**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      10-Q**

|  | ý | Quarterly                  Report pursuant to Section 13 or 15 (d) of the Securities Exchange                  Act of                  1934 for the quarterly period ended June 30,                  2007 |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  |  ̈ | Transition                Report pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934 for the transition period from _____ to                _____ |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**WGNB      CORP.**

----

| Georgia                                 |   | 58-1640130                                          |
|-----------------------------------------|--------|-----------------------------------------------------|
| (State                of Incorporation) |   | (I.R.S.                Employer Identification No.) |

----

----

| Class                                        |   | Outstanding                at August 13, 2007 |
|----------------------------------------------|--------|-----------------------------------------------|
|                                         |   |                                          |
| Common                Stock, $1.25 par value |   | 6,058,939                                     |

----

**WGNB      CORP.**

**INDEX      TO FORM 10-Q**

| **Item                Number****in                Form 10-Q** |   | **Description**                                                                                                                      |   |  **Page** |
|---------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|
|                                                          |   |                                                                                                                                 |   |           |
| **Part                I**                                     |   | **Financial                Information**                                                                                             |   |           |
|                                                          |   |                                                                                                                                 |   |           |
| Item                1.                                        |   | Financial                Statements                                                                                                  |   | 1              |
|                                                          |   |                                                                                                                                 |   |           |
|                                                          |   | Consolidated                Balance Sheets at June 30, 2007 and December 31, 2006                                               |   | 2              |
|                                                          |   |                                                                                                                                 |   |           |
|                                                          |   | Consolidated                Statements of Earnings for Three Months Ended June                30, 2007 and June 30, 2006        |   | 3              |
|                                                          |   |                                                                                                                                 |   |           |
|                                                               |   | Consolidated                Statements of Comprehensive Income for Three Months Ended June                30, 2007 and June 30, 2006 |   | 4              |
|                                                          |   |                                                                                                                                 |   |           |
|                                                          |   | Consolidated                Statements of Earnings for Six Months Ended June 30, 2007                and June 30, 2006          |   | 5              |
|                                                          |   |                                                                                                                                 |   |           |
|                                                          |   | Consolidated                Statements of Comprehensive Income for Six Months Ended June                30, 2007 and June 30, 2006   |   | 6              |
|                                                          |   |                                                                                                                                 |   |           |
|                                                          |   | Consolidated                Statements of Cash Flows for Six Months Ended June                30, 2007 and June 30, 2006        |   | 7              |
|                                                          |   |                                                                                                                                 |   |           |
|                                                          |   | Notes                to Consolidated Financial Statements                                                                       |   | 9              |
|                                                          |   |                                                                                                                                 |   |           |
| Item                2.                                        |   | Management’s                Discussion and Analysis of Financial Condition and Results                of Operations       |   | 14             |
|                                                          |   |                                                                                                                                 |   |           |
| Item                3.                                        |   | Quantitative                and Qualitative Disclosures About Market Risk                                                       |   | 20             |
|                                                          |   |                                                                                                                                 |   |           |
| Item                4.                                        |   | Controls                and Procedures                                                                                          |   | 20             |
|                                                          |   |                                                                                                                                 |   |           |
|                                                          |   |                                                                                                                                 |   |           |
| **Part                II**                                    |   | **Other                Information**                                                                                                 |   |           |
|                                                          |   |                                                                                                                                 |   |           |
| Item                1.                                        |   | Legal                Proceedings                                                                                                |   | 21             |
|                                                          |   |                                                                                                                                 |   |           |
| Item                1A.                                       |   | Risk                Factors                                                                                                     |   | 21             |
|                                                          |   |                                                                                                                                 |   |           |
| Item                2.                                        |   | Unregistered                Sales of Equity Securities and Use of Proceeds                                                      |   | 21             |
|                                                          |   |                                                                                                                                 |   |           |
| Item                3.                                        |   | Defaults                Upon Senior Securities                                                                                  |   | 21             |
|                                                          |   |                                                                                                                                 |   |           |
| Item                4.                                        |   | Submission                of Matters to a Vote of Security Holders                                                              |   | 21             |
|                                                          |   |                                                                                                                                 |   |           |
| Item                5.                                        |   | Other                Information                                                                                                |   | 21             |
|                                                          |   |                                                                                                                                 |   |           |
| Item                6.                                        |   | Exhibits                                                                                                                        |   | 21             |
|                                                          |   |                                                                                                                                 |   |           |
|                                                          |   | Signatures                                                                                                                      |   | 23             |

