Investors interested in stocks from the Banks - West sector have probably already heard of Bank of Hawaii (BOH) and First Republic Bank (FRC). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.Right now, Bank of Hawaii is sporting a Zacks Rank of #2 (Buy), while First Republic Bank has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that BOH likely has seen a stronger improvement to its earnings outlook than FRC has recently. But this is just one piece of the puzzle for value investors.Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.BOH currently has a forward P/E ratio of 13.82, while FRC has a forward P/E of 28.69. We also note that BOH has a PEG ratio of 1.73. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. FRC currently has a PEG ratio of 1.75.Another notable valuation metric for BOH is its P/B ratio of 2.40. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, FRC has a P/B of 3.20.These are just a few of the metrics contributing to BOH's Value grade of B and FRC's Value grade of D.BOH has seen stronger estimate revision activity and sports more attractive valuation metrics than FRC, so it seems like value investors will conclude that BOH is the superior option right now. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of Hawaii Corporation (BOH): Free Stock Analysis Report First Republic Bank (FRC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research