<PAGE>

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

                                   Form 10-QSB

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

                  For the Quarterly Period Ended June 30, 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       (513) 469-5352

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

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the issuer was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X]       No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of August 13, 2004 there were issued and outstanding 1,645,526 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
                                                                          No.
<S>                                                                      <C>
Part I Financial Information

Item 1. Consolidated Balance Sheets -
        June 30, 2004 and December 31, 2003                                3

        Consolidated Statements of Income and Retained
        Earnings-Three-and Six-month Periods ended June 30, 2004
        and 2003                                                           4

        Consolidated Statements of Cash Flows - Six-month
        Periods ended June 30, 2004 and 2003                               5

        Notes to Consolidated Financial Statements                         6

Item 2. Management's Discussion and Analysis of Financial
        Condition and Results of Operations                                8

Item 3. Controls and Procedures                                           15

Part II. Other Information                                                16

        Press Release dated June 29, 2004                                 18
</TABLE>

Signatures

<PAGE>

PART I - ITEM 1.

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS

                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                             June 30,2004               Dec 31,2003
                                                             ------------               -----------
                                                              (Unaudited)
<S>                                                          <C>                        <C>
     ASSETS
Cash, including CD's & other interest-earning
  deposits of $5,100 and $100, respectively                    $  8,387                  $  2,551
Investment securities
  Available-for-sale, at market value
     (amortized cost of $34,561 and
     $43,365, respectively)                                      33,912                    43,211

Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $14,289 and
     $12,950, respectively)                                      14,167                    13,036

  Held-to-maturity, at amortized cost
    (market value of $1,531 and
    $2,085, respectively)                                         1,448                     1,957
Loans  receivable, net                                          201,638                   199,937
Real estate owned, net                                               56                       210
Stock in Federal Home Loan Bank
  of Cincinnati, at cost                                          4,218                     4,135
Accrued interest receivable                                         969                     1,047
Property and equipment, net                                       3,919                     3,956
Other assets                                                      4,056                     3,362
                                                               --------                  --------
                                                               $272,770                  $273,402

     LIABILITIES

Deposits                                                       $222,253                  $221,666
Borrowings                                                       25,555                    25,709
Advances by borrowers for taxes
  and insurance                                                     540                     1,347
Other liabilities                                                   479                       519
                                                               --------                  --------
     Total liabilities                                          248,827                   249,241
                                                               --------                  --------

Minority interest in consolidated subsidiary                        375                       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 06/30/04 and 12/31/03                            13                        13
Additional paid in capital                                        6,189                     6,189
Treasury stock, at cost- 365,341 shares at
   06/30/04 and 368,309 shares at 12/31/03                       (3,655)                   (3,682)
Retained earnings, substantially restricted                      21,529                    21,338
Accumulated other comprehensive income:
   Unrealized loss on available-for-sale
   securities, net of taxes of ($262) at 06/30/04
   and ($23) at 12/31/03                                           (508)                      (44)
                                                               --------                  --------
     Total stockholders' equity                                  23,568                    23,814
                                                               --------                  --------
                                                               $272,770                  $273,402
</TABLE>

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

<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         For the Six Months Ended
                                           June 30,2004     June 30,2003     June 30,2004     June 30,2003
                                           ------------     ------------     ------------     ------------
                                                     (Unaudited)                      (Unaudited)
<S>                                        <C>              <C>              <C>              <C>
Interest income:
  Loans receivable                            $ 2,830          $ 2,925          $ 5,706          $ 5,974
  Mortgage-backed securities                      135              207              273              451
  Investment securities                           409              582              871            1,232
                                              -------          -------          -------          -------
                                                3,374            3,714            6,850            7,657
Interest expense:
  Deposits                                      1,520            1,773            3,062            3,656
  Borrowings                                      350              500              696            1,050
                                              -------          -------          -------          -------
                                                1,870            2,273            3,758            4,706
                                              -------          -------          -------          -------
     Net interest income                        1,504            1,441            3,092            2,951

Provision for loan losses                          80               53              142              114
                                              -------          -------          -------          -------
     Net interest income after
       provision for loan losses                1,424            1,388            2,950            2,837
                                              -------          -------          -------          -------
Noninterest income:
  Gain on loans sold                               35              255              134              438
  Gain on sale of investments                      30              149              106              339
  Service fees on NOW accounts                     91               99              172              184
  Other income                                    129              134              223              241
                                              -------          -------          -------          -------
                                                  285              637              635            1,202

