Midland States Bancorp, Inc. (MSBI) Balance Sheet
MSBI balance sheet, 2025
December 31, 2025 · U.S. dollars$6.51B assets = $5.95B liabilities + $565.5M equity
Both columns are drawn to the same scale: what MSBI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MSBI financial health
Descriptive bands, not a rating. Fiscal 2025.
MSBI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.23B2016 | $6.51B2025 | +8.1%/yr | |
| Total liabilities | $2.91B2016 | $5.95B2025 | +8.3%/yr | |
| Shareholders’ equity | $321.8M2016 | $565.5M2025 | +6.5%/yr | |
| Cash & short-term investments | $436.7M2016 | $1.42B2025 | +14.0%/yr | |
| Total debt | $423.6M2016 | $380.2M2025 | −1.2%/yr | |
| Net cash (debt) | $13.1M2016 | $1.04B2025 | +$1.0B | |
| Working capital | −$1.90B2016 | −$4.04B2025 | −$2.1B | |
| Book value per share | $22.302016 | $25.882025 | +1.7%/yr | |
| Debt / equity | 1.322016 | 0.672025 | −0.64 | |
| Shares outstanding | 14.4M2016 | 21.9M2025 | +4.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MSBI assets
MSBI liabilities and equity
MSBI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MSBI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.42B | $1.07B | $1.05B | $921.6M | $1.58B | $1.01B | $1.04B | $868.2M | $665.0M | $436.7M |
| Cash & equivalents | $127.3M | $114.1M | $134.2M | $153.3M | $673.3M | $337.1M | $392.7M | $210.8M | $214.5M | $189.5M |
| Short-term investments | $1.29B | $952.3M | $915.9M | $768.2M | $906.6M | $676.7M | $649.4M | $657.5M | $450.5M | $247.2M |
| Receivables | $23.8M | $402.1M | $498.3M | $512.1M | $442.8M | $433.6M | $348.9M | $289.4M | $225.2M | $205.5M |
| Inventory | $0 | $0 | −$160.0M | −$669.1M | −$714.2M | −$389.6M | −$428.0M | −$244.3M | −$457.9M | −$408.1M |
| Other current assets | $0 | $0 | $160.0M | $669.1M | $714.2M | $389.6M | $434.3M | $244.3M | $457.9M | $407.3M |
| Total current assets | $1.44B | $1.47B | $1.55B | $1.43B | $2.02B | $1.45B | $1.40B | $1.16B | $890.3M | $641.4M |
| Property, plant & equipment (net) | $85.1M | $85.7M | $82.8M | $78.3M | $79.2M | $83.3M | $105.3M | $94.8M | $76.2M | $66.7M |
| Goodwill & intangible assets | $28.7M | $191.8M | $198.3M | $184.0M | $215.1M | $230.4M | $260.5M | $255.5M | $171.9M | $124.0M |
| Long-term investments | $1.56B | $1.25B | $963.8M | $54.2M | $80.4M | $214.9M | $699.6M | $703.3M | $485.3M | $344.5M |
| Other non-current assets | $3.40B | $4.51B | $5.07B | $6.11B | $5.05B | $4.89B | $3.62B | $3.43B | $2.79B | $2.06B |
| Total assets | $6.51B | $7.51B | $7.87B | $7.86B | $7.44B | $6.87B | $6.09B | $5.64B | $4.41B | $3.23B |
| Liabilities | ||||||||||
| Accounts payable | — | $124.3M | $110.5M | $80.2M | $93.9M | $5.10B | $6.4M | $4.9M | $2.5M | $1.0M |
| Short-term debt | $60.2M | $87.5M | $184.9M | $184.6M | $76.8M | $69.0M | $82.0M | $157.1M | $165.1M | $131.6M |
| Deferred revenue | — | — | −$110.5M | — | — | — | −$75.6M | −$119.4M | — | — |
| Total current liabilities | $5.48B | $6.41B | $6.60B | $6.63B | $6.28B | $5.17B | $4.63B | $4.24B | $3.30B | $2.54B |
| Long-term debt | $320.0M | $335.7M | $419.5M | $149.7M | $188.5M | $218.6M | $224.9M | $141.9M | $139.4M | $91.9M |
| Lease obligations | — | — | — | — | $10.7M | $12.0M | $15.4M | — | — | $18,000 |
| Other long-term liabilities | $143.3M | $51.2M | $50.6M | $317.7M | $310.2M | $858.6M | $567.5M | $651.1M | $522.5M | $282.0M |
| Total liabilities | $5.95B | $6.80B | $7.08B | $7.10B | $6.78B | $6.25B | $5.43B | $5.03B | $3.96B | $2.91B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $212,000 | $215,000 | $216,000 | $222,000 | $221,000 | $223,000 | $244,000 | $238,000 | $191,000 | $209.9M |
| Retained earnings (deficit) | $86.8M | $247.7M | $322.4M | $282.4M | $212.5M | $156.3M | $165.9M | $133.8M | $114.5M | $112.5M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | −$4.4M |
