<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 September 30, 2001

[ ] Transition Report Pursuant to 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)        (Zip Code)

                                 (513) 469-5352
                                 --------------
                           (Issuer's Telephone Number)

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


                      APPLICABLE ONLY TO CORPORATE ISSUERS

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

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


<PAGE>


                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY

                                      INDEX

                                                                       Page No.

Part I Financial Information

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

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

         Consolidated Statements of Cash Flows - Nine-month
         Periods ended September 30, 2001 and 2000                        5

         Notes to Consolidated Financial Statements                       6


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


Part II. Other Information                                                15

Item 5.  Press Release dated September 25, 2001                           16
         Press Release dated October 12, 2001                             17

Signatures





                                       2
<PAGE>


PART I - ITEM 1.

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

<TABLE>
<CAPTION>
                                                    Sept. 30,2001      Dec 31,2000
                                                    -------------      -----------
                                                              (Unaudited)
<S>                                                    <C>               <C>
     ASSETS
Cash, including CD's & other interest-earning
  deposits of  $14,140 and $160, respectively          $  15,042         $   1,351
Investment securities
  Available-for-sale, at market value
     (amortized cost of $18,298 and
     $20,162, respectively)                               18,485            19,940
Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $14,655 and
     $31,026, respectively)                               14,987            30,993
  Held-to-maturity, at amortized cost
    (market value of $8,877 and
    $11,229, respectively)                                 8,533            11,145
Loans receivable, net                                    207,358           206,040
Real estate owned, net                                         0                 0
Stock in Federal Home Loan Bank
  of Cincinnati ("FHLB"), at cost                          3,744             3,351
Accrued interest receivable                                1,651             1,444
Property and equipment, net                                2,337             1,897
Other assets                                               1,400             1,533
                                                       ---------         ---------
                                                       $ 273,537         $ 277,694

     LIABILITIES
Savings accounts                                       $ 200,753         $ 185,530
Borrowings                                                49,039            68,978
Advances by borrowers for taxes
  and insurance                                              792             1,330
Other liabilities                                            625               544
                                                       ---------         ---------
     Total liabilities                                   251,209           256,382
                                                       ---------         ---------

     STOCKHOLDERS' EQUITY
Preferred stock; $.01 par value per share;
  500,000 shares authorized; no shares issued
Common stock; $.01 par value per share;
  2,500,000 shares authorized; 2,010,867
   shares issued                                              13                13
Additional paid in capital                                 6,189             6,189
Treasury stock, at cost- 396,994 shares                   (3,888)           (3,888)
Retained earnings, substantially restricted               19,671            19,166
Accumulated other comprehensive income:
   Unrealized gain (loss) on available-for-sale
   securities, net of taxes of $177 at 09/30/01
   and $(87) at 12/31/00                                     343              (168)
                                                       ---------         ---------
     Total stockholders' equity                           22,328            19,755
                                                       ---------         ---------
                                                       $ 273,537         $ 277,694
</TABLE>

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



                                       3
<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 Nine Months Ended
                                            Sept 30,2001   Sept 30,2000     Sept 30,2001     Sept 30,2000
                                            ------------   ------------     ------------     ------------
                                                    (Unaudited)                      (Unaudited)

<S>                                          <C>              <C>              <C>              <C>
Interest income:
  Loans receivable                           $  3,793         $  3,699         $ 11,501         $ 10,385
  Mortgage-backed securities                      383              773            1,615            2,409
  Investment securities                           447              351            1,258            1,046
                                             --------         --------         --------         --------
                                                4,623            4,823           14,374           13,840
Interest expense:
  Savings accounts                              2,524            2,384            7,434            6,939
  Borrowings                                      815              956            2,772            2,194
                                             --------         --------         --------         --------
                                                3,339            3,340           10,206            9,133
                                             --------         --------         --------         --------
     Net interest income                        1,284            1,483            4,168            4,707

Provision for loan losses                          18               19               46               56
                                             --------         --------         --------         --------
     Net interest income after
       provision for loan losses                1,266            1,464            4,122            4,651
                                             --------         --------         --------         --------
Noninterest income:
  Gain on loans sold                               38                8              216               11
  Gain on sale of investments                       4                0               39                0
  Service fees on NOW accounts                     72               66              217              182
  Other income                                    113              106              360              285
                                             --------         --------         --------         --------
                                                  227              180              832              478
Noninterest expense:
  Salaries and employee benefits                  571              531            1,666            1,609
  Occupancy expense                               156              147              485              440
  Federal deposit insurance premiums               23               24               69               44
  Service bureau expense                           84               69              230              194
  Advertising                                      64               66              200              255
  Other expenses                                  327              322            1,024              950
                                             --------         --------         --------         --------
                                                1,225            1,159            3,674            3,492