Noninterest expense:
  Salaries and employee benefits                  699              665            1,377            1,288
  Occupancy expense                               217              204              435              404
  Advertising                                      58              106              119              166
  Federal deposit insurance premiums                9               25               17               50
  Service bureau expense                           94               90              192              180
  Other expenses                                  373              396              764              798
                                              -------          -------          -------          -------
                                                1,450            1,486            2,904            2,886

Income before federal income taxes                259              539              681            1,153

Provision for federal income taxes                 85              183              226              390
                                              -------          -------          -------          -------
  Net income                                  $   174          $   356          $   455          $   763

RETAINED EARNINGS-BEGINNING OF PERIOD         $21,486          $20,690          $21,338          $20,406
  Net income                                      174              356              455              763
  Less: dividends declared                       (131)            (120)            (264)            (243)
                                              -------          -------          -------          -------
RETAINED EARNINGS-END OF PERIOD               $21,529          $20,926          $21,529          $20,926

EARNINGS PER COMMON SHARE
        Basic                                 $  0.11          $  0.22          $  0.28          $  0.47
        Diluted                               $  0.10          $  0.21          $  0.26          $  0.46

DIVIDENDS DECLARED PER COMMON SHARE           $ 0.080          $ 0.075          $ 0.160          $ 0.150
</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 Six Months Ended
                                                                 June 30,2004        June 30,2003
                                                                 ------------        ------------
                                                                           (Unaudited)
<S>                                                              <C>                 <C>
Cash provided (used) by operating activities:

Net income                                                         $    455            $    763

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

     Provision for loan losses                                          142                 114
     Gain on sale of investments                                       (106)               (339)
     Depreciation and amortization                                      186                 218
     FHLB stock dividend                                                (83)                (79)
     Decrease in accrued interest receivable                             78                 207
     Increase in other assets                                          (694)               (278)
     Decrease in other liabilities                                      (40)               (136)
     Other, net                                                         165              (1,067)
     Loans sold                                                       4,261              26,587
     Disbursements on loans originated for sale                      (4,261)            (27,313)
                                                                   --------            --------
Net cash provided (used) by operating activities                        103              (1,323)
                                                                   --------            --------

Cash provided (used) by investing activities:
  Loan principal reductions                                          30,058              40,788
  Disbursements on mortgage and other
     loans purchased or originated for investment                   (32,414)            (43,181)
  Repayments on mortgage-backed securities                            2,329               4,546
  Purchase of available-for-sale mortgage-backed securities          (3,160)             (1,004)
  Purchase of available-for-sale investment securities               (1,000)            (32,939)
  Proceeds from the sale of or maturity of available-for-sale
    investment securities                                             9,766              35,739
  Sale of student loans                                                 712                 280
  Proceeds from sale of real estate owned                               162                  78
  Capital expenditures                                                 (109)               (529)
                                                                   --------            --------
Net cash provided by investing activities                             6,344               3,778
                                                                   --------            --------
Cash provided (used) by financing activities:
  Net increase in deposits                                              587               2,024
  Repayment of borrowed money                                          (154)             (5,731)
  Decrease in advances by borrowers
     for taxes and insurance                                           (807)               (780)
  Proceeds from sale of common stock                                     27                  14
  Payment of dividends                                                 (264)               (243)
                                                                   --------            --------
Net cash used by financing activities                                  (611)             (4,716)
                                                                   --------            --------
Net increase (decrease) in cash                                       5,836              (2,261)
Cash at beginning of period                                           2,551              15,237
                                                                   --------            --------
CASH AT END OF PERIOD                                              $  8,387            $ 12,976
</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 six-month period ended June 30, 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 association 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
institutions, pay bills, transfer funds between Franklin accounts,

<PAGE>

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, which allows 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 also 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 March 31, 2004, 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 $2.22 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>

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

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Consolidated assets decreased $632,000 (0.2%) from $273.40 million at December
31, 2003 to $272.77 million at June 30, 2004, compared to a $3.96 million (1.4%)
decrease for the same period in 2003. During 2004, mortgage-backed securities
increased $622,000, cash and investments decreased $3.46 million, loans
outstanding increased $1.70 million, deposits increased $587,000 and borrowings
decreased $154,000.

