First Ipswich Bancorp, the holding company for the First National Bank of Ipswich, has reported a net loss of $2 million for the third quarter, compared to a net loss of $386,000 in the same period in 2007, a further $1.6 million drop.

Year-to-date, the bank reported a net loss of $2.14 million, compared to net income of $133,000 in the same period a year ago.

“The company’s earnings were unfavorably impacted by the same declining financial and real estate markets that impacted the earnings of many other financial institutions,” stated Russ Cole, president and chief executive officer. “However, I am encouraged by the company’s efforts to rebuild sustainable core earnings.”