Income before federal income taxes                268              485            1,280            1,637

Provision for federal income taxes                 84              156              413              533
                                             --------         --------         --------         --------
     Net income                              $    184         $    329         $    867         $  1,104

RETAINED EARNINGS-BEGINNING OF PERIOD        $ 19,608         $ 18,721         $ 19,166         $ 18,190
  Net income                                      184              329              867            1,104
  Less: dividends declared                       (121)            (119)            (362)            (363)
                                             --------         --------         --------         --------
RETAINED EARNINGS-END OF PERIOD              $ 19,671         $ 18,931         $ 19,671         $ 18,931

EARNINGS PER COMMON SHARE
        Basic                                $   0.12         $   0.20         $   0.54         $   0.68
        Diluted                              $   0.12         $   0.20         $   0.54         $   0.68

DIVIDENDS DECLARED PER  COMMON SHARE         $  0.075         $  0.075         $  0.225         $  0.225
</TABLE>

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





                                       4
<PAGE>


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

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

Net income                                                                   $    867         $  1,104

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

     Provision for loan losses                                                     46               56
     Depreciation and amortization                                                178              161
     FHLB stock dividend                                                         (193)            (132)
     Increase  in accrued interest receivable                                    (207)            (489)
     Decrease (increase)  in other assets                                         133             (377)
     Increase (decrease) in other liabilities                                      81              (48)
     Other, net                                                                  (169)            (148)
     Loans sold                                                                13,200              683
     Disbursements on loans originated for sale                                (5,654)            (285)
                                                                             --------         --------
Net cash provided by operating activities                                       8,282              525
                                                                             --------         --------

Cash provided by (used in) investing activities:
  Loan principal reductions                                                    38,354           24,899
  Disbursements on mortgage and other
     loans purchased or originated for investment                             (47,358)         (53,898)
  Repayments on mortgage-backed securities                                     11,458            8,785
  Sale of available-for-sale mortgage-backed securities                         7,480                0
  Purchase of available-for-sale investment securities                        (13,154)               0
  Proceeds from the sale of or maturity of available-for-sale
    investment securities                                                      15,000                5
  Purchase of FHLB Stock                                                         (200)          (1,025)
  Capital expenditures                                                           (555)             (27)
                                                                             --------         --------
Net cash provided by (used in) investing activities                            11,025          (21,261)
                                                                             --------         --------

Cash provided by (used in) financing activities:
  Net increase (decrease) in deposits                                          15,223           (5,672)
  Borrowed money                                                              (19,939)          25,052
  Decrease in advances by borrowers
     for taxes and insurance                                                     (538)            (416)
  Repurchase of common stock                                                                      (155)
  Payment of dividends                                                           (362)            (363)
                                                                             --------         --------
Net cash provided by (used in) financing activities                            (5,616)          18,446
                                                                             --------         --------

Net increase (decrease) in cash                                              $ 13,691         ($ 2,290)
Cash at beginning of period                                                     1,351            3,688
                                                                             --------         --------
CASH AT END OF PERIOD                                                        $ 15,042         $  1,398
</TABLE>


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





                                       5
<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-and nine-month periods ended
September 30, 2001 are not necessarily indicative of the results that may be
expected for the full year. The December 31, 2000 Balance Sheet data was derived
from audited financial statements, but does not include all disclosures required
by generally accepted accounting principles.


EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS

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

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

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





                                       6
<PAGE>


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

GENERAL

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

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

         1.  We will exceed the expectations of our customers regarding service
             and products.
         2.  Our success will be achieved through our employees' efforts.
         3.  Shareholder satisfaction enables us to continue serving our
             customers.
         4.  We have an obligation to support the communities we serve.
         5.  We will combine business success with integrity.