Loan disbursements were $36.68 million during the current six-month period
compared to $70.49 million during the six months ended June 30, 2003.
Disbursements during the second quarter of 2004 were $19.35 million compared to
$38.37 million during the same quarter in 2003. The decline in originations is
the result of an increase in interest rates which caused a decrease in loans
being refinanced. Mortgage loan sales were $4.26 million during the current
six-month period compared to $26.59 million during the six months ended June 30,
2003. The decline in loan sales is the result of the decline in originations and
a shift in originations from fixed-rate to adjustable-rate loans, which are
retained in the portfolio. At June 30, 2004, commitments to originate mortgage
loans were $1.36 million. At the same date, $2.98 million of undisbursed loan
funds were being held on various construction loans. The Company also had
undisbursed lines of credit on consumer and commercial loans of approximately
$17.62 million. Management believes that sufficient cash flow and borrowing
capacity exists to fund these commitments.

Liquid assets decreased $3.46 million during the six months ended June 30, 2004,
to $42.30 million. This decrease reflects loan and mortgage-backed securities
repayments of $32.39 million, deposit growth of $587,000, student loan sales of
$712,000 and mortgage loan sales of $4.26 million, less loan disbursements of
$36.68 million, purchases of mortgage-backed securities of $3.16 million and a
reduction in borrowings of $154,000. At June 30, 2004, liquid assets were 15.51%
of total assets.

The Company's investment and mortgage-backed securities are classified based on
its current intention to hold to maturity or have available for sale, if
necessary. The following table shows the gross unrealized gains or losses on
mortgage-backed securities and investment securities as of June 30, 2004. No
securities are classified as trading.

<TABLE>
<CAPTION>
                                               Amortized  Unrealized    Unrealized     Market
                                                  Cost      Gains         Losses       Value
                                                  ----      -----         ------       -----
                                                               (in thousands)
<S>                                            <C>        <C>           <C>           <C>
Available-for-sale
      Investment securities                     $34,561      $ 45          $ 694      $33,912
      Mortgage-backed securities                 14,289        61            183       14,167
Held-to-maturity
      Mortgage-backed securities                  1,448        83              0        1,531
</TABLE>

<PAGE>

At June 30, 2004, deposits were $222.25 million compared to $221.67 million at
December 31, 2003. This is an increase of $587,000 during the current six-month
period. During the six months ended June 30, 2004, core deposits (transaction
and passbook savings accounts) decreased $3.13 million, short-term certificates
(two years or less) decreased $1.51 million and certificates with original terms
greater than two years increased $5.23 million. The increase in long-term
certificates reflects Franklin's effort to lock-in low cost long-term deposits
because it believes that interest rates will increase in the future. Interest of
$1.39 million during the current quarter and $2.74 million during the current
six-month period was credited to accounts. After eliminating the effect of
interest credited, deposits decreased $4.68 million during the current quarter
and $2.15 million during the six months ended June 30, 2004.

 At June 30, 2004 Franklin had outstanding Federal Home Loan Bank ("FHLB")
advances of $24.40 million at an average cost of 5.52% 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
$3.54 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 Federal Home Loan Bank advances,
mature or reprice more or less frequently, or on a different basis, than its
interest-earning assets, which consist of mortgage loans, mortgage-backed
securities, consumer loans, corporate debt securities and U.S. Treasury and
agency securities. 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 but may be beneficial in periods of raising interest
rates. As of March 31, 2004, Franklin was rated in the most favorable interest
rate risk category under OTS guidelines.

At June 30, 2004, $4.13 million of assets were classified substandard, $207,000
classified doubtful, $427,000 classified loss and $5.99 million were designated
by management as special mention compared to $4.17 million classified
substandard, no loans classified doubtful, $482,000 classified loss and $9.36
million designated special mention at December 31, 2003. Non-accruing loans and
accruing loans delinquent ninety days or more, net of reserves, were $3.23
million at June 30, 2004 and $2.97 million at December 31, 2003. At June 30,
2004 and December 31, 2003, the recorded investment in loans for which
impairment has been recognized under SFAS No. 114 was $891,000 and $912,000 with
related reserves of $353,000 and $393,000, respectively.

