Securities and Exchange Commission
                             Washington, D.C. 20549


                                   Form 10-QSB



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

For the Quarterly Period Ended March 31, 1997

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

For the Transition Period __________________________________

                         Commission File Number 0-16362

                           First Franklin Corporation
            ________________________________________________________
             (Exact Name of Registrant as Specified in its Charter)


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


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

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

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

                            Yes [X]           NO [ ]


As of March 31, 1997, there were issued and outstanding  1,178,343 shares of the
Registrant'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 -
             March 31, 1997 and December 31, 1996 ...................... 3
                                                                    
             Consolidated Statements of Income and Retained         
             Earnings - Three Month Periods ended                   
             March 31, 1997 and 1996 ................................... 4
                                                                    
             Consolidated Statements of Cash Flows -                
             Three Month Periods ended March 31, 1997                
             and 1996 .................................................. 6
                                                                    
             Notes to Consolidated Financial Statements ................ 8
                                                                    
                                                                    
Item 2.    Management's Discussion and Analysis of Financial        
                 Condition and Results of Operations ................... 9
                                                                    
                                                                    
Part II    Other Information .......................................... 14
                                                                    
Item 5.    Press Release Dated March 26, 1997 ......................... 15
           Press Release Dated April 14, 1997 ......................... 16

Signatures


                                      -2-
<PAGE>

<TABLE>

Part I - Item 1.

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

                                                              Mar 31, 1997    Dec 31, 1996
                                                              ------------    ------------
                                                               (Unaudited)
<S>                                                            <C>            <C>      
     ASSETS
Cash, including CD's & other interest-earning
  deposits of $5,010 and $7,625 at 03/31/97
  and 12/31/96, respectively                                   $   6,903      $  10,009
Investment securities
  Available-for-sale, at market value
     (amortized cost of $22,757 and $17,424, respectively)        22,653         17,358
Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $18,522 and $19,107, respectively)        18,901         19,503
  Held-to-maturity, at amortized cost
    (market value of $18,490 and 19,249, respectively)            19,126         19,622
Loans receivable, net                                            152,854        150,135
Real estate owned, net                                               127            181
Stock in Federal Home Loan Bank
  of Cincinnati, at cost                                           1,780          1,750
Accrued interest receivable                                        1,328          1,240
Property and equipment, net                                        1,872          1,900
Other assets                                                         691            604
                                                               ---------      ---------
                                                               $ 226,235      $ 222,302

     LIABILITIES
Savings accounts                                               $ 198,819      $ 194,648
Borrowings                                                         6,330          6,423
Advances by borrowers for taxes
  and insurance                                                      643          1,066
Other liabilities                                                    494            435
                                                               ---------      ---------
     Total liabilities                                           206,286        202,572
                                                               ---------      ---------
     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; 1,324,412
   shares issued at 03/31/97 and 1,293,012
   at 12/31/96                                                        13             13
Additional paid in capital                                         6,109          5,952
Treasury stock, at cost- 146,069 and 136,578
 shares at 03/31/97 and 12/31/96, respectively                    (1,298)        (1,141)
Unrealized gain on available-for-sale securities,
   net of taxes of $94 at 03/31/97 and $112 at 12/31/96              182            218
Retained earnings, substantially restricted                       14,943         14,688
                                                               ---------      ---------
     Total stockholders' equity                                   19,949         19,730
                                                               ---------      ---------
                                                               $ 226,235      $ 222,302

</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)


                                                   For The Three Months Ended
                                                 Mar 31, 1997       Mar 31, 1996
                                                 ------------       ------------
                                                           (Unaudited)
Interest income:
  Loans receivable                                  $2,942            $2,820
  Mortgage-backed securities                           634               657
  Investment securities                                379               362
                                                    ------            ------
                                                     3,955             3,839
Interest expense:
  Savings accounts                                   2,412             2,309
  Borrowings                                           103               119
                                                    ------            ------
                                                     2,515             2,428
                                                    ------            ------
     Net interest income                             1,440             1,411

Provision for loan losses                               21                21
                                                    ------            ------
     Net interest income after
       provision for loan losses                     1,419             1,390
                                                    ------            ------
Noninterest income:
  Gain on loans sold                                    20                13
  Service fees on NOW accounts                          49                48
  Other income                                          41                65
                                                    ------            ------
                                                       110               126
Noninterest expenses:
  Salaries and employee benefits                       436               409
  Occupancy expense                                    149               142
  Federal insurance premiums                             7               105
  Service bureau expense                                57                69
  Other expenses                                       359               335
                                                    ------            ------
                                                     1,008             1,060

