<PAGE>   1
                                  United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934

                  For the Quarterly Period Ended June 30, 2001

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934

                            For the Transition Period

                         Commission File Number 0-16362

                           FIRST FRANKLIN CORPORATION
                           --------------------------
        (Exact name of small business issuer as specified in its charter)

             Delaware                                         31-1221029
             --------                                         ----------
    (State or Other Jurisdiction of                      (I.R.S. Employer
    Incorporation or Organization)                       Identification Number)

    4750 Ashwood Drive Cincinnati, Ohio                  45241
    -----------------------------------                  -----
    (Address of Principal Executive Offices)             (Zip Code)

          Issuer's Telephone Number, including Area Code (513) 469-5352


        -----------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)


                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of June 30, 2001 there were issued and outstanding 1,613,873 shares of the
Registrant's Common Stock.

Transitional Small Business Format (check one)
         Yes [ ]           No [X]


<PAGE>   2



                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY

                                      INDEX

                                                                        Page No.

Part I  Financial Information

Item 1.  Consolidated Balance Sheets -
         June 30, 2001 and December 31, 2000                                3

         Consolidated Statements of Income and Retained
         Earnings - Three and Six-month Periods ended June 30, 2001
         and 2000                                                           4

         Consolidated Statements of Cash Flows - Six-month
         Periods ended June 30, 2001 and 2000                               5

         Notes to Consolidated Financial Statements                         6


Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations                                7


Part II. Other Information                                                 15

Item 5.  Press Release dated June 26, 2001                                 16
         Press Release dated July 12, 2001                                 17

Signatures


                                       2

<PAGE>   3
PART I - ITEM 1.

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                       June 30,2001       Dec 31,2000
                                                       ------------       -----------
                                                       (Unaudited)
<S>                                                     <C>               <C>
                 ASSETS
Cash, including CD's & other interest-earning
  deposits of  $16,150 and $160, respectively           $  20,922          $   1,351
Investment securities
  Available-for-sale, at market value
     (amortized cost of $14,420 and
     $20,162, respectively)                                14,484             19,940
Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $16,343 and
     $31,026, respectively)                                16,601             30,993
  Held-to-maturity, at amortized cost
    (market value of $9,741 and
    $11,229, respectively)                                  9,530             11,145
Loans receivable, net                                     201,915            206,040
Real estate owned, net                                          0                  0
Stock in Federal Home Loan Bank
  of Cincinnati ("FHLB"), at cost                           3,679              3,351
Accrued interest receivable                                 1,432              1,444
Property and equipment, net                                 2,325              1,897
Other assets                                                1,901              1,533
                                                        =========          =========
                                                        $ 272,789          $ 277,694

                 LIABILITIES
Savings accounts                                        $ 197,479          $ 185,530
Borrowings                                                 52,230             68,978
Advances by borrowers for taxes
  and insurance                                               505              1,330
Other liabilities                                             441                544
                                                        =========          =========
     Total liabilities                                    250,655            256,382
                                                        =========          =========
     STOCKHOLDERS' EQUITY
Preferred stock; $.01 par value per share;
  500,000 shares authorized; no shares issued
Common stock; $.01 par value per share;
  2,500,000 shares authorized; 2,010,867
   shares issued                                               13                 13
Additional paid in capital                                  6,189              6,189
Treasury stock, at cost- 396,994 shares                    (3,888)            (3,888)
Retained earnings, substantially restricted                19,608             19,166
Accumulated other comprehensive income:
   Unrealized gain (loss) on available-for-sale
   securities, net of taxes of $109 at 06/30/01
   and $(87) at 12/31/00                                      212               (168)
                                                        ---------          ---------
     Total stockholders' equity                            22,134             21,312
                                                        =========          =========
                                                        $ 272,789          $ 277,694

</TABLE>

The accompanying notes are an integral part of the consolidated financial
statements.

