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

                                   Form 10-QSB

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

                  For the Quarterly Period Ended March 31, 2004

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

      For the Transition Period from________________ to ___________________

                         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)

          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 May 4, 2004 there were issued and outstanding 1,645,216 shares of the
Registrant's Common Stock.

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

<PAGE>

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY

                                      INDEX

<TABLE>
<CAPTION>
                                                               Page
<S>                                                            <C>
No.

Part I  Financial Information

Item 1. Consolidated Balance Sheets -
        March 31, 2004 and December 31, 2003                     3

        Consolidated Statements of Income and Retained
        Earnings - Three Month Periods ended March 31, 2004
        and 2003                                                 4

        Consolidated Statements of Cash Flows - Three Month
        Periods ended March 31, 2004 and 2003                    5

        Notes to Consolidated Financial Statements               6

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

Item 3. Controls and Procedures                                 14

Part II  Other Information                                      15

Item 5. Press Release dated March 23, 2004                      16
</TABLE>

Signatures

<PAGE>

PART I - ITEM 1.

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

<TABLE>
<CAPTION>
                                                                                Mar 31, 2004      Dec 31, 2003
                                                                                ------------      ------------
                                                                                (Unaudited)
<S>                                                                             <C>               <C>
     ASSETS
Cash, including CD's & other interest-earning
  deposits of $8,100 and $100, respectively                                     $     12,405      $      2,551
Investment securities
  Available-for-sale, at market value (amortized cost of $36,638 and
     $43,365, respectively)                                                           36,925            43,211
Mortgage-backed securities
  Available-for-sale, at market value (amortized cost of $12,101 and
     $12,950, respectively)                                                           12,206            13,036
  Held-to-maturity, at amortized cost (market value of $1,800 and
     $2,085, respectively)                                                             1,689             1,957
Loans receivable, net                                                                200,860           199,937
Real estate owned, net                                                                    43               210
Stock in Federal Home Loan Bank of Cincinnati, at cost                                 4,176             4,135
Accrued interest receivable                                                            1,154             1,047
Property and equipment, net                                                            3,925             3,956
Other assets                                                                           3,976             3,362
                                                                                ------------      ------------
                                                                                $    277,359      $    273,402

     LIABILITIES
Deposits                                                                        $    225,543      $    221,666
Borrowings                                                                            25,877            25,709
Advances by borrowers for taxes and insurance                                            784             1,347
Other liabilities                                                                        507               519
                                                                                ------------      ------------
     Total liabilities                                                               252,711           249,241
                                                                                ------------      ------------

Minority interest in consolidated subsidiary                                             359               347
                                                                                ------------      ------------

     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 at 03/31/04 and 12/31/03                                        13                13
Additional paid in capital                                                             6,189             6,189
Treasury stock, at cost- 365,851 shares at 03/31/04 and 368,309 shares
  at 12/31/03                                                                         (3,660)           (3,682)
Retained earnings, substantially restricted                                           21,488            21,338
Accumulated other comprehensive income:
   Unrealized gain (loss) on available-for-sale securities, net of
   taxes of $133 at 03/31/04 and $(23) at 12/31/03                                       259               (44)
                                                                                ------------      ------------
     Total stockholders' equity                                                       24,289            23,814
                                                                                ------------      ------------
                                                                                $    277,359      $    273,402
</TABLE>

<PAGE>

                    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
                                                                                Mar  31, 2004     Mar  31, 2003
                                                                                -------------     -------------
                                                                                (Unaudited)       (Unaudited)
<S>                                                                             <C>               <C>
Interest income:
  Loans receivable                                                              $      2,876      $      3,049
  Mortgage-backed securities                                                             138               244
  Investments                                                                            462               650
                                                                                ------------      ------------
                                                                                       3,476             3,943
Interest expense:
  Deposits                                                                             1,542             1,883
  Borrowings                                                                             346               550
                                                                                ------------      ------------
                                                                                       1,888             2,433
     Net interest income                                                               1,588             1,510