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

As a Delaware corporation, the Company is authorized to engage in any activity
permitted by the Delaware General Corporation Law. As a unitary savings and loan
holding company, the Company is subject to examination and supervision by the
Office of Thrift Supervision ("OTS"), although the Company's activities are not
limited by the OTS as long as certain conditions are met. The Company's assets
consist of cash, interest-earning deposits, and investments in Franklin,
DirectTeller Systems Inc. ("DirectTeller") and Financial Institutions Partners
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 lines of credit, credit and debit cards, personal
and business checking accounts, auto loans, savings accounts, automated teller
machines and a voice response telephone inquiry system. To generate additional
fee income and enhance the products and services available to its customers,
Franklin also offers annuities, mutual funds and discount brokerage services in
its offices through an agreement with a third party broker dealer. Additionally,
Franklin offers an internet-based banking system which allows its customers to
transfer funds between financial institutions, pay bills, transfer funds between
Franklin accounts, download account and transaction information into financial
management software programs and inquire about account balances and
transactions.


                                       7

<PAGE>


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

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

FIP III is a limited partnership that invests in common stocks of financial
institutions. The Company has invested $500,000 in the partnership. At June 30,
2001, the Company's pro-rata interest in the partnership, as estimated by Hovde
Financial Inc., the general partner, had a net asset value of approximately
$793,000. There is not a readily determinable market for the Company's interest
in this partnership.

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

Since the results of operations of Madison, DirectTeller and FIP 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 $4.15 million (1.5%) from $277.69 million at
December 31, 2000 to $273.54 million at September 30, 2001, compared to a $19.59
million (7.8%) increase for the same period in 2000. During 2001,
mortgage-backed securities decreased $18.62 million, cash and investments
increased $12.24 million, loans receivable increased $1.32 million, deposits
increased $15.22 million and borrowings decreased $19.94 million.

Loan disbursements were $53.01 million during the current nine-month period
compared to $54.18 million during the nine months ended September 30, 2000.
Disbursements during the third quarter of 2001 were $20.52 million compared to
$13.67 million during the same quarter in 2000. Mortgage loan sales during the
current nine-month period were $12.85 million compared to sales of $285,000
during the first nine months of 2000. The increase in loan sales reflects an
increase in originations of fixed-rate mortgages due to the decline in interest
rates and the requirement in Franklin's Interest Rate Risk Compliance Plan that
the majority of fixed-rate loans originated be sold in the secondary market. At
September 30, 2001, commitments to originate mortgage loans were $2.70 million.
At the same date, $3.74 million of undisbursed loan funds were being held on
various construction loans. Management believes that sufficient cash flow and
borrowing capacity exists to fund these commitments.

Liquid assets increased $12.24 million during the nine months ended September
30, 2001, to $33.53


                                     Page 8
<PAGE>

million. This increase reflects loan and mortgage-backed securities repayments
of $49.81 million, net savings deposits of $15.22 million, loan sales of $12.85
million and sales of mortgage-backed securities of $7.48 million, less loan
disbursements of $53.01 million and a reduction in borrowings of $19.94 million.
Short-term liquid assets have been allowed to increase because the current low
rate environment does not offer suitable investment alternatives. At September
30, 2001, liquid assets were 12.26% of total assets.

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


<TABLE>
<CAPTION>
                                     Amortized  Unrealized Unrealized    Market
                                       Cost        Gains     Losses      Value
                                     -------------------------------------------
                                                    (in thousands)
<S>                                  <C>         <C>         <C>        <C>
Available-for-sale
     Investment securities           $18,298     $   242     $   55     $18,485
     Mortgage-backed securities       14,655         332                 14,987
Held-to-maturity
     Mortgage-backed securities        8,533         344                  8,877
</TABLE>


At September 30, 2001, savings deposits were $200.75 million compared to $185.53
million at December 31, 2000. This is an increase of $3.27 million during the
current quarter and $15.22 million during the nine months ended September 30,
2001. During the nine months ended September 30, 2001, core deposits
(transaction and passbook savings accounts) increased $3.96 million. During the
same period, short-term certificates (two years or less) increased $1.54 million
and certificates with original terms greater than two years increased $9.72
million. The increase in long-term certificates reflects management's efforts to
lengthen the maturity of its deposits. Interest of $2.20 million during the
current quarter and $6.48 million during the current nine-month period was
credited to accounts. After eliminating the effect of interest credited, savings
increased $1.07 million during the current quarter and $8.74 million during the
nine months ended September 30, 2001.