----

**Part      I – Financial Information**

**Item      1.**
**Financial      Statements**

----

**WGNB      CORP.**

**Consolidated      Balance Sheets**

**As      of June 30, 2007 and December 31, 2006**

|                                                                                                                                                                        |   | June                30, 2007 |        | December                31, 2006 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-------------|----------------------------------|--------|
|                                                                                                                                                                        |   |  (unaudited)                 |        | (audited)                        |   |
| Assets                                                                                                                                                                      |   |                              |        |                             |   |
| Cash                and due from banks                                                                                                                                      |   | $                                 | 16,973,381  |                             |   | 12,579,309 |   |
| Interest –                bearing funds in other banks                                                                                                           |   |                              | 3,798,566   |                             |   | 654,139 |   |
| Federal                funds sold                                                                                                                                           |   |                              | 8,710,000   |                             |   | - |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
| Cash                and cash equivalents                                                                                                                                    |   |                              | 29,481,947  |                             |   | 13,233,448 |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
| Securities                available for sale                                                                                                                                |   |                              | 51,745,879  |                             |   | 64,251,234 |   |
| Securities                held to maturity, estimated fair values                of $7,081,851 and $7,837,389                                                               |   |                              | 7,081,851   |                             |   | 7,837,389 |   |
| Loans,                net                                                                                                                                                   |   |                              | 508,787,898 |                             |   | 467,752,885 |   |
| Premises                and equipment, net                                                                                                                                  |   |                              | 9,507,372   |                             |   | 8,989,589 |   |
| Accrued                interest receivable                                                                                                                                  |   |                              | 3,785,633   |                             |   | 3,772,818 |   |
| Other                assets                                                                                                                                                 |   |                              | 12,407,287  |                             |   | 9,491,228 |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
|                                                                                                                                                                        |   | $                                 | 622,797,867 |                             |   | 575,328,591 |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
| Liabilities                and Stockholders’ Equity                                                                                                                   |   |                              |        |                             |   |   |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
| Deposits:                                                                                                                                                                   |   |                              |        |                             |   |   |   |
| Demand                                                                                                                                                                      |   | $                                 | 55,199,595  |                             |   | 52,681,900 |   |
| Interest                bearing demand                                                                                                                                      |   |                              | 151,083,382 |                             |   | 149,765,104 |   |
| Savings                                                                                                                                                                     |   |                              | 10,822,418  |                             |   | 10,966,576 |   |
| Time                                                                                                                                                                        |   |                              | 107,980,036 |                             |   | 103,999,579 |   |
| Time,                over $100,000                                                                                                                                          |   |                              | 185,406,963 |                             |   | 145,400,277 |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
| Total                deposits                                                                                                                                               |   |                              | 510,492,394 |                             |   | 462,813,436 |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
| Federal                Home Loan Bank advances                                                                                                                              |   |                              | 52,000,000  |                             |   | 52,000,000 |   |
| Federal                funds purchased                                                                                                                                      |   |                              | -           |                             |   | 2,475,000 |   |
| Accrued                interest payable                                                                                                                                     |   |                              | 2,924,640   |                             |   | 2,881,943 |   |
| Other                liabilities                                                                                                                                            |   |                              | 3,107,061   |                             |   | 2,661,718 |   |
| Total                liabilities                                                                                                                                            |   |                              | 568,524,095 |                             |   | 522,832,097 |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
| Commitments                and Contingencies                                                                                                                                |   |                              |        |                             |   |   |   |
| Stockholders’                equity:                                                                                                                                  |   |                              |        |                             |   |   |   |
| Common                    stock, $1.25 par value, 10,000,000 shares authorized; 5,003,790                    and                    5,000,613 shares issued and outstanding |   |                              | 6,254,738   |                             |   | 6,250,766 |   |
| Additional                paid-in capital                                                                                                                                   |   |                              | 2,804,153   |                             |   | 2,662,306 |   |
| Retained                earnings                                                                                                                                            |   |                              | 45,530,775  |                             |   | 43,513,370 |   |
| Accumulated                other comprehensive income (loss)                                                                                                                |   |                              | (315,894    | )                                |   | 70,052 |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
| Total                stockholders’ equity                                                                                                                             |   |                              | 54,273,772  |                             |   | 52,496,494 |   |
|                                                                                                                                                                        |   |                              |        |                             |   |   |   |
|                                                                                                                                                                        |   | $                                 | 622,797,867 |                             |   | 575,328,591 |   |

*See      accompanying notes to unaudited consolidated financial      statements.*