Provision for loan losses                                                                 62                61
                                                                                ------------      ------------
       Net interest income after provision for loan losses                             1,526             1,449
                                                                                ------------      ------------

Noninterest income:
  Gain on loans sold                                                                      99               183
  Gain on sale of investments                                                             76               190
  Service fees on NOW accounts                                                            81                85
  Other  income                                                                           94               107
                                                                                ------------      ------------
                                                                                         350               565
Noninterest expense:

  Salaries and employee benefits                                                         678               623
  Occupancy expense                                                                      218               200
  Federal deposit insurance premiums                                                       8                25
  Advertising                                                                             61                60
  Service bureau expense                                                                  98                90
  Other expenses                                                                         391               402
                                                                                ------------      ------------
                                                                                       1,454             1,400

Income before federal income taxes                                                       422               614

Provision for federal income taxes                                                       141               207
                                                                                ------------      ------------
     Net Income                                                                 $        281      $        407

RETAINED EARNINGS - BEGINNING OF PERIOD                                         $     21,338      $     20,406
  Net income                                                                             281               407
  Less: dividends declared                                                              (131)             (123)
                                                                                ------------      ------------
RETAINED EARNINGS - END OF PERIOD                                               $     21,488      $     20,690

EARNINGS PER COMMON SHARE
        Basic                                                                   $       0.17      $       0.25
        Diluted                                                                 $       0.16      $       0.25

DIVIDENDS DECLARED PER COMMON SHARE                                             $      0.080      $      0.075
</TABLE>

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

<PAGE>

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

<TABLE>
<CAPTION>
                                                                                  For The Three Months Ended
                                                                                Mar 31, 2004      Mar 31, 2003
                                                                                ------------      ------------
                                                                                (Unaudited)       (Unaudited)
<S>                                                                             <C>               <C>
Cash provided (used) by operating activities:

Net income                                                                      $        281      $        407

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

     Provision for loan losses                                                            62                61
     Gain on sale of investments                                                         (76)             (190)
     Depreciation and amortization                                                       104                94
     FHLB stock dividend                                                                 (41)              (39)
     Increase in accrued interest receivable                                            (107)             (119)
     Increase in other assets                                                           (614)           (1,083)
     Increase (decrease) in other liabilities                                             12              (154)
     Other, net                                                                         (305)             (124)
     Loans sold                                                                        1,985            13,385
     Disbursements on loans originated for sale                                       (1,985)          (10,734)
                                                                                ------------      ------------
Net cash provided (used) by operating activities                                        (684)            1,504
                                                                                ------------      ------------

Cash provided (used) by investing activities:

  Loan principal reductions                                                           14,414            17,958
  Disbursements on mortgage and other
     loans purchased or originated for investment                                    (15,347)          (21,400)
  Repayments on mortgage-backed securities                                             1,116             1,896
  Proceeds from sale of student loans                                                     91                82
  Purchase of available-for-sale mortgage-backed securities                                0            (1,004)
  Purchase of available-for-sale investment securities                                     0           (15,973)
  Proceeds from the sale of or maturity of available-for-sale
     investment securities                                                             6,770            13,690
  Proceeds from the sale of real estate owned                                            162                 0
  Capital expenditures                                                                   (41)             (329)
                                                                                ------------      ------------
Net cash provided (used) by investing activities                                       7,165            (5,080)
                                                                                ------------      ------------

Cash provided (used) by financing activities:
  Net increase in deposits                                                             3,877               957
  Increase (repayments) in borrowings                                                    168            (2,242)
  Decrease in advances by borrowers for taxes and insurance                             (563)             (537)
  Proceeds from sale of common stock                                                      22                 1
  Payment of dividends                                                                  (131)             (123)
                                                                                ------------      ------------
Net cash provided (used) by financing activities                                       3,373            (1,944)
                                                                                ------------      ------------

