Core Thesis - The Charles Schwab Corporation (SCHW) is positioned to benefit from a normalization in cash balances, which will allow the company to pay down higher-cost debt and improve net interest margins (NIMs) to around 3% [2] - The integration of TD Ameritrade has been largely absorbed, with key indicators such as new accounts and net new assets returning to near-target levels, signaling a recovery in market share [2] - Strong equity markets have boosted trading activity and supported the balance sheet, improving capital ratios and liquidity [3] Financial Performance - SCHW's trailing and forward P/E ratios are 24.92 and 17.27 respectively, with a forward P/E of 18x reflecting solid earnings growth and operational momentum [1][3] - EPS growth is expected to exceed 20% in FY25, driven by improved net interest income and operational recovery [2] Investment Outlook - The company presents a stable investment opportunity with ongoing EPS growth and a strengthened balance sheet, although current valuation may be weighed against alternative opportunities [4] - The combination of recovering market share, improving NIMs, and strong capital positioning supports a constructive medium-term outlook, making the stock a Hold/Buy in the context of broader market conditions [4]

Financial Data and Key Metrics Changes - The tangible book value increased to $26 per share, representing over 26% annualized growth quarter over quarter [5] - Operating earnings for the quarter were $14.5 million or $0.86 per diluted share, marking the sixth consecutive quarter of positive operating leverage [5] - Total operating revenue reached $50.8 million, with net interest income expanding [6][11] - Non-performing assets remained low at 22 basis points, indicating strong credit quality [5][14] Business Line Data and Key Metrics Changes - Loans grew at an annualized rate of 10%, while deposits increased by 15% or $179 million for the quarter [5][8] - Non-brokered deposit growth was $283 million, representing over 24% annualized growth [11] - Operating non-interest income, adjusted for the sale of insurance operations, was $8.4 million, slightly lower than the previous quarter [15] Market Data and Key Metrics Changes - The average portfolio yield, including fees and accretion, rose to 6.14% [8] - The loan-to-deposit ratio decreased to 84%, providing flexibility for balance sheet management [9] Company Strategy and Development Direction - The company aims to deepen its market presence and continue organic growth, targeting high single-digit growth rates [19] - Investments in technology and treasury management are expected to enhance operational efficiency and client experience [10][27] - The company was recognized on Fortune's list of best workplaces, highlighting its strong internal culture [20] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the operating environment, projecting continued revenue and EPS growth while maintaining prudent expense management [20] - The company anticipates a net interest margin of 3.3% to 3.35% for Q4 and expects margin expansion of 5 to 7 basis points per quarter in 2026 [13][61] Other Important Information - The allowance for credit losses is now at 0.93% of total loans, reflecting robust asset quality [14] - The total consolidated risk-based capital ratio improved to 13.3%, indicating a strong capital position [17] Q&A Session Summary Question: Update on Alabama franchise growth outlook - Management noted that hiring has been evenly spread across regions, with positive momentum in Alabama, particularly in cities like Birmingham and Auburn [23][24] Question: Margin guidance for Q4 and balance sheet size - The company plans to deploy cash on hand to fund loan production, expecting no significant change in balance sheet size [26] Question: Impact of tech initiatives on productivity and expenses - New technology initiatives are expected to enhance efficiency without significantly increasing expenses, allowing for reinvestment [27][30] Question: Future of positive operating leverage - Management is confident in maintaining positive operating leverage through revenue growth outpacing expense increases [34][36] Question: Fee growth outlook and insurance impact - The company anticipates continued fee growth, particularly from mortgage and treasury management services, despite the removal of insurance operations from the revenue line [45][46] Question: Plans for remaining brokered deposits - The company aims to reduce brokered deposits further, with a goal of eliminating them entirely in the future [64] Question: M&A strategy - The focus remains on organic growth, but management is open to evaluating strategic M&A opportunities that enhance the company's capabilities [66][68]