----

**WGNB      CORP.**

**Consolidated      Statements of Earnings**

**For      the Three Months Ended June 30, 2007 and 2006**

**(unaudited)**

|                                                               |   |  For                the Three Months Ended |       |
|--------------------------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                               |   | June                30, 2007                    |       | June                30, 2006 |   |
| Interest                income:                                    |   |                                            |       |   |   |
| Interest                and fees on loans                          |   | $                                               | 11,298,066 |   |   | 9,158,598 |   |
| Interest                on federal funds sold                      |   |                                            | 93,187     |   |   | 145,054 |   |
| Interest                on investment securities:                  |   |                                            |       |   |   |   |   |
| U.S.                Government agencies                            |   |                                            | 256,607    |   |   | 253,070 |   |
| State,                county and municipal                         |   |                                            | 356,318    |   |   | 364,698 |   |
| Other                                                              |   |                                            | 320,143    |   |   | 305,153 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Total                interest income                               |   |                                            | 12,324,321 |   |   | 10,226,573 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Interest                expense:                                   |   |                                            |       |   |   |   |   |
| Interest                on deposits:                               |   |                                            |       |   |   |   |   |
| Demand                                                             |   |                                            | 1,411,185  |   |   | 1,257,692 |   |
| Savings                                                            |   |                                            | 50,204     |   |   | 43,564 |   |
| Time                                                               |   |                                            | 3,557,492  |   |   | 2,454,168 |   |
| Interest                on FHLB and other borrowings               |   |                                            | 707,091    |   |   | 687,769 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Total                interest expense                              |   |                                            | 5,725,972  |   |   | 4,443,193 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Net                interest income                                 |   |                                            | 6,598,349  |   |   | 5,783,380 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Provision                for loan losses                           |   |                                            | 375,000    |   |   | 415,000 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Net                interest income after provision for loan losses |   |                                            | 6,223,349  |   |   | 5,368,380 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Other                income:                                       |   |                                            |       |   |   |   |   |
| Service                charges on deposit accounts                 |   |                                            | 1,010,759  |   |   | 1,036,959 |   |
| Mortgage                origination fees                           |   |                                            | 97,987     |   |   | 93,110 |   |
| Brokerage                fees                                      |   |                                            | 144,805    |   |   | - |   |
| Miscellaneous                                                      |   |                                            | 546,015    |   |   | 373,681 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Total                other income                                  |   |                                            | 1,799,566  |   |   | 1,503,750 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Other                expenses:                                     |   |                                            |       |   |   |   |   |
| Salaries                and employee benefits                      |   |                                            | 2,931,017  |   |   | 2,425,546 |   |
| Occupancy                                                          |   |                                            | 645,911    |   |   | 609,579 |   |
| Other                operating                                     |   |                                            | 1,141,510  |   |   | 1,008,693 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Total                other expenses                                |   |                                            | 4,718,438  |   |   | 4,043,818 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Earnings                before income taxes                        |   |                                            | 3,304,477  |   |   | 2,828,312 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Income                taxes                                        |   |                                            | 1,050,843  |   |   | 837,135 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Net                earnings                                        |   | $                                               | 2,253,634  |   |   | 1,991,177 |   |
|                                                               |   |                                            |       |   |   |   |   |
| Basic                earnings per share                            |   | $                                               | 0.45       |   |   | 0.40 |   |
| Diluted                earnings per share                          |   | $                                               | 0.45       |   |   | 0.40 |   |
| Dividends                declared per share                        |   | $                                               | 0.2034     |   |   | 0.1767 |   |

*See      accompanying notes to unaudited consolidated financial      statements.*

----

**WGNB      CORP.**

**Consolidated      Statements of Comprehensive Income**

**For      the Three Months Ended June 30, 2007 and 2006**

**(unaudited)**

|                                                                                                 |   |  For                the Three Months Ended |      |
|------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|-----------|
|                                                                                                 |   | June                30, 2007                    |      | June                30, 2006 |   |
|                                                                                                 |   |                                            |      |   |   |
| Net                earnings                                                                          |   | $                                               | 2,253,634 |   |   | 1,991,177 |   |
| Other                comprehensive loss, net of tax:                                                 |   |                                            |      |   |   |   |   |
| Unrealized                    losses on investment securities available for                    sale: |   |                                            |      |   |   |   |   |
| Unrealized                losses arising during the period                                           |   |                                            | (676,815  | ) |   | (694,123 | ) |
| Associated                income tax benefit                                                         |   |                                            | 230,117   |   |   | 236,002 |   |
|                                                                                                 |   |                                            |      |   |   |   |   |
| Other                comprehensive income (loss)                                                     |   |                                            | (446,698  | ) |   | (458,121 | ) |
|                                                                                                 |   |                                            |      |   |   |   |   |
| Comprehensive                income                                                                  |   | $                                               | 1,806,936 |   |   | 1,533,056 |   |

*See      accompanying notes to unaudited consolidated financial statements.*

----

**WGNB      CORP.**

**Consolidated      Statements of Earnings**

**For      the Six Months Ended June 30, 2007 and 2006**

**(unaudited)**

|                                                               |   |  For                the Six Months Ended |       |
|--------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                               |   | June                30, 2007                  |       | June                30, 2006 |   |
| Interest                income:                                    |   |                                          |       |   |   |
| Interest                and fees on loans                          |   | $                                             | 22,126,660 |   |   | 17,562,156 |   |
| Interest                on federal funds sold                      |   |                                          | 166,283    |   |   | 256,494 |   |
| Interest                on investment securities:                  |   |                                          |       |   |   |   |   |
| U.S.                Government agencies                            |   |                                          | 542,280    |   |   | 545,872 |   |
| State,                county and municipal                         |   |                                          | 718,669    |   |   | 730,075 |   |
| Other                                                              |   |                                          | 661,932    |   |   | 596,253 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Total                interest income                               |   |                                          | 24,215,824 |   |   | 19,690,850 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Interest                expense:                                   |   |                                          |       |   |   |   |   |
| Interest                on deposits:                               |   |                                          |       |   |   |   |   |
| Demand                                                             |   |                                          | 2,809,107  |   |   | 2,410,926 |   |
| Savings                                                            |   |                                          | 98,596     |   |   | 87,165 |   |
| Time                                                               |   |                                          | 6,958,365  |   |   | 4,664,863 |   |
| Interest                on FHLB and other borrowings               |   |                                          | 1,479,005  |   |   | 1,312,683 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Total                interest expense                              |   |                                          | 11,345,073 |   |   | 8,475,637 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Net                interest income                                 |   |                                          | 12,870,751 |   |   | 11,215,213 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Provision                for loan losses                           |   |                                          | 750,000    |   |   | 715,000 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Net                interest income after provision for loan losses |   |                                          | 12,120,751 |   |   | 10,500,213 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Other                income:                                       |   |                                          |       |   |   |   |   |
| Service                charges on deposit accounts                 |   |                                          | 1,965,448  |   |   | 2,013,772 |   |
| Mortgage                origination fees                           |   |                                          | 199,043    |   |   | 180,445 |   |
| Brokerage                fees                                      |   |                                          | 300,606    |   |   | - |   |
| Miscellaneous                                                      |   |                                          | 1,067,751  |   |   | 737,577 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Total                other income                                  |   |                                          | 3,532,848  |   |   | 2,931,794 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Other                expenses:                                     |   |                                          |       |   |   |   |   |
| Salaries                and employee benefits                      |   |                                          | 5,809,496  |   |   | 4,787,797 |   |
| Occupancy                                                          |   |                                          | 1,307,482  |   |   | 1,166,716 |   |
| Other                operating                                     |   |                                          | 2,298,392  |   |   | 1,986,568 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Total                other expenses                                |   |                                          | 9,415,370  |   |   | 7,941,081 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Earnings                before income taxes                        |   |                                          | 6,238,229  |   |   | 5,490,926 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Income                taxes                                        |   |                                          | 2,004,190  |   |   | 1,684,633 |   |
|                                                               |   |                                          |       |   |   |   |   |
| Net                earnings                                        |   | $                                             | 4,234,039  |   |   | 3,806,293 |   |
| Basic                earnings per share                            |   | $                                             | 0.85       |   |   | 0.76 |   |
| Diluted                earnings per share                          |   | $                                             | 0.84       |   |   | 0.76 |   |
| Dividends                declared per share                        |   | $                                             | 0.4000     |   |   | 0.3467 |   |

