<PAGE>   1
                       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 September 30, 1998

 [ ] 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 Registrant 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)

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

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding twelve months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been subject to such
requirements for the past 90 days.

       Yes  [X]     NO  [ ]


As of September 30,1998 there were issued and outstanding 1,704,373 shares of
the Registrant's Common Stock.

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

<PAGE>   2

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY

                                      INDEX

<TABLE>
<CAPTION>
                                                                           Page No.


PART I    FINANCIAL INFORMATION

<S>                                                                           <C>
Item 1.   Consolidated Balance Sheets -
              September 30, 1998 and December 31, 1997                          3

             Consolidated Statements of Income and Retained
             Earnings - Three and Nine Month Periods ended
             September 30, 1998 and 1997                                        4

             Consolidated Statements of Cash Flows - Nine Month
             Periods ended September 30, 1998 and 1997                          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                                                   13

Item 5.    Press Release Dated September 22, 1998                              14
           Press Release Dated October 14, 1998                                15



Signatures
</TABLE>


<PAGE>   3

Part I - Item 1.

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

<TABLE>
<CAPTION>
                                                      Sept 30, 1998      Dec 31, 1997
                                                     --------------     --------------
                                                      (Unaudited)
<S>                                                        <C>                <C>     
     ASSETS
Cash, including CD's & other interest-earning
  deposits of $1,620 and $3,380, respectively                $4,564             $5,990
Investment securities
  Available-for-sale, at market value
     (amortized cost of $26,536 and
     $29,740, respectively)                                  26,729             29,829
Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $30,958 and
     $18,208, respectively)                                  31,268             18,755
  Held-to-maturity, at amortized cost
    (market value of $13,729 and
    $17,165, respectively)                                   13,594             17,158
Loans receivable, net                                       149,524            152,753
Real estate owned, net                                            0                  0
Stock in Federal Home Loan Bank
  of Cincinnati, at cost                                      1,758              1,809
Accrued interest receivable                                   1,493              1,433
Property and equipment, net                                   2,064              1,980
Other assets                                                    885                797
                                                     --------------     --------------
                                                           $231,879           $230,504

     LIABILITIES
Savings accounts                                           $198,830           $202,206
Borrowings                                                   11,136              5,462
Advances by borrowers for taxes
  and insurance                                                 664              1,067
Other liabilities                                               385                541
                                                     --------------     --------------
     Total liabilities                                      211,015            209,276
                                                     --------------     --------------
     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                                    6,190              6,190
Treasury stock, at cost- 306,494 and 222,833
   shares, respectively                                      (2,630)            (1,344)
Unrealized gain on available-for-sale securities,
   net of taxes of $171 and $216, respectively                  332                420
Retained earnings, substantially restricted                  16,959             15,949
                                                     --------------     --------------
     Total stockholders' equity                              20,864             21,228
                                                     --------------     --------------
                                                           $231,879           $230,504
</TABLE>

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

                                     Page 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 Nine Months Ended
                                                  Sept 30, 1998    Sept 30, 1997    Sept 30, 1998    Sept 30, 1997
                                                  ------------     ------------     ------------     ------------
                                                          (Unaudited)                        (Unaudited)

<S>                                                    <C>              <C>              <C>              <C>    
Interest income:
  Loans receivable                                      $2,922           $3,075           $8,983           $9,087
  Mortgage-backed securities                               600              628            1,715            1,878
  Investment securities                                    611              510            1,843            1,291
                                                  ------------     ------------     ------------     ------------
                                                         4,133            4,213           12,541           12,256
Interest expense:
  Savings accounts                                       2,558            2,644            7,687            7,529
  Borrowings                                               142               99              322              305
                                                  ------------     ------------     ------------     ------------
                                                         2,700            2,743            8,009            7,834
                                                  ------------     ------------     ------------     ------------
     Net interest income                                 1,433            1,470            4,532            4,422

Provision for loan losses                                   11               21               53               63
                                                  ------------     ------------     ------------     ------------
     Net interest income after
       provision for loan losses                         1,422            1,449            4,479            4,359
                                                  ------------     ------------     ------------     ------------
Noninterest income:
  Gain on loans sold                                        83               56              175              120
  Gain on sale of investments                               47                0              215                0
  Service fees on NOW accounts                              65               51              179              148
  Other income                                              95               64              251              155
                                                  ------------     ------------     ------------     ------------
                                                           290              171              820              423
Noninterest expenses:
  Salaries and employee benefits                           512              469            1,470            1,341
  Occupancy expense                                        177              148              499              444
  Federal insurance premiums                                31               32               94               70
  Service bureau expense                                    63               58              179              170
  Other expenses                                           316              301              979              965
                                                  ------------     ------------     ------------     ------------
                                                         1,099            1,008            3,221            2,990