Financial Data and Key Metrics Changes - The company reported strong results in Q3 2025, with assets growing by approximately $100 million year-to-date and expanding margins [4] - Net interest margin increased by 20 basis points on a linked quarter basis, resulting in a $1.4 million increase in net interest income compared to the second quarter [11] - Unadjusted pre-provision net revenue increased by 15% on a linked quarter basis and 19% adjusting for non-recurring merger-related charges [12] Business Line Data and Key Metrics Changes - Fee income has grown year-over-year, driven by wealth management, trust, and other fee income businesses [4] - Non-interest income for the nine months ended September 30 increased by 9% over the same period last year, with growth from wealth management and trust services [12] Market Data and Key Metrics Changes - Credit metrics improved year-over-year, with non-performing loans as a percentage of total loans decreasing and reserves to non-performing assets increasing [12] Company Strategy and Development Direction - The company is focused on delivering products and services that help customers achieve their goals, emphasizing a high-performing culture [5] - A merger with Presence Bank is pending regulatory approval, which is seen as a strategic opportunity for growth [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial position and ability to serve customers effectively, with a focus on loan growth across various categories [4][27] - The outlook for net interest margin remains positive, with expectations of reaching towards 4% [18] Other Important Information - The company completed a leadership transition in its board of directors, adding two new directors to strengthen governance [7][9] - The company has rolled out a new brand and improved its culture, receiving high customer ratings [10] Q&A Session Summary Question: Ability to further reduce deposit costs with expected rate cuts - Management indicated that municipal deposits tied to market rates will decrease alongside market rates, with a beta of around 50% expected on the way down [16] Question: Current status of municipal deposits - The company is at a high watermark with municipal deposits, ranging from $450 million to $400 million [17] Question: NIM outlook and stability - Management remains optimistic about NIM, currently at 3.63%, with hopes to approach 4% [18] Question: M&A opportunities and timeline for Presence Bank deal - The company is opportunistic regarding M&A and is awaiting regulatory approval for the Presence Bank merger, with no specific timeline available [19][21] Question: Best loan growth categories and demand - Loan growth has been broad across categories, with consumer lending performing well, while agricultural loans have slightly decreased [27]

Financial Data and Key Metrics Changes - The company achieved a net income of $21.9 million, translating to a diluted EPS of $1.13, with a return on average assets of 1.6% and return on average equity of 15.7% [9][12] - The net interest margin (NIM) increased to 4.11% from 4.07% in the previous quarter, indicating effective loan pricing and funding cost management [3][9] - Non-interest expenses decreased by $1.3 million compared to the prior quarter, leading to an efficiency ratio improvement from 60.3% to 56.4% [4][11] Business Line Data and Key Metrics Changes - Loan growth was strong, with an annualized growth rate of 4.9% in the third quarter, reflecting successful alignment of the acquired portfolio with the company's risk profile [3][7] - Fee income as a percentage of operating revenue remained stable at 20.8%, with non-interest income increasing to $13.4 million from $12.9 million in the previous quarter [4][10] - The loan portfolio reached nearly $4 billion with an average yield of 6.58%, and loan production during the quarter was $224 million [14][15] Market Data and Key Metrics Changes - The company experienced increased competition in both loan and deposit pricing, particularly in growth markets such as Baltimore, Lancaster, and Harrisburg [21][22] - The cost of deposits declined slightly, and the company adjusted deposit pricing downward to align with market rates [15][36] Company Strategy and Development Direction - The company is focused on maintaining credit quality while pursuing prudent growth, with a proactive approach to managing risk in its portfolio [5][8] - The management emphasized the importance of relationship banking, which allows for high engagement and local decision-making to meet client needs [7][22] - The company plans to continue investing in its future while managing expenses, with a target quarterly run rate around $36 million [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing successful execution of the merger with Kudor's Value as a key factor in current financial performance [4][17] - The company is aware of economic uncertainties and is focused on maintaining a solid foundation for future growth [8][12] - Management indicated that while NIM may face pressure from potential rate cuts, strategic pricing actions could help mitigate this impact [19][35] Other Important Information - The company redeemed $32.5 million of subordinated debt, which is expected to reduce interest expenses going forward [9][10] - The allowance coverage ratio was 1.21% at the end of the quarter, which management believes adequately addresses the risk of loss in the loan portfolio [12][13] Q&A Session Summary Question: What is the expected impact of Fed rate cuts on NIM? - Management indicated that while