WGNB Corp. in Carrollton, Ga., announced Friday that its second-quarter earnings jumped 20.9% from a year earlier, to just under $2 million.
The $553 million-asset company attributed the increase to higher loan volume and rising interest rates, which pushed its net interest margin up 28 basis points, to 4.7%. Total loans rose 11.1%, to $451 million, and total deposits rose 11%, to $443 million.
WGNB, the parent of West Georgia National Bank, also reported improved efficiency and increases in its returns on assets and equity.
Its ratio of nonperforming loans to total loans increased 18 basis points, to 0.55%. The company said that it recognized a "measurable loss" in one credit relationship during the quarter, but that the management believes its loan-loss provision "is adequate, given the risk in the loan portfolio."
