Monterey Bay Bancorp, parent of Watsonville Federal Savings and Loan Association, has revised its fiscal year and fourth quarter earnings downward.

The company increased its loan loss provisions for the fourth quarter, to $362,000. As a result, the company's net income for the year fell from $881,000 to $673,000.

The decision to increase the loan loss provisions was based upon information provided by the Office of Thrift Supervision following a regulatory exam.

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