth quarter, up from $500,000 in the linked quarter [26] - Non-interest expense remained flat at $33 million in the fourth quarter, with expectations for modest increases in the first quarter [27][88] Q&A Session Summary Question: NIM outlook and loan growth impact - Management indicated that while they aim to keep NIM stable, there may be some compression due to competitive pressures and loan growth dynamics [31][32][33] Question: Deposit growth expectations - Management believes they can reduce deposit costs over time with the integration of BOH, which may help offset NIM pressures [34] Question: Payoffs and loan growth expectations - The fourth quarter saw lighter payoffs, aiding net growth, but management anticipates some payoffs in the first quarter of 2026 [44][45] Question: Indirect auto loan portfolio quality - Management noted that the portfolio remains in good condition, with a focus on maintaining high credit quality [50][52] Question: Mortgage banking and fee income strategies - The company is actively hiring mortgage producers and aims to maintain its infrastructure while preparing for a potential upturn in volumes [57] Question: Revenue synergies from BOH acquisition - Management sees opportunities for cross-selling and leveraging existing products to enhance revenue from the Bank of Houston [65][66] Question: Expense management and hiring plans - Management expects modest increases in expenses due to new hires and ongoing technology projects, while maintaining a focus on cost control [87][89]

Core Insights - The company experienced growth in total deposits during the fourth quarter, attributed to increased balances from long-time clients and new relationships, while reducing the cost of deposits by 10 basis points [1] - Loan growth was robust, with $374 million in new loans originated for the full year, a 79% increase from the previous year, despite $50 million in payoffs during the quarter [2] - The fourth quarter saw total loan originations of $141 million, with a significant portion in commercial loans, marking one of the strongest quarters in the past decade [3] - A balance sheet restructuring was completed, resulting in a net loss but improving net interest margin and net interest income [4][6] - Non-accrual loans decreased by 14% to 1.3% of total loans, and classified loans declined by 35% to 1.5% of total loans [5] - The company expects continued loan growth in 2026, driven by a strong loan pipeline and new client relationships [12] Deposits and Cost Management - Total deposits increased, with nearly 1,000 new accounts opened, 45% of which were new to the bank [24] - The average deposit cost was $2.08 in December, showing a slight decrease from November [16] - The company has been proactive in managing deposit costs while maintaining client relationships, with some attrition expected from rate-sensitive clients [27][28] Financial Performance - Net interest income rose to $31.2 million due to balance sheet growth and higher investment security yields [8] - On a non-GAAP basis, net income was $9.4 million or $0.59 per share, with a 31% increase in non-GAAP pre-tax pre-provision net income over the quarter [7] - The company declared a cash dividend of $0.25 per share, marking the eighty-third consecutive quarterly dividend [11] Credit Quality and Risk Management - The company reported improved credit quality trends, with a minor provision for credit losses in the fourth quarter and a strong allowance for credit losses at 1.42% of total loans [10] - Upgrades in borrower classifications were noted, reflecting strong financial performance and successful loan workout efforts [5][19] Future Outlook - The company anticipates a mid-single-digit net loan growth for the year, with a strong pipeline and improved demand [38] - Continued focus on disciplined underwriting and pricing criteria is expected to support growth in key markets [2][12] - The company is exploring options for capital deployment, including share repurchases, while maintaining adequate capital ratios [50]