Securities and Exchange Commission
                            Washington, D.C. 20549


                                  Form 10-QSB

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

For the Quarterly Period Ended September 30, 1996

[ ]  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) 469-8000

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

                            Yes [X]         NO [ ]


As of September 30, 1996, there were issued and outstanding 1,158,434 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 -
          September 30, 1996 and December 31, 1995 ........................ 3

          Consolidated Statements of Operations and Retained
          Earnings - Three and Nine Month Periods ended
          September 30, 1996 and 1995 ..................................... 4

          Consolidated Statements of Cash Flows -
          Nine Month Periods ended September 30, 1996
          and 1995 ........................................................ 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 .............................................. 15

Item 5.   Press Release Dated September 24, 1996 ......................... 16
          Press Release Dated October 11, 1996 ........................... 17


Signatures

<PAGE>

<TABLE>

Part I - Item 1.
                   FIRST FRANKLIN CORPORATION AND SUBSIDIARY
                          CONSOLIDATED BALANCE SHEETS
                            (Dollars in Thousands)

                                                         Sept 30, 1996   Dec 31, 1995
                                                         -------------   ------------
                                                          (Unaudited)
     ASSETS
<S>                                                          <C>          <C>      
Cash, including CD's & other interest-earning
  deposits of $2,440 and $5,895 at 9/30/96
  and 12/31/95, respectively                                 $   2,463    $   8,653
Investment securities
  Available-for-sale, at market value
     (amortized cost of $20,051 and $18,839, respectively)      19,878       18,762
Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $19,896 and $18,701, respectively)      20,101       18,964
  Held-to-maturity, at amortized cost
    (market value of $19,750 and $22,051, respectively)         20,547       22,258
Loans receivable, net                                          148,569      139,419
Real estate owned, net                                             245            0
Stock in Federal Home Loan Bank
  of Cincinnati, at cost                                         1,720        1,650
Accrued interest receivable                                      1,412        1,252
Property and equipment, net                                      1,665          908
Other assets                                                     1,729        1,729
                                                             ---------    ---------
                                                             $ 218,329    $ 213,595
                                                             =========    =========

     LIABILITIES
Savings accounts                                             $ 189,269    $ 184,574
Borrowings                                                       7,154        7,393
Advances by borrowers for taxes
  and insurance                                                    644        1,207
Other liabilities                                                1,496          113
                                                             ---------    ---------
     Total liabilities                                         198,563      193,287
                                                             ---------    ---------

     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; 1,280,012
   shares issued at 9/30/96 and 1,270,164
   at 12/31/95                                                      13           13
Additional paid in capital                                       5,887        5,838
Treasury stock, at cost- 121,578 shares at
   9/30/96 and 91,878 at 12/31/95                                 (886)        (442)
Unrealized gain on available-for-sale securities,
   net of taxes of $11 at 9/30/96 and
   $63 at 12/31/95                                                  20          122
Retained earnings, substantially restricted                     14,732       14,777
                                                             ---------    ---------
     Total stockholders' equity                                 19,766       20,308
                                                             ---------    ---------
                                                             $ 218,329    $ 213,595
                                                             =========    =========


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

</TABLE>
                                    Page 3
<PAGE>

<TABLE>

                   FIRST FRANKLIN CORPORATION AND SUBSIDIARY
          CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
                            (Dollars in Thousands)


                                       For The Three Months Ended       For The Nine Months Ended
                                      Sept 30, 1996    Sept 30, 1995   Sept 30, 1996   Sept 30, 1995
                                      -------------    -------------   -------------   -------------
                                                (Unaudited)                      (Unaudited)

