<PAGE>


                                  United States
                       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, 2002

[ ] 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)

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

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


                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of March 31, 2002 there were issued and outstanding 1,624,589 shares of the
Registrant's Common Stock.

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


<PAGE>




                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY

<TABLE>
<CAPTION>
                                      INDEX

                                                                                     PAGE NO.
<S>                                                                                 <C>
PART I  FINANCIAL INFORMATION

Item 1.           Consolidated Balance Sheets -
                  March 31, 2002 and December 31, 2001                                   3

                  Consolidated Statements of Income and Retained
                  Earnings - Three Month Periods ended March 31, 2002
                  and 2001                                                               4

                  Consolidated Statements of Cash Flows - Three Month
                  Periods ended March 31, 2002 and 2001                                  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 March 26, 2002                                    16
                  Press Release dated April 12, 2002                                    17


Signatures
</TABLE>

                                       2
<PAGE>

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)
<TABLE>
<CAPTION>
                                                      Mar 31,2002      Dec 31,2001
                                                       ---------       ---------
                                                        (Unaudited)
     ASSETS
<S>                                                    <C>             <C>
Cash, including CD's & other interest-earning
  deposits of $19,140 and $16,140,
  respectively                                         $  29,640       $  21,042
Investment securities
  Available-for-sale, at market value
     (amortized cost of $25,477 and
     $24,514, respectively)                               24,977          24,328
Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $13,192 and
     $13,818, respectively)                               13,379          14,097
  Held-to-maturity, at amortized cost
    (market value of $6,663 and
    $7,618, respectively)                                  6,468           7,423
Loans receivable, net                                    196,879         202,555
Real estate owned, net                                         0              89
Stock in Federal Home Loan Bank
  of Cincinnati, at cost                                   3,838           3,796
Accrued interest receivable                                1,628           1,450
Property and equipment, net                                2,613           2,406
Other assets                                               2,703           2,510
                                                       ---------       ---------
                                                       $ 282,125       $ 279,696

     LIABILITIES
Deposits                                               $ 214,080       $ 208,938
Borrowings                                                44,213          46,488
Advances by borrowers for taxes
  and insurance                                              756           1,309
Other liabilities                                            954             757
                                                       ---------       ---------
     Total liabilities                                   260,003         257,492
                                                       ---------       ---------
     STOCKHOLDERS' EQUITY:
Preferred stock; $.01 par value per share;
  500,000 shares authorized; no shares issued
Common stock; $.01 par value per share;
  2,500,000 shares authorized; 2,010,867
   shares issued at 03/02/02 and 12/31/01                     13              13
Additional paid in capital                                 6,189           6,189
Treasury stock, at cost- 386,278 shares at
   03/31/02 and 396,994 shares at 12/31/01                (3,758)         (3,888)
Retained earnings, substantially restricted               19,884          19,829
Accumulated other comprehensive income:
   Unrealized gain (loss) on available-for-sale
   securities, net of taxes of $(106) at 03/31/02
   and $31 at 12/31/01                                      (206)             61
                                                       ---------       ---------
     Total stockholders' equity                           22,122          22,204
                                                       ---------       ---------
                                                       $ 282,125       $ 279,696
</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
                                                              MAR  31,2002     MAR  31,2001
                                                                --------       --------
                                                              (Unaudited)      (Unaudited)
<S>                                                             <C>            <C>
Interest income:
  Loans receivable                                              $  3,599       $  3,922
  Mortgage-backed securities                                         302            682
  Investments                                                        465            372
                                                                --------       --------
                                                                   4,366          4,976
Interest expense:
  Deposits                                                         2,331          2,404
  Borrowings                                                         713          1,074
                                                                --------       --------
                                                                   3,044          3,478
     Net interest income                                           1,322          1,498

Provision for loan losses                                             19             18
                                                                --------       --------
       Net interest income after provision for loan losses         1,303          1,480
                                                                --------       --------