*See      accompanying notes to unaudited consolidated financial      statements.*

----

**WGNB      CORP.**

**Consolidated      Statements of Comprehensive Income**

**For      the Six Months Ended June 30, 2007 and 2006**

**(unaudited)**

|                                                                                                 |   |  For                the Six Months Ended |      |
|------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|-----------|
|                                                                                                 |   | June                30, 2007                  |      | June                30, 2006 |   |
|                                                                                                 |   |                                          |      |   |   |
| Net                earnings                                                                          |   | $                                             | 4,234,039 |   |   | 3,806,293 |   |
| Other                comprehensive loss, net of tax:                                                 |   |                                          |      |   |   |   |   |
| Unrealized                    losses on investment securities available for                    sale: |   |                                          |      |   |   |   |   |
| Unrealized                losses arising during the period                                           |   |                                          | (584,765  | ) |   | (705,348 | ) |
| Associated                income tax benefit                                                         |   |                                          | 198,820   |   |   | 239,818 |   |
|                                                                                                 |   |                                          |      |   |   |   |   |
| Other                comprehensive income (loss)                                                     |   |                                          | (385,945  | ) |   | (465,530 | ) |
|                                                                                                 |   |                                          |      |   |   |   |   |
| Comprehensive                income                                                                  |   | $                                             | 3,848,094 |   |   | 3,340,763 |   |

*See      accompanying notes to unaudited consolidated financial      statements.*