Net (decrease) increase in cash                                                 $      9,854      ($     5,520)
Cash at beginning of period                                                            2,551            15,237
                                                                                ------------      ------------
CASH AT END OF PERIOD                                                           $     12,405      $      9,717
</TABLE>

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

<PAGE>

                    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-month period ended March 31, 2004
are not necessarily indicative of the results that may be expected for the full
year. The December 31, 2003 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 January 2003, the FASB issued Interpretation No. 46, Consolidation of
Variable Interest Entities. The issuance expands on existing accounting and
disclosure requirements relating to the consolidation of variable interest
entities (VIE). The issuance also provides the characteristics and definition of
a VIE. The Interpretation is effective for all VIE's created after January 31,
2003, and for years beginning after December 15, 2003, for all VIE's created
prior to February 1, 2003. The Company does not have any VIEs.

<PAGE>

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

GENERAL

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

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

      1.    Exceed customers' expectations regarding service and products.

      2.    Achieve success through our employees' efforts.

      3.    Shareholder satisfaction will enable us to continue serving our
            customers.

      4.    Support the communities we serve.

      5.    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 is
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, the building in which the Company's
corporate offices are located and investments in Franklin, DirectTeller Systems
Inc. ("DirectTeller") and Financial Institutions Partners III, L.P. ("FIP III").

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 and commercial lines of credit, credit and debit
cards, checking accounts, auto loans, savings accounts, automated teller
machines, a voice response telephone inquiry system and an internet-based
banking system which allows its customers to transfer funds between financial


<PAGE>

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. 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.

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 source of income is the interest earned on
these deposits.

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 financial institutions 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 III is a limited partnership that invests primarily in equity securities of
publicly-traded financial institutions. The Company has invested $1.5 million in
the partnership. At December 31, 2003, 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 $2.12 million. There is not a readily
determinable market for First Franklin's ownership interest in this partnership.

In January 2002, management and the Board of Directors reviewed the Company's
strategic plan and established various strategic objectives for the next three
years. The primary objectives of this plan are profitability, independence,
capital adequacy and enhancing shareholder value. These objectives will be
accomplished through commercial real estate loan growth, the use of technology
to improve efficiency and customer service and maintaining interest rate risk at
or above levels required by the OTS. In the fall of 2004, management and the
directors will review and update the Company's strategic plan.

During 2003, Franklin renovated its office located at 7615 Reading Road, in the
Valley Shopping Center, adding an ATM and drive-thru window. During 2004,
Franklin intends to refurbish two additional offices with minor interior
cosmetic changes and the installation of ATMs. When this is completed, all
offices will have drive-thru facilities and ATMs.

Statements included in this document which are not historical or current facts
are "forward-looking statements" made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995, and are subject to certain
risks and uncertainties that could cause actual results to differ materially
from historical results. Factors that could cause financial performance to
differ materially from that expressed in any forward-looking statement include,
but are not limited to, credit risk, interest rate risk, competition, changes in
the regulatory environment and changes in general business and economic trends.

<PAGE>


FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Consolidated assets increased $3.96 million (1.4%) from $273.40 million at
December 31, 2003 to $277.36 million at March 31, 2004. During 2004,
mortgage-backed securities decreased $1.10 million, cash and investments
increased $3.57 million, loans receivable increased $923,000, borrowings
increased $168,000 and deposits increased $3.87 million.

Loan disbursements were $17.33 million during the current quarter compared to
$32.13 million during the three months ended March 31, 2003. Management believes
that the decrease in loan disbursements is attributable to rising interest rates
and a reduction in the number of refinances. Mortgage and student loans sales of
$2.08 million occurred during the current three-month period. At March 31, 2004,
commitments to originate mortgage loans were $2.25 million. At the same date,
$1.80 million of undisbursed loan funds were being held on various construction
loans, and undisbursed consumer and commercial lines of credit were $16.88
million. Management believes that sufficient cash flow and borrowing capacity
exist to fund these commitments.

