TCBI - Texas Capital Bancshares: Love The Plan But It Will Take Time

• Texas Capital shares have underperformed as investors weigh the near-term spending acceleration to support management's strategic initiatives against the likelihood of improved long-term growth.
• Management is making good decisions to shift toward a relationship-based model, and building up service offerings like treasury and investment banking should support stickier, deeper customer relationships.
• I believe the strategic plan will position the company for mid-teens long-term core earnings growth, but execution risk is real and near-term growth metrics will lag peers.

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