----

**WGNB      CORP.**

**Consolidated      Statements of Cash Flows**

**For      the Six Months Ended June 30, 2007 and 2006**

**(unaudited)**

|                                                                                                                      |   |  For                the Six Months Ended |        |
|---------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|-------------|
|                                                                                                                      |   | June                30, 2007                  |        | June                30, 2006 |   |
|                                                                                                                      |   |                                          |        |   |   |
| Cash                flows from operating activities:                                                                      |   |                                          |        |   |   |
| Net                earnings                                                                                               |   | $                                             | 4,234,039   |   |   | 3,806,293 |   |
| Adjustments                    to reconcile net earnings to net cash provided by operating                    activities: |   |                                          |        |   |   |   |   |
| Depreciation,                amortization and accretion                                                                   |   |                                          | 457,790     |   |   | 500,893 |   |
| Provision                for loan losses                                                                                  |   |                                          | 750,000     |   |   | 715,000 |   |
| Stock-based                employee compensation expense                                                                  |   |                                          | 84,500      |   |   | 63,750 |   |
| Gain                on sale of other real estate                                                                          |   |                                          | -           |   |   | (4,464 | ) |
| (Gain)                Loss on sale or disposal of premises and equipment                                                  |   |                                          | (5,070      | ) |   | 1,276 |   |
| Change                in:                                                                                                 |   |                                          |             |   |   |  |   |
| Other                assets                                                                                               |   |                                          | (913,180    | ) |   | (2,679,905 | ) |
| Other                liabilities                                                                                          |   |                                          | 207,502     |   |   | 873,464 |   |
|                                                                                                                      |   |                                          |        |   |   |   |   |
| Net                cash provided by operating activities                                                                  |   |                                          | 4,815,581   |   |   | 3,276,307 |   |
|                                                                                                                      |   |                                          |        |   |   |   |   |
| Cash                flows from investing activities:                                                                      |   |                                          |        |   |   |   |   |
| Proceeds                from maturities of securities available for sale                                                  |   |                                          | 44,543,174  |   |   | 16,980,568 |   |
| Purchases                of securities available for sale                                                                 |   |                                          | (32,592,278 | ) |   | (8,443,949 | ) |
| Proceeds                from maturities of securities held to maturity                                                    |   |                                          | 756,030     |   |   | 151,089 |   |
| Purchases                of securities held to maturity                                                                   |   |                                          | -           |   |   | (1,503,750 | ) |
| Net                change in loans                                                                                        |   |                                          | (43,346,413 | ) |   | (29,006,016 | ) |
| Purchases                of premises and equipment                                                                        |   |                                          | (1,098,423  | ) |   | (671,873 | ) |
| Capital                expenditures for other real estate                                                                 |   |                                          | (270,929    | ) |   | - |   |
| Proceeds                from the sale of premises and equipment                                                           |   |                                          | 5,070       |   |   | - |   |
| Proceeds                from sales of other real estate                                                                   |   |                                          | 107,506     |   |   | 619,177 |   |
|                                                                                                                      |   |                                          |             |   |   |  |   |
| Net                cash used by investing activities                                                                      |   |                                          | (31,896,263 | ) |   | (21,874,754 | ) |
|                                                                                                                      |   |                                          |        |   |   |   |   |
| Cash                flows from financing activities:                                                                      |   |                                          |        |   |   |   |   |
| Net                change in deposits                                                                                     |   |                                          | 47,678,958  |   |   | 13,608,885 |   |
| Proceeds                from FHLB Advances                                                                                |   |                                          | -           |   |   | 10,000,000 |   |
| Net                change in federal funds purchased                                                                      |   |                                          | (2,475,000  | ) |   | 3,425,000 |   |
| Dividends                paid                                                                                             |   |                                          | (1,936,096  | ) |   | (1,667,142 | ) |
| Proceeds                from exercise of stock options                                                                    |   |                                          | 61,319      |   |   | 18,519 |   |
| Purchase                and retirement of common stock                                                                    |   |                                          | -           |   |   | (303,043 | ) |
|                                                                                                                      |   |                                          |        |   |   |   |   |
| Net                cash provided by financing activities                                                                  |   |                                          | 43,329,181  |   |   | 25,082,219 |   |
|                                                                                                                      |   |                                          |        |   |   |   |   |
| Change                in cash and cash equivalents                                                                        |   |                                          | 16,248,499  |   |   | 6,483,772 |   |
| Cash                and cash equivalents at beginning of period                                                           |   |                                          | 13,233,448  |   |   | 16,221,889 |   |
| Cash                and cash equivalents at end of period                                                                 |   | $                                             | 29,481,947  |   |   | 22,705,661 |   |

*See      accompanying notes to unaudited consolidated financial      statements.*

----

**WGNB      CORP.**

**Consolidated      Statements of Cash Flows, continued**

**For      the Six Months Ended June 30, 2007 and 2006**

**(unaudited)**

|                                                                                                                                    |   |  For                the Six Months Ended |       |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                                                                                                    |   | June                30, 2007                  |       | June                30, 2006 |   |
|                                                                                                                                    |   |                                          |       |   |   |
| Supplemental                disclosure of cash flow information:                                                                        |   |                                          |       |   |   |
| Cash                paid during the quarter for:                                                                                        |   |                                          |       |   |   |
| Interest                                                                                                                                |   | $                                             | 11,302,376 |   |   | 8,074,772 |   |
| Income                taxes                                                                                                             |   |                                          | 2,166,000  |   |   | 2,230,500 |   |
|                                                                                                                                    |   |                                          |       |   |   |   |   |
| Non-cash                investing and financing activities:                                                                             |   |                                          |       |   |   |   |   |
| Transfer                of loans to other real owned                                                                                    |   |                                          | 1,561,400  |   |   | - |   |
| Change                    in unrealized gains/losses on securities available for sale,                    net of                    tax |   |                                          | (385,945   | ) |   | (465,530 | ) |
| Change                in dividends payable                                                                                              |   |                                          | 280,538    |   |   | 65,535 |   |

*See      accompanying notes to unaudited consolidated financial      statements.*

----

**WGNB      Corp.**

**Notes      to Consolidated Financial Statements**

**June      30, 2007**

**(unaudited)**

**(1)         Basis of Presentation**

**(2)         Net Earnings Per Share**

|                                                                    |   | For                the Quarter Ended June 30, 2007 |      |
|-------------------------------------------------------------------------|--------|----------------------------------------------------|-----------|
|                                                                    |   | Net                Earnings                        |      | Common                Shares |   | Earnings                per                Share |   |
|                                                                    |   |                                               |      |   |   |   |   |
| Basic                earnings per share                                 |   | $                                                  | 2,253,634 |   |   | 5,003,790 |   | $ | 0.45 |   |
| Effect                of dilutive securities – Stock Options |   |                                               | -         |   |   | 41,277 |   |   | (0.00 | ) |
|                                                                    |   |                                               |      |   |   |   |   |   |   |   |
| Diluted                earnings per share                               |   | $                                                  | 2,253,634 |   |   | 5,045,067 |   | $ | 0.45 |   |

|                                                                    |   | For                the Quarter Ended June 30, 2006 |      |
|-------------------------------------------------------------------------|--------|----------------------------------------------------|-----------|
|                                                                    |   | Net                Earnings                        |      | Common                Shares |   | Earnings                per                Share |   |
|                                                                    |   |                                               |      |   |   |   |   |
| Basic                earnings per share                                 |   | $                                                  | 1,991,177 |   |   | 4,986,485 |   | $ | 0.40 |   |
| Effect                of dilutive securities – Stock Options |   |                                               | -         |   |   | 27,983 |   |   | (0.00 | ) |
|                                                                    |   |                                               |      |   |   |   |   |   |   |   |
| Diluted                earnings per share                               |   | $                                                  | 1,991,177 |   |   | 5,014,468 |   | $ | 0.40 |   |

