EGG HARBOR, N.J. - Collective Bancorp reported net income of $15 million for its fiscal second quarter ended Dec. 31, 1994, down from $15.5 million for the same quarter last year.

For its first half of fiscal 1995, Collective earned $31 million, up from $30.4 last year.

Interest expenses rose 67.6% as the company's liabilities repriced faster than its assets, while noninterest expenses included $2.2 million, mostly from the acquisitions of Hansen and White Horse Savings in the second half of fiscal 1994.

Collective's return on assets was 1.25%, while return on equity was 20.4%.

Collective will pay a quarterly cash dividend of 15 cents Jan. 31 to stockholders of Jan. 17.

Collective is the $4.9-billion-asset holding company for Collective Bank, with 78 branches in New Jersey and northern Delaware.

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