Red Flags to Watch For In Financial Stocks if a Recession Hits?

Hello. I am Canadian, and I have been investing only since the beginning of 2021 and looking for some advice.

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With the uncertainty that was beginning the last couple months, I have been allocating more of my money away from individual/growth stocks and over to ETF/dividend or 'safer stocks' as I see them (I know that definition can vary wildly).

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Recently I have been investing more into Canadian Financial stocks through a BMO High Dividend ETF. I have run some Tangible Book Value multipliers on RBC/TD/BMO etc to get an idea of how undervalued they might or might not be. I have heard for years that the Canadian financial sector is one of the best ones to invest in (could be anecdotal, but I'm also Canadian so super convenient for me when I invest on WealthSimple). I am more in the BMO ETF for the dividends as opposed to the growth.

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My question is: Are their any metrics to look out for which will signal a financial institution may be due for either a draw down, or a full blown collapse? I'm not looking to hop in and out to time the market. Looking for indicators I should keep an eye on.

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I had thought with higher interest rates, and the Canadian housing market still high, this would create a huge bump in a bank's revenues and profits. The reason I am a bit nervous is I had multiple people at my Easter gathering mentioned something I didn't understand about Canadian banks in particular having worse liquidity than in 2007, suggesting if a recession does hit, it will hit the financial sector harder than a) other Canadian Sectors or b) Worse than 2008. Are there any rule of thumb metrics to watch/judge a banks health? I have been learning about certain methods to try and find intrinsic value in financial stocks as opposed to growth stocks, and would like to learn what is important to look out for. Still new to investing in general.

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TL;DR: What are some metrics I should watch when investing in Canadian Banks that do a better job of showing the business' health than just FCF, Revenue and Share Price/Tangible Book Value?