<S>                                       <C>             <C>            <C>            <C>    
Interest income:
  Loans receivable                        $ 2,943         $ 2,730        $ 8,626        $ 8,066
  Mortgage-backed securities                  682             544          1,986          1,615
  Investment securities                       335             394          1,052          1,000
                                          -------         -------        -------        -------
                                            3,960           3,668         11,664         10,681
                                          -------         -------        -------        -------
Interest expense:
  Savings accounts                          2,349           2,299          6,944          6,469
  Borrowings                                  116              19            352             47
                                          -------         -------        -------        -------
                                            2,465           2,318          7,296          6,516
                                          -------         -------        -------        -------

     Net interest income                    1,495           1,350          4,368          4,165

Provision for loan losses                      31               5             72             20
                                          -------         -------        -------        -------
     Net interest income after
       provision for loan losses            1,464           1,345          4,296          4,145
                                          -------         -------        -------        -------
Noninterest income:
  Gain on loans sold                           21               5             36              7
  Service fees on NOW accounts                 55              51            157            155
  Other income                                 56              42            163            106
                                          -------         -------        -------        -------
                                              132              98            356            268
                                          -------         -------        -------        -------
Noninterest expenses:
  Salaries and employee benefits              437             408          1,271          1,247
  Occupancy expense                           160             142            459            434
  Federal insurance premiums                1,259             100          1,471            300
  Service bureau expense                       59              68            200            198
  Other expenses                              306             262            927            849
                                          -------         -------        -------        -------
                                            2,221             980          4,328          3,028
                                          -------         -------        -------        -------

Income before federal income taxes           (625)            463            324          1,385

Provision for federal income taxes           (215)            155             99            458
                                          -------         -------        -------        -------

     Net Income                           ($  410)        $   308        $   225        $   927
                                          =======         =======        =======        =======

                                   continued

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

                                    Page 4

</TABLE>

<PAGE>

<TABLE>


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


                                        For The Three Months Ended       For The Nine Months Ended
                                      Sept 30, 1996    Sept 30, 1995   Sept 30, 1996   Sept 30, 1995
                                      -------------    -------------   -------------   -------------
                                                (Unaudited)                      (Unaudited)

<S>                                       <C>             <C>            <C>            <C>    

RETAINED EARNINGS-BEGINNING OF PERIOD    $ 15,235        $ 14,259       $ 14,777       $ 13,805
  Net income                                 (410)            308            225            927
  Less: dividends declared                    (93)            (82)          (270)          (247)
                                          -------         -------        -------        -------
RETAINED EARNINGS-END OF PERIOD          $ 14,732        $ 14,485       $ 14,732       $ 14,485
                                         ========        ========       ========       ========

EARNINGS PER COMMON SHARE (in dollars)   ($  0.34)       $   0.25       $   0.18       $   0.75
                                         ========        ========       ========       ========

DIVIDENDS DECLARED PER
 COMMON SHARE (in dollars)               $   0.08        $   0.07       $   0.23       $   0.21
                                         ========        ========       ========       ========


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

                                    Page 5

</TABLE>

<PAGE> 

<TABLE>

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

                                                          For The Nine Months Ended
                                                       Sept 30, 1996    Sept 30, 1995
                                                       -------------    -------------
                                                                 (Unaudited)
<S>                                                        <C>         <C>     
Cash provided by (used in) operating activities:

Net income                                                 $    225    $    927

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

     Provision for loan losses                                   72          20
     Depreciation and amortization                              121         149
     SAIF special assessment                                  1,150
     FHLB stock dividend                                        (87)        (80)
     Increase in accrued interest receivable                   (160)       (237)
     (Increase) decrease in other assets                       (780)        571
     Increase (decrease) in other liabilities                   233         (94)
     Other, net                                                (626)     (1,403)
      Loans sold                                              2,280         655
      Disbursements on loans originated for sale             (2,080)       (655)
                                                              -----       -----
Net cash provided by (used in) operating activities             348        (147)
                                                              -----       -----