Income before federal income taxes                     521               456

Provision for federal income taxes                     173               151
                                                    ------            ------
     Net Income                                     $  348            $  305



                                    continued

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

                                      -4-
<PAGE>


                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
       CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS, CONTINUED
                  (Dollars in Thousands Except per Share Data)



                                                  For The Three Months Ended
                                              Mar 31, 1997         Mar 31, 1996
                                              ------------         ------------
                                                         (Unaudited)


RETAINED EARNINGS-BEGINNING OF PERIOD            $ 14,688            $ 14,777
  Net income                                          348                 305
  Less: dividends declared                            (93)                (83)
                                                 --------            --------
RETAINED EARNINGS-END OF PERIOD                  $ 14,943            $ 14,999

EARNINGS PER COMMON SHARE (in dollars)           $   0.29            $   0.25

DIVIDENDS DECLARED PER
 COMMON SHARE (in dollars)                       $   0.08            $   0.07


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


                                      -5-
<PAGE>
<TABLE>


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



                                                                   For The Three Months Ended
                                                                 Mar 31, 1997       Mar 31, 1996
                                                                 ------------       ------------
                                                                           (Unaudited)

<S>                                                              <C>                <C>     
Cash provided by (used in) operating activities:

Net income                                                       $   348            $    305

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

     Provision for loan losses                                        21                  21
     Depreciation and amortization                                    43                  57
     FHLB stock dividend                                             (30)                (29)
     Increase in accrued interest receivable                         (88)                (92)
     Increase (decrease) in other assets                              87                (112)
     Increase in other liabilities                                    59                 198
     Other, net                                                      (80)               (257)
      Loans sold                                                   1,378                 200
      Disbursements on loans originated for sale                    (948)                  0
                                                                 -------            --------
Net cash provided by operating activities                            790                 291
                                                                 -------            --------
Cash provided by (used in) investing activities:
  Loan principal reductions                                        5,228               8,397
  Disbursements on mortgage and other
     loans purchased or originated for investment                 (8,398)            (11,458)
  Repayments on mortgage-backed
     securities                                                    1,078               1,651
  Purchase of available-for-sale investment securities            (8,149)             (3,199)
  Proceeds from the maturity of available-for-sale
    investment securities                                          2,820               2,500
  Sale of Federal Home Loan Bank stock                                17
  Capital expenditures                                               (37)                 (1)
                                                                 -------            --------
Net cash used in investing activities                             (7,458)             (2,093)
                                                                 -------            --------


                                    continued

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

</TABLE>
                                      -6-
<PAGE>

<TABLE>

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



                                                             For The Three Months Ended
                                                           Mar 31, 1997       Mar 31, 1996
                                                           ------------       ------------
                                                                     (Unaudited)

<S>                                                          <C>                    <C>
Cash provided by (used in) financing activities:
  Net increase (decrease) in passbook accounts
    and demand deposits                                      (1,341)                418
  Proceeds from sales of certificates
    of deposit                                               22,032              19,259
  Payments for maturing certificates
    of deposit                                              (16,520)            (17,034)
  Repayment of borrowed money                                   (93)                (78)
  Decrease in advances by borrowers
     for taxes and insurance                                   (423)               (468)
  Payment of dividends                                          (93)                (83)

Net cash provided by financing activities                     3,562               2,014
                                                           --------            --------
Net increase in cash                                       ($ 3,106)           $    212
Cash at beginning of period                                  10,009               8,653
                                                           --------            --------
CASH AT END OF PERIOD                                      $  6,903            $  8,865

</TABLE>


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

                                      -7-
<PAGE>


                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1:   BASIS OF PRESENTATION

The accompanying  unaudited interim consolidated  financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Rule 10-01 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of management,  all adjustments (consisting
of normal recurring accruals)  considered necessary for a fair presentation have
been included. Operating results for the three month period ended March 31, 1997
are not necessarily  indicative of the results that may be expected for the full
year.  The  December  31,  1996  Balance  Sheet data was  derived  from  audited
Financial Statements, but does not include all disclosures required by generally
accepted accounting principles.