Liquid assets increased $3.57 million during the three months ended March 31,
2004 to $49.33 million. This increase reflects loan and mortgage-backed
securities repayments of $15.53 million, loan sales of $2.08 million and an
increase in deposits of $3.87 million, less loan disbursements of $17.33
million. At March 31, 2004, liquid assets were 17.79% 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 March 31, 2004. No
securities are classified as trading.

<TABLE>
<CAPTION>
                                     Amortized        Unrealized       Unrealized         Market
                                        Cost             Gains           Losses           Value
                                    ------------     ------------     ------------     ------------
                                                         (Dollars in thousands)
<S>                                 <C>              <C>              <C>              <C>
Available-for-sale
     Investment securities          $     36,638     $        382     $         95     $     36,925
     Mortgage-backed securities           12,101              108                3           12,206
Held-to-maturity
     Mortgage-backed securities            1,689              111                0            1,800
</TABLE>

At March 31, 2004, deposits were $225.54 million compared to $221.67 million at
December 31, 2003. This is an increase of $3.87 million during the current
three-month period. During the three months ended March 31, 2004, core deposits
(transaction and passbook savings accounts) decreased $170,000, short-term
certificates (two years or less) decreased $1.05 million and certificates with
original terms greater than two years increased $5.09 million. The increase in
long-term certificates reflects the Franklin's effort to lock-in low cost
long-term deposits because it believes that interest rates will increase in the
future. Interest of $1.35 million during the current quarter was credited to
accounts. After eliminating the effect of interest credited, deposits increased
$2.52 million during the three-month period ended March 31, 2004.

<PAGE>


At March 31, 2004 Franklin had outstanding Federal Home Loan Bank ("FHLB")
advances of $24.73 million at an average cost of 5.45% and the Company had a
credit line totaling $1.50 million on which $1.15 million is outstanding. During
the next twelve months, required principal reduction on these borrowings will be
$1.43 million.

Managing interest rate risk is fundamental to banking. Financial institutions
must manage the inherently different maturity and repricing characteristics of
their lending and deposit products to achieve a desired level of earnings and to
limit their exposure to changes in interest rates. Franklin is subject to
interest rate risk to the degree that its interest-bearing liabilities,
consisting principally of customer deposits and FHLB advances, mature or reprice
more or less frequently, or on a different basis, than its interest-earning
assets. While having liabilities that mature or reprice more rapidly than assets
may be beneficial in times of declining interest rates, such an asset/liability
structure may have the opposite effect during periods of rising interest rates.
Conversely, having assets that reprice or mature more rapidly than liabilities
may adversely affect net interest income during periods of declining interest
rates. As of December 31, 2003, Franklin was rated in the most favorable
interest rate risk category under OTS guidelines.

At March 31, 2004, $4.94 million of assets were classified substandard, $207,000
classified doubtful, $518,000 classified loss and $6.48 million were designated
by management as special mention compared to $4.17 million as substandard,
$482,000 as loss and $9.36 million designated as special mention at December 31,
2003. Non-accruing loans and accruing loans delinquent ninety days or more, net
of reserves, were $2.96 million at March 31, 2004 and $2.97 million at December
31, 2003. At March 31, 2004, 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 three months ended March 31, 2004.

<TABLE>
<CAPTION>
                                        (Dollars in thousands)
<S>                                     <C>
Balance at beginning of period               $      1,399
Charge offs                                            17
Additions charged to operations                        62
Recoveries                                              0
                                             ------------
Balance at end of period                     $      1,444
</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 March 31, 2004, net worth was $24.29 million, which is
8.76% of assets. At the same date, book value per share was $14.77, compared to
$14.50 per share at December 31, 2003.

The following table summarizes, as of March 31, 2004, the regulatory capital
position of
<PAGE>

Franklin.

