There's more fallout from Central Pacific Bank's loans to troubled California home builder's.

Parent Central Pacific Financial Corp. said yesterday it took a $48 million non-cash charge during the fourth quarter, prompting the company to restate its financial results.

The state's fourth-largest financial institution now says it lost $44.5 million, or $1.51 per share, during the three months ending Dec. 31, 2007. The company previously said it earned $3.6 million, or 12 cents a share, in the fourth quarter.

Central Pacific said the charge had no impact on the company's cash flow, regulatory capital and tangible equity but reflected impairments to the value of its "goodwill" — an intangible asset on the bank's balance sheet.

The company added that it will maintain its quarterly dividend of 25 cents per share.

"In spite of the non-cash charge, the fundamentals and the capital of the bank remain unaffected and strong," said Chief Executive Officer Clint Arnoldus.

Shares of Central Pacific slipped $1.43 yesterday to close at $18.49 on the New York Stock Exchange.

In January, Central Pacific set aside $28.2 million as a provision for potential loan losses from California home builder's hard-hit by the subprime crisis.

Central Pacific's exposure to the California home-building segment is about $340 million, which is less than 8.3 percent of Central Pacific's entire loan portfolio of about $4.1 billion.

Central Pacific said yesterday it took the noncash charge because the value of the "goodwill" associated with loans to the troubled California developers has diminished. The action relates to the 2004 purchase of City Bank and the fact that market capitalization slipped below book value during the fourth quarter.

Reach Rick Daysog at rdaysog@honoluluadvertiser.com.