We present a local algorithm producing an independent set of expected size $0.44533n$ on large-girth 3-regular graphs and $0.40407n$ on large-girth 4-regular graphs. We also construct a cut (or bisection or bipartite subgraph) with $1.34105n$ edges on large-girth 3-regular graphs. These decrease the gaps between the best known upper and lower bounds from $0.0178$ to $0.01$, from $0.0242$ to $0.0123$ and from $0.0724$ to $0.0616$, respectively. We are using local algorithms, therefore, the method also provides upper bounds for the fractional coloring numbers of $1 / 0.44533 \approx 2.24554$ and $1 / 0.40407 \approx 2.4748$ and fractional edge coloring number $1.5 / 1.34105 \approx 1.1185$. Our algorithms are applications of the technique introduced by Hoppen and Wormald.