This isn't a great time to be a Midwestern bank, but Wisconsin's Marshall & Ilsley (NYSE:MI) seems to be making a good show of it. And part of that unusual performance might be because it's increasingly not just a Midwestern bank -- operations in Arizona and Florida, for example, make a difference, as does the sizable Metavante financial data processing business that it owns.

While reported results for this quarter look impressive, keep in mind that they are inflated by two bank acquisitions that closed during the quarter. So while net interest income rose 20% (net of provisions for loan losses), the ongoing decline in net interest margin tells me that things aren't exactly back to normal yet. Non-interest revenue rose more than 11% as the Metavante business posted reported growth of 22% and organic growth of about 8%.

Other metrics are likewise mixed. I like the strong reported loan and deposit growth (about 27% and 29%, respectively), but the spread between the earnings yield and cost of funds continues to move against the company. What's more, the return on assets and return on equity both slipped from last year and stand at levels that aren't quite as strong as I like to see.

Ultimately, Marshall & Ilsley will digest these acquisitions, and it will once again be easier to compare its performance with the likes of TCF Financial (NYSE:TCB), US Bancorp (NYSE:USB), Wells Fargo (NYSE:WFC), and other big operators in its territories. In the meantime, though, I think it's worth noticing that its stock has underperformed that same group -- though it's basically tied with TCF Financial.

I wouldn't expect great things from this stock -- the valuation just isn't that low -- but it has been a pretty decent performer over time. And though soft patches in commercial and/or consumer lending shouldn't be ignored, they've happened before, and the bank has withstood them. I'll wait for a better price on these shares, but it's not the worst Midwestern bank out there.

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