<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                For the Quarterly Period Ended September 30, 2003

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

      For the Transition Period from ----------------- to ----------------

                         Commission File Number 0-16362

                           FIRST FRANKLIN CORPORATION
                           --------------------------
        (Exact name of small business issuer as specified in its charter)

          Delaware                                  31-1221029
          --------                                  ----------
(State or other jurisdiction of                  (I.R.S. Employer
incorporation or organization)                 Identification Number)

                    4750 Ashwood Drive Cincinnati, Ohio 45241
                    -----------------------------------------
                    (Address of Principal Executive Offices)

                  Issuer's Telephone Number   (513) 469-5352

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

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

                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of September 30, 2003 there were issued and outstanding 1,640,725 shares of
the Registrant's Common Stock.

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

<PAGE>

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY

                                      INDEX

<TABLE>
<CAPTION>
                                                                             Page
                                                                             No.
<S>                                                                          <C>
Part I.  Financial Information

Item 1.    Consolidated Balance Sheets -
           September 30, 2003 and December 31, 2002                           3

           Consolidated Statements of Operations and Retained
           Earnings - Three-and Nine-month Periods ended September 30,
           2003 and 2002                                                      4

           Consolidated Statements of Cash Flows - Nine-month
           Periods ended September 30, 2003 and 2002                          5

           Notes to Consolidated Financial Statements                         6

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

Item 3.    Controls and Procedures                                           15

Part II. Other Information                                                   16

           Press Release dated September 23, 2003                            17

Signatures
</TABLE>



<PAGE>

PART I - ITEM 1.

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

<TABLE>
<CAPTION>
                                                     Sept 30,2003    Dec 31,2002
                                                     ------------    ------------
                                                     (Unaudited)
<S>                                                  <C>             <C>
     ASSETS
Cash, including CD's & other interest-earning
  deposits of $100 and $9,130,
  respectively                                       $      3,810    $     15,237
Investment securities
  Available-for-sale, at market value
     (amortized cost of $43,612 and
      $45,292, respectively)                               43,663          45,935
Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $13,922 and
      $17,716, respectively)                               14,052          17,939
  Held-to-maturity, at amortized cost
    (market value of $2,536 and
     $4,615, respectively)                                  2,396           4,351
Loans receivable, net                                     197,762         187,754
Real estate owned, net                                        190             160
Stock in Federal Home Loan Bank
  of Cincinnati, at cost                                    4,094           3,974
Accrued interest receivable                                 1,264           1,314
Property and equipment, net                                 3,710           3,287
Other assets                                                3,823           2,233
                                                     ------------    ------------
                                                     $    274,764    $    282,184

     LIABILITIES
Deposits                                             $    220,273    $    219,084
Borrowings                                                 28,901          37,436
Advances by borrowers for taxes
  and insurance                                               796           1,274
Other liabilities                                             661             682
                                                     ------------    ------------
     Total liabilities                                    250,631         258,476
                                                     ------------    ------------

Minority interest in consolidated subsidiary                  327             281
                                                     ------------    ------------

     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 09/30/03 and 12/31/02                      13              13
Additional paid in capital                                  6,189           6,189
Treasury stock, at cost- 370,142 shares at
   09/30/03 and 375,696 shares at 12/31/02                 (3,702)         (3,753)
Retained earnings, substantially restricted                21,187          20,406
Accumulated other comprehensive income:
   Unrealized gain on available-for-sale
   securities, net of taxes of $62 at 09/30/03
   and $295 at 12/31/02                                       119             572
                                                     ------------    ------------
     Total stockholders' equity                            23,806          23,427
                                                     ------------    ------------
                                                     $    274,764    $    282,184
</TABLE>

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

<PAGE>

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
           CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
                 (Dollars in thousands, except per share data)

