The parent of Central Pacific Bank said today that it took a $48 million noncash charge stemming from troubled loans to California homebuilders, prompting the company to restate its fourth-quarter 2007 earnings.

As a result of the charge, Central Pacific Financial Corp. now says it lost $44.5 million, or $1.51 per share, during the three months ending Dec. 31, 2007. The company previously reported that it earned $3.6 million, or 12 cents per share, during the quarter.

Central Pacific said it took the charge because the value of the "goodwill" associated with loans to the troubled California developers was impaired.

Despite the charge, Central Pacific's fundamentals and capital remain strong, said Chief Executive Officer Clint Arnoldus, who said the company will maintain its current dividend.

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