Ratings by Keefe, Bruyette & Woods (Damon DelMonte)
| Date | Company | Symbol | Type | Rating (Past) |
PT (Past) |
Start $ (End $) |
% Chg. | Details |
|---|---|---|---|---|---|---|---|---|
| 2/4/2026 | First Financial Corp. | THFF | Maintain | Market Perform (N/A) |
|
Details | ||
| 2/2/2026 | Financial Institutions | FISI | Maintain | (N/A) |
|
Details | ||
| 1/30/2026 | Washington Trust Bancorp | WASH | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/30/2026 | Alerus Financial Corp. | ALRS | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/29/2026 | QCR Holdings | QCRH | Maintain | Outperform (N/A) |
|
Details | ||
| 1/28/2026 | German American Bancorp Inc. | GABC | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/28/2026 | Camden National | CAC | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/27/2026 | Lakeland Financial | LKFN | Maintain | (N/A) |
|
Details | ||
| 1/26/2026 | 1st Source | SRCE | Maintain | (N/A) |
|
Details | ||
| 1/26/2026 | Midland States Bancorp | MSBI | Maintain | (N/A) |
|
Details | ||
| 1/26/2026 | Byline Bancorp | BY | Maintain | (N/A) |
|
Details | ||
| 1/26/2026 | Bar Harbor Bankshares | BHB | Maintain | (N/A) |
|
Details | ||
| 1/23/2026 | Horizon Bancorp | HBNC | Maintain | Outperform (N/A) |
|
Details | ||
| 1/23/2026 | Great Southern Bancorp | GSBC | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/23/2026 | Equity Bancshares | EQBK | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/22/2026 | Northpointe Bancshares | NPB | Maintain | Outperform (N/A) |
|
Details | ||
| 1/21/2026 | Mercantile Bank Corporation | MBWM | Maintain | Outperform (N/A) |
|
Details | ||
| 12/8/2025 | Midland States Bancorp | MSBI | Maintain | Market Perform (N/A) |
|
Details | ||
| 12/2/2025 | Horizon Bancorp | HBNC | Maintain | Outperform (N/A) |
|
Details | ||
| 11/3/2025 | Midland States Bancorp | MSBI | Maintain | Market Perform (N/A) |
|
Details | ||
| 11/3/2025 | Alerus Financial Corp. | ALRS | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/30/2025 | First Financial Corp. | THFF | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/30/2025 | First Financial Corp. | THFF | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/30/2025 | Northeast Bank | NBN | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/30/2025 | Northeast Bank | NBN | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/29/2025 | Park National | PRK | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/29/2025 | Enterprise Financial Services | EFSC | Maintain | Outperform (N/A) |
|
Details | ||
| 10/29/2025 | Camden National | CAC | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/28/2025 | Lakeland Financial | LKFN | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/27/2025 | MidWest One Financial | MOFG | Maintain | Outperform (N/A) |
|
Details | ||
| 10/27/2025 | Financial Institutions | FISI | Maintain | Outperform (N/A) |
|
Details | ||
| 10/27/2025 | Byline Bancorp | BY | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/23/2025 | Bar Harbor Bankshares | BHB | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/22/2025 | Washington Trust Bancorp | WASH | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/21/2025 | HBT Financial | HBT | Maintain | Outperform (N/A) |
|
Details | ||
| 10/17/2025 | Great Southern Bancorp | GSBC | Maintain | Market Perform (N/A) |
|
Details | ||