<TABLE>
<CAPTION>
                                         For the Three Months Ended      For the  Nine Months Ended
                                        Sept. 30,2003  Sept. 30,2002    Sept. 30,2003  Sept. 30,2002
                                        -------------  -------------    -------------  -------------
                                                 (Unaudited)                      (Unaudited)
<S>                                     <C>            <C>              <C>            <C>
Interest income:
  Loans receivable                           $  2,931       $  3,453         $  8,905       $ 10,505
  Mortgage-backed securities                      178            265              629            856
  Investment securities                           506            586            1,738          1,608
                                             --------       --------         --------       --------
                                                3,615          4,304           11,272         12,969
Interest expense:
  Deposits                                      1,686          2,247            5,342          6,868
  Borrowings                                      454            640            1,504          2,029
                                             --------       --------         --------       --------
                                                2,140          2,887            6,846          8,897
                                             --------       --------         --------       --------
     Net interest income                        1,475          1,417            4,426          4,072

Provision for loan losses                          72             28              186             76
                                             --------       --------         --------       --------
     Net interest income after
       provision for loan losses                1,403          1,389            4,240          3,996
                                             --------       --------         --------       --------
Noninterest income:
  Gain on loans sold                              260            193              698            330
  Gain on sale of investments                      69            183              408            269
  Service fees on NOW accounts                     91             89              275            247
  Other income                                    172            131              413            305
                                             --------       --------         --------       --------
                                                  592            596            1,794          1,151
Noninterest expense:
  Salaries and employee benefits                  658            568            1,946          1,730
  Occupancy expense                               196            189              600            527
  Advertising                                      67             75              233            203
  Federal deposit insurance premiums                9             25               59             74
  Service bureau expense                           95             91              275            258
  Impairment of investment                          0             90                0            800
  Other expenses                                  385            373            1,183          1,111
                                             --------       --------         --------       --------
                                                1,410          1,411            4,296          4,703

Income before federal income taxes                585            574            1,738            444

Provision for federal income taxes                192            187              582            125
                                             --------       --------         --------       --------
  Net income                                 $    393       $    387         $  1,156       $    319

RETAINED EARNINGS-BEGINNING OF PERIOD        $ 20,926       $ 19,518         $ 20,406       $ 19,829
  Net income                                      393            387            1,156            319
  Less: dividends declared                       (132)          (123)            (375)          (366)
                                             --------       --------         --------       --------
RETAINED EARNINGS-END OF PERIOD              $ 21,187       $ 19,782         $ 21,187       $ 19,782

EARNINGS PER COMMON SHARE
        Basic                                $   0.24       $   0.24         $   0.71       $   0.20
        Diluted                              $   0.23       $   0.24         $   0.69       $   0.20

DIVIDENDS DECLARED PER COMMON SHARE          $  0.080       $  0.075         $  0.230       $  0.225
</TABLE>

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

<PAGE>

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

<TABLE>
<CAPTION>
                                                                                   For The Nine Months Ended
                                                                                Sept. 30,2003     Sept. 30,2002
                                                                                -------------     -------------
                                                                                          (Unaudited)
<S>                                                                             <C>               <C>
Cash provided (used) by operating activities:

Net income                                                                           $  1,156          $    319

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

     Provision for loan losses                                                            186                76
     Impairment of investment                                                               0               800
     Gain on sale of investments                                                         (408)             (269)
     Depreciation and amortization                                                        249               231
     FHLB stock dividend                                                                 (120)             (134)
     Decrease (increase) in accrued interest receivable                                    50              (109)
     Increase in other assets                                                            (565)             (659)
     Decrease in other liabilities                                                        (21)             (385)
     Other, net                                                                          (923)             (299)
     Loans sold                                                                        47,697            19,195
     Disbursements on loans originated for sale                                       (45,047)          (19,195)
                                                                                     --------          --------
Net cash provided (used) by operating activities                                        2,254              (429)
                                                                                     --------          --------

Cash provided (used) by investing activities:
  Loan principal reductions                                                            58,127            55,957
  Disbursements on mortgage and other
     loans purchased or originated for investment                                     (71,104)          (49,420)
  Repayments on mortgage-backed securities                                              6,746             6,664
  Purchase of available-for-sale mortgage-backed securities                            (1,004)          (13,043)
  Sale of available-for-sale mortgage-backed securities                                     0             3,427
  Purchase of available-for-sale investment securities                                (44,827)          (26,947)
  Proceeds from the sale of or maturity of available-for-sale
     investment securities                                                             46,308            10,094
  Sale of student loans                                                                   387             1,173
  Proceeds from sale of real estate owned                                                 391                 0
  Capital expenditures                                                                   (557)             (636)
                                                                                     --------          --------
Net cash used by investing activities                                                  (5,533)          (12,731)
                                                                                     --------          --------