<TABLE>
<CAPTION>
Capital Standard      Actual    Required   Excess     Actual    Required   Excess
                                      (Dollars in thousands)
<S>                   <C>       <C>       <C>         <C>       <C>        <C>
Core                  $22,348   $10,974   $11,374      8.15%     4.00%      4.15%
Risk-based             23,274    13,902     9,372     13.39%     8.00%      5.39%
</TABLE>

COMPREHENSIVE INCOME

Comprehensive income for the three months ended March 31, 2004 and 2003 was
$534,000 and $208,000, 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 compared
to $407,000 ($0.25 per basic share) for the quarter ended March 31, 2003. The
decrease in net income during the current three month period, when compared to
the same period in 2003, reflects decreases of $84,000 in gains on the sale of
loans and $114,000 in gains on the sale of investments, and increases of $78,000
in net interest income and $54,000 in noninterest expense.

Net interest income, before provisions for loan losses, was $1.59 million for
the current quarter compared to $1.51 million for the first quarter of 2003. 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.

<PAGE>

<TABLE>
<CAPTION>
                                         For the three month periods ended March 31,
                                                         2004 vs 2003
                                                                             Total
                                         Increase (decrease) due to        increase
                                           Volume            Rate          (decrease)
<S>                                      <C>               <C>            <C>
Interest income attributable to:                    (Dollars in thousands)
  Loans receivable (1)                    $   239          ($  412)       ($     173)
  Mortgage-backed securities                  (74)             (32)             (106)
  Investments                                (130)             (60)             (190)
  FHLB stock                                    2                0                 2
                                          -------          -------        ----------
  Total interest-earning assets           $    37          ($  504)       ($     467)

Interest expense attributable to:
  Demand deposits                         $    11          ($   22)       ($      11)
  Savings accounts                              0              (25)              (25)
  Certificates                                 13             (318)             (305)
  FHLB advances                              (145)             (59)             (204)
                                          -------          -------        ----------
  Total interest-bearing liabilities     ($   121)         ($  424)       ($     545)

Increase in net interest income           $   158          ($   80)        $      78
</TABLE>

(1) Includes non-accruing loans.

As the tables below illustrate, average interest-earning assets decreased $7.18
million to $261.78 million during the three months ended March 31, 2004, from
$268.96 million for the three months ended March 31, 2003. Average
interest-bearing liabilities decreased $6.10 million from $255.63 million for
the three months ended March 31, 2003, to $249.53 million for the current
three-month period. Thus, average net interest-earning assets decreased $1.08
million when comparing the two periods. The interest rate spread (the yield on
interest-earning assets less the cost of interest-bearing liabilities) was 2.28%
for the three months ended March 31, 2004, compared to 2.05% for the same period
in 2003. The increase in the interest rate spread was the result of a decrease
in the cost of interest-bearing liabilities from 3.81% for the three months
ended March 31, 2003, to 3.03% for the same three-month period in 2004. The
majority of the decrease in the cost of interest-bearing liabilities is the
result of decreases in the cost of certificates from 4.77% to 3.86% and the cost
of savings accounts from 1.05% to 0.72%. The yield on interest-earning assets
declined from 5.86% for the quarter ended March 31, 2003 to 5.31% for the
current quarter. The overall decrease in the yield on interest-earning assets
and the cost of interest-bearing liabilities is due to the general decline in
market interest rates.

<PAGE>

<TABLE>
<CAPTION>
                                                    For the Three Months ended March 31, 2004
                                                             Average
                                                            outstanding       Yield/cost
                                                      (Dollars in thousands)
<S>                                                   <C>                     <C>
Average interest-earning assets
  Loans                                                     $  200,729          5.73%
  Mortgage-backed securities                                    14,205          3.89%
  Investments                                                   42,696          3.94%
  FHLB stock                                                     4,149          3.95%
                                                            ----------          ----
    Total                                                   $  261,779          5.31%