Income before federal income taxes                         613              612            2,078            1,792

Provision for federal income taxes                         201              203              686              593
                                                  ------------     ------------     ------------     ------------
     Net Income                                           $412             $409           $1,392           $1,199


RETAINED EARNINGS-BEGINNING OF PERIOD                  $16,676          $15,289          $15,949          $14,688
  Net income                                               412              409            1,392            1,199
  Less: dividends declared                                (129)            (120)            (382)            (309)
                                                  ------------     ------------     ------------     ------------
RETAINED EARNINGS-END OF PERIOD                        $16,959          $15,578          $16,959          $15,578

EARNINGS PER COMMON SHARE
        Basic                                            $0.24            $0.23            $0.79            $0.68
        Diluted                                          $0.24            $0.23            $0.79            $0.66

DIVIDENDS DECLARED PER
 COMMON SHARE                                           $0.075           $0.067           $0.217           $0.173
</TABLE>

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

                                     Page 4
<PAGE>   5

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

<TABLE>
<CAPTION>
                                                                   For The Nine Months Ended
                                                                 Sept 30, 1998    Sept 30, 1997
                                                                 ------------     ------------
                                                                           (Unaudited)
<S>                                                              <C>              <C>     
Cash provided by (used in) operating activities:

Net income                                                             $1,392           $1,199

Adjustments to reconcile net income to net
   cash provided by (used in) operating activities:

     Provision for loan losses                                             53               63
     Depreciation and amortization                                        171              130
     FHLB stock dividend                                                  (95)             (93)
     Increase in accrued interest receivable                              (60)            (202)
     Decrease (Increase) in other assets                                  (88)              61
     Increase (Decrease) in other liabilities                            (156)              35
     Other, net                                                            88             (161)
     Loans sold                                                         9,211            6,737
     Disbursements on loans originated for sale                        (7,905)          (6,001)
                                                                 ------------     ------------
Net cash provided by operating activities                               2,611            1,768
                                                                 ------------     ------------

Cash provided by (used in) investing activities:
  Loan principal reductions                                            32,312           22,960
  Disbursements on mortgage and other
     loans purchased or originated for investment                     (30,556)         (25,858)
  Repayments on mortgage-backed securities                              8,018            3,851
  Purchase of available-for-sale mortgage-backed securities           (23,565)          (2,551)
  Sale of available-for-sale mortgage-backed securities                 6,335                0
  Purchase of available-for-sale investment securities                (25,425)         (21,644)
  Proceeds from the sale of or maturity of available-for-sale
    investment securities                                              28,655            9,820
  Sale of Federal Home Loan Bank stock                                    146               67
   Proceeds from the sale of real estate owned                              0              173
  Capital expenditures                                                   (184)            (171)
                                                                 ------------     ------------
Net cash used in investing activities                                  (4,264)         (13,353)
                                                                 ------------     ------------

Cash provided by (used in) financing activities:
  Net decrease in passbook accounts
    and demand deposits                                                (2,320)          (5,098)
  Proceeds from the sale of certificates
    of deposit                                                         61,840           62,206
  Payments for maturing certificates
    of deposit                                                        (62,896)         (48,626)
  Borrowed money (repayments)                                           5,674             (312)
  Decrease in advances by borrowers
     for taxes and insurance                                             (403)            (435)
  Proceeds from the sale of common stock                                    0               35
  Repurchase of common stock                                           (1,286)               0
  Payment of dividends                                                   (382)            (309)
                                                                 ------------     ------------
Net cash provided by financing activities                                 227            7,461
                                                                 ------------     ------------

Net decrease in cash                                                  ($1,426)         ($4,124)
Cash at beginning of period                                             5,990           10,009
                                                                 ------------     ------------
CASH AT END OF PERIOD                                                  $4,564           $5,885
</TABLE>

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

                                     Page 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 three and nine month periods ended
September 30, 1998 are not necessarily indicative of the results that may be
expected for the full year. The December 31, 1997 Balance Sheet data was derived
from audited Financial Statements, but does not include all disclosures required
by generally accepted accounting principles.