Noninterest income:
  Gain on loans sold                                                  88            135
  Service fees on NOW accounts                                        75             70
  Other income                                                        91            108
                                                                --------       --------
                                                                     254            313
Noninterest expense:
  Salaries and employee benefits                                     579            539
  Occupancy expense                                                  160            160
  Federal deposit insurance premiums                                  24             23
  Advertising                                                         78             44
  Service bureau expense                                              82             69
  Other expenses                                                     377            358
                                                                --------       --------
                                                                   1,300          1,193

Income before federal income taxes                                   257            600

Provision for federal income taxes                                    80            198
                                                                --------       --------
     Net Income                                                 $    177       $    402

RETAINED EARNINGS-BEGINNING OF PERIOD                           $ 19,829       $ 19,166
  Net income                                                         177            402
  Less: dividends declared                                          (122)          (120)
                                                                --------       --------
RETAINED EARNINGS-END OF PERIOD                                 $ 19,884       $ 19,448

EARNINGS PER COMMON SHARE
        Basic                                                   $   0.11       $   0.25
        Diluted                                                 $   0.11       $   0.25

DIVIDENDS DECLARED PER  COMMON SHARE                            $  0.075       $  0.075
</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 Three Months Ended
                                                                          MAR 31,2002      MAR 31,2001
                                                                           --------       --------
                                                                          (Unaudited)    (Unaudited)
<S>                                                                        <C>            <C>
Cash provided (used) by operating activities:

Net income                                                                 $    177       $    402
Adjustments to reconcile net income to net cash provided by operating
   activities:

     Provision for loan losses                                                   19             18
     Depreciation and amortization                                               80             65
     FHLB stock dividend                                                        (42)           (63)
     Increase in accrued interest receivable                                   (178)          (233)
     Increase in other assets                                                  (193)        (7,488)
     Increase (decrease) in other liabilities                                   197            (11)
     Other, net                                                                 128           (113)
     Loans sold                                                               6,153          7,816
     Disbursements on loans originated for sale                              (6,153)          (622)
                                                                           --------       --------
Net cash provided (used) by operating activities                                188           (229)
                                                                           --------       --------

Cash provided (used) by investing activities:
  Loan principal reductions                                                  17,495          8,935
  Disbursements on mortgage and other
     loans purchased or originated for investment                           (11,928)       (11,809)
  Repayments on mortgage-backed securities                                    2,572          3,308
  Proceed fron sale of student loans                                            100              0
  Purchase of available-for-sale mortgage-backed
      securities                                                               (993)             0
  Purchase of available-for-sale investment
      securities                                                             (1,000)             0
  Proceeds from the sale of or maturity of available-for-sale
    investment securities                                                         5          2,000
  Purchase of FHLB Stock                                                          0           (200)
  Proceeds from sale of real estate owned                                        89              0
  Capital expenditures                                                         (252)           (45)
                                                                           --------       --------
Net cash provided by investing activities                                     6,088          2,189
                                                                           --------       --------

Cash provided (used) by financing activities:
  Net increase in deposits                                                    5,142          7,096
  Borrowed money (repayments)                                                (2,275)        (7,515)
  Decrease in advances by borrowers
     for taxes and insurance                                                   (553)          (556)
  Proceeds from sale of common stock                                            130              0
  Payment of dividends                                                         (122)          (120)
                                                                           --------       --------
Net cash provided (used) by financing activities                              2,322         (1,095)
                                                                           --------       --------

Net increase in cash                                                       $  8,598       $    865
Cash at beginning of period                                                  21,042          1,351
                                                                           --------       --------
CASH AT END OF PERIOD                                                      $ 29,640       $  2,216
</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-month period ended March 31, 2002
are not necessarily indicative of the results that may be expected for the full
year. The December 31, 2001 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 was 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.  Exceed customers' expectations regarding service and products.
     2.  Achieve success through our employees' efforts.
     3.  Shareholder satisfaction will enable us to continue serving our
         customers.
     4.  Support the communities we serve.
     5.  Combine business success with integrity.

The Company's operating philosophy is to be an efficient and profitable
financial services organization with a professional staff committed to
maximizing shareholder value by structuring and delivering quality services that
attract customers and satisfy their needs and preferences. Management's goal 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
lll, L.P. ("FIP lll").