Cash provided by (used in) investing activities:
  Loan principal reductions                                  23,296      20,414
  Disbursements on mortgage and other
     loans purchased or originated for investment           (32,425)    (22,892)
  Repayments on mortgage-backed
     securities                                               4,434       3,127
  Purchase of available-for-sale mortgage-backed
     securities                                              (3,947)       (500)
  Purchase of held-to-maturity mortgage-backed
     securities                                                          (5,101)
  Purchase of available-for-sale investment securities       (4,199)     (1,998)
  Proceeds from the maturity of available-for-sale
    investment securities                                     3,000         500
  Sale of Federal Home Loan Bank stock                           17         109
  Proceeds from the sale of real estate owned                   122         219
  Capital expenditures                                          (64)        (37)
                                                              -----       -----
Net cash used in investing activities                        (9,766)     (6,159)
                                                              -----       -----

                                   continued

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

</TABLE>

                                    Page 6

<PAGE>

<TABLE>

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

                                                         For The Nine Months Ended
                                                       Sept 30, 1996    Sept 30, 1995
                                                       -------------    -------------
                                                                 (Unaudited)
<S>                                                        <C>          <C>     
Cash provided by (used in) financing activities:
  Net decrease in passbook accounts
    and demand deposits                                     (2,698)      (6,424)
  Proceeds from sales of certificates
    of deposit                                              46,048       57,455
  Payments for maturing certificates
    of deposit                                             (43,955)     (40,076)
  Purchase of deposit accounts                               5,300
  (Repayment of) proceeds from borrowed money                 (239)       4,861
  Decrease in advances by borrowers
     for taxes and insurance                                  (563)        (389)
  Purchase of treasury stock                                  (444)
  Exercise of stock options                                     49           61
  Payment of dividends                                        (270)        (247)
                                                          --------     --------
Net cash provided by financing activities                    3,228       15,241
                                                          --------     --------

Net increase in cash                                      ($ 6,190)    $  8,935
Cash at beginning of period                                  8,653        2,883
                                                          --------     --------
CASH AT END OF PERIOD                                      $ 2,463     $ 11,818
                                                          ========     ========

</TABLE>

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


                                    Page 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 and
nine month periods ended September 30, 1996 are not necessarily  indicative of
the results  that may be expected  for the full year.  The  December  31, 1995
Balance Sheet data was derived from audited Financial Statements, but does not
include all disclosures required by generally accepted accounting principles.

Effective  January 1, 1996 the  Company was  required  to adopt the  following
accounting standards; Statement of Financial Accounting Standards ("SFAS") No.
121  "Accounting  for the  Impairment  of Long Lived Assets and for Long Lived
Assets to be  Disposed",  SFAS No.  122  "Accounting  for  Mortgage  Servicing
Rights",  and SFAS No. 123  "Accounting  for Stock  Based  Compensation".  The
adoption of these new accounting  standards did not have a significant  impact
on the Company's  Consolidated  Statement of Operations for the three and nine
month periods ended September 30, 1996.

In June 1996, the Financial  Accounting  Standards  Board ("FASB") issued SFAS
No. 125,  "Accounting  for  Transfer and  Servicing  of  Financial  Assets and
Extinguishments  of  Liabilities",which  established  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 organization 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 consistant
standards for distinguishing transfers of financial assets that are sales from
transfers that are secured  borrowings.  SFAS No. 125 supersedes  SFAS No. 122
and  is  effective  for  transactions   occurring  after  December  31,  1996.
Management  does not expect the adoption of SFAS No. 125 to have a significant
impact on the financial statements.



                                    Page 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") 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
to be  outstanding  upon its  conversion  from  the  mutual  to stock  form of
ownership. This conversion was completed January 25, 1988.

As a Delaware  corporation,  First  Franklin  is  authorized  to engage in any
activity permitted by Delaware General Corporate 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.The business of Franklin consists primarily
of  attracting  deposits  from the general  public and using  those  deposits,
together  with   borrowings  and  other  funds,   to  originate  and  purchase
investments  and real estate loans for  retention in its portfolio and sale in
the secondary  market.  Franklin  operates  seven banking  offices in Hamilton
County,  Ohio  through  which it  offers  a 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  initiated  a program in 1995,
through a third party provider,  to give its customers access to mutual funds,
annuities and brokerage services in its offices.