STOCK SPLIT

On May 11,1998, a three-for-two stock split took place. All references in the
accompanying financial statements to the number of common shares and per share
amounts have been adjusted to reflect the stock split.

EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS

On March 3, 1997, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standard ("SFAS") No. 128 "Earnings per Share"
which replaces the previous presentation of "primary" and "fully diluted"
earnings per share with newly defined "basic" and "diluted" earnings per share.
"Basic" earnings per share do not include dilutive effects on earnings.
"Diluted" earnings per share reflect the potential dilution of securities that
could share in an enterprise's earnings. The statement requires dual
presentation of basic and diluted earnings per share on the income statement for
all entities having complex capital structures. It is effective for all
financial statements issued for periods ending after December 15, 1997.

SFAS No. 130, "Reporting Comprehensive Income" was issued by the FASB in June
1997. This statement requires that all items that are required to be recognized
under accounting standards as components of comprehensive income be reported in
a financial statement that is displayed with the same prominence as other
financial statements. For interim period reporting, an enterprise is required to
report a total for comprehensive income. The Company adopted SFAS No. 130
beginning January 1, 1998.

Comprehensive income for the nine months ended September 30, 1998 and 1997 was
$1,446,000 and $1,391,000, 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.



                                     Page 6
<PAGE>   7

PART I - ITEM 2.

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

GENERAL

First Franklin Corporation ("Company") is a savings and loan holding company
which 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.

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
lending in the one- to four-family residential mortgage market, (ii) managing
deposit pricing, (iii) controlling interest rate risk, (iv) controlling
operating expenses (v) controlling asset growth, and (vi) maintaining asset
quality.

As a Delaware corporation, First Franklin 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, investment securities, and investments in Franklin and
DirectTeller Systems Inc. ("DirectTeller").

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 for retention in its portfolio and sale in the secondary market.
Franklin operates seven banking offices in Hamilton County, Ohio through which
it offers a full range of consumer banking services, including mortgage loans,
credit and debit cards, 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.
Franklin receives a portion of the sales commissions earned on these products.

Legislation has been proposed which would restructure the federal banking
system. First Franklin might be required to become a bank holding company, which
would subject it to more restrictive activity limits and to capital requirements
similar to those imposed on Franklin Savings. The Company cannot evaluate how
this legislation may impact it until it has been enacted.

                                     Page 7

<PAGE>   8

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 which, 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.

In September 1997 management and the Board of Directors reviewed the Company's
strategic plan and established the strategic objectives for the next few years.
These objectives include greater emphasis on training, technology, new lending
programs and noninterest income.

Since the results of operations of Madison and DirectTeller 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 increased $1.4 million (0.6%) from $230.5 million at
December 31, 1997 to $231.9 million at September 30,1998, compared to a $8.9
million (4.0%) increase for the same period in 1997. During 1998 mortgage-backed
securities increased $8.9 million, cash and investments decreased $4.5 million,
loans receivable decreased $3.2 million, borrowings increased $5.7 million and
deposits decreased $3.4 million.

Loan disbursements were $38.5 million during the current nine month period
compared to $31.9 million during the nine months ended September 30,1997.
Disbursements during the third quarter of 1998 were $12.8 million compared to
$10.9 million during the same quarter in 1997. Loan sales during the current
nine month period were $9.2 million. At September 30, 1998, commitments to
originate mortgage loans were $5.7 million. At the same date, $3.3 million of
undisbursed loan funds were being held on various construction loans. Management
believes that sufficient cash flow and borrowing capacity exists to fund these
commitments.

Liquid assets decreased $4.5 million during the nine months ended September
30,1998 to $31.3 million. This decrease reflects loan sales of $9.2 million,
loan and mortgage-backed securities repayments of $40.3 million, sales of
mortgage-backed securities of $6.3 million and an increase in borrowings of $5.7
million less loan disbursements of $38.5 million, a decrease in savings accounts
of $3.4 million and purchases of mortgage-backed securities of $23.6 million. At
September 30, 1998 liquid assets were 13.5% 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 September 30,1998.
During the current nine month period, sales of investments and mortgage-backed
securities were $16.0 million. These sales resulted in a profit of $215,000. No
securities are classified as trading.