NIM may experience some downward pressure, competitive pricing and strategic actions could help maintain it within the 4.0% to 4.15% range [19][20] Question: Where is the competition in loan and deposit pricing coming from? - Competition varies by market, with larger competitors and those closer in size contributing to the competitive landscape [21][22] Question: Can you provide details on classified loans? - The largest classified loans total about $20 million, with some being in commercial real estate and other C&I credits [29][30] Question: What is the lending focus for next year? - The company plans to focus on commercial real estate and has recently hired additional talent in the C&I space to enhance its offerings [31][32] Question: What tools are available to mitigate NIM compression? - Management highlighted pricing adjustments on deposits and maintaining loan pricing as key strategies to offset potential NIM compression [35][36]

Financial Data and Key Metrics Changes - Revenue increased by over $16 million compared to the second quarter, driven by an 8 basis point improvement in margin and 5.4% annualized loan growth [3] - Operating earnings per share reached $0.75, reflecting a 32% year-over-year improvement, with a return on assets of 1.33% and a return on tangible common equity of 13.6% [3][4] - Provision for credit losses declined by approximately $4 million compared to the previous quarter, supported by strong credit results and a release of $2.6 million from the Hurricane Helene Special Reserve [3][4] Business Line Data and Key Metrics Changes - All business lines reported positive loan growth, with significant contributions from C&I, Equipment Finance, and HELAC categories [4][8] - Deposits grew by $137 million, or 2.6% annualized, excluding seasonal public outflows, with DDA comprising a significant portion of the growth [6] - Non-interest income increased to $43.2 million, up $8.5 million from the previous quarter, driven by strong performance across most fee categories [10] Market Data and Key Metrics Changes - The loan-to-deposit ratio increased to 80%, while the CET1 ratio remained stable at 13.4% [8][9] - The cost of deposits was reduced to 1.97%, achieving a total deposit beta of 37% so far [6][10] - The net interest margin increased by 8 basis points to 3.58%, primarily due to lower cost of funds [10] Company Strategy and Development Direction - The company aims to be cautious and selective in lending to non-depository financial institutions, maintaining minimal exposure in that sector [5] - There is a focus on organic growth, with a recent 4% increase in dividends and potential M&A opportunities being considered [24][25] - The company is actively managing capital, having redeemed $88 million of preferred stock and paid down $100 million of senior debt [9][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the remainder of the year, supported by strong employee engagement and teamwork [13] - The company anticipates continued loan growth and a stable credit environment, despite some concerns in the broader credit market [4][5] - There is an expectation of operating leverage in 2026, driven by margin improvements and loan yield increases [42] Other Important Information - The tangible book value reached $21.59, reflecting a 10% year-over-year growth [4] - Credit quality remains strong, with net charge-offs at 16 basis points for the quarter [12] - The allowance for credit losses slightly decreased to 1.19% [12] Q&A Session Summary Question: Loan growth trends and pipelines - Management noted strong loan growth, particularly in Florida, South Carolina, and North Carolina, with expectations for similar performance in Q4 [16][17] Question: Deposit beta guidance - The company believes deposit beta could reach the 40% range due to successful rate cuts and CD growth despite lower rates [20][21] Question: Capital deployment priorities - Capital priorities include organic growth, dividends, M&A opportunities, and potential buybacks, with organic growth being the top priority [24][25] Question: Fee income expectations - Management indicated that core fee income is expected to stabilize, excluding one-time gains and fluctuations in unrealized equity gains [45] Question: Credit quality and Navitas book - Management reported stable performance in the Navitas book, with expected losses normalizing around 1% in a typical environment [40][41]

