Central Pacific Financial Reports Loss in Q4

Central Pacific Financial has reported a net loss of $44.5 million, or $1.51 per diluted share for the fourth quarter of 2007, compared to net income of $18.8 million, or $0.61 per diluted share for the corresponding period of 2006. The company attributed the loss to a non-cash impairment charge of $48 million in the quarter.

The goodwill impairment charge, which had no impact on the company’s cash flows, tangible equity, or regulatory capital, was the only change from the financial results reported on January 31, 2008.

For FY 2007, net income was $5.8 million, or $0.19 per diluted share compared to $79.2 million, or $2.57 per diluted share in FY 2006.

Dean Hirata, vice chairman and CFO, said: “As we previously announced, the decline in our share price and the resulting decline in our market capitalization during the fourth quarter of 2007, required us to perform a goodwill impairment test in accordance with Statement of Financial Accounting Standards No 142, Goodwill and Other Intangible Assets.”