                                     Page 8


<PAGE>   9

<TABLE>
<CAPTION>
                                               Amortized    Unrealized  Unrealized  Market
                                                  Cost        Gains       Losses    Value
                                                --------------------------------------------
                                                         (in thousands)
<S>                                               <C>           <C>          <C>   <C>    
 Available-for-sale
      Investment securities                       $26,536       $199         $6    $26,729
      Mortgage-backed securities                   30,958        312          2     31,268
 Held-to-maturity
      Mortgage-backed securities                   13,594        147         12     13,729
</TABLE>


At September 30, 1998 savings deposits were $198.8 million compared to $202.2
million at December 31, 1997. This is a decrease of $3.4 million during the
current nine month period. During the nine months ended September 30,1998, core
deposits (transaction and passbook savings accounts) decreased $2.3 million.
During the same period, short term certificates (two years or less) decreased
$2.7 million and certificates with original terms greater than two years
increased $1.6 million. Interest of $2.3 million during the current quarter and
$6.9 million during the current nine month period was credited to accounts.
After eliminating the effect of interest credited, savings decreased $9.0
million during the three month period and $10.3 million during the nine month
period ended September 30, 1998.

Borrowings at September 30, 1998 consisted of the following Federal Home Loan
Bank advances:

<TABLE>
<CAPTION>
                                 Maturity     Interest
                                   Date         Rate               Balance
                                                           (Dollars in Thousands)

<S>                              <C>            <C>              <C>      
                                 05/01/06       8.15%                $202     
                                 06/17/08       5.10%               2,000     
                                 06/18/08       5.38%               2,000     
                                 09/08/08       4.80%               2,000     
                                 10/01/10       6.35%               3,516     
                                 12/01/10       6.30%               1,418     
                    Total                       5.70%             $11,136     
</TABLE>
                                                                 
At September 30, 1998, $1.6 million of assets were classified substandard,
$355,000 classified loss and $1.3 million classified as special mention compared
to $1.2 million as substandard, $333,000 as loss and $2.0 million as special
mention at December 31, 1997. Non-accruing loans and accruing loans delinquent
ninety days or more, net of reserves, were $1.45 million at September 30, 1998
and $936,000 at December 31, 1997. The Company believes that, due to enhanced
collection efforts, the increase in delinquent loans and substandard assets will
be reversed in the next three to six months. At September 30, 1998 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 nine months ended September 30, 1998.

<TABLE>
<CAPTION>
                                     (Dollars in Thousands)
<S>                                                     <C>   
                 Balance at beginning of period         $1,015
                 Charge offs                                 0
                 Additions charged to operations            53
                 Recoveries                                  2
                                                        ------
                 Balance at end of period               $1,070
</TABLE>

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. First Franklin continues to enjoy a strong
capital position. At September 30, 1998, net worth was $20.9 million, which is
9.00% of assets. At the same date, book value per share was $12.24 compared to
$11.87 at December 31, 1997.

The following table summarizes, as of September 30, 1998, the regulatory capital
position of our subsidiary, Franklin Savings.

<TABLE>
<CAPTION>
CAPITAL STANDARD             Actual     Required     Excess       Actual      Required      Excess
                               (Dollars in Thousands)
<S>                         <C>          <C>         <C>           <C>          <C>          <C>  
Core                        $15,535      $9,196      $6,339        6.76%        4.00%        2.76%
Risk-based                   16,250       8,307       7,943       15.65%        8.00%        7.65%
</TABLE>


                                     Page 9

<PAGE>   10

RESULTS OF OPERATIONS

Net income was $412,000 ($0.24 per basic share) for the current quarter compared
to $409,000 ($0.23 per basic share) for the quarter ended September 30, 1997.
During the current nine month period, income increased 16% to $1,392,000 ($0.79
per basic share) from $1,199,000 ($0.68 per basic share) for the nine months
ended September 30, 1997. This $193,000 increase in net income during the nine
month period reflects a $110,000 increase in net interest income, $215,000
profits on the sale of investments, and a $55,000 increase in gains on the sale
of loans less a $231,000 increase in operating expenses.

Net interest income, before provisions for loan losses, was $1.43 million for
the current quarter and $4.53 million for the first nine months of 1998 compared
to $1.47 and $4.42 million, respectively, for the same periods in 1997. The most
significant impact on net interest income between periods relates to the
interaction of changes in the volume of and rates earned or paid on
interest-earning assets and interest-bearing liabilities. 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.

