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.

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