EGG HARBOR, N.J. -- Collective Bancorp has revised downward its previously reported results for the fiscal 1994 fourth quarter and year, after resolving a dispute with regulators over accounting for $479.5 million of collateralized mortgage obligations.

In a press release, Collective said it had revised its net income for the fourth quarter ended June 30, to $12.8 million, or 63 cents a share, from $16.4 million or 80 cents a share.

Net income for the fiscal year ended June 30, 1994, was revised to $59,367,000, or $2.89 a share, from $62,948,000, or $3.06 a share.

The thrift said the reduction in net income is only a timing adjustment that will be recouped in future periods.

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