Overall Score

Scale Market Position

BHRB remains a mid-sized regional bank with a market cap of about $1.47B and enterprise value of about $2.03B.

The bank’s revenue base is still modest relative to larger peers, but its valuation implies a stable franchise rather than a distressed one.

Profitability Returns

TTM net margin is 21.9% and EBIT margin is 27.1%, showing solid operating profitability.

Return on equity is 10.4%, but return on invested capital is only 3.9%, indicating limited evidence of a strong economic moat.

Balance Sheet Strength

Liquidity is strong with a current ratio of 4.1 and quick ratio of 4.1.

Leverage remains manageable with debt-to-equity of 0.56 and debt-to-assets of 6.2%, though net debt to EBITDA is still elevated at 4.27x.

Cash Flow Quality

Income quality is essentially 1.0, suggesting reported earnings are backed by cash generation.

Free cash flow yield is 5.9%, but free cash flow to equity is negative TTM, which tempers the cash conversion story.

Valuation Support

The stock trades at 11.7x earnings and 0.92x book, which is not demanding for a bank.

However, price-to-free-cash-flow of 17.0x and EV/EBITDA of 15.5x limit the margin of safety.