RE:Touching PB = 1.00, NiceHi Canader, when the stock price hovers above book value any share buybacks are not accretive and less attractive from a purely financial standpoint. With that said NCIB and SIB are still valid options and if management thinks that they can’t get a better return using the money elsewhere and many companies flush with cash buy their shares back because they don’t know what to do with the money or when not comfortable with the risk reward profile. I’ve seen instances where buybacks were deliberately meant to squeeze the short sellers and get them off the management backs. A dividend is a more likely option if the price is relatively stable and stays above book value. They could also grow their loan book with the extra cash and let the stock market catch up with the increased book value.