Effective  January  1, 1997 the  Company  was  required  to adopt  Statement  of
Financial  Accounting  Standards  ("SFAS") No. 125 "Accounting for Transfers and
Servicing  of  Financial  Assets  and   Extinguishments  of  Liabilities"  which
establishes  accounting  and reporting  standards for transfers and servicing of
financial assets and extinguishments of liabilities.  The standards are based on
a consistent  application  of a financial  components  approach  that focuses on
control.  Under that approach,  after a transfer of financial  assets, an entity
recognizes the financial and servicing assets it controls and the liabilities it
has incurred,  derecognizes  financial assets when control has been surrendered,
and derecognizes liabilities when extinguished. SFAS No. 125 provides consistent
standards for  distinguishing  transfers of financial assets that are sales from
transfers  that are secured  borrowings.  The  adoption  of this new  accounting
standard  did  not  have a  significant  impact  on the  Company's  Consolidated
Statement of Operations for the three months ended March 31, 1997.

On March 3, 1997, the Financial  Accounting Standards Board ("FASB") issued SFAS
No. 128,  "Earnings  per Share" which will replace the current  presentation  of
"primary" and "fully diluted"  earnings per share with newly defined "basic" and
"diluted"  earnings  per share.  "Basic"  earnings  per share  will not  include
dilutive  effect on  earnings.  "Diluted"  earnings  per share will  reflect the
potential  dilution of securities  that could share in an enterprises  earnings.
The statement will require dual  presentation of basic and diluted  earnings per
share  on  the  income   statement  for  all  entities  having  complex  capital
structures.  It is effective  for all  financial  statements  issued for periods
ending after  December 31, 1997.  Management  is currently  assessing the impact
that adoption will have on the Company's financial statements.


                                      -8-
<PAGE>


Part I - Item 2.

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

GENERAL

FIRST FRANKLIN  CORPORATION  ("Company")  is a savings and loan holding  company
which was incorporated under the laws of the State of Delaware in September 1987
by  authorization  of the Board of Directors  of the  Franklin  Savings and Loan
Company  ("Franklin").  The Company applied for and received regulatory approval
to acquire  all the  common  stock of  Franklin  issued in  connection  with its
conversion  from the  mutual to stock form of  ownership.  This  conversion  was
completed January 25,1988.

The  Company's  operating  philosophy  is  to  be an  efficient  and  profitable
financial   services   organization  with  a  professional  staff  committed  to
maximizing shareholder value by structuring and delivering quality services that
attract  customers  and satisfy  their needs.  Management's  goal is to maintain
profitability  and a strong  capital base.  It seeks to accomplish  this goal by
pursuing  the  following  strategies;  (i)  emphasizing  lending  in the  one-to
four-family  residential  mortgage market, (ii) managing deposit pricing,  (iii)
controlling  interest  rate  risk,  (iv)  controlling  operating  expenses,  (v)
controlling asset growth, and (vi) maintaining asset quality.

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

Franklin  is  an  Ohio  chartered  stock  savings  and  loan   headquartered  in
Cincinnati, Ohio. It was originally chartered in 1883 as the Green Street Number
2 Loan and Building Company. Franklin operates seven banking offices in Hamilton
County,  Ohio through which it offers a wide range of consumer banking services,
including mortgage loans, credit cards,  checking accounts,  auto loans, savings
and  certificate  accounts,  automated  teller  machines  and a  voice  response
telephone  inquiry  system.  Franklin also offers  mutual  funds,  annuities and
discount  brokerage  services in its offices  through an agreement  with a third
party. The business of Franklin consists  primarily of attracting  deposits from
the general public and using those deposits,  together with borrowings and other
funds, to originate and purchase investments and real estate loans for retention
in its portfolio and sale in the secondary market.

Legislation has been introduced to restructure the federal banking system.  Such
legislation  might  require  Franklin  to  convert  to a state  savings  bank or
national  bank  charter.  As a  result,  it  could  become  subject  to the more
restrictive  activity  limits  imposed on  national  banks,  but it would have a
specified period of time to divest any non-conforming  assets. In addition,  the
Company might be required to become a bank holding company,  which would subject
it to more restrictive  activity limits and to capital  requirements  similar to
those imposed on Franklin.  The Company cannot evaluate how this legislation may
impact it until it has been enacted.

Franklin  has  one   wholly-owned   subsidiary,   Madison  Service   Corporation
("Madison").  Madison  was  formed on  February  22,1972  to allow  Franklin  to
diversify into certain types of business which, by regulation, savings and loans
were  unable to enter.  At the  present  time,  Madison's  only  activity is its
contract with the third party  registered  broker  dealer that offers  brokerage
services at the offices of Franklin. Madison's assets consist solely of cash and
interest-earning deposits.