Cash provided (used) by financing activities:
  Net increase in deposits                                                              1,189             8,817
  Repayment of borrowed money                                                          (8,535)           (6,796)
  Decrease in advances by borrowers
     for taxes and insurance                                                             (478)             (576)
  Proceeds from sale of common stock                                                       51               135
  Payment of dividends                                                                   (375)             (366)
                                                                                     --------          --------
Net cash provided (used) by financing activities                                       (8,148)            1,214
                                                                                     --------          --------

Net decrease in cash                                                                  (11,427)          (11,946)
Cash at beginning of period                                                            15,237            21,042
                                                                                     --------          --------
CASH AT END OF PERIOD                                                                $  3,810          $  9,096
</TABLE>

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

<PAGE>

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the nine-month period ended September 30,
2003 are not necessarily indicative of the results that may be expected for the
full year. The December 31, 2002 Balance Sheet data was derived from audited
financial statements, but does not include all disclosures required by generally
accepted accounting principles.

Statements included in this document which are not historical or current facts
are "forward-looking statements" made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995, and are subject to certain
risks and uncertainties that could cause actual results to differ materially
from historical results. Factors that could cause financial performance to
differ materially from that expressed in any forward-looking statement include,
but are not limited to, credit risk, interest rate risk, competition, changes in
the regulatory environment and changes in general business and economic trends.

EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS

In December 2002, the FASB issued Statement No. 148, Accounting for Stock Based
Compensation, that amends certain previously issued statements. The
pronouncement provides alternative methods for the voluntary change to the fair
value method of accounting for stock based employee compensation. The
pronouncement also requires additional disclosure in both annual and interim
financial statements. This pronouncement is effective for fiscal years beginning
after December 15, 2003.

In April 2003, the FASB issued Statement No. 149, Amendment of Statement 133 on
Derivative Instruments and Hedging Activities that amends and clarifies
financial accounting and reporting for derivative instruments and hedging
activities. The statement classifies loan commitments that relate to the
origination of mortgage loans that will be held for sale as derivative
instruments by the issuer of the loan commitment. The statement is effective for
contracts entered into or modified after June 30, 2003.

In May 2003, the FASB issued Statement No. 150, Accounting for Certain Financial
Instruments with Characteristics of Both Liabilities and Equity that establishes
standards for how an issuer classifies and measures financial instruments with
characteristics of both liability and equity. It requires an issuer to classify
a financial instrument within the scope of the pronouncement as a liability.
Many of those

<PAGE>

instruments were previously classified as equity. The statement is effective for
financial instruments entered into or modified after May 31, 2003.

In January 2003, the FASB issued Interpretation No. 46, Consolidation of
Variable Interest Entities. The issuance expands on existing accounting and
disclosure requirements relating to the consolidation of variable interest
entities (VIE). The issuance also provides the characteristics and definition of
a VIE. The Interpretation is effective for all VIE's created after January 31,
2003, and for years beginning after December 15, 2003, for all VIE's created
prior to February 1, 2003. The Company does not expect an impact from the
adoption of the Interpretation.

<PAGE>

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

GENERAL

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

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

         1.       Exceed customers' expectations regarding service and products.

         2.       Achieve success through our employees' efforts.

         3.       Shareholder satisfaction will enable us to continue serving
                  our customers.

         4.       Support the communities we serve.

         5.       Combine business success with integrity.

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

As a Delaware corporation, the Company is authorized to engage in any activity
permitted by the Delaware General Corporation Law. As a unitary savings and loan
holding company, the Company is subject to examination and supervision by the
Office of Thrift Supervision ("OTS"), although the Company's activities are not
limited by the OTS as long as certain conditions are met. The Company's assets
consist of cash, interest-earning deposits, the building in which the Company's
corporate offices are located and investments in Franklin, DirectTeller Systems
Inc. ("DirectTeller") and Financial Institutions Partners 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 real estate loans and purchase
other investments. Franklin operates seven banking offices in Hamilton County,
Ohio through which it offers a full range of consumer banking services,
including mortgage loans, home equity and commercial lines of credit, credit and
debit cards, checking accounts, auto loans, savings accounts, automated teller
machines, a voice response telephone inquiry system and an internet-based
banking system which allows its customers to transfer funds between financial

<PAGE>

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.

