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

                                   Form 10-QSB

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

                For the Quarterly Period Ended September 30, 2005

[ ]  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)

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

                    4750 Ashwood Drive Cincinnati, Ohio 45241
                    -----------------------------------------
                    (Address of principal executive offices)

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

________________________________________________________________________________
              (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 [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of October 10, 2005 there were issued and outstanding 1,656,030 shares of the
Registrant's Common Stock.

Transitional Small Business Disclosure Format (check one):

     Yes [ ] No [X]

<PAGE>

                   FIRST FRANKLIN CORPORATION AND SUBSIDIARIES

                                      INDEX

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

Item 1.   Consolidated Balance Sheets - September 30, 2005 and
          December 31, 2004                                                 3

          Consolidated Statements of Income and Retained Earnings -
          Three-and Nine-month periods ended September 30,
          2005 and 2004                                                     4

          Consolidated Statements of Cash Flows - Nine-month periods
          ended September 30, 2005 and 2004                                 5

          Notes to Consolidated Financial Statements                        6

Item 2.   Management's Discussion and Analysis or Plan of Operation         7

Item 3.   Controls and Procedures                                          13

Part II   Other Information                                                14

Signatures
</TABLE>


                                       2

<PAGE>

ITEM 1. FINANCIAL STATEMENTS

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

<TABLE>
<CAPTION>
                                                                        Sept 30, 2005   Dec. 31, 2004
                                                                        -------------   -------------
                                                                         (Unaudited)
<S>                                                                     <C>             <C>
                                ASSETS

Cash, including certificates of deposit and other interest-earning
   earning deposits of $100 at 09/30/05 and $6,100 at 12/31/04            $  3,426        $ 10,083
Investment securities:
   Securities available-for-sale, at market value
      (amortized cost of $24,077 at 09/30/05 and $30,862 at 12/31/04)       23,804          30,741
Mortgage-backed securities:
   Securities available-for-sale, at market value
      (amortized cost of $7,759 at 09/30/05 and $12,229 at 12/31/04)         7,732          12,313
   Securities held-to-maturity, at amortized cost
      (market value of $796 at 09/30/05 and $1,215 at 12/31/04)                761           1,159
Loans receivable, net                                                      229,750         202,948
Investment in Federal Home Loan Bank of Cincinnati stock, at cost            4,463           4,308
Real estate owned, net                                                          --              --
Accrued interest receivable                                                  1,082             991
Property and equipment, net                                                  4,217           4,175
Bank owned life insurance                                                    3,133           3,041
Other assets                                                                 3,904           4,209
                                                                          --------        --------
   Total assets                                                           $282,272        $273,968
                                                                          ========        ========

                             LIABILITIES

Deposits                                                                  $220,793        $219,704
Borrowings                                                                  35,166          27,600
Advances by borrowers for taxes and insurance                                  926           1,406
Other liabilities                                                              423             740
                                                                          --------        --------
      Total liabilities                                                    257,308         249,450
                                                                          --------        --------
Minority interest in consolidated subsidiary                                   442             408
                                                                          --------        --------

                         STOCKHOLDERS' EQUITY

Preferred stock - $.01 par value, 500,000 shares authorized,
   none issued and outstanding                                                  --              --
Common stock - $.01 par value, 2,500,000 shares authorized,
   2,010,867 shares issued at 09/30/05 and 12/31/04                             13              13
Additional paid-in capital                                                   6,189           6,189
Treasury stock, at cost - 354,837 shares at 09/30/05 and
   356,161 shares at 12/31/04                                               (3,539)         (3,551)
Retained earnings, substantially restricted                                 22,057          21,484
Accumulated other comprehensive income:
   Unrealized loss on available-for-sale securities, net
      of taxes of $(102) at 09/30/05 and $(13) at 12/31/04                    (198)            (25)
                                                                          --------        --------
      Total stockholders' equity                                            24,522          24,110
                                                                          --------        --------
                                                                          $282,272        $273,968
                                                                          ========        ========
</TABLE>

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


                                        3

<PAGE>

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

<TABLE>
<CAPTION>
                                             FOR THE THREE MONTHS ENDED     FOR THE NINE MONTHS END
                                            ---------------------------   ---------------------------
                                            SEPT 30,2005   SEPT 30,2004   SEPT 30,2005   SEPT 30,2004
                                            ------------   ------------   ------------   ------------
                                             (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
<S>                                         <C>            <C>            <C>            <C>
Interest income:
   Loans receivable                           $ 3,134        $ 2,849        $ 9,114        $ 8,555
   Mortgage-backed securities                      89            134            324            407
   Investments                                    315            405            990          1,276
                                              -------        -------        -------        -------
                                                3,538          3,388         10,428         10,238
                                              -------        -------        -------        -------
Interest expense:
   Deposits                                     1,546          1,516          4,605          4,578
   Borrowings                                     384            360          1,097          1,056
                                              -------        -------        -------        -------
                                                1,930          1,876          5,702          5,634
                                              -------        -------        -------        -------
      Net interest income                       1,608          1,512          4,726          4,604