Financial Data and Key Metrics Changes - The company achieved a net income of $21.9 million, translating to diluted earnings per share (EPS) of $1.13, with a return on average assets of 1.6% and return on average equity of 15.7% [12][13] - The net interest margin (NIM) increased to 4.11% from 4.07% in the previous quarter, reflecting prudent loan pricing and effective management of funding costs [5][13] - Non-interest expenses decreased by $1.3 million compared to the prior quarter, contributing to an efficiency ratio improvement from 60.3% to 56.4% [6][16] Business Line Data and Key Metrics Changes - Loan growth was strong, with an annualized growth rate of 4.9% in the third quarter, supported by a solid pipeline and effective relationship banking model [5][9] - Fee income as a percentage of operating revenue remained stable at 20.8%, with non-interest income increasing to $13.4 million from $12.9 million in the previous quarter [6][15] - The company redeemed $32.5 million of subordinated debt, which is expected to reduce interest expenses going forward [13] Market Data and Key Metrics Changes - The company reported nominal net charge-offs and a decrease in classified loans by $1.7 million, indicating sound credit quality [10][17] - Non-accrual loans increased by $3.8 million, primarily due to one relationship in the commercial construction and development portfolio [10] - The loan-to-deposit ratio stood at 88%, providing sufficient liquidity to fund the loan pipeline [20] Company Strategy and Development Direction - The company is focused on maintaining credit quality while pursuing prudent growth, with a proactive approach to managing risk in its portfolio [11][17] - The relationship banking model is emphasized as a differentiator in the market, allowing for high engagement and local decision-making [9][35] - The company is optimistic about future growth opportunities, particularly in the middle market space, following recent talent acquisitions [48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged economic uncertainties but expressed confidence in the bank's risk management strategies and capital position [11][22] - The company anticipates potential NIM pressure due to expected rate cuts but believes it can offset this through competitive pricing and strategic actions [28][52] - Overall, management is optimistic about the company's performance and growth prospects in both the short and long term [23] Other Important Information - The company reported a tangible common equity (TCE) growth to 8.8%, with tangible book value per share returning to pre-merger levels [19] - The investment portfolio yield remains competitive at 4.67%, with net unrealized losses decreasing as market rates declined [22] Q&A Session Summary Question: NIM trajectory with potential Fed rate cuts - Management indicated that while NIM may face pressure from rate cuts, competitive pricing strategies could help maintain current levels [27][28] Question: Competition landscape for loans and deposits - Management noted that competition varies by market, with both larger and similarly sized competitors impacting pricing [31][34] Question: Details on classified loans - The largest classified credits total approximately $20 million, with a mix of commercial real estate and other credits [42][44] Question: Lending focus and mix for future growth - The company plans to leverage its capacity in commercial real estate while enhancing its middle market lending capabilities through new talent [48]

Core Insights - BankUnited, Inc. reported improved profitability for Q3 2025, achieving net income of $71.9 million, or $0.95 per diluted share, with an annualized return on average assets of 0.82% [2][6] - The company achieved a net interest margin of 3.00%, an increase from 2.93% in the previous quarter, driven by a favorable funding mix and a decrease in interest expenses [6][14] - Total loans decreased by $231 million in Q3 2025, with a notable decline in residential loans by $173 million, while the mortgage warehouse lending segment grew by $83 million [6][10] Financial Performance - For the nine months ended September 30, 2025, net income reached $199.1 million, or $2.63 per diluted share, representing a 21% increase in diluted earnings per share compared to the same period in 2024 [2][10] - The company’s total assets were reported at $35.1 billion as of September 30, 2025, with total deposits remaining relatively flat, declining by $28 million quarter-over-quarter [15][17] - The average cost of total deposits decreased to 2.38% from 2.47% in the previous quarter, reflecting a proactive approach to reduce deposit pricing [6][14] Loan Portfolio and Asset Quality - The core commercial and industrial (C&I) and commercial real estate (CRE) portfolio segments saw a net decline of $69 million, with the CRE portfolio growing by $61 million and the C&I portfolio declining by $130 million [4][5] - The allowance for credit losses (ACL) was $219.9 million, representing 0.93% of total loans, consistent with the previous quarter [7][8] - The annualized net charge-off ratio for the nine months ended September 30, 2025, was 0.26%, with total criticized and classified loans declining by $3 million [6][7] Capital Position - The Common Equity Tier 1 (CET1) ratio was reported at 12.5% as of September 30, 2025, indicating a robust capital position [6][8] - Book value per common share increased to $40.30, reflecting an 8% year-over-year increase in tangible book value per share [6][8] Interest Income and Expenses - Net interest income for Q3 2025 was $250.1 million, an increase from $246.1 million in the previous quarter, despite a slight decrease in interest income [10][18] - The yield on interest-earning assets remained stable at 5.38%, while the average rate paid on interest-bearing deposits decreased to 3.40% [14][18]