DirectTeller  was formed in 1989 by the Company and DataTech  Services,  Inc. to
develop  and  market  a  voice  response   inquiry  system  to  allow  financial
institution  customers  to  access  information  about  their  accounts  via the
telephone  and/or a  facsimile  machine.  The  inquiry  system is  currently  in
operation  at  Intreive  Inc.,  a  computer  service  bureau  which  offers  the
DirectTeller  system to the financial  institutions  it services.  The agreement
with Intrieve gives  DirectTeller  a percentage of the profits  generated by the
inquiry system.

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


                                       -9-
<PAGE>


FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Consolidated  assets  increased  $3.9  million  (1.8%)  from  $222.3  million at
December  31,  1996 to $226.2  million  at March 31,  1997,  compared  to a $2.5
million (1.2%) increase for the same period in 1996.

Loan  disbursements  were $9.3 million  during the current  quarter  compared to
$11.5  million  during the  quarter  ended  March 31,  1996.  During the current
quarter  loan  sales  were $1.4  million.  At March  31,  1997,  commitments  to
originate  mortgage  loans or  purchase  mortgage-backed  securities  were  $1.6
million.  At the same date,  $2.8 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  $2.2 million  during the three months ended March 31,
1997 to $29.6 million.  This increase reflects savings deposits of $4.2 million,
loan sales of $1.4 million and loan and mortgage-backed securities repayments of
$6.3 million less loan  dibursements  of $9.3 million.  At March 31, 1997 liquid
assets were 13.1% of total assets, which was above management's target of 8 %.

The Company's investment and mortgage-backed  securities are classified based on
its  current  intention  to hold to  maturity  or have  available  for sale,  if
necessary.  The following  table shows the gross  unrealized  gains or losses on
mortgage-backed  securities  and  investment  securities  as of March 31,  1997.
During  the  current  quarter,  there  have  been no  sales  of  investments  or
mortgage-backed securities. No securities are classified as trading.

<TABLE>

                                            Amortized     Market          Unrealized   Unrealized
                                              Cost        value             Gains        Losses
                                            ---------     ------          ----------   ----------
                                                               (in thousands)

<S>                                         <C>          <C>                  <C>        <C> 
 Available-for-sale
      Investment securities                 $22,757      $22,653              $65        $169
      Mortgage-backed securities            $18,522      $18,901             $401         $22
 Held-to-maturity
      Mortgage-backed securities            $19,126      $18,490               $0        $636

</TABLE>


At March 31,  1997  savings  deposits  were  $198.8  million  compared to $194.6
million at December  31, 1996.  This is an increase of $4.2  million  during the
current  quarter.  During the three months ended March 31, 1997,  core  deposits
(transaction and passbook savings accounts)  decreased $1.3 million.  During the
same period,  short term certificates (two years or less) increased $8.3 million
and  certificates  with  original  terms greater than two years  decreased  $2.8
million.  Interest of $2.1 million was  credited to accounts  during the current
quarter.  After eliminating the effect of interest  credited,  savings increased
$2.1 million during the three months ended March 31, 1997.

At March 31, 1997  borrowings  consisted of $6.3 million in  fixed-rate  Federal
Home Loan Bank  advances at an average  cost of 6.45%.  All  advances  are being
amortized monthly.

At March 31, 1997, $1.8 million of assets were classified substandard,  $341,000
classified loss and $2.0 million  classified as special mention compared to $1.4
million as substandard,  $344,000 as loss and $2.5 million as special mention at
December 31, 1996.  Non-accruing  and accruing loans  delinquent  ninety days or
more were $965,000 at March 31, 1997 and $693,000 at December 31, 1996. At March
31, 1997 the recorded  investment in loans for which  impairment  under SFAS No.
114 has been recognized was immaterial to the Company's financial statements.

In  management's  opinion,  adequate  reserves are available to protect  against
reasonably foreseeable losses that may occur on loans or repossessed assets. The
following table shows the activity that has occurred on loss reserves during the
three months ended March 31, 1997.

                                                   (Dollars in Thousands)

       Balance at beginning of period                        $981
       Charge offs                                              1
       Additions charged to operations                         21
       Recoveries                                               0
                                                         --------
       Balance at end of period                            $1,001



                                      -10-
<PAGE>


The  Company's  capital  supports  business  growth,   provides   protection  to
depositors,  and represents the investment of stockholders  on which  management
strives to achieve adequate returns.  First Franklin continues to enjoy a strong
capital position. At March 31, 1997, net worth was $19.9 million,  which is 8.8%
of assets.  At the same date, book value per share was $16.93 compared to $17.31
at March 31, 1996.  The following  table  summarizes,  as of March 31, 1997, the
regulatory capital position of our subsidiary, Franklin Savings.