                                       3
<PAGE>   4


                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
             CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
                 (Dollars in thousands, except per share data)

<TABLE>
<CAPTION>
                                              For the Three Months Ended           For the Six Months Ended
                                            June 30, 2001    June 30, 2000      June 30, 2001     June 30, 2000
                                            -------------    -------------      -------------     -------------
                                             (Unaudited)                         (Unaudited)
<S>                                           <C>               <C>               <C>               <C>
Interest income:
  Loans receivable                            $  3,786          $  3,466          $  7,708          $  6,686
  Mortgage-backed securities                       550               811             1,232             1,636
  Investment securities                            439               338               811               695
                                              --------          --------          --------          --------
                                                 4,775             4,615             9,751             9,017
Interest expense:
  Savings accounts                               2,506             2,280             4,910             4,555
  Borrowings                                       883               721             1,957             1,238
                                              --------          --------          --------          --------
                                                 3,389             3,001             6,867             5,793
                                              --------          --------          --------          --------
     Net interest income                         1,386             1,614             2,884             3,224

Provision for loan losses                           10                18                28                37
                                              --------          --------          --------          --------
     Net interest income after
       provision for loan losses                 1,376             1,596             2,856             3,187
                                              --------          --------          --------          --------
Noninterest income:
  Gain on loans sold                                43                 1               178                 3
  Gain on sale of investments                       35                 0                35                 0
  Service fees on NOW accounts                      75                63               145               116
  Other income                                     139                90               247               179
                                              --------          --------          --------          --------
                                                   292               154               605               298
Noninterest expense:
  Salaries and employee benefits                   556               538             1,095             1,078
  Occupancy expense                                169               144               329               293
  Advertising                                       92                75               136               189
  Federal deposit insurance premiums                23                10                46                20
  Service bureau expense                            77                63               146               125
  Other expenses                                   339               320               697               628
                                              --------          --------          --------          --------
                                                 1,256             1,150             2,449             2,333

Income before federal income taxes                 412               600             1,012             1,152

Provision for federal income taxes                 131               198               329               377
                                              --------          --------          --------          --------
     Net Income                               $    281          $    402          $    683          $    775

RETAINED EARNINGS-BEGINNING OF PERIOD         $ 19,448          $ 18,443          $ 19,166          $ 18,192
  Net income                                       281               402               683               775
  Less: dividends declared                        (121)             (121)             (241)             (243)
                                              --------          --------          --------          --------
RETAINED EARNINGS-END OF PERIOD               $ 19,608          $ 18,724          $ 19,608          $ 18,724

EARNINGS PER COMMON SHARE
        Basic                                 $   0.17          $   0.25          $   0.42          $   0.48
        Diluted                               $   0.17          $   0.25          $   0.42          $   0.48

DIVIDENDS DECLARED PER  COMMON SHARE          $  0.075          $  0.075          $  0.150          $  0.150
</TABLE>

The accompanying notes are an integral part of the consolidated financial
statements.


                                       4
<PAGE>   5

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                                       For The Six Months Ended
                                                                    June 30,2001      June 30,2000
                                                                    ------------      ------------
                                                                     (Unaudited)
<S>                                                                   <C>               <C>
Cash provided by (used in) operating activities:

Net income                                                            $    683          $    775

Adjustments to reconcile net income to net
   cash provided by operating activities:

     Provision for loan losses                                              28                37
     Depreciation and amortization                                         130                97
     FHLB stock dividend                                                  (128)              (77)
     Decrease in accrued interest receivable                               (12)             (240)
     Increase in other assets                                             (368)             (500)
     Decrease in other liabilities                                        (103)             (136)
     Other, net                                                            (94)              (31)
     Loans sold                                                         11,113               147
     Disbursements on loans originated for sale                         (3,785)                0
                                                                      --------          --------
Net cash provided by operating activities                                7,464                72
                                                                      ========          ========

Cash provided by (used in) investing activities:
  Loan principal reductions                                             25,397            16,399
  Disbursements on mortgage and other
     loans purchased or originated for investment                      (28,706)          (40,507)
  Repayments on mortgage-backed securities                               8,776             5,527
  Sale of available-for-sale mortgage-backed securities                  7,480                 0
  Purchase of available-for-sale investment securities                  (4,759)                0
  Proceeds from the sale of or maturity of available-for-sale
    investment securities                                               10,500                 5
  Purchase of FHLB stock                                                  (200)             (759)
  Capital expenditures                                                    (516)               (8)
                                                                      --------          --------
Net cash provided by (used in) investing activities                     17,972           (19,343)
                                                                      ========          ========

