First Ipswich Bancorp records $649,000 loss in second quarter

The parent company of First National Bank of Ipswich swung to a $649,000 loss in the second quarter of 2006, compared with an $8,000 profit in the same quarter a year ago.

First Ipswich Bancorp attributed the loss partially to a $286,000 charge related to the value of real estate involved in its purchase of a new branch last June.

The company was able to hold its net interest income stable at $2.6 million by shifting assets from less profitable investments into loans, but expenses from the branch purchase still pushed results down, it said in its earnings statement, released this morning.

First Ipswich is based in Ipswich, has $398.4 million in assets and 11 branches.

(By Keith Reed, Globe staff)