BOH) climbed 2.5% to $48.30. Shares of the regional bank advanced 6.9% during the past month. The numbers: Third-quarter profit dropped 23% to $36 million, or 76 cents a share, as revenue declined 2% to $186 million. Bank of Hawaii's gross margin was little changed at 74%, but its operating margin inched up from 39% to 40%. The company holds $699 million of cash and liquid securities, and $1.6 billion of debt. Its 1.8 debt-to-equity ratio reflects sizable leverage. The stock: Our quantitative model rates Bank of Hawaii "buy." The stock has gained 25% during the past year, as the S&P 500 rose 26%. The stock emits mixed valuation signals. The shares are cheaper than those of the average regional bank based on earnings, projected earnings and cash flow, but they are expensive when considering book value and sales.