The following table shows the activity that has occurred on loss reserves during
the six months ended June 30, 2004.

<PAGE>

<TABLE>
<CAPTION>
                                           (Dollars in thousands)
<S>                                        <C>
Balance at beginning of period                     $1,399
Charge offs                                            85
Additions charged to operations                       142
Recoveries                                              1
                                                   ------
Balance at end of period                           $1,457
</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. The Company continues to enjoy a strong
capital position. At June 30, 2004, net worth was $23.57 million, which is 8.64%
of assets. At the same date, book value per share was $14.32 compared to $14.50
at December 31, 2003.

The following table summarizes, as of June 30, 2004, the regulatory capital
position of Franklin.

<TABLE>
<CAPTION>
Capital Standard                              Actual     Required     Excess       Actual    Required   Excess
                                              ------     --------     ------       ------    --------   ------
                                                 (Dollars in thousands)
<S>                                           <C>        <C>         <C>           <C>       <C>        <C>
Core                                          $22,548    $10,820     $11,728        8.34%      4.00%     4.34%
Risk-based                                     23,578     13,725       9,853       13.74%      8.00%     5.74%
</TABLE>

COMPREHENSIVE INCOME

Comprehensive income (loss) for the six months ended June 30, 2004 and 2003 was
($79,000) and $636,000, 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

The Company had net income of $174,000 ($0.11 per basic share) for the current
quarter and $455,000 ($0.28 per basic share) for the six months ended June 30,
2004 compared to net income of $356,000 ($0.22 per basic share) for the second
quarter of 2003 and $763,000 ($0.47 per basic share) for the six months ended
June 30, 2003. The decrease in net income during the current six-month period
reflects a decrease of $537,000 in profits on the sale of loans and investments,
an increase of $28,000 in the provision for loan losses and increases of
$141,000 in net interest income and $18,000 in operating expenses.

Net interest income, before provisions for loan losses, was $1.50 million for
the current quarter and $3.09 million for the first six months of 2004 compared
to $1.44 and $2.95 million, respectively, for the same periods in 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 Six Month periods ended June 30,
                                                                 2004 vs 2003
                                                                                             Total
                                         Increase (decrease)          due to                increase
                                               Volume                  Rate                (decrease)
                                               ------                  ----                ----------
                                                             (Dollars in thousands)
<S>                                      <C>                         <C>                   <C>
Interest income attributable to:
  Loans receivable (1)                         $  542                ($  810)               ($  268)
  Mortgage-backed securities                     (107)                   (71)                  (178)
  Investments                                    (265)                  (100)                  (365)
  FHLB stock                                        3                      1                      4
                                               ------                -------                -------
  Total interest-earning assets                $  173                ($  980)               ($  807)

Interest expense attributable to:
  Demand deposits                              $    6                ($   35)               ($   29)
  Savings accounts                                 (1)                   (44)                   (45)
  Certificates                                     73                   (593)                  (520)
  FHLB advances                                  (240)                  (114)                  (354)
                                               ------                -------                -------
  Total interest-bearing liabilities          ($  162)               ($  786)               ($  948)

Increase (decrease) in net
  interest income                              $  335                ($  194)                $  141
</TABLE>

(1) Includes non-accruing loans.

As the tables below illustrate, average interest-earning assets decreased $5.07
million to $262.25 million during the six months ended June 30, 2004, from
$267.32 million for the six months ended June 30, 2003. Average interest-bearing
liabilities decreased $4.59 million from $254.34 million for the six months
ended June 30, 2003, to $249.75 million for the current six-month period. Thus,
average net interest-earning assets decreased $481,000 when comparing the two
periods. The interest rate spread (the yield on interest-earning assets less the
cost of interest-bearing liabilities) was 2.21% for the six months ended June
30, 2004, compared to 2.03% 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 3.70% for the six months ended June 30, 2003,
to 3.01% for the same six-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 4.66% to 3.81% and the cost of savings accounts from 1.02%
to 0.72%. The yield on interest-earning assets declined from 5.73% for the six
months ended June 30, 2003 to 5.22% for the current six-month period. The
overall decreases in the yield on interest-earning assets and the cost of
interest-bearing liabilities are due to the general decline in market interest
rates.