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 that offers the DirectTeller system to the financial institutions it
services. The agreement with Intrieve gives DirectTeller a portion of the
profits generated by the use of the inquiry system by Intrieve's clients. 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 June 30, 2003, the Company's pro-rata interest in the
partnership, as estimated by Hovde Financial Inc., the general partner, had a
net asset value of approximately $2.06 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. Management believes that these
objectives can be accomplished through commercial real estate and home equity
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 November 2002, Franklin sold its branch office located at 5115 Glenway
Avenue, Cincinnati at a profit of approximately $300,000. This office was moved
approximately one mile to 5791 Glenway Avenue. The new office, which opened
during March 2003, has higher visibility, a drive-thru window, safe deposit
boxes and an ATM, which were not possible at the previous 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.

<PAGE>

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Consolidated assets decreased $7.42 million (2.6%) from $282.18 million at
December 31, 2002 to $274.76 million at September 30, 2003, compared to a $1.64
million (0.6%) increase for the same period in 2002. During 2003,
mortgage-backed securities decreased $5.84 million, cash and investments
decreased $13.70 million, loans outstanding increased $10.01 million, deposits
increased $1.19 million and borrowings decreased $8.54 million.

Loan disbursements were $116.15 million during the current nine-month period
compared to $68.62 million during the nine months ended September 30, 2002.
Disbursements during the third quarter of 2003 were $45.67 million compared to
$30.58 million during the same quarter in 2002. Mortgage loan sales were $47.70
million during the current nine-month period compared to $19.20 million during
the nine months ended September 30, 2002. At September 30, 2003, commitments to
originate mortgage loans were $2.10 million. At the same date, $3.71 million of
undisbursed loan funds were being held on various construction loans and the
Company had undisbursed lines of credit on consumer and commercial loans of
approximately $14.62 million. Management believes that sufficient cash flow and
borrowing capacity exists to fund these commitments.

Liquid assets decreased $13.70 million during the nine months ended September
30, 2003, to $47.47 million. This decrease reflects loan and mortgage-backed
securities repayments of $64.87 million, deposit growth of $1.19 million and
mortgage loan sales of $47.70 million less purchases of mortgage-backed
securities of $1.00 million, loan disbursements of $116.15 million and a
reduction in borrowings of $8.54 million. At September 30, 2003, liquid assets
were 17.28% of total assets.

The Company's investment and mortgage-backed securities are classified based on
its current intention to hold to maturity or have available for sale, if
necessary. The following table shows the gross unrealized gains or losses on
mortgage-backed securities and investment securities as of September 30, 2003.
No securities are classified as trading.

<TABLE>
<CAPTION>
                                    Amortized    Unrealized    Unrealized     Market
                                      Cost         Gains         Losses       Value
                                    -------------------------------------------------
                                                     (in thousands)
<S>                                 <C>          <C>           <C>           <C>
Available-for-sale
  Investment securities              $ 43,612         $ 517         $ 466    $ 43,663
  Mortgage-backed securities           13,922           143            13      14,052
Held-to-maturity
  Mortgage-backed securities            2,396           140             0       2,536
</TABLE>
<PAGE>


At September 30, 2003, deposits were $220.27 million compared to $219.08 million
at December 31, 2002. This reflects a decrease of $835,000 during the current
quarter and an increase of $1.19 million during the nine months ended September
30, 2003. During the nine months ended September 30, 2003, core deposits
(transaction and passbook savings accounts) increased $4.83 million, short-term
certificates (two years or less) decreased $1.74 million and certificates with
original terms greater than two years decreased $1.90 million. Interest of $1.48
million during the current quarter and $4.66 million during the current
nine-month period was credited to accounts. After eliminating the effect of
interest credited, deposits decreased $2.32 million during the current quarter
and $3.47 million during the nine months ended September 30, 2003.