Cash provided by (used in) financing activities:
  Net decrease in deposits                                              11,949            (3,560)
  Borrowed money                                                       (16,748)           21,614
  Decrease in advances by borrowers
     for taxes and insurance                                              (825)             (806)
  Repurchase of common stock                                                 0              (155)
  Payment of dividends                                                    (241)             (243)
                                                                      --------          --------
Net cash provided by  (used in) financing activities                    (5,865)           16,850
                                                                      --------          --------

Net increase (decrease) in cash                                       $ 19,571          ($ 2,421)
Cash at beginning of period                                              1,351             3,688
                                                                      --------          --------
CASH AT END OF PERIOD                                                 $ 20,922          $  1,267
                                                                      ========          ========
</TABLE>

The accompanying notes are an integral part of the consolidated financial
statements.


                                       5
<PAGE>   6



                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the six-month period ended June 30, 2001
are not necessarily indicative of the results that may be expected for the full
year. The December 31, 2000 Balance Sheet data was derived from audited
financial statements, but does not include all disclosures required by generally
accepted accounting principles.


EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS

In July 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial Accounting Standards ("SFAS") No. 141, "Business Combinations",
which improves the transparency of the accounting and reporting for business
combinations by requiring that all business combinations be accounted for under
a single method-the purchase method. Use of the pooling-of-interest method is no
longer permitted. SFAS No. 141 is effective for all business combinations
initiated after June 30, 2001.

Also in July 2001, the FASB issued SFAS No. 142, "Goodwill and Other
Intangibles", which requires that goodwill no longer be amortized to earnings,
but instead be reviewed periodically for impairment. The change from
amortization to impairment regarding goodwill will provide investors with
greater transparency on the economic impact of goodwill on the financial
position and results of operations. SFAS No. 142 is effective upon adoption,
which will be January 1, 2002 for the Company.

SFAS No. 141 and 142 are not expected to have a material impact on the Company's
financial position or results of operations.


                                       6
<PAGE>   7



                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL

First Franklin Corporation is a savings and loan holding company that was
incorporated under the laws of the State of Delaware in September 1987 by
authorization of the Board of Directors of the Franklin Savings and Loan Company
("Franklin"). The Company acquired all of the common stock of Franklin issued in
connection with its conversion from the mutual to stock form of ownership, which
was completed on January 25, 1988.

First Franklin's mission is to maximize the value of the Company for
shareholders by adhering to the following values:

      1.  We will exceed the expectations of our customers regarding service
          and products.

      2.  Our success will be achieved through our employees' efforts.

      3.  Shareholder satisfaction enables us to continue serving our customers.

      4.  We have an obligation to support the communities we serve.

      5.  We will combine business success with integrity.

The Company's operating philosophy is to be an efficient and profitable
financial services organization with a professional staff committed to
maximizing shareholder value by structuring and delivering quality services that
attract customers and satisfy their needs and preferences. Management's goal has
been to maintain profitability and a strong capital position. It seeks to
accomplish this goal by pursuing the following strategies: (i) emphasizing real
estate lending in both the residential and commercial mortgage markets, (ii)
managing liability pricing, (iii) controlling interest rate risk, (iv)
controlling operating expenses, (v) using technology to improve employee
efficiency, and (vi) maintaining asset quality.

As a Delaware corporation, the Company is authorized to engage in any activity
permitted by the Delaware General Corporation Law. As a unitary savings and loan
holding company, the Company is subject to examination and supervision by the
Office of Thrift Supervision ("OTS"), although the Company's activities are not
limited by the OTS as long as certain conditions are met. The Company's assets
consist of cash, interest-earning deposits, and investments in Franklin,
DirectTeller Systems Inc. ("DirectTeller") and Financial Institutions Partners
lll, L.P. ("FIP lll").