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, checking
accounts, auto loans, savings accounts, automated teller machines, a voice
response telephone inquiry system and an internet-based banking system which
allows its customers to transfer funds between financial institutions, pay
bills, transfer funds between Franklin accounts, download account and
transaction information into financial management software programs and inquire
about account balances and transactions. To generate additional fee income and
enhance the products and services available to its customers, Franklin also
offers annuities, mutual funds and discount brokerage services in its offices
through an agreement with a third party broker dealer.

                                       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. At the
present time, DirectTeller is developing a new product that will compliment the
current system.

FIP lll is a limited partnership that invests in equity securities of
publicly-traded financial institutions. The Company has invested $1.50 million
in the partnership. At December 31, 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 $1.89 million. There is not a readily
determinable market for First Franklin's ownership interest in this partnership.

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

During March 2001, Franklin opened a full service branch at 7944 Beechmont
Avenue, Cincinnati, Ohio. In May 2001, Franklin acquired the property in the
rear of its branch located at 11186 Reading Road, Cincinnati, Ohio so that it
could construct at drive-thru facility with an ATM at that location. The
majority of these improvements are now complete. Franklin currently has an
agreement to sell its branch office located at 5115 Glenway Avenue, Cincinnati.
A profit of approximately $300,000 will be realized on the sale of this
property. This office will be moved approximately one mile to a property that
Franklin will lease. The new property has higher visibility and will allow
Franklin to construct a full service branch with a drive-thru and an ATM, which
is not possible at the current location.

Since the results of operations of Madison, DirectTeller and FIP lll 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 increased $2.43 million (0.9%) from $279.70 million at
December 31, 2001 to $282.13 million at March 31, 2002, compared to a $275,000
(0.1%) decrease for the same period in 2001. During 2002, mortgage-backed
securities decreased $1.67 million, cash and investments increased $9.25
million, loans receivable decreased $5.68 million, borrowings decreased $2.28
million and deposits increased $5.14 million.

                                       8
<PAGE>

Loan disbursements were $18.08 million during the current quarter compared to
$12.43 million during the three months ended March 31, 2001. Mortgage and
student loans sales of $6.25 million occurred during the current three-month
period. At March 31, 2002, commitments to originate mortgage loans were $2.57
million. At the same date, $4.38 million of undisbursed loan funds were being
held on various construction loans, and undisbursed lines of credit on consumer
and commercial loans were $6.83 million. Management believes that sufficient
cash flow and borrowing capacity exist to fund these commitments.

Liquid assets increased $9.25 million during the three months ended March 31,
2002 to $54.62 million. This increase reflects loan and mortgage-backed
securities repayments of $20.07 million, loan sale of $6.25 million and an
increase in deposits of $5.14 million, less decreases in borrowings of $2.28
million and loan disbursements of $18.08 million. At March 31, 2002, liquid
assets were 19.36% of total assets.

The Company's investment and mortgage-backed securities are classified based on
its current intention to hold to maturity or have available for sale, if
necessary. The following table shows the gross unrealized gains or losses on
mortgage-backed securities and investment securities as of March 31, 2002. No
securities are classified as trading.


<TABLE>
<CAPTION>
                                      Amortized    Unrealized    Unrealized     Market
                                       Cost          Gains        Losses        Value
                                    -------------------------------------------------------
                                                   (Dollars in thousands)
<S>                                  <C>          <C>          <C>          <C>
Available-for-sale
     Investment securities           $25,477      $157            $657      $24,977
     Mortgage-backed securities       13,192       187               0       13,379
Held-to-maturity
     Mortgage-backed securities        6,468       195               0        6,663
</TABLE>


At March 31, 2002, deposits were $214.08 million compared to $208.94 million at
December 31, 2001. This is an increase of $5.14 million during the current
three-month period. During the three months ended March 31, 2002, core deposits
(transaction and passbook savings accounts) increased $4.67 million. During the
same period, short-term certificates (two years or less) decreased $1.56 million
and certificates with original terms greater than two years increased $2.03
million. The decline in short-term certificates and the increase in long-term
certificates reflect management's desire to lengthen the maturity of its
deposits. Interest of $2.04 million during the current quarter was credited to
accounts. After eliminating the effect of interest credited, deposits increased
$3.10 million during the three-month period ended March 31, 2002.