|                                                                    |   | For                the Six Months Ended June 30, 2007 |      |
|-------------------------------------------------------------------------|--------|-------------------------------------------------------|-----------|
|                                                                    |   | Net                Earnings                           |      | Common                Shares |   | Earnings                per                Share |   |
|                                                                    |   |                                                  |      |   |   |   |   |
| Basic                earnings per share                                 |   | $                                                     | 4,234,039 |   |   | 5,002,545 |   | $ | 0.85 |   |
| Effect                of dilutive securities – Stock Options |   |                                                  | -         |   |   | 40,169 |   |   | (0.01 | ) |
|                                                                    |   |                                                  |      |   |   |   |   |   |   |   |
| Diluted                earnings per share                               |   | $                                                     | 4,234,039 |   |   | 5,042,714 |   | $ | 0.84 |   |

----

**WGNB      Corp.**

**Notes      to Consolidated Financial Statements**

**June      30, 2007**

**(unaudited)**

**(2)         Net Earnings Per Share, continued**

|                                                                    |   | For                the Six Months Ended June 30, 2006 |      |
|-------------------------------------------------------------------------|--------|-------------------------------------------------------|-----------|
|                                                                    |   | Net                Earnings                           |      | Common                Shares |   | Earnings                per                Share |   |
|                                                                    |   |                                                  |      |   |   |   |   |
| Basic                earnings per share                                 |   | $                                                     | 3,806,293 |   |   | 4,995,872 |   | $ | 0.76 |   |
| Effect                of dilutive securities – Stock Options |   |                                                  | -         |   |   | 27,637 |   |   | - |   |
|                                                                    |   |                                                  |      |   |   |   |   |   |   |   |
| Diluted                earnings per share                               |   | $                                                     | 3,806,293 |   |   | 5,023,509 |   | $ | 0.76 |   |

**(3)         Stock Compensation Plans**

|                                   |   | 2007   |                     | 2006   |   |
|----------------------------------------|--------|--------|--------------------------|--------|--------|
| Dividend                yield          |   |   | 2.72                     | %      |   | 2.85 | % |
| Expected                volatility     |   |   | 20                       | %      |   | 13 | % |
| Risk-free                interest rate |   |   | 4.83                     | %      |   | 4.54 | % |
| Expected                term           |   |   | 6.6                years |   |   | 10                years |   |

**(4)        Contingent Liabilities**

**Derivative      Instruments and Hedging Activities **

----

**WGNB      Corp.**

**Notes      to Consolidated Financial Statements**

**June      30, 2007**

**(unaudited)**

**(4)        Contingent Liabilities**

**Derivative      Instruments and Hedging Activities, continued **

|   | Notional                Amount |   | MaturityDate |   | Receive                Fixed                Rate |   | Pay                Floating1                Month LIBOR+/(-)                bp |   |
|--------|--------------------------------|--------|--------------|--------|--------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|
| $      |  4,056,033                |   | 1/31/08      |   | 3.75                                             | %      | (137.65                                                                        | )      |
|   | 3,000,000                      |   | 4/27/08      |   | 4.15                                             | %      | (94.65                                                                         | )      |
|   | 1,710,000                      |   | 6/30/08      |   | 4.00                                             | %      | (105.65                                                                        | )      |
|   | 2,945,000                      |   | 6/30/08      |   | 4.10                                             | %      | (96.65                                                                         | )      |
|   | 5,761,000                      |   | 6/30/08      |   | 5.44                                             | %      | 35.35                                                                          |   |
|   | 1,500,000                      |   | 2/2/09       |   | 3.90                                             | %      | (110.65                                                                        | )      |
|   | 1,602,992                      |   | 6/17/09      |   | 4.10                                             | %      | (89.65                                                                         | )      |
|   | 2,942,847                      |   | 6/30/09      |   | 4.20                                             | %      | (79.65                                                                         | )      |
|   | 2,000,000                      |   | 6/30/09      |   | 4.25                                             | %      | (74.65                                                                         | )      |
|   | 2,357,702                      |   | 8/5/09       |   | 4.36                                             | %      | (64.65                                                                         | )      |
|   | 3,550,000                      |   | 2/1/10       |   | 4.00                                             | %      | (98.65                                                                         | )      |
|   | 2,986,006                      |   | 4/27/10      |   | 4.50                                             | %      | (49.65                                                                         | )      |
|   | 2,002,985                      |   | 6/17/10      |   | 4.25                                             | %      | (73.65                                                                         | )      |
|   | 1,984,944                      |   | 6/30/10      |   | 4.45                                             | %      | (59.65                                                                         | )      |
|   | 2,757,000                      |   | 8/5/10       |   | 4.50                                             | %      | (49.65                                                                         | )      |
| $      |  41,156,509               |   |         |   |                                             |   |                                                                           |   |