| Accumulated other comprehensive income | −$60.3M | −$82.0M | −$76.8M | −$83.8M | $5.2M | $11.4M | $7.4M | −$2.1M | $1.8M | −$610,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $38,000 |
| Total shareholders' equity | $565.5M | $710.8M | $791.9M | $758.6M | $663.8M | $621.4M | $661.9M | $608.5M | $449.5M | $321.8M |
| Key figures | ||||||||||
| Total debt | $380.2M | $423.2M | $604.4M | $644.4M | $536.6M | $1.03B | $767.2M | $858.8M | $746.4M | $423.6M |
| Net cash (debt) | $1.04B | $643.1M | $445.7M | $277.2M | $1.04B | −$15.9M | $274.9M | $9.4M | −$81.3M | $13.1M |
| Working capital | −$4.04B | −$4.94B | −$5.06B | −$5.20B | −$4.26B | −$3.72B | −$3.24B | −$3.08B | −$2.41B | −$1.90B |
| Tangible book value | $536.8M | $519.0M | $593.6M | $574.6M | $448.7M | $391.0M | $401.4M | $353.0M | $277.6M | $197.7M |
| Book value per share | $25.88 | $32.70 | $35.79 | $33.87 | $29.44 | $26.62 | $27.02 | $25.84 | $24.59 | $22.30 |
| Shares outstanding | 21.9M | 21.7M | 22.1M | 22.4M | 22.5M | 23.3M | 24.5M | 23.5M | 18.3M | 14.4M |
| Current ratio | 0.26 | 0.23 | 0.23 | 0.22 | 0.32 | 0.28 | 0.30 | 0.27 | 0.27 | 0.25 |
| Quick ratio | 0.26 | 0.23 | 0.23 | 0.22 | 0.32 | 0.28 | 0.30 | 0.27 | 0.27 | 0.25 |
| Debt / equity | 0.67 | 0.60 | 0.76 | 0.85 | 0.81 | 1.66 | 1.16 | 1.41 | 1.66 | 1.32 |
| Equity / assets | 8.7% | 9.5% | 10.1% | 9.7% | 8.9% | 9.0% | 10.9% | 10.8% | 10.2% | 10.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.96B | $1.45B | $1.42B | $1.31B | $180.3M | $1.47B | $1.33B | $1.33B | $1.22B | $1.21B | $1.05B | $966.2M |
| Cash & equivalents | $298.7M | $113.0M | $127.3M | $165.7M | $175.9M | $102.0M | $114.8M | $121.2M | $123.7M | $166.5M | $134.2M | $131.2M |
| Short-term investments | $1.66B | $1.34B | $1.29B | $1.15B | $4.4M | $1.37B | $1.21B | $1.21B | $1.10B | $1.04B | $915.9M | $835.0M |
| Receivables | $23.7M | $25.9M | $23.8M | $316.6M | $356.8M | $24.3M | $25.3M | $444.6M | $454.4M | $481.8M | $498.3M | $500.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$157.6M | −$1.25B | −$193.2M | −$633.3M | −$657.4M |
| Other current assets | $8.9M | $0 | $0 | $0 | $0 | $0 | $0 | $157.6M | $1.25B | $193.2M | $633.3M | $657.4M |
| Total current assets | $1.99B | $1.48B | $1.44B | $1.63B | $537.1M | $1.47B | $1.33B | $1.78B | $1.67B | $1.69B | $1.55B | $1.47B |
| Property, plant & equipment (net) | $82.9M | $84.2M | $85.1M | $86.0M | $86.2M | $86.7M | $85.7M | $84.7M | $83.0M | $81.8M | $82.8M | $82.7M |
| Goodwill & intangible assets | $15.4M | $27.8M | $28.7M | $33.7M | $35.0M | $173.1M | $174.0M | $193.4M | $194.8M | $196.5M | $198.3M | $200.1M |
| Long-term investments | $1.69B | $1.63B | $1.56B | $1.42B | $1.39B | $1.41B | $1.25B | $1.26B | $1.15B | $1.08B | $963.8M | $884.6M |
| Other non-current assets | $2.93B | $3.33B | $3.40B | $3.74B | $5.06B | $4.31B | $4.70B | $4.44B | $4.66B | $4.79B | $5.07B | $5.34B |
| Total assets | $6.70B | $6.55B | $6.51B | $6.91B | $7.11B | $7.46B | $7.53B | $7.75B | $7.76B | $7.83B | $7.87B | $7.98B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | $124.3M | — | $124.3M | $103.7M | $103.7M | $103.0M | $110.5M | $106.7M |
| Short-term debt | $7.6M | $153.4M | $60.2M | $206.8M | $90.7M | $40.2M | $87.5M | $163.8M | $157.2M | $314.4M | $184.9M | $341.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$103.7M | −$103.0M | −$110.5M | — |
| Total current liabilities | $5.71B | $5.59B | $5.48B | $5.81B | $6.04B | $40.2M | $87.5M | $6.52B | $6.38B | $6.74B | $6.60B | $6.85B |
| Long-term debt | $285.0M | $265.0M | $320.0M | $340.0M | $340.8M | $335.8M | $335.7M | $357.7M | $541.7M | $248.6M | $419.5M | $308.5M |
| Other long-term liabilities | $131.0M | $130.5M | $143.3M | $175.9M | $155.8M | $6.38B | $6.37B | $51.1M | $50.9M | $50.8M | $50.6M | $50.5M |
