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WGNB Q1 earnings down 8%

WGNB, the holding company for First National Bank of Georgia, has reported earnings of $1.83 million for first quarter of 2008, a decrease of 7.5% compared to earnings of $1.98 million for the same period of 2007.

In the first quarter of 2008, total assets grew by $2.5 million, total loans by $5.3 million, or 0.8%, and total deposits decreased by $3.3 million, or 0.5%.

The amount of non-performing assets stands at $54.5 million, or 8% of total loans plus foreclosed property, or 6.2% of total assets, as of March 31, 2008. In the first quarter of 2008, the WGNB (formerly known as West Georgia National Bank) sold $10 million of non-performing assets and recognized $22.5 million of new non-performing loans.

H B Lipham, CEO of WGBN, said: We will continue to report to our shareholders with regard to the status of the recognition and disposition of non-performing assets and our regulatory capital standards as material events take place. The reduction in non-performing assets and the maintenance of safe and sound levels of capital remain the focus of management and the board of directors during this period of economic uncertainty.