Franklin has one subsidiary, Madison Service Corporation ("Madison").  Madison
was formed on February 22, 1972 by Franklin which owns 100% of its outstanding
stock.

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  installed  at
Intreive,   a  computer   service   bureau  which   specializes  in  financial
institutions.  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.


                                    Page 9

<PAGE>



FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Consolidated  assets  increased  $4.7  million  (2.2%) from $213.6  million at
December 31, 1995 to $218.3 million at September 30, 1996, compared to a $17.3
million (9.0%) increase for the same period in 1995.

Loan  disbursements  were $34.5  million  during the current nine month period
compared to $23.5  million  during the nine months ended  September  30, 1995.
This  increase  in loan  disbursements  has  been  funded  by  loan  principal
repayments,  loan sales and deposits.  Disbursements  during the Third Quarter
1996 were $12.5 million  compared to $11.5 million  during the same quarter in
1995.  During the current nine month period loan sales were $2.3  million.  At
September 30, 1996, commitments to originate mortgage loans were $1.1 million.
At the same date,  $3.5 million of  undisbursed  loan funds were being held on
various construction loans.  Management believes that sufficient cash flow and
borrowing capacity exists to fund these commitments.

Liquid assets  decreased $5.1 million  during the nine months ended  September
30, 1996 to $22.3 million.  As reflected in the Statements of Cash Flows, this
decrease is the result of $348,000 generated by operating activities and $3.23
million  generated  by  financing  activities  less the $9.77  million used in
investing activities.  At September 30, 1996 liquid assets were 10.2% 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 September 30, 1996.
During the current nine month period,  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           $20,051     $19,878          $82         $255
      Mortgage-backed securities      $19,896     $20,101         $221          $16
 Held-to-maturity
      Mortgage-backed securities      $20,547     $19,750           $0         $797

</TABLE>


                                    Page 10

<PAGE>



At September 30, 1996 savings  deposits were $189.3 million compared to $184.6
million at December 31, 1995.  This is an increase of $4.7 million  during the
current nine month period and $1.0 million during the quarter ended  September
30, 1996. During the Second Quarter 1996 the Company assumed,  in exchange for
$5.1 million in cash,  $5.3 million in deposits from Suburban  Federal Savings
Bank at a premium of 4%. During the nine months ended September 30, 1996, core
deposits  (transaction and passbook savings accounts)  decreased $1.2 million,
short  term  certificates  (two years or less)  increased  $13.7  million  and
certificates  with  original  terms  greater  than two  years  decreased  $7.8
million.  Interest of $2.1  million  for the quarter and $6.3  million for the
nine month period was credited to accounts.  After  eliminating  the effect of
interest  credited  and  the  assumption  of  the  deposit  accounts,  savings
decreased  $1.1 million  during the three month period and $6.9 million during
the nine months ended September 30, 1996.

At September  30, 1996  borrowings  consisted  of $7.2  million in  fixed-rate
Federal Home Loan Bank advances at an average cost of 6.44%.  All advances are
being amortized monthly.

At September  30, 1996,  $1.4 million of assets were  classified  substandard,
$347,000  classified  loss and $3.0  million  classified  as  special  mention
compared  to  $892,000 as  substandard,  $306,000 as loss and $2.3  million as
special  mention  at  December  31,  1995.  Non-accruing  and  accruing  loans
delinquent ninety days or more were $558,000 at September 30, 1996 compared to
$1.0  million at December  31,  1995.  At  September  30, 1996 the Company had
identified  three  multi-family  loans with a carrying  value of  $169,000  as
impaired  under   Statement  of  Financial   Accounting   Standards  No.  114,
"Accounting  by Creditors  for  Impairment  of a Loan".  A loan is  considered
impaired when,  based on current  information and events,  it is probable that
the Company will be unable to collect the scheduled  payments of principal and
interest when due according to the contractual terms of the loan agreement.