<TABLE>
<CAPTION>
                                             For the Nine Month Periods ended Sept 30,
                                                          1998  vs   1997
                                                                                Total
                                            Increase (Decrease) due to         Increase
                                              Volume            Rate          (Decrease)
                                              ------           ------           ------
<S>                                           <C>              <C>              <C> 
INTEREST INCOME ATTRIBUTABLE TO:                       (Dollars in Thousands)
  Loans receivable (1)                          ($50)            ($53)           ($103)
  Mortgage-backed securities                     (17)            (146)            (163)
  Investments                                    374              177              551
  FHLB stock                                       0                0                0
                                              ------           ------           ------
  Total interest-earning assets                 $307             ($22)            $285

INTEREST EXPENSE ATTRIBUTABLE TO:
  Demand deposits                               ($22)             ($1)            ($23)
  Savings accounts                               (11)              (2)             (13)
  Certificates                                   248              (54)             194
  FHLB advances                                   38              (21)              17
                                              ------           ------           ------
  Total interest-bearing liabilities            $253             ($78)            $175

Increase in net interest income                  $54              $56             $110
</TABLE>

                         (1) Includes non-accruing loans


As the tables below illustrate, average interest-earning assets increased $6.8
million to $226.7 million during the nine months ended September 30, 1998 from
$219.9 million for the nine months ended September 30, 1997. Average
interest-bearing liabilities increased $4.8 million from $205.2 million for the
nine months ended September 30, 1997 to $210.0 million for the current nine
month period. Thus, average net interest-earning assets increased $2.0 million
when comparing the two periods. The interest rate spread (the yield on
interest-earning assets less the cost of interest-bearing liabilities) was 2.30%
for the nine months ended September 30, 1998 compared to 2.34% for the same
period in 1997. The decline in the interest rate spread was the result of a
decrease in the yield on interest-earning assets from 7.43% for the nine months
ended September 30, 1997 to 7.38% for the same nine month period in 1998.

                                     Page 10

<PAGE>   11

<TABLE>
<CAPTION>
                                                            For the Nine Months ended September 30, 1998
                                                                      Average
                                                                     Outstanding       Yield/Cost
                                                                      --------          --------
                                                                  ($ in thousands)
<S>                                                                   <C>                  <C>  
  AVERAGE INTEREST-EARNING ASSETS
     Loans                                                            $152,334              7.86%
     Mortgage-backed securities                                         36,881              6.20%
     Investments                                                        35,696              6.53%
     FHLB stock                                                          1,754              7.22%
                                                                      --------          --------
       Total                                                          $226,665              7.38%

  AVERAGE INTEREST-BEARING LIABILITIES
     Demand deposits                                                   $22,014              2.16%
     Savings accounts                                                   22,453              2.74%
     Certificates                                                      158,279              5.79%
     FHLB advances                                                       7,281              5.90%
                                                                      --------          --------
       Total                                                          $210,027              5.08%

NET INTEREST-EARNING ASSETS/INTEREST RATE SPREAD                       $16,638              2.30%

<CAPTION>
                                                            For the Nine Months ended September 30,1997
                                                                      Average
                                                                     Outstanding       Yield/Cost
                                                                      --------          --------
                                                                                     ($ in thousands)
<S>                                                                   <C>                  <C>  
  AVERAGE INTEREST-EARNING ASSETS
     Loans                                                            $153,192             7.91%
     Mortgage-backed securities                                         37,220             6.73%
     Investments                                                        27,753             5.75%
     FHLB stock                                                          1,746             7.10%
                                                                      --------          --------
       Total                                                          $219,911             7.43%

  AVERAGE INTEREST-BEARING LIABILITIES
     Demand deposits                                                   $23,375             2.16%
     Savings accounts                                                   22,969             2.76%
     Certificates                                                      152,558             5.83%
     FHLB advances                                                       6,293             6.46%
                                                                      --------          --------
       Total                                                          $205,195             5.09%

NET INTEREST-EARNING ASSETS/INTEREST RATE SPREAD                       $14,716             2.34%
</TABLE>

Noninterest income was $290,000 for the quarter and $820,000 for the nine months
ended September 30, 1998 compared to $171,000 for the same quarter in 1997 and
$423,000 for the nine months ended September 30, 1997. The increase in
noninterest income when comparing the nine month periods is the result of
profits on the sale of investments and mortgage-backed securities of $215,000,
an increase of $55,000 in profits on the sale of loans, increased rental income
on the corporate office building and increased service fees on NOW accounts.

