EX-99.1
2
doc2.txt
EXHIBIT 99.1

                                                                    Exhibit 99.1

                 WGNB CORP. ANNOUNCES RECORD QUARTERLY EARNINGS
               AND 14TH CONSECUTIVE YEAR OF ANNUAL EARNINGS GROWTH

CARROLLTON, Ga.-(BUSINESS WIRE)-January 6, 2005-WGNB Corp. (NASDAQ:WGNB), the
holding company for West Georgia National Bank, announced its 2004 fourth
quarter earnings of $1,716,511, or $0.51 per diluted share, compared to its 2003
fourth quarter of $1,478,341, or $0.44 per diluted share, an increase of
$238,170, or 16.11 percent. The 2004 fourth quarter net income represented
record earnings for a single quarter for the Company.

December 31, 2004 year end net income was $6,064,165, or $1.81 per diluted
share, compared to the 2003 year end net income of $5,786,850, or $1.72 per
diluted share. The increase in year end net income from 2003 to 2004 is
$277,315, or 4.8 percent. The return on average assets and equity through 2004
is 1.41 and 13.86 percent, respectively, which compared to 1.51 and 14.22
percent for the same period in 2003.

Total loans grew by $60 million, or over 20 percent, in 2004. This represents
the largest annual dollar amount of loan growth the Company has experienced in
its history. Total deposits grew by $35 million, or over 11.5 percent, in 2004.

"I thank the directors, officers and staff of West Georgia National Bank for
their great effort in making this another successful year," said L. Leighton
Alston, Chief Executive Officer. "2004 started out slow with mortgage
origination income cut in half, but loan growth and overhead management
bolstered earnings in the second half of the year to give us our 14th
consecutive year of earnings growth. We continue to prosper in our market and we
are thankful to our customers for their business. At every point we strive to
exceed our customers' expectations. That never changes."

ABOUT WGNB CORP.

WGNB Corp. stock is traded on the NASDAQ Small Cap market under the ticker,
"WGNB". West Georgia National Bank has seven full service locations in
Carrollton, Bowdon, Villa Rica and Douglasville and total assets of $442
million. The Bank is the largest and most enduring locally owned community bank
in Carroll County.

For more information about West Georgia National Bank, visit our investor
relations page on our website, www.wgnb.com.
                               ------------

Interested  parties  may  contact  Steven J. Haack, Chief Financial Officer, via
e-mail at shaack@wgnb.com or at the mailing address of WGNB Corp., P.O. Box 280,
          ---------------
Carrollton,  Georgia  30112  to  request  information.



SAFE HARBOR
Except for financial information contained in this press release, the matters
discussed may consist of forward-looking information under the Private
Securities Litigation Reform Act of 1995. The accuracy of the forward-looking
information is necessarily subject to and involves risk and uncertainties, which
could cause actual results to differ materially from forward-looking
information. These risks and uncertainties include but are not limited to,
general economic conditions, competition and other factors included in filings
with the Securities and Exchange Commission.

When used in this release, the words "believes," "estimates," "plans,"
"expects," "should," "will," "may," "might," "outlook," "likely," and
"anticipates" or similar expressions as they relate to WGNB Corp. (including its
subsidiaries), or its management are intended to identify forward-looking
statements.

The Company, from time to time, becomes aware of rumors concerning the Company
or its business. As a matter of policy, the Company does not comment on rumors.
Investors are cautioned that in this age of instant communication and Internet
access, it may be important to avoid relying on rumors and unsubstantiated
information regarding the Company. The Company complies with Federal and State
law applicable to disclosure of information concerning the Company. Investors
may be at significant risk in relying on unsubstantiated information from other
sources.

WGNB CORP. FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE DATA) ------------------------------------------------------------------------------------ December 31, 2004 December 31, 2003 For the Year the Date (unaudited) (audited) ------------------------------------------ ------------------- ------------------- Total interest income $ 25,268 $ 23,542 ------------------------------------------ ------------------- ------------------- Total interest expense 7,570 7,527 ----- ----- ------------------------------------------ ------------------- ------------------- Net interest income 17,698 16,015 ------------------------------------------ ------------------- ------------------- Provision for loan loss 925 350 --- --- ------------------------------------------ ------------------- ------------------- Net interest income after provision 16,773 15,665 ------------------------------------------ ------------------- ------------------- Total other income 5,637 5,554 ------------------------------------------ ------------------- ------------------- Total other expense 13,664 12,752 ------ ------ ------------------------------------------ ------------------- ------------------- Earnings before income taxes 8,746 8,467 ------------------------------------------ ------------------- ------------------- Income taxes 2,682 2,680 ----- ----- ------------------------------------------ ------------------- ------------------- Net earnings 6,064 5,787 ===== ===== ------------------------------------------ ------------------- ------------------- Per Share Data: ------------------------------------------ ------------------- ------------------- Net earnings 1.83 1.75 ------------------------------------------ ------------------- ------------------- Diluted net earnings 1.81 1.72 ------------------------------------------ ------------------- ------------------- Cash dividends declared year to date .7750 .6700 ------------------------------------------ ------------------- ------------------- Book Value 13.52 12.72 ------------------------------------------ ------------------- ------------------- At Period End: ------------------------------------------ ------------------- ------------------- Total loans 356,328 296,498 ------------------------------------------ ------------------- ------------------- Earning assets 425,062 367,694 ------------------------------------------ ------------------- ------------------- Assets 441,929 393,216 ------------------------------------------ ------------------- ------------------- Deposits 338,398 303,316 ------------------------------------------ ------------------- ------------------- Stockholders' equity 44,962 42,089 ------------------------------------------ ------------------- ------------------- Weighted average shares outstanding 3,305,736 3,308,087 ------------------------------------------ ------------------- ------------------- Key Performance Ratios Year to Date: ------------------------------------------ ------------------- ------------------- Return on average assets 1.41% 1.51% ------------------------------------------ ------------------- ------------------- Return on average equity 13.86% 14.22% ------------------------------------------ ------------------- ------------------- Net interest margin, tax equivalent 4.53% 4.65% ------------------------------------------ ------------------- ------------------- Dividend payout ratio 42.35% 38.29% ------------------------------------------ ------------------- ------------------- Overhead ratio 58.55% 59.12% ------------------------------------------ ------------------- ------------------- Asset Quality Ratios: ------------------------------------------ ------------------- ------------------- Non-performing assets/loans & OREO 0.50% 0.79% ------------------------------------------ ------------------- ------------------- Loan loss reserve/total loans 1.15% 1.18% ------------------------------------------ ------------------- ------------------- Loan loss reserve/non-performing assets 228.12% 147.68% ------------------------------------------ ------------------- ------------------- Loan loss reserve/total capital 8.27% 8.27% ------------------------------------------ ------------------- ------------------- Capital Ratios: ------------------------------------------ ------------------- ------------------- Tier 1 capital/total average assets 9.07% 10.29% ------------------------------------------ ------------------- ------------------- Risk based capital ratio 13.01% 14.05% ------------------------------------------ ------------------- -------------------
Contact: WGNB Corp., Carrollton Steven J. Haack, 770/832-3557 shaack@wgnb.com --------------- or Media Contact for WGNB Charity Davis, 770/214-7208 cdavis@wgnb.com

The following information was filed by Wgnb Corp (WGNAP) on Friday, January 7, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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