 At March 31, 2002 Franklin had outstanding Federal Home Loan Bank ("FHLB")
advances of $44.21 million at an average cost of 6.26%. During the next twelve
months, required principal reduction on amortizing advances will be $10.31
million.

Managing interest rate risk is fundamental to banking. Financial institutions
must manage the inherently different maturity and repricing characteristics of
their lending and deposit products to achieve a desired level of earnings and to
limit their exposure to changes in interest rates. Franklin is subject to
interest rate risk to the degree that its interest-bearing liabilities,
consisting principally of customer deposits and Federal Home Loan Bank advances,
mature or reprice more or less frequently, or on a different basis, than its
interest-earning assets, which consist of mortgage loans, mortgage-backed
securities, consumer loans, corporate debt securities and U.S. Treasury and
agency securities. While having liabilities that mature or reprice more rapidly
than assets may be beneficial in times of declining interest rates, such an
asset/liability structure may have the opposite

                                       9
<PAGE>

effect during periods of rising interest rates. Conversely, having assets that
reprice or mature more rapidly than liabilities may adversely affect net
interest income during periods of declining interest rates.

In the low interest rate environment that prevailed throughout much of the
1990's, 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 during this period,
timing considerations and other market conditions were not always conducive to a
sale. Consequently, Franklin emerged from the 1990's 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 containing many of
the initiatives discussed below. If provisions of this plan are not complied
with, the OTS can take actions which could limit Franklin's activities, growth
or earnings. The major objective of the plan was to improve Franklin's Interest
Rate Risk rating to "moderate risk" or better by December 31,2001. At the
present time Franklin remains under the provisions of the plan, even though, as
of March 31, 2001 it had achieved a "moderate risk" rating and has maintained it
since then.

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 dividends to the
Company. The Company believes that alternative sources of funds are available
for payment of dividends during 2002, if the OTS does not allow Franklin to
reinstate the payment of dividends to the Company. A prolonged restriction on
the payment of dividends from Franklin could adversely affect the amount of
funds available to the Company in future years. Another initative was to
lenghten the maturities of its liabilities, which Franklin has undertaken by
emphasizing thirty-nine month and five year certificates of deposit by pricing
those products more attractively, and to shorten the maturities of its assets,
which Franklin has addressed by limiting the origination of fixed-rate mortgages
for retention in the portfolio and emphasizing the origination of one and
three-year adjustable-rate mortgages and commercial and multi-family real estate
loans which generally have shorter maturities with balloon payments due in five
years or less. More emphasis has also been placed on the origination of home
equity lines of credit and adjustable-rate second mortgages.

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 60%
adjustable, 30% fixed and 10% balloons at March 31, 2002. During the same time
frame, core deposits have increased to 29% of total deposits from 24% at
December 31, 1999 and certificates with original maturities of three years or
more have increased to 40% of total deposits from 24% at December 31, 1999.
Because adjustable-rate mortgage loans (ARMs) are normally originated at rates
lower than fixed-rate loans and longer term certificates normally have higher
rates than shorter term certificates, these initatives have had a negative
impact on net interest income.

At March 31, 2002, $2.73 million of assets were classified substandard, $182,000
classified loss and $3.79 million classified as special mention compared to
$1.47 million as substandard, $189,000 as loss and $4.96 million as special
mention at December 31, 2001. Non-accruing loans and accruing loans delinquent
ninety days or more, net of reserves, were $1.65 million at March 31, 2002 and
$954,000 at December 31, 2001. The increase in classified assets and delinquent
loans is the result of the weakening economy experienced during the past year.
Management believes that these trends will be reversed as the economy improves.
At March 31, 2002, the recorded investment in loans for which impairment under
SFAS No. 114 has been recognized was immaterial to the Company's

                                       10

<PAGE>

financial statements.