At September 30, 2001, Franklin had outstanding Federal Home Loan Bank ("FHLB")
advances of $49.04 million at an average cost of 6.30%. During the next twelve
months, principal payments of $10.41 million are required on these advances.

In the low interest rate environment that prevailed throughout much of the
1990s, Franklin, like many financial institutions, was not able to attract a
significant amount of long-term deposits as customers opted to pursue short-term
investments so they would be poised to take advantage of rates when they did
rise. As a result, Franklin experienced a shortening of the maturities of its
liabilities. The low rates had the opposite effect on Franklin's assets, as
consumers took advantage of the low rates to lock-in long-term mortgages.
Although Franklin sold some of its fixed-rate mortgages in recent years, timing
considerations and other market conditions have not always been conducive to a
sale. Consequently, Franklin emerged from the 1990s with a significant mismatch
between the repricing terms of its assets and liabilities. In May 2000, Franklin
submitted an Interest Rate Risk Compliance Plan to the OTS. The objective of
this plan was to increase Franklin's Interest Rate Risk rating to "moderate
risk", under OTS guidelines, by December 31, 2001. As of June 30, 2001, Franklin
had met and exceeded the objective of this plan by achieving a rating of
"minimal risk".

In response to the OTS' concerns about its interest rate risk position, during
the fourth quarter of 1999, Franklin implemented several initiatives to improve
its interest rate sensitivity. One initiative was to increase its capital
position, which Franklin addressed by suspending the payment of


                                        9
<PAGE>


dividends to the Company. It is not anticipated that this action will adversely
affect the ability of the Company to pay dividends to its shareholders. Although
the Company does not anticipate that it will need dividends from Franklin during
2001, a prolonged restriction could adversely affect the amount of funds
available to the Company in future years. Another initiative was to lengthen the
maturities of its liabilities, which Franklin achieved by emphasizing
thirty-nine month and five year certificates of deposit, and to shorten the
maturities of its assets, which Franklin has addressed by emphasizing the
origination of one, three, and five-year adjustable-rate mortgages and selling
the majority of fixed-rate loans originated. In addition, commercial and
multi-family real estate loans originated have shorter maturities with balloon
payments due in five years or less. More emphasis has been placed on the
origination of home equity lines of credit and adjustable-rate second mortgages,
which are normally originated at higher rates than first mortgage loans.

As a result of these initiatives, the composition of the loan portfolio has gone
from 33% adjustable, 56% fixed and 11% balloons at December 31, 1999 to 57%
adjustable, 33% fixed and 10% balloons at September 30, 2001. During the same
time frame, core deposits have increased from 24% to 25% of total deposits and
certificates with original maturities of three years or more have increased to
41% of total deposits from 24% at December 31, 1999. Because adjustable-rate
loans are normally originated at rates lower than fixed-rate loans and
longer-term certificates normally have higher rates than shorter-term
certificates, these initiatives have had a negative impact on net interest
income.

At September 30, 2001, $1.43 million of assets were classified substandard,
$178,000 classified loss and $4.80 million classified as special mention
compared to $800,000 substandard, $176,000 loss and $4.14 million special
mention at December 31, 2000. Non-accruing loans and accruing loans delinquent
ninety days or more, net of reserves, were $1.15 million at September 30, 2001
and $875,000 at December 31, 2000. Because of the increase in delinquent loans
and substandard assets, the Company has enhanced its collection efforts. At
September 30, 2001, the recorded investment in loans for which impairment under
SFAS No. 114 has been recognized was immaterial to the Company's financial
statements.

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

                                                          (Dollars in thousands)
                 Balance at beginning of period                   $1,060
                 Charge offs                                           0
                 Additions charged to operations                      46
                 Recoveries                                            1
                                                                       -
                 Balance at end of period                         $1,107



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 September 30, 2001, net worth was $22.33 million, which is
8.16% of assets. At the same date, book value per share was $13.84 compared to
$13.21 at December 31, 2000.