----

**WGNB      Corp.**

**Notes      to Consolidated Financial Statements**

**June      30, 2007**

**(unaudited)**

**(4)        Contingent Liabilities**

**Contingent      Liabilities **

**(5)        Material Business Combination**

----

**WGNB      Corp.**

**Notes      to Consolidated Financial Statements**

**June      30, 2007**

**(unaudited)**

**5)          Material Business Combination, continued**

| (In                thousands)                |   | First                Haralson                Corporation |    |
|----------------------------------------------|--------|----------------------------------------------------------|---------|
| Assets                acquired:              |   |                                                     |    |
| Cash                and cash equivalents     |   | $                                                        | 8,196   |   |
| Federal                Funds sold            |   |                                                     | 9,241   |   |
| Securities                available for sale |   |                                                     | 43,348  |   |
| Loans,                net                    |   |                                                     | 136,735 |   |
| Premises                and equipment        |   |                                                     | 7,817   |   |
| Core                deposit intangible       |   |                                                     | 5,700   |   |
| Goodwill                                     |   |                                                     | 24,026  |   |
| Other                assets                  |   |                                                     | 5,758   |   |
| Total                assets acquired         |   |                                                     | 240,821 |   |
|                                         |   |                                                     |    |   |
| Liabilities                assumed:          |   |                                                     |    |   |
| Deposits                                     |   |                                                     | 180,843 |   |
| Other                borrowed funds          |   |                                                     | 7,500   |   |
| Other                liabilities             |   |                                                     | 3,846   |   |
| Total                liabilities assumed     |   |                                                     | 192,189 |   |
| Net                assets acquired           |   | $                                                        | 48,632  |   |

|                (In                thousands) |   |  Three                  Months Ended June                30, |   | Six                  Months Ended June                30, |   |
|---------------------------------------------------|--------|------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|
|                                              |   | 2007                                                                   |   | 2006                                                           |   | 2007 |   | 2006 |   |
| Total                revenue                      |   | $                                                                      | 18,482 |                                                           |   | 15,343 |   |   | 37,360 |   |   | 30,072 |   |
| Net                income                         |   |                                                                   | 2,034  |                                                           |   | 2,561 |   |   | 5,192 |   |   | 4,932 |   |
|                                              |   |                                                                   |   |                                                           |   |   |   |   |   |   |   |   |   |
| Diluted                earnings per share         |   |                                                                   | 0.33   |                                                           |   | 0.42 |   |   | 0.85 |   |   | 0.81 |   |

**(6)        Recent Accounting Pronouncements**

**The      Fair Value Option for Financial Assets and Financial      Liabilities**
** **

*The      Fair Value Option for Financial Assets and Financial      Liabilities*

----

**Item      2.**
**      Management’s Discussion and Analysis of Financial Condition and Results of      Operations **

**Cautionary      Notice Regarding Forward-Looking Statements**

|  | · | the                effect of changes in laws and regulations, including federal and                state                banking laws and regulations, with which the Company or the Bank                must                comply, and the associated costs of compliance with such laws and                regulations either currently or in the future as applicable; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the                effect of changes in accounting policies, standards, guidelines or                principles, as may be adopted by the regulatory agencies as well                as by the                Financial Accounting Standards Board; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the                effect of changes in the Company’s organization, compensation and benefit                plans; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------|

|  | · | the                effect on the Company’s competitive position within its market area of the                increasing consolidation within the banking and financial services                industries, including the increased competition from larger regional                and                out-of-state banking organizations as well as non-bank providers                of                various financial services; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the                effect of changes in interest rates; |
|--|--------|---------------------------------------------------------|

|  | · | the                effect of changes in the business cycle and downturns in local, regional                or national economies; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | · | the                matters described under Part I, Item 1A, Risk Factors in the Company’s                Annual Report on Form 10-K for the year ended December 31, 2006. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Critical      Accounting Policies**

----

**Results      of Operations **

*Overview*

*Net      Interest Income*

----

*Non-Interest      Income*

----

*Non-Interest      Expense *

*Income      Taxes*

*Provision      and Allowance for Loan Losses*

----

**Allowance      for Loan Loss **

|                                                                                                          |   | **For                the Six Months Ended** |      |
|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-----------|
|                                                                                                          |   | **June                30, 2007**            |      | **June                30, 2006** |   |
| Balance                at beginning of period                                                                 |   | $                                           | 5,748,355 |   |   | 5,327,406 |   |
| Charge-offs:                                                                                                  |   |                                        |      |   |   |   |   |
| Commercial,                financial and agricultural                                                         |   |                                        | 13,385    |   |   | 5,656 |   |
| Real                estate – construction                                                          |   |                                        | 12,540    |   |   | - |   |
| Real                estate – mortgage                                                              |   |                                        | 104,090   |   |   | 909,758 |   |
| Consumer                loans                                                                                 |   |                                        | 43,834    |   |   | 49,432 |   |
| Total                charge-offs                                                                              |   |                                        | 173,849   |   |   | 964,846 |   |
| Recoveries:                                                                                                   |   |                                        |      |   |   |   |   |
| Commercial,                financial and agricultural                                                         |   |                                        | 6,166     |   |   | 8,959 |   |
| Real                estate – construction                                                          |   |                                        | 429       |   |   | - |   |
| Real                estate – mortgage                                                              |   |                                        | 7,785     |   |   | - |   |
| Consumer                loans                                                                                 |   |                                        | 34,566    |   |   | 29,892 |   |
| Total                recoveries                                                                               |   |                                        | 48,946    |   |   | 38,851 |   |
| Net                charge-offs                                                                                |   |                                        | (124,903  | ) |   | (925,995 | ) |
| Provision                for loan losses                                                                      |   |                                        | 750,000   |   |   | 715,000 |   |
|                                                                                                          |   |                                        |      |   |   |   |   |
| Balance                at end of period                                                                       |   | $                                           | 6,373,452 |   |   | 5,116,411 |   |
|                                                                                                          |   |                                        |      |   |   |   |   |
| Ratio                    of net charge-offs during the period to average loans                    outstanding |   |                                        | .03       | % |   | .21 | % |
|                                                                                                          |   |                                        |      |   |   |   |   |
| Ratio                of allowance to total loans                                                              |   |                                        | 1.24      | % |   | 1.13 | % |