| 10/9/2025 | Washington Trust Bancorp | WASH | Maintain | Market Perform (N/A) |
|
Details | ||
| 9/26/2025 | First Merchants | FRME | Maintain | Outperform (N/A) |
|
Details | ||
| 9/4/2025 | Equity Bancshares | EQBK | Maintain | Market Perform (N/A) |
|
Details | ||
| 8/26/2025 | Horizon Bancorp | HBNC | Upgrade | Outperform (Market Perform) |
15.65 (16.29) |
4.09% | Details | |
| 7/29/2025 | Alerus Financial Corp. | ALRS | Maintain | Market Perform (N/A) |
|
Details | ||
| 7/28/2025 | 1st Source | SRCE | Maintain | Underperform (N/A) |
|
Details | ||
| 7/28/2025 | Lakeland Financial | LKFN | Maintain | Market Perform (N/A) |
|
Details | ||
| 7/25/2025 | QCR Holdings | QCRH | Maintain | Outperform (N/A) |
|
Details | ||
| 7/25/2025 | Horizon Bancorp | HBNC | Maintain | Market Perform (N/A) |
|
Details | ||
| 7/24/2025 | First Busey | BUSE | Maintain | Outperform (N/A) |
|
Details | ||
| 7/23/2025 | First Financial Corp. | THFF | Maintain | Market Perform (N/A) |
|
Details | ||
| 7/23/2025 | Mercantile Bank Corporation | MBWM | Maintain | Outperform (N/A) |
|
Details | ||
| 7/22/2025 | HBT Financial | HBT | Maintain | Outperform (N/A) |
|
Details | ||
| 7/16/2025 | Equity Bancshares | EQBK | Maintain | Market Perform (N/A) |
|
Details | ||
| 7/15/2025 | Equity Bancshares | EQBK | Maintain | Market Perform (N/A) |
|
Details | ||
| 6/11/2025 | Byline Bancorp | BY | Maintain | Market Perform (N/A) |
|
Details | ||
| 6/4/2025 | First Busey | BUSE | Maintain | Outperform (N/A) |
|
Details | ||
| 5/20/2025 | Washington Trust Bancorp | WASH | Maintain | Market Perform (N/A) |
|
Details | ||
| 5/7/2025 | Camden National | CAC | Maintain | Market Perform (N/A) |
|
Details | ||
| 4/24/2025 | QCR Holdings | QCRH | Maintain | Outperform (N/A) |
|
Details | ||
| 4/23/2025 | Mercantile Bank Corporation | MBWM | Maintain | Outperform (N/A) |
|
Details | ||
| 4/22/2025 | Washington Trust Bancorp | WASH | Maintain | Market Perform (N/A) |
|
Details | ||
| 4/21/2025 | Great Southern Bancorp | GSBC | Maintain | Market Perform (N/A) |
|
Details | ||
| 4/21/2025 | Bar Harbor Bankshares | BHB | Maintain | Market Perform (N/A) |
|
Details | ||
| 4/7/2025 | Equity Bancshares | EQBK | Maintain | Market Perform (N/A) |
|
Details | ||
| 4/3/2025 | Equity Bancshares | EQBK | Maintain | Market Perform (N/A) |
|
Details | ||
| 3/20/2025 | First Merchants | FRME | Maintain | Outperform (N/A) |
|
Details | ||
| 3/17/2025 | Bar Harbor Bankshares | BHB | Maintain | Market Perform (N/A) |
|
Details | ||
| 3/14/2025 | MidWest One Financial | MOFG | Maintain | Outperform (N/A) |
|
Details | ||
| 3/12/2025 | Bar Harbor Bankshares | BHB | Maintain | Market Perform (N/A) |
|
Details | ||
| 3/11/2025 | Financial Institutions | FISI | Maintain | Outperform (N/A) |
|
Details | ||
| 3/11/2025 | Northpointe Bancshares | NPB | New Coverage | Outperform (N/A) |
14.01 (18.15) |
29.55% | Details | |
| 2/25/2025 | QCR Holdings | QCRH | Maintain | Outperform (N/A) |
|
Details | ||
| 2/10/2025 | Northeast Bank | NBN | Maintain | Market Perform (N/A) |
|
Details | ||
| 2/5/2025 | First Financial Corp. | THFF | Maintain | Market Perform (N/A) |
|
Details | ||
| 2/3/2025 | First Business Financial | FBIZ | Maintain | Outperform (N/A) |
|
Details | ||
| 2/3/2025 | Financial Institutions | FISI | Upgrade | Outperform (Market Perform) |
27.16 (30.78) |
13.33% | Details | |