Average interest-bearing liabilities
  Demand deposits                                           $   53,480          1.02%
  Savings accounts                                              30,484          0.72%
  Certificates                                                 139,960          3.86%
  FHLB advances                                                 25,610          5.40%
                                                            ----------          ----
    Total                                                   $  249,534          3.03%

Net interest-earning assets/interest rate spread            $   12,245          2.28%
</TABLE>

<TABLE>
<CAPTION>
                                                     For the Three Months ended March 31, 2003
                                                             Average
                                                            outstanding       Yield/cost
                                                      (Dollars in thousands)
<S>                                                   <C>                     <C>
Average interest-earning assets
  Loans                                                     $  187,994         6.49%
  Mortgage-backed securities                                    21,488         4.54%
  Investments                                                   55,490         4.41%
  FHLB stock                                                     3,987         3.91%
                                                            ----------         ----
    Total                                                   $  268,959         5.86%

Average interest-bearing liabilities
  Demand deposits                                           $   50,265         1.17%
  Savings accounts                                              30,510         1.05%
  Certificates                                                 138,909         4.77%
  FHLB advances                                                 35,944         6.12%
                                                            ----------         ----
    Total                                                   $  255,628         3.81%

Net interest-earning assets/interest rate spread            $   13,331         2.05%
</TABLE>

Noninterest income for the quarter ended March 31, 2004 was $350,000 compared to
$565,000 for the same quarter in 2003. The majority of the decrease in
noninterest income is the result of a decrease in gains on the sale of loans of
$84,000 due to a decline in loan sales from $13.39 million in 2003 to $1.99
million in the current quarter and a decline in the gains on the sale of
investments of $114,000.

Noninterest expenses were $1.45 million for the current quarter compared to
$1.40

<PAGE>

million for the quarter ended March 31, 2003. As a percentage of average
assets, this is 2.11% for the current three-month period compared to 1.99% for
the first three months of 2003. The increase in noninterest expense is due to
increases in compensation and employee benefits and office occupancy expenses.

ITEM 3. CONTROLS AND PROCEDURES

      The Chief Executive Officer and Chief Financial Officer have evaluated the
      effectiveness of the Company's disclosure controls and procedures (as
      defined in Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934,
      as amended) as of the end of the period covered by this report. Based upon
      the evaluation, the Chief Executive Officer and Chief Financial Officer
      have concluded that the Company's disclosure controls and procedures are
      effective. There were no changes in the Company's internal controls which
      materially affected, or are reasonably likely to materially affect, the
      Company's internal controls over financial reporting.

<PAGE>

PART II

      FIRST FRANKLIN CORPORATION AND SUBSIDIARY

Item 1. LEGAL PROCEEDINGS

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

Item 2. CHANGES IN SECURITIES AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY
        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 March 23, 2004

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

      A. Exhibits

            31.1  CEO certification pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002.

            31.2  CFO certification pursuant to Section 302 of the Sarbanes
                  Oxley Act of 2002.

            32.1  CEO certification pursuant to Section 906 of the Sarbanes-
                  Oxley Act of 2002.

            32.2  CFO certification pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.

      B. Current Report on Form 8-K

            On February 20, 2004 First Franklin filed a Form 8-K announcing
            earnings for the fourth quarter 2003.

<PAGE>

                           FIRST FRANKLIN CORPORATION
                    4750 Ashwood Drive Cincinnati, Ohio 45241
                        (513) 469-8000 Fax (513) 469-5360

March 23, 2004
Cincinnati, Ohio

FIRST FRANKLIN CORPORATION DECLARES QUARTERLY DIVIDEND

The Board of Directors of First Franklin Corporation (FFHS) has declared a
dividend of $0.08 per share for the first quarter of 2004. This is the
sixty-fifth consecutive dividend paid by the company. The quarterly dividend
will be payable April 19, 2004 to shareholders of record as of April 2, 2004. In
accordance with NASD regulations, the ex-dividend date for this dividend payment
is expected to be March 30, 2004. 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.

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

<PAGE>

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant 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: May 14, 2004