When times get tough, it often makes sense to cleave to companies known for a combination of consistency, conservatism, and high-quality management. Accordingly, I'm coming to appreciate some of the virtues of hiding out in Marshall & Ilsley (NYSE:MI) while waiting for better days in the banking sector.

M&I has a solid reputation of delivering 10% or better core earnings growth, and it did so again this quarter. Fueling that growth: the combination of better-than-8% growth in net interest income (though the net interest margin shrank a bit from last year) and better-than-17% growth in non-interest income.

Speaking to the non-interest income line, the company's processing business, Metavante, saw organic revenue growth of 9% and net income growth of about 31%. While service charges fell from last year, trust service income rose nearly 14%.

M&I also has a reputation for strong credit quality, but that's not slowing loan production. Average loan balances grew nearly 16% this quarter. Commercial and mortgage lending grew faster than that, while home equity lending posted negative comps. A quick word on credit quality: Although the company has a somewhat high-looking ratio of non-performing assets (0.42%), management here is usually a little faster than average when it comes to classifying loans as non-performing. What's more, charge-offs still remain quite low.

On the deposit side of the ledger, total deposits rose nearly 9%, and non-interest bearing deposits grew a bit more than 5%. Nevertheless, the average cost of funds did rise faster than the average yield on earning assets, so it's not all great news.

Because Metavante is both significant and not a bank -- it's more like Bisys (NYSE:BSG) or Jack Henry (NASDAQ:JKHY) -- my carefully refined bank valuation model starts to sputter, shimmy, and smoke when analyzing Marshall & Ilsley. All the same, I think the stock might be slightly cheaper than TCF Financial (NYSE:TCB) or Motley Fool Income Investor pick U.S. Bancorp (NYSE:USB), though I still probably prefer the former in the long term.

For more Foolish financial fribbles:

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).