| 1/31/2025 | Washington Trust Bancorp | WASH | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/31/2025 | First Merchants | FRME | Maintain | Outperform (N/A) |
|
Details | ||
| 1/30/2025 | First Busey | BUSE | Maintain | Outperform (N/A) |
|
Details | ||
| 1/29/2025 | German American Bancorp Inc. | GABC | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/29/2025 | Enterprise Financial Services | EFSC | Maintain | Outperform (N/A) |
|
Details | ||
| 1/29/2025 | Park National | PRK | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/29/2025 | Camden National | CAC | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/27/2025 | Midland States Bancorp | MSBI | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/27/2025 | Lakeland Financial | LKFN | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/27/2025 | 1st Source | SRCE | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/23/2025 | HBT Financial | HBT | Maintain | Outperform (N/A) |
|
Details | ||
| 1/22/2025 | Mercantile Bank Corporation | MBWM | Maintain | Outperform (N/A) |
|
Details | ||
| 1/15/2025 | Lakeland Financial | LKFN | Maintain | Market Perform (N/A) |
|
Details | ||
| 12/19/2024 | HBT Financial | HBT | Maintain | Outperform (N/A) |
|
Details | ||
| 12/19/2024 | First Financial Corp. | THFF | Maintain | Market Perform (N/A) |
|
Details | ||
| 12/13/2024 | Financial Institutions | FISI | Maintain | Market Perform (N/A) |
|
Details | ||
| 11/21/2024 | Northeast Bank | NBN | New Coverage | Market Perform (N/A) |
98.39 (106.14) |
7.88% | Details | |
| 10/22/2024 | HBT Financial | HBT | Maintain | Outperform (N/A) |
|
Details | ||
| 10/15/2024 | Mercantile Bank Corporation | MBWM | Maintain | Outperform (N/A) |
|
Details | ||
| 9/11/2024 | Camden National | CAC | Maintain | Market Perform (N/A) |
|
Details | ||
| 5/17/2024 | Alerus Financial Corp. | ALRS | Maintain | Market Perform (N/A) |
|
Details | ||
| 4/24/2024 | Enterprise Financial Services | EFSC | Maintain | Outperform (N/A) |
|
Details | ||
| 4/12/2023 | Alerus Financial Corp. | ALRS | New Coverage | Outperform (N/A) |
16.02 (23.88) |
49.06% | Details | |
| 10/28/2022 | Horizon Bancorp | HBNC | Downgrade | Market Perform (Outperform) |
19.78 (16.29) |
-17.64% | Details | |
| 12/22/2021 | Byline Bancorp | BY | Downgrade | Market Perform (Outperform) |
25.78 (30.82) |
19.55% | Details | |
| 7/16/2021 | Bar Harbor Bankshares | BHB | New Coverage | Outperform (N/A) |
27.72 (31.60) |
14% | Details | |
| 6/23/2021 | Nicolet Bankshares | NCBS | Upgrade | Outperform (Market Perform) |
71.75 (78.01) |
8.72% | Details | |
| 4/6/2021 | Enterprise Financial Services | EFSC | New Coverage | Outperform (N/A) |
49.58 (54.57) |
10.06% | Details | |
| 1/25/2021 | Heartland Financial | HTLF | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/25/2021 | Lakeland Financial | LKFN | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/28/2020 | Lakeland Financial | LKFN | Maintain | Market Perform (N/A) |
|
Details | ||
| 1/28/2020 | Heartland Financial | HTLF | Maintain | Market Perform (N/A) |
|
Details | ||
| 7/1/2019 | Nicolet Bankshares | NCBS | Maintain | Market Perform (Market Perform) |
|
Details | ||
| 12/18/2018 | First Defiance Financial | FDEF | Upgrade | Outperform (Market Perform) |
25.24 (18.12) |
-28.21% | Details | |
| 10/11/2018 | MBT Financial | MBTF | Upgrade | Outperform (Market Perform) |
11.50 (9.84) |
-14.43% | Details |