At September 30, 2003, the Company had outstanding borrowings of $28.90 million
at an average cost of 5.47%. Included in the Company's borrowings are Federal
Home Loan Bank advances of $27.75 million and a credit line totaling $1.50
million on which $1.15 million is outstanding. Borrowings have been reduced
$8.54 million during the nine-month period. The majority of the borrowings
repaid had a rate above 6.00%. During the next twelve months, required principal
reduction on amortizing advances will be $6.46 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 and other loans, corporate debt securities and U.S.
Treasury and agency securities. While having liabilities that mature or reprice
more rapidly than assets may be beneficial in times of declining interest rates,
such an asset/liability structure may have the opposite effect during periods of
rising interest rates. Conversely, having assets that reprice or mature more
rapidly than liabilities may adversely affect net interest income during periods
of declining interest rates.

As of June 30, 2003, Franklin was rated in the most favorable interest rate risk
category under OTS guidelines. The composition of the loan portfolio has gone
from 33% adjustable, 56% fixed and 11% balloons at December 31, 1999, to 72%
adjustable, 23% fixed and 5% balloons at September 30, 2003. During the same
time frame, core deposits have increased to 39% of total deposits from 24% at
December 31, 1999 and certificates with original maturities of three years or
more have increased to 39% of total deposits at September 30, 2003 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, this change in
balance sheet composition has improved Franklin interest rate exposure but has
reduced net interest income.

At September 30, 2003, $3.93 million of assets were classified substandard,
$271,000 classified loss and $6.29 million were designated by management as
special mention compared to $4.03 million as substandard, $227,000 as loss and
$8.28 million as special mention at December 31, 2002. Non-accruing loans and
accruing loans delinquent ninety days or more, net of reserves, were $2.62
million at September 30, 2003 and $2.10 million at December 31, 2002. Management
believes that the increase

<PAGE>

in delinquencies is the result of the unfavorable economy, and that
delinquencies will decrease as the economy improves. At September 30, 2003, the
recorded investment in loans for which impairment has been recognized under SFAS
No. 114 was immaterial to the Company's financial statements.

The following table shows the activity that has occurred on loss reserves during
the nine months ended September 30, 2003.

<TABLE>
<CAPTION>
                                      (Dollars in thousands)
<S>                                   <C>
Balance at beginning of period               $ 1,203
Charge offs                                       41
Additions charged to operations                  186
Recoveries                                         0
                                             -------
Balance at end of period                     $ 1,348
</TABLE>

The Company's capital supports business growth, provides protection to
depositors, and represents the investment of stockholders on which management
strives to achieve adequate returns. The Company continues to enjoy a strong
capital position. At September 30, 2003, net worth was $23.81 million, which is
8.66% of assets. At the same date, book value per share was $14.51 compared to
$14.33 at December 31, 2002.

The following table summarizes, as of September 30, 2003, the regulatory capital
position of Franklin.

<TABLE>
<CAPTION>
Capital Standard      Actual   Required   Excess   Actual  Required  Excess
----------------     --------  --------  --------  ------  --------  ------
                       (Dollars in thousands)
<S>                  <C>       <C>       <C>       <C>     <C>       <C>
Core                 $ 22,121  $ 10,874  $ 11,247    8.14%     4.00%   4.14%
Risk-based             23,197    13,872     9,325   13.38%     8.00%   5.38%
</TABLE>

COMPREHENSIVE INCOME

Comprehensive income for the nine months ended September 30, 2003 and 2002 was
$434,000 and $639,000, respectively. The difference between net income and
comprehensive income consists solely of the effect of unrealized gains and
losses, net of taxes, on available-for-sale securities.

RESULTS OF OPERATIONS

The Company had net income of $393,000 ($0.24 per basic share) for the current
quarter and $1.16 million ($0.71 per basic share) for the nine months ended
September 30, 2003. This compares to net income of $387,000 ($0.24 per basic
share) for the third quarter of 2002 and $319,000 ($0.20 per basic share) for
the nine months ended September 30, 2002 after recognizing an impairment charge
of $528,000 ($0.32 per share) after taxes on a WorldCom bond held in its
portfolio. Earnings before the

<PAGE>

impairment charge were $847,000 ($0.52 per basic share) for the nine months
ended September 30, 2002. The increase in net income during the current
nine-month period reflects the absence of the impairment charge on the WorldCom
bond plus increases of $354,000 in net interest income, $507,000 in profits on
the sale of loans and investments and $393,000 in operating expenses.

