JERSEY CITY Trust Company of New Jersey said its net income for the first nine months of 1994 was $3.8 million, down 74.4% from the $14.9 million earned in the corresponding period of 1993.

The bank attributed the earnings drop to a $3 million adjustment m pension accounting. In addition, last year's earnings included an $8.5 million gain on sales of securities, the bank said. The bank repotted no securities gains in the first nine months of this year.

The bank did not report its level of nonperforming assets.

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