Wgnb Corp (WGNAP) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2005

Earnings Press Release
10-K Annual Report
10-K YoY Changes
Wgnb Corp
Ticker: WGNAP CIK: 1115568

WGNB Corp. Announces Record Quarterly Earnings and

The 15^th Consecutive Year of Annual Earnings Growth

CARROLLTON, Ga.—(BUSINESS WIRE)—January 13, 2006—WGNB Corp. (NASDAQ:WGNB), the holding company for West Georgia National Bank, announced its 2005 fourth quarter earnings of $1,949,101, or $0.58 per diluted share, compared to its 2004 fourth quarter of $1,716,511, or $0.51 per diluted share, an increase of $232,590, or 13.6 percent. The 2005 fourth quarter net income again represented record earnings for a single quarter for the Company.

December 31, 2005 year end net income was $7,067,487, or $2.11 per diluted share, compared to the 2004 year end net income of $6,064,165, or $1.81 per diluted share. The increase in year end net income from 2004 to 2005 is $1,003,322, or 16.5 percent. The return on average assets and equity for 2005 was 1.41 and 15.08 percent, respectively, which compared to 1.41 and 13.86 percent for the same period in 2004.

Total loans grew by $67 million, or 18.7 percent in 2005. This represents the largest annual dollar amount of loan growth the Bank has experienced in its history. Total deposits grew by $91 million, or 26.7 percent, and total assets grew by $82 million, or 18.5 percent, in 2005, both of those dollar growth figures are records as well.

“I thank the staff, officers and directors of West Georgia National Bank for their great effort in making this another successful year,” said L. Leighton Alston, Chief Executive Officer. “When we opened our high-tech, high-touch office at Mirror Lake we were concerned that the new overhead would impair earnings. However, we set loan and revenue growth goals that would deliver us our 15^th consecutive year of earnings growth. We exceeded our expectations, and I believe that we did it by serving the customer at value prices.”

Mr. Alston added, “Management has set its sights high in 2006 as well. We plan to open another retail office in Douglasville on Chapel Hill Road and an office in Carrollton with a focus on serving Spanish-speaking customers. We could not do this without the support of our wonderful customers and the hard work of our diligent staff. Again, I thank everyone for their continued commitment to WGNB Corp.”

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 $524 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)

For the Year to Date	December 31, 2005 (unaudited)			December 31, 2004 (audited)
Total interest income	$	32,547		$	25,268
Total interest expense		12,584			7,570
Net interest income		19,963			17,698
Provision for loan loss		1,550			925
Net interest income after provision		18,413			16,773
Total other income		6,008			5,637
Total other expense		14,464			13,664
Earnings before income taxes		9,957			8,746
Income taxes		2,889			2,682
Net earnings	$	7,067		$	6,064
Per Share Data:
Net earnings		2.13			1.83
Diluted net earnings		2.11			1.81
Cash dividends declared year to date		.9200			.7750
Book Value		14.42			13.52
At Period End:
Total loans		422,879			356,328
Earning assets		503,275			425,062
Assets		523,643			441,929
Deposits		429,049			338,398
Stockholders’ equity		47,952			44,962
Weighted average shares outstanding		3,324,620			3,305,736
Key Performance Ratios Year to Date:
Return on average assets		1.41	%		1.41	%
Return on average equity		15.08	%		13.86	%
Net interest margin, tax equivalent		4.37	%		4.53	%
Dividend payout ratio		43.28	%		42.35	%
Overhead ratio		55.69	%		58.55	%
Asset Quality Ratios:
Non-performing assets/loans & OREO		0.86	%		0.50	%
Loan loss reserve/total loans		1.26	%		1.15	%
Loan loss reserve/non-performing assets		147.10	%		228.12	%
Loan loss reserve/total capital		11.11	%		8.27	%
Capital Ratios:
Tier 1 capital/total average assets		9.13	%		9.07	%
Risk based capital ratio		11.80	%		13.01	%

Contact:

WGNB Corp., Carrollton

Steven J. Haack, 770/832-3557

shaack@wgnb.com

Media Contact for WGNB

Charity Aaron, 770/214-7208

caaron@wgnb.com

The following information was filed by Wgnb Corp (WGNAP) on Thursday, January 19, 2006 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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Exhibits
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Wgnb Corp provided additional information to their SEC Filing as exhibits

Ticker: WGNAP
CIK: 1115568
Form Type: 10-K Annual Report
Accession Number: 0001144204-06-010658
Submitted to the SEC: Mon Mar 20 2006 9:43:32 AM EST
Accepted by the SEC: Mon Mar 20 2006
Period: Saturday, December 31, 2005
Industry: National Commercial Banks