Franklin is an Ohio chartered stock savings and loan headquartered in
Cincinnati, Ohio. It was originally chartered in 1883 as the Green Street Number
2 Loan and Building Company. The business of Franklin consists primarily of
attracting deposits from the general public and using those deposits, together
with borrowings and other funds, to originate and purchase investments and real
estate loans. Franklin operates seven banking offices in Hamilton County, Ohio
through which it offers a full range of consumer banking services, including
mortgage loans, home equity lines of credit, credit and debit cards, personal
and business checking accounts, auto loans, savings accounts, automated teller
machines and a voice response telephone inquiry system. To generate additional
fee income and enhance the products and services available to its customers,
Franklin also offers annuities, mutual funds and discount brokerage services in
its offices through an agreement with a third party broker dealer. Additionally,
Franklin offers an internet-based banking system which allows its customers to
transfer


                                       7
<PAGE>   8


funds between financial institutions, pay bills, transfer funds between
Franklin accounts, download account and transaction information into financial
management software programs and inquire about account balances and
transactions.

Franklin has one wholly owned subsidiary, Madison Service Corporation
("Madison"). Madison was formed in 1972 to allow Franklin to diversify into
certain types of business that, by regulation, savings and loans were unable to
enter. At the present time, Madison's assets consist solely of cash and
interest-earning deposits. Its only sources of income are the interest earned on
these deposits and the fees received as a result of the agreement with the third
party broker dealer that provides the discount brokerage services at Franklin's
offices.

First Franklin owns 51% of DirectTeller's outstanding common stock. DirectTeller
was formed in 1989 by the Company and DataTech Services Inc. to develop and
market a voice response telephone inquiry system to allow financial institution
customers to access information about their accounts via the telephone and a
facsimile machine. Franklin currently offers this service to its customers. The
inquiry system is currently in operation at Intrieve Inc., a computer service
bureau, which offers the DirectTeller system to the savings and loans it
services. The agreement with Intrieve gives DirectTeller a portion of the
profits generated by the use of the inquiry system by Intrieve's clients.

FIP lll is a limited partnership that invests in common stocks of financial
institutions. The Company has invested $500,000 in the partnership. At March 31,
2001, the Company's pro-rata interest in the partnership, as estimated by Hovde
Financial Inc., the general partner, had a net asset value of approximately
$710,000. There is not a readily determinable market for the Company's interest
in this partnership.

During October 2000, Franklin opened a lending office at 7944 Beechmont Avenue,
Cincinnati, Ohio. Permission to open a full service branch at that location was
received in December 2000. The full service branch at that location was opened
March 1, 2001.

Since the results of operations of Madison, DirectTeller and FIP lll have not
been material to the operations and financial condition of the Company, the
following discussion focuses primarily on Franklin.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Consolidated assets decreased $4.90 million (1.8%) from $277.69 million at
December 31, 2000 to $272.79 million at June 30, 2001, compared to a $17.34
million (6.9%) increase for the same period in 2000. During 2001,
mortgage-backed securities decreased $16.01 million, cash and investments
increased $14.12 million, loans receivable decreased $4.13 million, deposits
increased $11.95 million and borrowings decreased $16.75 million.

Loan disbursements were $32.49 million during the current six-month period
compared to $40.51 million during the six months ended June 30, 2000.
Disbursements during the second quarter of 2001 were $20.06 million compared to
$25.58 million during the same quarter in 2000. Mortgage loan sales were $11.11
million during the current six-month period. No loan sales occurred during the
first six months of 2000. At June 30, 2001, commitments to originate mortgage
loans were $2.10 million. At the same date, $2.61 million of undisbursed loan
funds were being held on various construction loans. The Company also had
undisbursed lines of credit on consumer and commercial loans of approximately
$5.12 million. Management believes that sufficient cash flow and borrowing
capacity exists to fund these commitments.


                                       8
<PAGE>   9

Liquid assets increased $14.12 million during the six months ended June 30,
2001, to $35.41 million. This increase reflects loan and mortgage-backed
securities repayments of $34.17 million, net savings deposits of $11.95 million,
loan sales of $11.11 million and sales of mortgage-backed securities of $7.48
million less loan disbursements of $32.49 million and a reduction in borrowings
of $16.75 million. Short-term liquid assets have been allowed to increase so
that future loan demand can be funded without using borrowings. At June 30,
2001, liquid assets were 12.98% of total assets

The Company's investment and mortgage-backed securities are classified based on
its current intention to hold to maturity or have available for sale, if
necessary. The following table shows the gross unrealized gains or losses on
mortgage-backed securities and investment securities as of June 30, 2001. No
securities are classified as trading.