Financial Data and Key Metrics Changes - Net income for the third quarter totaled $10.1 million or $0.59 per share, representing a 9% increase from the previous quarter and a 45% increase year-over-year [3][5] - Net interest income increased for the fifth consecutive quarter, rising by $1.9 million to $29.3 million, driven by higher interest income of $3.2 million [6][8] - Net interest margin expanded by six basis points to 2.98%, marking a 30 basis point increase over the last four quarters [3][7] Business Line Data and Key Metrics Changes - Loans held for investment grew by $68 million or 8% on an annualized basis, primarily from the in-house mortgage origination business [4] - Third quarter loan originations totaled $188 million at a blended yield of 6.70%, which is 67 basis points above the prior quarter's blended loan portfolio yield [4][9] - Non-performing loans decreased by $11.3 million or 20% to $44.5 million, attributed to charge-offs and upgrades [9][10] Market Data and Key Metrics Changes - Total deposits increased by $178 million from the end of the second quarter to $3.4 billion, with growth across all deposit categories [11] - The allowance for loan losses to total loans held for investment ratio stood at 1.36% as of September 30, indicating appropriate risk coverage [11] Company Strategy and Development Direction - The company is focused on addressing remaining credit issues and improving asset quality, with a goal of resolving significant non-accrual loans [20][21] - There is an ongoing effort to shift the loan portfolio mix towards commercial and industrial (C&I) loans while maintaining strong growth in residential mortgages [34][36] - The company is considering opportunities for share buybacks and refinancing sub-debt, while also investing in business growth and technology [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about core earnings growth and lower credit costs, viewing these as positive signs for the future [3] - The competitive landscape for liquidity remains challenging, impacting the ability to reduce funding costs significantly [7][30] - The company anticipates continued loan growth, although Q4 may see some seasonal moderation [34] Other Important Information - The tangible book value per share increased to $25.89, reflecting a 12% annualized increase [11] - The company repurchased 660,000 shares, or 4% of shares outstanding, during the third quarter [11] Q&A Session Summary Question: Asset quality improvement metrics - Management acknowledged progress in asset quality but indicated that more work is needed, particularly in resolving non-accrual loans [18][19] Question: Capital and share repurchase authorization - Approximately $4 million remains in the current share repurchase program, with management open to future buybacks depending on stock price and market conditions [22][23] Question: Deposit beta and interest rates - Management noted that deposit beta has slowed due to fierce competition for liquidity, and they expect to capitalize on upcoming maturing time deposits [28][30] Question: Loan growth and portfolio mix - The pipeline remains healthy, with a focus on residential mortgages and a gradual shift towards C&I loans, although government shutdowns may impact SBA loan funding [35][36] Question: Interest recovery and FHLB advances - No significant interest recovery was noted in Q3, and FHLB advances were replaced with brokered deposits at higher rates [42][43]

Financial Data and Key Metrics Changes - The company reported earnings of $140.9 million, or EPS of $2.22 per diluted share for Q3 2025, reflecting continued momentum and confidence in future growth [4][5] - Total outstanding loan balances increased by 2.4% sequentially, adding nearly $1.2 billion over the past two quarters [5][9] - Net interest margin expanded by 11 basis points, with core net interest income increasing by $11.3 million [5][22] Business Line Data and Key Metrics Changes - The core C and I loan portfolio grew by 1.4% quarter over quarter, while specialized lending portfolios showed slight increases, particularly in healthcare loans [10][11] - The commercial real estate (CRE) business increased by 4.2% quarter over quarter, with expectations for continued growth in outstanding balances [12] - Fee income grew by 3.6% sequentially, with a record quarter for investment banking revenue driven by municipal bond underwriting [7][8] Market Data and Key Metrics Changes - Assets Under Management (AUMA) reached over $122.7 billion, marking a 4.1% increase in the third quarter [20] - The company maintained strong capital levels, with TCE growing to 10.1% and CET1 reaching 13.6% [8] Company Strategy and Development Direction - The company aims to sustain loan growth momentum, with projections of 5% to 7% growth for the full year [25] - There is a focus on organic growth, with share repurchases and dividends as secondary uses of capital, while M&A opportunities are considered cautiously [36][39] - The launch of the mortgage finance business is expected to contribute significantly to growth, with a target of $500 million in commitments by year-end [46][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong loan growth despite competitive pressures and market disruptions [33][34] - The company anticipates that credit quality will remain strong, with expectations for low charge-offs and a healthy allowance for credit losses [15][26] - The management highlighted the importance of adapting to market conditions and maintaining a strong liquidity profile [6][22] Other Important Information - The company repurchased over 365,000 shares at an average price of $111 per share during the quarter, reflecting a commitment to shareholder value [8] - The combined allowance for credit losses is $328 million, representing 1.32% of outstanding loans, indicating a healthy reserve level [15] Q&A Session Summary Question: Loan growth expectations and competitive forces - Management noted strong loan growth of around 2.5% in recent quarters and expressed confidence in sustaining this momentum despite competitive pressures and market disruptions [31][33] Question: Capital allocation and M&A considerations - The company prioritizes organic growth, followed by share repurchases and dividends, while remaining open to M&A opportunities that provide strategic value [36][39] Question: Core margin trends and expectations - Management expects a continued upward trend in core margin, driven by fixed-rate asset repricing and deposit repricing opportunities [43][44] Question: Mortgage finance business growth potential - The company anticipates significant growth in the mortgage finance business, with a target of $500 million in commitments by year-end and plans for aggressive growth in 2026 [46][48] Question: Fee income range and expense guidance - Management provided insights into the fee income range, indicating strong activity across various business lines, while also discussing expense growth and expectations for moderation in the future [51][56]

Financial Data and Key Metrics Changes - The company reported diluted earnings per share of $0.83 for Q3 2025, an improvement compared to the linked quarter [5] - Net interest income increased nearly $4,000,000, while the net interest margin expanded by one basis point [6] - The efficiency ratio improved to 57.1% compared to 59.3% in the linked quarter [7] - The provision for credit losses declined over $9,000,000, with the allowance for credit losses standing at 1.11% of total loans [8][10] Business Line Data and Key Metrics Changes - Annualized loan growth was 8%, with significant growth in commercial real estate and commercial and industrial loan balances [12] - Non-performing loans declined nearly $2,000,000, comprising 58 basis points of total loans compared to 61 basis points at the end of the previous quarter [10] - Fee-based income experienced a 1% decline compared to the linked quarter, driven by lower lease income [17] Market Data and Key Metrics Changes - The loan to deposit ratio increased to 88% from 86% at the end of the previous quarter [20] - Deposit balances were relatively flat, with increases in money market and interest-bearing demand accounts offset by declines in brokered CDs and governmental accounts [21][22] Company Strategy and Development Direction - The company continues to develop its business organically while awaiting the right acquisition opportunities [24] - The focus remains on managing net interest income and net interest margin through the current interest rate cycle [24] - The company anticipates loan growth to be between 4% and 6% for 2026, depending on pay down timing and economic conditions [26] Management's Comments on Operating Environment and Future Outlook - Management noted a reduction in provision for credit losses to a more normalized rate for Q3 [24] - The company expects to achieve positive operating leverage for 2025 compared to 2024, excluding the impact of reduced accretion income [25] - Management highlighted the potential for increased refinancing activity if mortgage rates fall [66] Other Important Information - The tangible equity to tangible assets ratio improved by 27 basis points to 8.5% at quarter end [23] - The company plans to manage capital in preparation for potential M&A opportunities while supporting dividends [95] Q&A Session Summary Question: Clarification on criticized and classified loans - Management expects some criticized and classified loans to revert in the near term, estimating $35,000,000 to $55,000,000 in upgrades or payoffs [34] Question: Loan growth guidance for 2026 - Management indicated that loan growth guidance for 2026 is slightly below this year's guidance but aligns with historical growth rates [36] Question: Impact of rate cuts on margin - Management confirmed that each 25 basis point rate cut is expected to result in a three to four basis point decline in net interest margin [46] Question: Update on North Star portfolio - Management reported that the high balance accounts in the North Star portfolio are down to about $15,000,000 to $16,000,000, with expectations for a gradual decline in charge-offs [48] Question: Appetite for buybacks and M&A - Management expressed a priority on building capital for M&A opportunities while maintaining an active buyback program [95]