The following table shows the activity that has occurred on loss reserves during
the three months ended March 31, 2002.


<TABLE>
<CAPTION>
                                                    (Dollars in thousands)
<S>                                                        <C>
                 Balance at beginning of period            $1,107
                 Charge offs                                    9
                 Additions charged to operations               19
                 Recoveries                                     0
                                                           ------
                 Balance at end of period                  $1,117
</TABLE>



The Company's capital supports business growth, provides protection to
depositors, and represents the investment of stockholders on which management
strives to achieve adequate returns. First Franklin continues to enjoy a strong
capital position. At March 31, 2002, net worth was $22.12 million, which is
7.84% of assets. At the same date, book value per share was $13.62 compared to
$13.75 at December 31, 2001.

The following table summarizes, as of March 31, 2002, the regulatory capital
position of our subsidiary, Franklin Savings.

<TABLE>
<CAPTION>
Capital Standard     Actual       Required       Excess       Actual       Required      Excess
                 (Dollars in thousands)

<S>                  <C>           <C>            <C>          <C>            <C>         <C>
Core                 $20,508       $11,224        $9,284       7.31%          4.00%       3.31%
Risk-based            21,443        13,897         7,546      12.34%          8.00%       4.34%
</TABLE>



COMPREHENSIVE INCOME

Comprehensive income (loss) for the three months ended March 31, 2002 and 2001
was ($90,000) and $831,000, respectively. The difference between net income and
comprehensive income consists solely of the effect of unrealized gains and
losses, net of taxes, on available-for-sale securities.

RESULTS OF OPERATIONS

Net income was $177,000 ($0.11 per basic share) for the current quarter compared
to $402,000 ($0.25 per basic share) for the quarter ended March 31, 2001. The
decrease in net income during the current three month period, when compared to
the same period in 2001, reflects a $47,000 decrease in profit on the sale of
loans, a $176,000 decline in net interest income and an increase in noninterest
expense of $107,000.

Net interest income, before provisions for loan losses, was $1.32 million for
the current quarter compared to $1.50 million for the first quarter of 2001. 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. Adjustable-rate loans generally have yields lower than
fixed-rate loans and longer-term liabilities generally have higher costs than
short-term liabilities.

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

                                       11


<PAGE>


indicated.
<TABLE>
<CAPTION>
                                                 For the three month periods ended March 31,
                                                                   2002  vs   2001
                                                                                             Total
                                                 Increase (decrease) due to                 increase
                                                  Volume               Rate                (decrease)
<S>                                                   <C>              <C>                      <C>
Interest income attributable to:                                   (Dollars in thousands)
  Loans receivable (1)                                ($120)           ($203)                   ($323)
  Mortgage-backed securities                           (300)             (80)                    (380)
  Investments                                           166              (52)                     114
  FHLB stock                                              5              (26)                     (21)
                                                   --------         --------                 --------
  Total interest-earning assets                       ($249)           ($361)                   ($610)

Interest expense attributable to:
  Demand deposits                                       $37             ($10)                     $27
  Savings accounts                                       38              (49)                     (11)
  Certificates                                          193             (282)                     (89)
  FHLB advances                                        (357)              (4)                    (361)
                                                   --------         --------                 --------
  Total interest-bearing liabilities                   ($89)           ($345)                   ($434)

Decrease in net interest income                       ($160)            ($16)                   ($176)
</TABLE>

                        (1) Includes non-accruing loans.