<PAGE>

<TABLE>
<CAPTION>
                                                        For the Six Months ended June 30, 2004
                                                               Average
                                                             outstanding          Yield/cost
                                                             -----------          ----------
                                                        (Dollars in thousands)
<S>                                                     <C>                       <C>
Average interest-earning assets
   Loans                                                       $201,223              5.67%
   Mortgage-backed securities                                    15,011              3.64%
   Investments                                                   41,847              3.77%
   FHLB stock                                                     4,169              3.98%
                                                               --------              ----
     Total                                                     $262,250              5.22%

Average interest-bearing liabilities
   Demand deposits                                             $ 53,268              1.02%
   Savings accounts                                              30,358              0.72%
   Certificates                                                 140,508              3.81%
   FHLB advances                                                 25,615              5.43%
                                                               --------              ----
     Total                                                     $249,749              3.01%

Net interest-earning assets/interest rate spread               $ 12,501              2.21%
</TABLE>

<TABLE>
<CAPTION>
                                                        For the Six Months ended June 30,2003
                                                                Average
                                                             outstanding          Yield/cost
                                                             -----------          ----------
                                                        (Dollars in thousands)
<S>                                                     <C>                       <C>
Average interest-earning assets
   Loans                                                       $187,322              6.38%
   Mortgage-backed securities                                    20,454              4.41%
   Investments                                                   55,535              4.15%
   FHLB stock                                                     4,007              3.94%
                                                               --------              ----
     Total                                                     $267,318              5.73%

Average interest-bearing liabilities
   Demand deposits                                             $ 52,258              1.15%
   Savings accounts                                              30,531              1.02%
   Certificates                                                 137,464              4.66%
   FHLB advances                                                 34,083              6.16%
                                                               --------              ----
     Total                                                     $254,336              3.70%

Net interest-earning assets/interest rate spread               $ 12,982              2.03%
</TABLE>

Noninterest income was $285,000 for the quarter and $635,000 for the six months
ended June 30, 2004 compared to $637,000 for the same quarter in 2003 and $1.20
million for the six months ended June 30, 2003. The decrease in noninterest
income when comparing the six-month periods is the result of a $304,000 decrease
in profits on the sale of loans and a $233,000 decrease in profits on the sale
of investments. The decrease in the profit on the sale of loans is due to the
decrease in loan sales discussed previously.

<PAGE>

Noninterest expenses were $1.45 million for the current quarter and $2.90
million for the current six-month period compared to $1.49 million for the same
quarter in 2003 and $2.89 million for the six months ended June 30, 2003. As a
percentage of average assets, this is 2.11% for the six months ended June 30,
2004 compared to 2.06% for the first six months of 2003. The increase during the
current six-month period reflects increases of $89,000 in compensation and
employee benefits due to additional loan personnel and $31,000 in office
occupancy expense due to the opening of the new Glenway office, a $47,000
decrease in advertising and a $33,000 decrease in FDIC insurance premiums.

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 of its subsidiaries 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

      At the Annual Meeting of Shareholders held on April 26, 2004, the
      following items were voted on by the shareholders:

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

       Donald E. Newberry, Sr.                           1,368,986           116,455                 0
       Thomas H. Siemers                                 1,251,586           233,855                 0

Ratification of the selection of Clark, Schaefer,
Hackett & Co. as independent accountants
for the current fiscal year.                             1,477,608             7,230               603
</TABLE>

      John L. Nolting continued to serve as a director for a term to expire in
      2005 and Mary W. Sullivan and Richard H. Finan continued to serve as
      directors for terms expiring in 2006.

Item 5. OTHER INFORMATION

      (a) Press Release dated June 29, 2004

      (b) None

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

      A. Exhibits

            31.1  CEO certification pursuant to Section 302 of the
                  Sarbanes-

<PAGE>

                  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 April 19, 2004 First Franklin filed a Form 8-K regarding
                  its press release announcing earnings for the first quarter
                  2004.

<PAGE>

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

June 29, 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 second quarter of 2004. This is the
sixty-sixth consecutive dividend paid by the company. The quarterly dividend
will be payable July 19, 2004 to shareholders of record as of July 6, 2004. In
accordance with NASD regulations, the ex-dividend date for this dividend payment
is expected to be June 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 has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                    FIRST FRANKLIN CORPORATION

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

Date: August 13, 2004