<TABLE>
<CAPTION>
                                       Amortized      Unrealized    Unrealized      Market
                                         Cost           Gains         Losses         Value
                                       ----------------------------------------------------
                                                            (in thousands)
<S>                                     <C>             <C>           <C>           <C>
Available-for-sale
     Investment securities              $14,420         $  91         $  27         $14,484
     Mortgage-backed securities          16,343           258             0          16,601
Held-to-maturity
     Mortgage-backed securities           9,530           211             0           9,741
</TABLE>



At June 30, 2001, savings deposits were $197.48 million compared to $185.53
million at December 31, 2000. This is an increase of $4.85 million during the
current quarter and $11.95 million during the six months ended June 30, 2001.
During the six months ended June 30, 2001, core deposits (transaction and
passbook savings accounts) increased $3.65 million. During the same period,
short-term certificates (two years or less) increased $693,000 million and
certificates with original terms greater than two years increased $7.61 million.
The increase in long-term certificates reflects management's efforts to improve
its interest rate risk by lengthening the maturity of its deposits. Interest of
$2.18 million during the current quarter and $4.28 million during the current
six-month period was credited to accounts. After eliminating the effect of
interest credited, savings increased $2.67 million during the current quarter
and $7.67 million during the six months ended June 30, 2001.

At June 30, 2001 Franklin had outstanding Federal Home Loan Bank ("FHLB")
advances of $52.23 million at an average cost of 6.33%. During the next twelve
months, required principal reduction on amortizing advances will be $10.89
million.

In the low interest rate environment that prevailed throughout much of the
1990s, Franklin, like many financial institutions, was not able to attract a
significant amount of long-term deposits as customers opted to pursue short-term
investments so they would be poised to take advantage of rates when they did
rise. As a result, Franklin experienced a shortening of the maturities of its
liabilities. The low rates had the opposite effect on Franklin's assets, as
consumers took advantage of the low rates to lock-in long-term mortgages.
Although Franklin has sold some of its fixed-rate mortgages in recent years,
timing considerations and other market conditions have not always been conducive
to a sale. Consequently, Franklin emerged from the 1990s with a significant
mismatch between the repricing terms of its assets and liabilities. In May 2000,
Franklin submitted an Interest Rate Risk Compliance Plan to the OTS. The
objective of this plan was to increase Franklin's Interest Rate Risk rating to
"moderate risk", under OTS guidelines, by December 31, 2001. Many of the
initiatives discussed below were part of this plan. If provisions of this plan
are not complied with, the OTS could take actions which could limit Franklin's
activities, growth or earnings.


                                       9
<PAGE>   10

In response to the OTS' concerns about its interest rate risk position, during
the fourth quarter of 1999, Franklin implemented several initiatives to improve
its interest rate sensitivity. One initiative was to increase its capital
position, which Franklin addressed by suspending the payment of dividends to the
Company. It is not anticipated that this action will adversely affect the
ability of the Company to pay dividends to its shareholders. Although the
Company does not anticipate that it will need dividends from Franklin during
2001, a prolonged restriction could adversely affect the amount of funds
available to the Company in future years. Another initiative was to lengthen the
maturities of its liabilities, which Franklin has undertaken by emphasizing
thirty-nine month and five year certificates of deposit by pricing those
products more attractively, and to shorten the maturities of its assets, which
Franklin has addressed by limiting the origination of fixed-rate mortgages and
emphasizing the origination of one, three, and five-year adjustable-rate
mortgages. In addition, commercial and multi-family real estate loans originated
have shorter maturities with balloon payments due in five years or less. More
emphasis has been placed on the origination of home equity lines of credit and
adjustable-rate second mortgages, which are normally originated at higher rates
than first mortgage loans.

As a result of these initiatives, the composition of the loan portfolio has gone
from 33% adjustable, 56% fixed and 11% balloons at December 31, 1999 to 54%
adjustable, 35% fixed and 11% balloons at June 30, 2001. During the same time
frame, core deposits have increased from 24% to 25% of total deposits and
certificates with original maturities of three years or more have increased to
41% of total deposits from 24% at December 31, 1999. Because adjustable-rate
loans are normally originated at rates lower than fixed-rate loans and
longer-term certificates normally have higher rates than shorter-term
certificates, these initiatives could be expected to have a negative impact on
net interest income. At March 31, 2001, Franklin's interest rate risk position
had improved to a "moderate risk" classification under OTS guidelines.