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 nine months ended September 30, 1996.



                                                       (In Thousands)
                 Balance at beginning of period             $947
                 Charge offs                                  31
                 Additions charged to operations              72
                 Recoveries                                    0
                                                            ----
                 Balance at end of period                   $988

                                                                
                                    Page 11
<PAGE>



First Franklin  continues to enjoy a strong net worth  position.  At September
30, 1996,  tangible net worth was $19.6 million,  which is 9.0% of assets.  At
the same date,  tangible book value per share was $16.89 compared to $16.84 at
September 30, 1995. The following table summarizes,  as of September 30, 1996,
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                $13,684    $3,206    $10,478           6.40%    1.50%    4.90%
Core                    $13,684    $6,411    $ 7,273           6.40%    3.00%    3.40%
Risk-based              $14,324    $7,919    $ 6,405          14.47%    8.00%    6.47%

</TABLE>

On September 30, 1996 the President signed an omnibus  appropriations  package
which included the recapitalization of the Savings Association  Insurance Fund
(SAIF). All SAIF members will be required to pay a one-time assessment of 65.7
cents  per  $100 in  deposits  held on  March  31,  1995.  Franklin's  special
assessment  will be  approximately  $1,150,000.  The  assessment  was  charged
against  earnings during the current quarter and is being carried as a payable
until actually paid during the fourth  quarter.Beginning  January 1, 1997 SAIF
members  will be assessed a premium of 6.4 cents per $100 of deposits to cover
the FICO obligation plus a regular insurance premium.  At the present time the
regular  insurance  premium for the lowest  risk  category,  which  applies to
Franklin,  is $2,000 per year. This will reduce the insurance premiums paid by
Franklin  from  approximately  $435,000  in 1996 to  $120,000  in 1997.  Other
provisions of the  appropriations  package require the Treasury  Department to
provide Congress,  by March 31, 1997, with a report on merging of the bank and
thrift  charters and merging the SAIF and Bank Insurance Fund (BIF) by January
1, 1999  provided  that the bank and thrift  charters have been merged by that
date.  It also  requires  BIF and  SAIF  members  to  begin  sharing  the FICO
obligation  on a pro-rata  basis at the earlier of January 1, 2000 or when the
BIF and SAIF funds are merged.


RESULTS OF OPERATIONS

Excluding the one time special  assessment to recapitalize  the SAIF discussed
above,  net income increased 13.3% to $349,000 ($0.29 per share) for the three
months ended  September 30, 1996 from $308,000  ($0.25 per share) for the same
quarter in 1995.  During the current  nine month  period,  excluding  the SAIF
assessment,  net income  increased  6.1% to  $984,000  ($0.81 per share)  from
$927,000 ($0.75 per share) for the nine months ended September 30, 1995. After
recording  the $1.15  million SAIF  assessment,  the Company had a net loss of
$410,000  ($.34 per share) for the third  quarter and a net profit of $225,000
($.18 per share) for the nine months ended September 30, 1996.


                                    Page 12
<PAGE>


Net interest income,  before provision for loan losses,  was $1.50 million for
the  current  quarter  and $4.37  million  for the first  nine  months of 1996
compared  to $1.35  million  and  $4.17  million,  respectively,  for the same
periods in 1995.  As the tables  below  illustrate,  average  interest-earning
assets  increased $14.8 million to $210.0 million during the nine months ended
September 30, 1996 from $195.2  million for the year ended  December 31, 1995.
Average  interest-bearing  liabilities  increased  $12.9  million  from $181.2
million for the year ended  December  31, 1995 to $194.1 for the current  nine
month  period.  Thus,  average  net  interest-earning  assets  increased  $1.9
million.  The interest rate spread (the yield on interest-earning  assets less
the cost of  interest-bearing  liabilities)  decreased from 2.50% for the year
ended  December  31, 1995 to 2.40% for the  current  nine month  period.  This
decrease  in the spread  reflects  an increase in the cost of funds from 4.95%
for the year  ended  December  31,  1995 to 5.01%  for the nine  months  ended
September 30, 1996 and a decrease in the yield on  interest-earning  assets to
7.41%  during  the  current  nine month  period  from 7.45% for the year ended
December 31, 1995.