As the tables below illustrate, average interest-earning assets decreased $2.74
million to $266.66 million during the three months ended March 31, 2002, from
$269.40 million for the three months ended March 31, 2001. Average
interest-bearing liabilities increased $61,000 from $255.59 million for the
three months ended March 31, 2001, to $255.65 million for the current
three-month period. Thus, average net interest-earning assets decreased $2.80
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 three months ended March 31, 2002, compared to 1.95% for the same period
in 2001. The decrease in the interest rate spread was the result of a decrease
in the yield on interest-earning assets from 7.39% for the three months ended
March 31, 2001, to 6.55% for the same three-month period in 2002. The majority
of the decrease in the yield on interest-earning assets is the result of a
decrease in the yield on investments from 6.34% to 3.97% and a decrease in the
yield on loans from 7.61% to 7.21%. The decrease in the yield on investments is
due to a substantial increase in the amount of overnight funds, which will be
used during the remainder of the year to fund loan demand and required
amortization on borrowings. During the same timeframe, the cost of
interest-bearing liabilities declined from 5.44% for the quarter ended March 31,
2001 to 4.76% for the current quarter.


                                       12
<PAGE>



<TABLE>
<CAPTION>
                                                For the Three Months ended March 31, 2002
                                                           Average
                                                         outstanding        Yield/cost
                                                    (Dollars in thousands)
<S>                                                         <C>                <C>
  Average interest-earning assets
     Loans                                                  $199,795           7.21%
     Mortgage-backed securities                               20,414           5.92%
     Investments                                              42,642           3.97%
     FHLB stock                                                3,810           4.41%
                                                            --------       --------
       Total                                                $266,661           6.55%

  Average interest-bearing liabilities
     Demand deposits                                        $ 34,239           1.73%
     Savings accounts                                         24,425           2.21%
     Certificates                                            152,012           5.39%
     FHLB advances                                            44,974           6.34%
                                                            --------       --------
       Total                                                $255,650           4.76%

Net interest-earning assets/interest rate spread            $ 11,011           1.79%
</TABLE>

<TABLE>
<CAPTION>
                                                For the Three Months ended March 31, 2001
                                                           Average
                                                         outstanding        Yield/cost
                                                    (Dollars in thousands)
<S>                                                         <C>                <C>
  Average interest-earning assets
     Loans                                                  $206,244           7.61%
     Mortgage-backed securities                               40,094           6.80%
     Investments                                              19,489           6.34%
     FHLB stock                                                3,572           7.05%
                                                            --------       --------
       Total                                                $269,399           7.39%

  Average interest-bearing liabilities
     Demand deposits                                        $ 25,282           1.91%
     Savings accounts                                         21,163           2.76%
     Certificates                                            141,622           6.04%
     FHLB advances                                            67,522           6.36%
                                                            --------       --------
       Total                                                $255,589           5.44%

Net interest-earning assets/interest rate spread            $ 13,810           1.95%
</TABLE>



Noninterest income for the quarter ended March 31, 2002 was $254,000 compared to
$313,000 for the same quarter in 2001. The majority of the decrease in
noninterest income when comparing the three-month periods is the result of a
decrease in profits on the sale of loans of $47,000.

Noninterest expenses were $1.30 million for the current quarter compared to
$1.19 million for the quarter ended March 31, 2001. As a percentage of average
assets, this is 1.86% for the current three-month period compared to 1.71% for
the first three months of 2001. The increase in


                                       13
<PAGE>


noninterest expense is partially due to a $34,000 increase in advertising and a
$40,000 increase in compensation and employee benefits.



                                       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 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, 2002
         b. Press Release dated April 12, 2002

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

         No current reports on Form 8-K were filed during the quarter ended
March 31, 2002.




                                       15
<PAGE>



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


March 26, 2002
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 first quarter of 2002. This is the fifty-seventh
consecutive dividend paid by the company. The quarterly dividend will be payable
April 15, 2002 to shareholders of record as of April 5, 2002. In accordance with
NASD regulations, the ex-dividend date for this dividend payment is expected to
be April 2, 2002. 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


April 12, 2002
Cincinnati, Ohio


FIRST FRANKLIN CORPORATION ANNOUNCES EARNINGS


First Franklin Corporation, the parent of Franklin Savings and Loan Company,
Cincinnati, Ohio today announced earnings of $177,000 ($0.11 per share) for the
first quarter of 2002 compared to earnings of $402,000 ($0.25 per share) for the
first quarter of 2001.

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:  May 10, 2002


                                       18