At June 30, 2001, $1.08 million of assets were classified substandard, $176,000
classified loss and $4.41 million classified as special mention compared to
$800,000 as substandard, $176,000 as loss and $4.14 million as special mention
at December 31, 2000. Non-accruing loans and accruing loans delinquent ninety
days or more, net of reserves, were $1.22 million at June 30, 2001 and $875,000
at December 31, 2000. Because of the increase in delinquent loans and
substandard assets, the Company has enhanced its collection efforts. At June 30,
2001, the recorded investment in loans for which impairment under SFAS No. 114
has been recognized was immaterial to the Company's financial statements.

The following table shows the activity that has occurred on loss reserves during
the six months ended June 30, 2001.

                                                          (Dollars in thousands)
            Balance at beginning of period                        $1,060
            Charge offs                                                0
            Additions charged to operations                           28
            Recoveries                                                 0
                                                                  ------
            Balance at end of period                              $1,088


The Company's capital supports business growth, provides protection to
depositors, and represents the investment of stockholders on which management
strives to achieve adequate returns. The


                                       10
<PAGE>   11

Company continues to enjoy a strong capital position. At June 30, 2001, net
worth was $22.13 million, which is 8.11% of assets. At the same date, book value
per share was $13.71 compared to $13.21 at December 31, 2000.

The following table summarizes, as of June 30, 2001, the regulatory capital
position of Franklin.

<TABLE>
<CAPTION>
Capital Standard        Actual       Required       Excess       Actual      Required       Excess
                        ------       --------       ------       ------      --------       ------
                             (Dollars in thousands)
<S>                   <C>           <C>            <C>          <C>          <C>            <C>
Core                   $19,855       $10,832        $9,023        7.33%       4.00%          3.33%
Risk-based              20,705        12,606         8,099       13.18%       8.00%          5.18%
</TABLE>



OTS regulations define a "well capitalized" institution as having risk-based
capital of at least 10% and core capital of at least 5%. At June 30, 2001,
Franklin exceeded these requirements.

COMPREHENSIVE INCOME

Comprehensive income for the six months ended June 30, 2001 and 2000 was
$1,040,000 and $632,000, respectively. The difference between net income and
comprehensive income consists solely of the effect of unrealized gains and
losses, net of taxes, on available-for-sale securities.

RESULTS OF OPERATIONS

Net income was $281,000 ($0.17 per basic share) for the current quarter and
$683,000 ($0.42 per basic share) for the six months ended June 30, 2001. This
compares to earnings of $402,000 ($0.25 per basic share) for the second quarter
of 2000 and $775,000 ($0.48 per basic share) for the first six months of 2000.
The decline in net income during the current six-month period reflects a
$340,000 decrease in net interest income, a $210,000 increase in profits on the
sale of loans and investments, a $97,000 increase in fee and other income and a
$116,000 increase in operating expenses.

Net interest income, before provisions for loan losses, was $1.39 million for
the current quarter and $2.88 million for the first six months of 2001 compared
to $1.61 and $3.22 million, respectively, for the same periods in 2000. The most
significant impact on net interest income between periods relates to the changes
implemented by Franklin to reduce its interest rate risk. As discussed
previously, Franklin has placed emphasis on originating adjustable-rate
residential mortgages, short-term commercial mortgages, consumer loans and
longer-term liabilities. The growth in loans during the past year has been
funded by the growth in long-term certificates and FHLB advances and a reduction
in mortgage-backed securities. The following rate/volume analysis describes the
extent to which changes in interest rates and the volume of interest related
assets and liabilities have affected net interest income during the periods
indicated.