                                    For the Nine Months ended September 30, 1996

                                             Average
                                           Outstanding        Yield/cost
                                     (Dollars in thousands)
  Average interest-earning assets
     Loans                                   $144,828           7.94%
     Mortgage-backed securities                40,172           6.59%
     Investments                               23,300           5.52%
     FHLB stock                                 1,675           6.93%
                                             --------
       Total                                 $209,975           7.41%
                                             --------
  Average interest-bearing liabilities
     Demand deposits                         $ 23,466           2.23%
     Savings accounts                          24,902           2.74%
     Certificates                             138,444           5.82%
     FHLB advances                              7,261           6.46%
                                             --------
       Total                                 $194,073           5.01%
                                             --------
Net interest-earning assets                  $ 15,902           2.40%
                                             --------

                                    Page 13
<PAGE>

                                         For the year ended December 31, 1995

                                             Average
                                           Outstanding        Yield/cost
                                     (Dollars in thousands)

    Average interest-earning assets
       Loans                                 $134,910           8.07%
       Mortgage-backed securities              36,664           6.19%
       Investments                             22,019           5.82%
       FHLB stock                               1,608           6.78%
                                             --------
         Total                               $195,201           7.45%
                                             --------

    Average interest-bearing liabilities
       Demand deposits                        $23,950           2.45%
       Savings accounts                        25,758           2.78%
       Certificates                           128,988           5.82%
       FHLB advances                            2,483           6.16%
                                             --------
         Total                               $181,179           4.95%
                                             --------
  Net interest-earning assets                 $14,022           2.50%
                                             ========


Noninterest  income was  $132,000  for the quarter and  $356,000  for the nine
months ended  September  30, 1996  compared to $98,000 for the same quarter in
1995 and $268,000 for the nine months ended  September 30, 1995.  The increase
in income when  comparing the two periods is the result of increased loan fees
due to the increase in loan disbursements,  Madison Service Corporation income
and profits on the sale of loans.

Noninterest  expenses  were $2.22  million for the  current  quarter and $4.33
million  for the current  nine month  period  compared  to $980,000  and $3.03
million for the three and nine month  periods ended  September  30, 1995.  The
$1.15 million SAIF  assessment is included in the expenses for the quarter and
nine month period.  Excluding the SAIF assessment,  noninterest  expenses as a
percentage  of average  assets,  was 1.96% for the current  nine month  period
compared to 2.03% for the first nine months of 1995.

During 1995 the Board of Directors  decided to terminate the Company's defined
benefit pension plan effective February 15, 1996. The settlement of the vested
benefit obligation, by lump sum payments to all covered employees, is expected
to be  completed  late in 1996 or  early  in  1997.  The  Company  expects  to
recognize  a  settlement  loss  of  approximately  $571,000  when  the  plan's
obligation  is  settled.  The  Company  anticipates  that it will most  likely
replace the terminated plan with a defined contribution plan.


                                    Page 14
<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 September 24, 1996
          B.  Press Release Dated October 11, 1996


Item 6.   EXHIBITS AND REPORTS ON FORM 8-K

          A.  A Form 8-K/A dated September 27, 1996, was filed in October
              1996, regarding a change in accountants.


                                    Page 15

<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



                                     Daniel T. Voelpel
                                     ________________________________________ 
                                     Vice President and
                                     Chief Financial Officer


Date: November 1, 1996