Geoff said, "Berkshire doesn't pay dividends or do buybacks".

Uhhh, no. The article says specifically,

"Mr. Buffett practises what he preaches. His company, Berkshire Hathaway Inc., buys its own shares only when they trade below 1.2 times book value – a threshold that, in recent years, has proved to be a good buying opportunity."

Apparently Berkshire does do buybacks, but only when their shares trade below 1.2 times book value.  TD is currently trading at 1.85 times book and BMO is at 1.73 times book.  

If these companies had excess capital and their shares were at 1.2 times book, buybacks may make sense.