Net interest income, before provisions for loan losses, was $1.48 million for
the current quarter and $4.43 million for the first nine months of 2003 compared
to $1.42 million and $4.07 million, respectively, for the same periods in 2002.
The following rate/volume analysis describes the extent to which changes in
interest rates and the volume of interest related assets and liabilities have
affected net interest income during the periods indicated.

<TABLE>
<CAPTION>
                                          For the Nine-month Periods ended Sept. 30,
                                                      2003 vs 2002
                                                                                Total
                                            Increase (decrease) due to         increase
                                         Volume             Rate              (decrease)
                                        --------    ----------------------    ----------
                                                    (Dollars in thousands)
<S>                                     <C>         <C>                       <C>
Interest income attributable to:
  Loans receivable (1)                   ($363)            ($1,237)            ($1,600)
  Mortgage-backed securities               (81)               (146)               (227)
  Investments                              211                 (67)                144
  FHLB stock                                 6                 (20)                (14)
                                          ----              ------              ------
  Total interest-earning assets          ($227)            ($1,470)            ($1,697)

Interest expense attributable to:
  Demand deposits                         $875             ($  975)            ($  100)
  Savings accounts                          93                (317)               (224)
  Certificates                            (413)               (789)             (1,202)
  FHLB advances                           (463)                (62)               (525)
                                          ----              ------              ------
  Total interest-bearing liabilities      $ 92             ($2,143)            ($2,051)

Increase (decrease) in net
  interest income                        ($319)             $  673              $  354
</TABLE>

                (1) Includes non-accruing loans.

As the tables below illustrate, average interest-earning assets decreased $1.98
million to $265.66 million during the nine months ended September 30, 2003, from
$267.64 million for the nine months ended September 30, 2002. Average
interest-bearing liabilities decreased $2.33 million from $255.41 million for
the nine months ended September 30, 2002, to $253.08 million for the current
nine-month period. Thus, average net interest-earning assets increased $344,000
when comparing the two periods. The interest rate spread (the yield on
interest-earning assets less the cost of interest-bearing liabilities) was 2.05%
for the nine months ended September 30, 2003, compared to 1.82% for the same
period in 2002. The increase in the interest rate spread was the result of a
decrease in the cost of interest-bearing liabilities from 4.64%

<PAGE>

for the nine months ended September 30, 2002, to 3.61% for the same nine-month
period in 2003. The majority of the decrease in the cost of interest-bearing
liabilities is the result of decreases in the cost of certificates from 5.32% to
4.57% and the cost of savings accounts from 2.23% to 0.93%. The yield on
interest-earning assets declined from 6.46% for the nine months ended September
30, 2002 to 5.66% for the current nine-month period. The overall decrease in the
yield on interest-earning assets and the cost of interest-bearing liabilities is
due to the general decline in market interest rates.


<TABLE>
<CAPTION>
                                                     For the Nine Months ended Sept. 30, 2003
                                                            Average
                                                          outstanding           Yield/cost
                                                     ----------------------     ----------
                                                     (Dollars in thousands)
<S>                                                  <C>                        <C>
Average interest-earning assets
  Loans                                                     $189,832               6.25%
  Mortgage-backed securities                                  19,298               4.35%
  Investments                                                 52,499               4.11%
  FHLB stock                                                   4,027               3.97%
                                                            --------               ----
    Total                                                   $265,656               5.66%

Average interest-bearing liabilities
  Demand deposits                                           $ 52,914               1.09%
  Savings accounts                                            30,513               0.93%
  Certificates                                               137,014               4.57%
  FHLB advances                                               32,643               6.14%
                                                            --------               ----
    Total                                                   $253,084               3.61%

Net interest-earning assets/interest rate spread            $ 12,572               2.05%
</TABLE>