*Non-Performing      Assets and Past Due Loans*

**Financial      Condition**

*Overview*

*Assets      and Funding *

----

| **Loans**                                             |   | **June 30, 2007** |            | **December 31, 2006** |   |
|-------------------------------------------------------|--------|-----------------------------|-----------------|---------------------------------|--------|
| Commercial,                financial and agricultural |   | $                           | 54,645,048      |                            |   | 52,333,704 |   |
| Real                Estate – mortgage      |   |                        | 218,509,370     |                            |   | 219,563,340 |   |
| Real                Estate – construction  |   |                        | 213,558,268     |                            |   | 175,024,051 |   |
| Consumer                                              |   |                        | 29,211,297      |                            |   | 27,397,551 |   |
| **Total**                                             |   | **$**                       | **515,923,983** |                            |   | **474,318,646** |   |
|                                                  |   |                        |            |                            |   |   |   |
| Unearned                interest                      |   |                        | (762,633        | )                               |   | (817,406 | ) |
| Allowance                for loan losses              |   |                        | (6,373,452      | )                               |   | (5,748,355 | ) |
| **Net                Loans**                          |   | **$**                       | **508,787,898** |                            |   | **467,752,885** |   |

*Liquidity      and Capital Resources*

----

|                                                     |   | **    June                30, 2007** |       |
|----------------------------------------------------------|--------|----------------------------------------------------------|------------|
|                                                     |   | **Actual****Amount**                                     | ** ** | ** %** | ** ** | **Required ****Amount** | ** ** | **%** | ** ** | **Excess****Amount** | ** ** | **%** |   |
| Total                capital (to risk- weighted assets)  |   | $                                                        | 60,963     |   |   | 11.63 | % |   | 41,919 |   |   | 8.00 | % |   | 19,044 |   |   | 3.63 | % |
| Tier                1 capital (to risk- weighted assets) |   |                                                     | 54,590     |   |   | 10.42 | % |   | 20,960 |   |   | 4.00 | % |   | 33,630 |   |   | 6.42 | % |
| Tier                1 capital (to average assets)        |   |                                                     | 54,590     |   |   | 9.59 | % |   | 22,771 |   |   | 4.00 | % |   | 31,819 |   |   | 5.59 | % |

*Off      Balance Sheet Risks*

**Item      3. Quantitative and Qualitative Disclosures About Market Risk**

**Item      4. Controls and Procedures**

----

**Part      II – Other Information**

**Item      1.**
**Legal      Proceedings**

**Item      1A.**
**Risk      Factors**

**Item      2.**
**Unregistered      Sales of Equity Securities and Use of Proceeds**

**Item      3.**
**Defaults      Upon Senior Securities**

**Item      4.**
**Submission      of Matters to a Vote of Security Holders**

**Item      5.**
**Other      Information**

**Item      6.**
**Exhibits      **

|   | 3.1 | Amended                and Restated Articles of Incorporation (Incorporated by reference                to                Exhibit 3.1 to the Company’s Registration Statement on Form 10-SB filed                June 14, 2000 (the “Form 10-SB”). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Amended                and Restated Bylaws (Incorporated by reference to Exhibit 3.2 to                the Form                10-SB). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1 | See                exhibits 3.1 and 3.2 for provisions of Company’s Articles of Incorporation                and Bylaws defining the rights of                shareholders. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | Specimen                certificate representing shares of Common Stock (Incorporated by                reference                to Exhibit 4.2 to the Form                10-SB). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.3 | Rights                Agreement dated as of February 12, 1997 between the Company and SunTrust                Bank, Atlanta (Incorporated by reference to Exhibit 4.3 to the Form                10-SB). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 31.1 | Certification                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002 |
|--|------|----------------------------------------------------------------------------------------------------------------------------------|

|  | 31.2 | Certification                of Chief Financial Officer pursuant to Section 302 of the Sarbanes                Oxley                Act of 2002 |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 32.1 | Certification                of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley                Act of 2002 |
|--|------|----------------------------------------------------------------------------------------------------------------------------------|

|  | 32.2 | Certification                of Chief Financial Officer pursuant to Section 906 of the Sarbanes                Oxley                Act of 2002 |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SIGNATURES**

| **WGNB                CORP.** |
|-------------------------------|
|                          |   |
| By:                           | /s/                H. B. Lipham III |
|                          | H.                B. Lipham, III |
|                          | Chief                Executive Officer |
|                          | Principal                Executive Officer |
|                          |   |
| By:                           | /s/                Steven J. Haack |
|                          | Steven                J. Haack |
|                          | Secretary                and Treasurer |
|                          | Principal                Financial Officer |

----