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


                                       10
<PAGE>

<TABLE>
<CAPTION>
Capital Standard     Actual       Required       Excess       Actual      Required       Excess
                     ------       --------       ------       ------      --------       ------
                     (Dollars in thousands)
<S>                   <C>           <C>           <C>           <C>           <C>          <C>
Core                  $20,042       $10,887       $9,155        7.36%         4.00%        3.36%
Risk-based             20,946        13,548        7,398       12.37%         8.00%        4.37%
</TABLE>



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

COMPREHENSIVE INCOME

Comprehensive income for the nine months ended September 30, 2001 and 2000 was
$1.35 million and $1.19 million, 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 $184,000 ($0.12 per basic share) for the current quarter and
$867,000 ($0.54 per basic share) for the nine months ended September 30, 2001.
This compares to earnings of $329,000 ($0.20 per basic share) for the third
quarter of 2000 and $1.10 million ($0.68 per basic share) for the first nine
months of 2000. The decline in net income during the current nine-month period
reflects a $539,000 decrease in net interest income, a $244,000 increase in
profits on the sale of loans and investments, a $110,000 increase in fee and
other income and a $182,000 increase in operating expenses.

Net interest income, before provisions for loan losses, was $1.28 million for
the current quarter and $4.17 million for the first nine months of 2001,
compared to $1.48 and $4.71 million, respectively, for the same periods in 2000.
The most significant impact on net interest income between periods relates to
the changes implemented by Franklin to reduce its interest rate risk. As
discussed previously, Franklin has placed emphasis on originating
adjustable-rate residential mortgages, short-term commercial mortgages, consumer
loans and longer-term liabilities. During 2001, a substantial decline in
interest rates has caused an increase in prepayments on loans and the majority
of the Company's investment securities to be called prior to maturity. Proceeds
from these prepayments have been invested in lower yielding loans and securities
or overnight funds when better investment alternatives did not exist. The
following rate/volume analysis describes the extent to which changes in interest
rates and the volume of interest related assets and liabilities have affected
net interest income during the periods indicated.



                                       11
<PAGE>

<TABLE>
<CAPTION>
                                  For the nine month periods ended September 30,
                                                  2001  vs   2000
                                                                        Total
                                        Increase (decrease) due to    increase
                                         volume          rate        (decrease)
                                         ------          ----        ----------
Interest income attributable to:          (Dollars in thousands)
<S>                                        <C>             <C>         <C>
  Loans receivable(1)                      $1,164          ($48)       $1,116
  Mortgage-backed securities                 (812)           18          (794)
  Investments                                 210           (59)          151
  FHLB stock                                   61             0            61
                                          -------       -------       -------
  Total interest-earning assets              $623          ($89)         $534

Interest expense attributable to:
  Demand deposits                             $27          ($17)          $10
  Savings accounts                             13             4            17
  Certificates                                129           339           468
  FHLB advances                               418           160           578
                                          -------       -------       -------
  Total interest-bearing liabilities         $587          $486        $1,073

Increase in net interest income               $36         ($575)        ($539)
</TABLE>

                (1) Includes non-accruing loans.

As the tables below illustrate, average interest-earning assets increased $10.83
million to $266.14 million during the nine months ended September 30, 2001, from
$255.31 million for the nine months ended September 30, 2000. Average
interest-bearing liabilities increased $14.37 million from $237.31 million for
the nine months ended September 30, 2000, to $251.68 million for the current
nine-month period. Average net interest-earning assets decreased $3.54 million
when comparing the two periods. The interest rate spread (the yield on
interest-earning assets less the cost of interest-bearing liabilities) was 1.79%
for the nine months ended September 30, 2001, compared to 2.10% for the same
period in 2000. Generally, a reduction in the interest rate spread will have a
negative impact on net interest income. The decrease in the interest rate spread
was the result of an increase in the cost of interest-bearing liabilities from
5.13% for the nine months ended September 30, 2000, to 5.41% for the same
nine-month period in 2001. This increase in the cost of interest-bearing
liabilities reflects an increase in the cost of certificates from 5.71% for the
nine months ended September 30, 2000 to 6.02% for the current nine months and an
increase in the cost of borrowed funds from 6.03% to 6.45%. The increase in the
cost of both the certificates and the borrowings reflects the increased costs
associated with acquiring the longer-term liabilities outlined in the interest
rate risk compliance plan.