Noninterest expenses were $1.10 million for the current quarter and $3.22
million for the current nine month period compared to $1.01 million and $2.99
million for the three and nine month periods ended September 30,1997. As a
percentage of average assets, this is 1.84% for the current nine month period
compared to 1.75% for the first nine months of 1997.

                                     Page 11

<PAGE>   12

YEAR 2000 ISSUES

As with all financial institutions, Franklin's operations depend almost entirely
on computer systems. Franklin has addressed the potential problems associated
with the possibility that the computers which control or operate Franklin's
operating systems, facilities and infrastructure may not be programmed to read
four-digit date codes and, upon arrival of the year 2000, may recognize the
two-digit code "00" as the year 1900, causing systems to fail to function or to
generate erroneous data.

Franklin has developed a five stage action plan which assesses the magnitude of
the Year 2000 problem, provides a strategy that neutralizes the impact of these
problems, develops contingency plans to be implemented if critical systems do
not become Year 2000 compliant and develops testing procedures to insure that
systems are Year 2000 compliant. The status of this effort is reported to the
Board of Directors on a regular basis. The Company's technology committee meets
on a quarterly basis to monitor the progress being made and address any
concerns. The awareness and assessment phases of this plan are substantially
complete, the renovation phase is scheduled for completion during the fourth
quarter of 1998 and the validation phase is scheduled for completion by the end
of the first quarter of 1999.

All third party providers of software have either certified their product as
compliant or have indicated that they will be compliant by the end of the first
quarter of 1999. The major provider of data processing services to Franklin has
completed its migration to a Year 2000 ready platform operating system and data
base. Customer transaction testing is scheduled to be completed during the
fourth quarter of 1998. All computer equipment has been tested for Year 2000
compliance and any necessary replacements have been made.

Franklin has not identified any significant expenses which are reasonably likely
to be incurred in future periods in connection with this issue and does not
expect to incur significant expense to implement any necessary corrective
actions. No assurance can be given, at this time, that significant expense will
not be incurred in future periods. In the unlikely event that Franklin is
ultimately required to purchase replacement computer systems, programs and
equipment, or that substantial expense must be incurred to make Franklin's
current systems, programs and equipment Year 2000 compliant, Franklin's net
income and financial condition could be adversely affected.

In addition to possible expense related to its own systems, Franklin could incur
losses if loan payments are delayed due to year 2000 problems affecting any of
its significant borrowers or impairing the payroll systems of large employers in
Franklin's primary market area. Because Franklin's loan portfolio is highly
diversified with regard to individual borrowers and types of businesses and its
primary market area is not significantly dependent upon one employer or
industry, Franklin does not expect any significant or prolonged difficulties
that could affect net earnings or cash flow.






                                     Page 12
<PAGE>   13


PART II

       FIRST FRANKLIN CORPORATION AND SUBSIDIARY

Item 1.  LEGAL PROCEEDINGS

       There are no material pending legal proceedings to which the holding
       company or any subsidiary 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

       None


Item 5.  OTHER INFORMATION

       A. Press Release Dated September 23, 1998
       B. Press Release Dated October 14, 1998


Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

       None





                                     Page 13


<PAGE>   14
                           First Franklin Corporation
                    4750 Ashwood Drive Cincinnati, Ohio 45241
                        (513) 469-8000 Fax (513) 469-5360



September 23, 1998


FOR IMMEDIATE RELEASE

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

The Board of Directors of First Franklin Corporation declared a dividend of
$0.075 per share for the third quarter of 1998. This is the forty-third
consecutive dividend paid by the company. The quarterly dividend will be payable
October 19, 1998 to shareholders of record as of October 2.

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






                                     Page 14


<PAGE>   15

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



October 14, 1998


FOR IMMEDIATE RELEASE

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

First Franklin Corporation, the parent of Franklin Savings and Loan Company,
Cincinnati, Ohio today announced increased earnings for the nine months ended
September 30, 1998. Earnings for the third quarter of 1998 were $412,000 ($0.24
per share) and $1,392,000 ($0.79 per share) for the first nine months of the
year. This compares to earnings of $409,000 ($0.23 per share) for the third
quarter of 1997 and $1,199,000 ($0.66 per share) for the nine months ended
September 30, 1997.

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













<PAGE>   16

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly 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: October 10, 1998