                                       11
<PAGE>   12


                    For the Six Month periods ended June 30,
                                  2001 vs 2000
<TABLE>
<CAPTION>

                                                                               Total
                                              Increase (decrease) due to      increase
                                             Volume            Rate          (decrease)
                                             ------            ----          ----------
Interest income attributable to:                        (Dollars in thousands)
<S>                                         <C>              <C>              <C>
  Loans receivable (1)                       $   968          $    54          $ 1,022
  Mortgage-backed securities                    (458)              54             (404)
  Investments                                     74               (9)              65
  FHLB stock                                      48                3               51
                                             -------          -------          -------
  Total interest-earning assets              $   632          $   102          $   734

Interest expense attributable to:
  Demand deposits                            $     9          ($   29)         ($   20)
  Savings accounts                                 6                9               15
  Certificates                                    27              334              361
  FHLB advances                                  556              162              718
                                             -------          -------          -------
  Total interest-bearing liabilities         $   598          $   476          $ 1,074

Increase (decrease) in net
  interest income                            $    34          ($  374)         ($  340)

</TABLE>

-----------------

(1) Includes non-accruing loans.



As the tables below illustrate, average interest-earning assets increased $15.99
million to $267.04 million during the six months ended June 30, 2001, from
$251.05 million for the six months ended June 30, 2000. Average interest-bearing
liabilities increased $19.87 million from $233.09 million for the six months
ended June 30, 2000, to $252.96 million for the current six-month period. Thus,
average net interest-earning assets decreased $3.88 million when comparing the
two periods. The interest rate spread (the yield on interest-earning assets less
the cost of interest-bearing liabilities) was 1.87% for the six months ended
June 30, 2001, compared to 2.21% for the same period in 2000. The decrease in
the interest rate spread was the result of an increase in the cost of
interest-bearing liabilities from 4.97% for the six months ended June 30, 2000,
to 5.43% for the same six-month period in 2001. This increase in the cost of
interest-bearing liabilities reflects an increase in the cost of certificates
from 5.57% for the six months ended June 30, 2000 to 6.04% for the current six
months and an increase in the cost of FHLB advances from 5.75% to 6.44% when
comparing the same periods. This was due to an increase in longer-term
certificates and borrowings which are normally at higher rates than shorter-term
instruments.


                                       12
<PAGE>   13
<TABLE>
<CAPTION>
                                                  For the Six Months ended June 30, 2001
                                                         Average
                                                       outstanding        Yield/cost
                                                       -----------        ----------
                                                   (Dollars in thousands)
<S>                                                      <C>                <C>
  Average interest-earning assets
     Loans                                               $204,165            7.55%
     Mortgage-backed securities                            36,418            6.77%
     Investments                                           22,854            5.98%
     FHLB stock                                             3,604            7.10%
                                                         --------            ----
       Total                                             $267,041            7.30%

  Average interest-bearing liabilities
     Demand deposits                                     $ 26,373            1.93%
     Savings accounts                                      21,740            2.81%
     Certificates                                         144,101            6.04%
     FHLB advances                                         60,744            6.44%
                                                         --------            ----
       Total                                             $252,958            5.43%

Net interest-earning assets/interest rate spread         $ 14,083            1.87%
</TABLE>


<TABLE>
<CAPTION>
                                                  For the Six Months ended June 30,2000
                                                         Average
                                                       outstanding        Yield/cost
                                                       -----------        ----------
                                                  (Dollars in thousands)
<S>                                                     <C>                 <C>
  Average interest-earning assets
     Loans                                               $178,525            7.49%
     Mortgage-backed securities                            49,910            6.56%
     Investments                                           20,375            6.07%
     FHLB stock                                             2,243            6.87%
                                                         --------            ----
       Total                                             $251,053            7.18%

  Average interest-bearing liabilities
     Demand deposits                                     $ 25,569            2.14%
     Savings accounts                                      21,306            2.72%
     Certificates                                         143,147            5.57%
     FHLB advances                                         43,070            5.75%
                                                         --------            ----
       Total                                             $233,092            4.97%

Net interest-earning assets/interest rate spread         $ 17,961            2.21%

</TABLE>


Noninterest income was $292,000 for the quarter and $605,000 for the six months
ended June 30, 2001 compared to $154,000 for the same quarter in 2000 and
$298,000 for the six months ended June 30, 2000. The increase in noninterest
income when comparing the six-month periods is the result of an increase in
profits on the sale of mortgage-backed securities of $35,000, a $175,000
increase in profits on the sale of loans and a $29,000 increase in checking
account fees.