<TABLE>

Capital Standard         Actual    Required    Excess       Actual      Required    Excess
                         ------    --------    ------       ------      --------    ------
                           (Dollars in Thousands)

<S>                     <C>         <C>       <C>            <C>          <C>        <C>  
Tangible                $14,074     $3,309    $10,765        6.38%        1.50%      4.88%
Core                    $14,074     $6,618     $7,456        6.38%        3.00%      3.38%
Risk-based              $14,734     $8,010     $6.724       14.72%        8.00%      6.72%

</TABLE>


RESULTS OF OPERATIONS

Net income  increased 14% to $348,000  ($0.29 per share) for the current quarter
compared to $305,000 ($0.25 per share) for the same quarter in 1996.

Net interest  income,  before  provisions  for loan  losses,  increased to $1.44
million for the current quarter compared to $1.41 million during the same period
in  1996.  As the  tables  below  illustrate,  average  interest-earning  assets
increased $6.7 million to $217.5 million during the quarter ended March 31, 1997
from  $210.8   million  for  the  year  ended   December   31,   1996.   Average
interest-bearing  liabilities increased $7.5 million from $195.3 million for the
year ended December 31, 1996 to $202.8 for the current  quarter.  Thus,  average
net  interest-earning  assets decreased $800,000.  The interest rate spread (the
yield on interest-earning assets less the cost of interest-bearing  liabilities)
decreased  from  2.48% for the year  ended  December  31,  1996 to 2.31% for the
current three month period.  This decrease in the spread reflects an decrease in
the cost of funds from 5.01% for the year ended  December  31, 1996 to 4.96% for
the quarter ended March 31, 1997 and a decrease in the yield on interest-earning
assets to 7.27%  during  the  current  quarter  from  7.49%  for the year  ended
December 31, 1996.  The decrease in the yield on average assets is the result of
adjustable-rate mortgage loans repricing at lower rates.

                                      -11-
<PAGE>


                                                   For the Three Months ended
                                                         March 31, 1997

                                                   Average
                                                 Outstanding         Yield/cost
                                               ($ in thousands)

    Average interest-earning assets
       Loans                                       $152,116             7.74%
       Mortgage-backed securities                    38,035             6.82%
       Investments                                   25,604             5.45%
       FHLB stock                                     1,760             6.67%
         Total                                     $217,515             7.27%

    Average interest-bearing liabilities
       Demand deposits                              $24,690             2.14%
       Savings accounts                              23,364             2.71%
       Certificates                                 148,392             5.72%
       FHLB advances                                  6,361             6.48%
         Total                                     $202,807             4.96%

  Net interest-earning assets                       $14,708             2.31%

                                            For the year ended December 31, 1996

                                                   Average
                                                 Outstanding        Yield/cost
                                              ($ in thousands)

    Average interest-earning assets
       Loans                                       $146,122             8.04%
       Mortgage-backed securities                    39,976             6.62%
       Investments                                   23,060             5.50%
       FHLB stock                                     1,689             6.99%
         Total                                     $210,847             7.49%

    Average interest-bearing liabilities
       Demand deposits                              $23,709             2.23%
       Savings accounts                              24,721             2.76%
       Certificates                                 139,800             5.80%
       FHLB advances                                  7,090             6.47%
         Total                                     $195,320             5.01%

  Net interest-earning assets                       $15,527             2.48%


                                      -12-
<PAGE>


Noninterest income for the quarter ended March 31, 1997 was $110,000 compared to
$126,000 for the same quarter in 1996. The decrease in income when comparing the
two  periods is the result of  decreased  loan fees due to the  decrease in loan
disbursements and a decline in late charges collected.

Noninterest  expenses  were $1.01  million for the current  quarter  compared to
$1.06  million for the three  months ended March 31,  1996.  As a percentage  of
average assets,  this is 1.80% for the current quarter compared to 1.98% for the
first quarter of 1996.


                                      -13-
<PAGE>



PART II


                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY



Item 1.  LEGAL PROCEEDING

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


Item 2.  CHANGES IN SECURITIES

            None


Item 3.  DEFAULTS UPON SENIOR SECURITIES

            None


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

            None


Item 5.  OTHER INFORMATION

            A.  Press Release Dated March 26,1997
            B.  Press Release Dated April 14,1997




Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

            None


                                      -14-
<PAGE>



SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                                FIRST FRANKLIN CORPORATION



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



Date: May 1, 1997