| Total liabilities | $6.13B | $5.99B | $5.95B | $6.33B | $6.53B | $6.71B | $6.79B | $6.93B | $6.97B | $7.04B | $7.08B | $7.21B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $207,000 | $208,000 | $212,000 | $215,000 | $215,000 | $633.8M | — | $214,000 | $214,000 | $215,000 | $216,000 | $216,000 |
| Retained earnings (deficit) | $107.0M | $96.2M | $86.8M | $99.0M | $100.7M | $97.7M | $247.7M | $334.5M | $325.0M | $327.3M | $322.4M | $317.1M |
| Accumulated other comprehensive income | −$67.9M | −$69.6M | −$60.3M | −$63.0M | −$74.0M | — | — | −$60.6M | −$82.6M | −$81.4M | −$76.8M | −$101.2M |
| Total shareholders' equity | $569.7M | $559.0M | $565.5M | $584.0M | $573.7M | $744.4M | $736.1M | $818.3M | $785.8M | $791.0M | $791.9M | $764.2M |
| Key figures | ||||||||||||
| Total debt | $344.9M | $418.4M | $380.2M | $546.8M | $431.4M | $667.3M | $87.5M | $521.6M | $698.9M | $563.1M | $604.4M | $649.5M |
| Net cash (debt) | $1.61B | $1.03B | $1.04B | $766.3M | −$251.1M | $803.1M | $1.24B | $811.7M | $519.9M | $643.8M | $445.7M | $316.7M |
| Working capital | −$3.73B | −$4.12B | −$4.04B | −$4.18B | −$5.50B | $1.43B | $1.24B | −$4.75B | −$4.71B | −$5.05B | −$5.06B | −$5.39B |
| Tangible book value | $554.3M | $531.2M | $536.8M | $550.3M | $538.7M | $571.3M | $562.1M | $624.9M | $591.0M | $594.5M | $593.6M | $564.2M |
| Book value per share | $27.03 | $26.24 | $25.88 | $26.71 | $26.29 | $33.75 | $33.96 | $37.75 | $36.15 | $36.30 | $36.29 | $34.77 |
| Shares outstanding | 21.1M | 21.3M | 21.9M | 21.9M | 21.8M | 22.1M | 21.7M | 21.7M | 21.7M | 21.8M | 21.8M | 22.0M |
| Current ratio | 0.35 | 0.26 | 0.26 | 0.28 | 0.09 | 36.56 | 15.17 | 0.27 | 0.26 | 0.25 | 0.23 | 0.21 |
| Quick ratio | 0.35 | 0.26 | 0.26 | 0.28 | 0.09 | 37.16 | 15.46 | 0.27 | 0.26 | 0.25 | 0.23 | 0.21 |
| Debt / equity | 0.61 | 0.75 | 0.67 | 0.94 | 0.75 | 0.90 | 0.12 | 0.64 | 0.89 | 0.71 | 0.76 | 0.85 |
| Equity / assets | 8.5% | 8.5% | 8.7% | 8.4% | 8.1% | 10.0% | 9.8% | 10.6% | 10.1% | 10.1% | 10.1% | 9.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
MSBI financial position
At the end of fiscal 2025 (December 31, 2025), Midland States Bancorp had total assets of $6.5 billion (down 13.2% from a year earlier), total liabilities of $5.9 billion and shareholders' equity of $565.5 million. It held $1.4 billion in cash and short-term investments against $380.2 million of debt, a net cash position of $1.0 billion. Its current ratio was 0.26. In the latest quarter (ended June 30, 2026) total assets were $6.7 billion and equity $569.7 million.
Related: MSBI income statement, MSBI cash flow statement, MSBI key metrics. See the MSBI stock overview for the latest quote and news.
MSBI balance sheet FAQ
What are Midland States Bancorp's total assets?
Midland States Bancorp reported total assets of $6.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.5 billion a year earlier.
How much debt does Midland States Bancorp have?
Midland States Bancorp had $380.2 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.67.
How much cash does Midland States Bancorp have?
Midland States Bancorp held $1.4 billion in cash and short-term investments at the end of fiscal 2025; with $380.2 million of debt that is net cash of $1.0 billion.
What is Midland States Bancorp's book value?
Midland States Bancorp's shareholders' equity (book value) was $565.5 million at the end of fiscal 2025, or $25.88 per share.
What is Midland States Bancorp's current ratio?
Midland States Bancorp had current assets of $1.4 billion and current liabilities of $5.5 billion, a current ratio of 0.26 (current liabilities exceed current assets).
How much goodwill does Midland States Bancorp have?
Midland States Bancorp carried $28.7 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.