                                       13
<PAGE>   14

Noninterest expenses were $1.26 million for the current quarter and $2.45
million for the current six-month period compared to $1.15 million for the same
quarter in 2000 and $2.33 million for the six months ended June 30, 2000. As a
percentage of average assets, this is 1.77% for the six months ended June 30,
2001 compared to 1.83% for the first six months of 2000. The increase during the
current six-month period reflects a $36,000 increase in occupancy expense due to
the opening of a new office, an increase in federal deposit insurance costs of
$26,000, an increase in regulatory assessments of $15,000 and an increase in
service bureau expense of $21,000.



                                       14
<PAGE>   15



PART II

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY

Item 1.  LEGAL PROCEEDINGS

         There are no material pending legal proceedings to which the Company or
any of its subsidiaries is a party or to which any of their property is subject.

Item 2.  CHANGES IN SECURITIES

         None

Item 3.  DEFAULTS UPON SENIOR SECURITIES

         None

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         At the Annual Meeting of Shareholders held on April 23, 2001, the
following items were voted on by the shareholders:

<TABLE>
<CAPTION>
                                                                               Voting
                                                                              Negative
                                                                                 or
                                                               Affirmative    Withheld    Abstentions
<S>                                                            <C>            <C>         <C>
         Reelection of the following directors:

                  James E. Hoff, S.J.                           1,312,806      132,397
                  Thomas H. Siemers                             1,311,956      133,247

         Ratification of the selection of Clark, Schaefer,
         Hackett & Co. as independent accountants
         for the current fiscal year.                           1,428,987       14,004       2,212
</TABLE>


Item 5.  OTHER INFORMATION

         A. Press Release dated June 26, 2001
         B. Press Release dated July 12, 2001


Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

         No current reports on Form 8-K were filed during the quarter ended June
30, 2001.


                                       15
<PAGE>   16



                           First Franklin Corporation
                    4750 Ashwood Drive Cincinnati, Ohio 45241
                        (513) 469-8000 Fax (513) 469-5360


June 26, 2001
Cincinnati, Ohio


First Franklin Corporation Declares Quarterly Dividend


The Board of Directors of First Franklin Corporation has declared a dividend of
$0.075 per share for the second quarter of 2001. This is the fifty-fourth
consecutive dividend paid by the company. The quarterly dividend will be payable
July 16, 2001 to shareholders of record as of July 6, 2001. In accordance with
NASD regulations, the ex-dividend date for this dividend payment is expected to
be July 3, 2001. Persons who buy or sell shares should consult their brokers
regarding the timing of their transactions and the effect of the ex-dividend
date.

First Franklin is the parent of Franklin Savings, which has eight locations in
Greater Cincinnati. The Corporation's common stock is traded on the Nasdaq
National Market under the symbol "FFHS".

CONTACT: Thomas H. Siemers
         President and CEO
         (513) 469-8000


                                       16
<PAGE>   17




                           First Franklin Corporation
                    4750 Ashwood Drive Cincinnati, Ohio 45241
                        (513) 469-8000 Fax (513) 469-5360


July 12, 2001
Cincinnati, Ohio


First Franklin Corporation Announces Earnings


First Franklin Corporation, the parent of Franklin Savings and Loan Company,
Cincinnati, Ohio today announced earnings of $281,000 ($0.17 per share) for the
second quarter of 2001 and $683,000 ($0.42 per share) for the six months ended
June 30, 2001. This compares to earnings of $402,000 ($0.25 per share) for the
second quarter of 2000 and $775,000 ($0.48 per share) for the six months ended
June 30, 2000.

Franklin Savings has eight locations in Greater Cincinnati. The Corporation's
common stock is traded on the Nasdaq National Market under the symbol "FFHS".

CONTACT: Thomas H. Siemers
         President and CEO
         (513) 469-8000



                                       17

<PAGE>   18



                                   SIGNATURES


In accordance with the requirements of the Exchange Act, the Registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                     FIRST FRANKLIN CORPORATION


                                     /s/ Daniel T. Voelpel
                                     -----------------------------
                                     Daniel T. Voelpel
                                     Vice President and Chief Financial Officer


Date:  August 10, 2001


                                       18