                                       12
<PAGE>

<TABLE>
<CAPTION>
                                                                            For the nine months ended September 30, 2001
                                                                                   Average
                                                                                 outstanding               Yield/cost
                                                                                 -----------               ----------
                                                                           (Dollars in thousands)
<S>                                                                                   <C>                         <C>
    Average interest-earning assets
       Loans                                                                          $204,699                    7.49%
       Mortgage-backed securities                                                       32,257                    6.68%
       Investments                                                                      25,549                    5.56%
       FHLB stock                                                                        3,636                    7.07%
                                                                                        ------                    -----
         Total                                                                        $266,141                    7.20%

    Average interest-bearing liabilities
       Demand deposits                                                                 $27,078                    1.98%
       Savings accounts                                                                 21,708                    2.82%
       Certificates                                                                    145,636                    6.02%
       FHLB advances                                                                    57,258                    6.45%
                                                                                       -------                    -----
         Total                                                                        $251,680                    5.41%

  Net interest-earning assets/interest rate spread                                     $14,461                    1.79%

<CAPTION>

                                                                            For the nine months ended September 30,2000
                                                                                   Average
                                                                                 outstanding               Yield/cost
                                                                                 -----------               ----------
                                                                           (Dollars in thousands)
<S>                                                                                   <C>                         <C>
    Average interest-earning assets
       Loans                                                                          $183,981                    7.53%
       Mortgage-backed securities                                                       48,476                    6.63%
       Investments                                                                      20,366                    5.98%
       FHLB stock                                                                        2,490                    7.07%
                                                                                        ------                    -----
         Total                                                                        $255,313                    7.23%

    Average interest-bearing liabilities
       Demand deposits                                                                 $25,048                    2.08%
       Savings accounts                                                                 21,114                    2.79%
       Certificates                                                                    142,664                    5.71%
       FHLB advances                                                                    48,488                    6.03%
                                                                                       -------                    -----
         Total                                                                        $237,314                    5.13%

  Net interest-earning assets/interest rate spread                                     $17,999                    2.10%
</TABLE>


Noninterest income was $227,000 for the current quarter and $832,000 for the
nine months ended September 30, 2001 compared to $180,000 for the same quarter
in 2000 and $478,000 for the nine months ended September 30, 2000. The increase
in noninterest income when comparing the nine-month periods is the result of an
increase in profits on the sale of investments and mortgage-backed securities of
$39,000, a $205,000 increase in profits on sale of loans and a $110,000 increase
in checking account fees and other income.


                                       13
<PAGE>

Noninterest expenses were $1.23 million for the current quarter and $3.67
million for the current nine-month period compared to $1.16 million for the same
quarter in 2000 and $3.49 million for the nine months ended September 30, 2000.
As a percentage of average assets, this is 1.78% for the nine months ended
September 30, 2001 compared to 1.80% for the first nine months of 2000. The
increase during the current nine-month period reflects an increase in
compensation and benefits of $57,000, a $45,000 increase in occupancy expense
due to the opening of a new office, an increase in federal deposit insurance
costs of $25,000, an increase in regulatory assessments of $24,000 and an
increase in service bureau expense of $36,000.




                                       14
<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

         None

Item 3.  DEFAULTS UPON SENIOR SECURITIES

         None

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

         None

Item 5.  OTHER INFORMATION

         A. Press release dated September 25, 2001
         B. Press release dated October 12, 2001


Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

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



                                       15
<PAGE>


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


September 25, 2001
Cincinnati, Ohio


First Franklin Corporation Declares Quarterly Dividend


The Board of Directors of First Franklin Corporation has declared a dividend of
$0.075 per share for the third quarter of 2001. This is the fifty-fifth
consecutive dividend paid by the company. The quarterly dividend will be payable
October 15, 2001 to shareholders of record as of October 5, 2001. In accordance
with NASD regulations, the ex-dividend date for this dividend payment is
expected to be October 2, 2001. Persons who buy or sell shares should consult
their brokers regarding the timing of their transactions and the effect of the
ex-dividend date.

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

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





                                       16
<PAGE>



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


October 12, 2001
Cincinnati, Ohio


First Franklin Corporation Announces Earnings


First Franklin Corporation, the parent of Franklin Savings and Loan Company,
Cincinnati, Ohio today announced earnings of $184,000 ($0.12 per share) for the
third quarter of 2001 and $867,000 ($0.54 per share) for the nine months ended
September 30, 2001. This compares to earnings of $329,000 ($0.20 per share) for
the third quarter of 2000 and $1,104,000 ($0.68 per share) for the nine months
ended September 30, 2000.

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

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





                                       17
<PAGE>




 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:  November 8, 2001