<TABLE>
<CAPTION>
                                                     For the Nine Months ended Sept. 30, 2002
                                                            Average
                                                          outstanding           Yield/cost
                                                     ----------------------     ----------
                                                     (Dollars in thousands)
<S>                                                  <C>                        <C>
Average interest-earning assets
  Loans                                                     $196,824               7.12%
  Mortgage-backed securities                                  21,483               5.31%
  Investments                                                 45,477               4.32%
  FHLB stock                                                   3,854               4.64%
                                                            --------               ----
    Total                                                   $267,638               6.46%

Average interest-bearing liabilities
  Demand deposits                                           $ 38,821               1.82%
  Savings accounts                                            26,039               2.23%
  Certificates                                               147,905               5.32%
  FHLB advances                                               42,645               6.35%
                                                            --------               ----
    Total                                                   $255,410               4.64%

Net interest-earning assets/interest rate spread            $ 12,228               1.82%
</TABLE>

Noninterest income was $592,000 for the quarter and $1.79 million for the nine
months ended September 30, 2003 compared to $596,000 for the same quarter in
2002 and $1.15 million for the nine months ended September 30, 2002. The
increase in noninterest income when comparing the nine-month periods is the
result of a $368,000 increase in profits on the sale of loans and a $139,000
increase in profits on the sale of investments. The increase in the profit on
the sale of loans is due to the increase in loan sales discussed previously, and
the increased profits on the sale of investments reflects opportunities created
by the low rate environment.

Noninterest expenses were $1.41 million for the current quarter and $4.30
million for the current nine-month period compared to $1.41 million for the same
quarter in 2002 and $4.70 million for the nine months ended September 30, 2002.
Noninterest expenses for 2002 included an $800,000 impairment charge on the
WorldCom bond. As a percentage of average assets, this is 2.05% for the nine
months ended September 30, 2003 compared to 2.24% for the first nine months of
2002 (1.86% excluding the WorldCom impairment charge). The increase during the
current nine-month period, excluding the impairment charge on the WorldCom bond,
reflects increases of $216,000 in compensation and employee benefits due to
additional loan personnel, $73,000 in office occupancy expense due to the
opening of the new Glenway office, $30,000 in advertising and $17,000 in service
bureau expense.

ITEM 3. CONTROLS AND PROCEDURES

The Chief Executive Officer and Chief Financial Officer have evaluated the
effectiveness of the Company's disclosure controls and procedures (as defined in
Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934, as amended) as
of the end of the period covered by this report. Based upon the evaluation, the
Chief Executive Officer and Chief Financial Officer have concluded that the
Company's disclosure controls and procedures are effective. There were no
changes in the Company's internal controls, which materially affected, or are
reasonably likely to materially affect, the Company's internal controls over
financial reporting.



<PAGE>

PART II

                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY

Item 1. LEGAL PROCEEDINGS

         There are no material pending legal proceedings to which the Company or
         any of its subsidiaries is a party or to which any of their property is
         subject.

Item 2. CHANGES IN SECURITIES

         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 23, 2003

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

         A. Exhibits

                  31.1     CEO certification pursuant to Section 302 of the
                           Sarbanes-Oxley Act of 2002.

                  31.2     CFO certification pursuant to Section 302 of the
                           Sarbanes Oxley Act of 2002.

                  32.1     CEO certification pursuant to Section 906 of the
                           Sarbanes-Oxley Act of 2002.

                  32.2     CFO certification pursuant to Section 906 of the
                           Sarbanes-Oxley Act of 2002.

         B. Current Report on Form 8-K

                           On July 18, 2003 First Franklin filed a Form 8-K
                           announcing earnings for the second quarter 2003.

<PAGE>

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

September 23, 2003
Cincinnati, Ohio

First Franklin Corporation Increases Quarterly Dividend

The Board of Directors of First Franklin Corporation has declared a dividend of
$0.08 per share for the third quarter of 2003. This is the sixty-third
consecutive dividend paid by the company and represents a 6.7% increase above
the dividend for the second quarter of 2003. The quarterly dividend will be
payable October 20, 2003 to shareholders of record as of October 3, 2003. In
accordance with NASD regulations, the ex-dividend date for this dividend payment
is expected to be September 30, 2003. 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

<PAGE>

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                      FIRST FRANKLIN CORPORATION

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

Date: November 14, 2003