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TCBI - PacWest Shrinking To Improve Profitability Over Time
Texas Capital Bancshares Inc.
Summary
PacWest missed fourth quarter expectations as high deposit costs pressured spread income even more than expected.
Management is refocusing on higher-margin, relationship-driven businesses and will be exiting its Premium Finance and much of its Multifamily businesses (14% of loans).
An increased focus on relationship-based business makes sense, but there's still execution, spread, and credit risk here, and the valuation isn't compelling given the risks.