Provision for loan losses                          66             72            153            214
                                              -------        -------        -------        -------
      Net interest income after provision
         for loan losses                        1,542          1,440          4,573          4,390
                                              -------        -------        -------        -------
Noninterest income:
   Gain on loans sold                              34             10             63            144
   Gain on sale of investments                     --             17             40            123
   Gain on sale of Intrieve investment             35             --            648             --
   Service fees on NOW accounts                   188             89            364            261
   Other income                                   109            141            366            364
                                              -------        -------        -------        -------
                                                  366            257          1,481            892
                                              -------        -------        -------        -------
Noninterest expense:
   Salaries and employee benefits                 697            717          2,088          2,094
   Occupancy                                      246            216            724            651
   Federal deposit insurance premiums               7              8             23             25
   Advertising                                     68             60            237            179
   Service bureau                                 100             97            280            289
   Other                                          445            415          1,294          1,179
                                              -------        -------        -------        -------
                                                1,563          1,513          4,646          4,417
                                              -------        -------        -------        -------
   Income before federal income taxes             345            184          1,408            865

Provision for federal income taxes                 97             54            438            280
                                              -------        -------        -------        -------
      Net income                              $   248        $   130        $   970        $   585
                                              =======        =======        =======        =======

Retained Earning-Beginning of period          $21,942        $21,529        $21,484        $21,337
      Net Income                                  248            130            970            585
      Less: Dividends declared                   (133)          (132)          (397)          (395)
                                              -------        -------        -------        -------
Retained Earnings-end of period               $22,057        $21,527        $22,057        $21,527
                                              =======        =======        =======        =======
Net income per common share:
      Basic                                   $  0.15        $  0.08        $  0.59        $  0.36
      Diluted                                 $  0.14        $  0.08        $  0.57        $  0.34
</TABLE>

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


                                       4

<PAGE>

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

<TABLE>
<CAPTION>
                                                                            FOR THE NINE MONTHS ENDED
                                                                          -----------------------------
                                                                          SEPT 30, 2005   SEPT 30, 2004
                                                                          -------------   -------------
                                                                           (unaudited)     (unaudited)
<S>                                                                       <C>             <C>
Cash flows from operating activities:
Net income                                                                  $    970        $    585
   Adjustments to reconcile net income to net cash
      provided by operating activities:
      Provision for loan losses                                                  153             214
      Gain on sale of investments                                                (40)           (123)
      Gain on sale of Intrieve investment                                       (648)             --
      Depreciation and amortization                                              286             233
      FHLB stock dividends                                                      (155)           (128)
      Bank Owned Life Insurance                                                  (91)             (5)
      Increase in accrued interest receivable                                    (91)            (21)
      Decrease (increase) in other assets                                        305            (592)
      Decrease in other liabilities                                             (317)           (201)
      Other, net                                                                (263)           (323)
      Proceeds from sale of loans originated for sale                          5,075           4,915
      Disbursements on loans originated for sale                              (4,463)         (4,915)
                                                                            --------        --------
         Net cash provided (used) by operating activities                        721            (361)
                                                                            --------        --------
Cash flows from investing activities:
   Loan principal reductions                                                  40,045          44,638
   Disbursements on mortgage and other loans
      originated for investment                                              (60,657)        (49,596)
   Repayments on mortgage-backed securities                                    2,981           3,442
   Loans purchased                                                            (7,050)             --
   Proceeds from sale of student loans                                           164             714
   Purchase of available-for-sale mortgage backed securities                      --          (3,160)
   Purchase of available-for-sale investment securities                       (2,000)         (5,998)
   Proceeds from sale of or maturities of investment securities:
   Available-for-sale                                                          8,825          16,424
   Proceeds from sale of available-for-sale mortgage-backed securities:        1,884              --
   Proceeds from sale of Intrieve investment                                     765              --
   Purchase of Banked Owned Life Insurance                                        --          (3,000)
   Proceeds from sale of real estate owned                                       182             224
   Capital expenditures                                                         (307)           (484)
                                                                            --------        --------
         Net cash provided (used) by investing activities                    (15,168)          3,204
                                                                            --------        --------
Cash flows from financing activities:
   Net increase (decrease) in deposits                                         1,089          (1,337)
   Proceeds from borrowed money, net                                           7,566           2,219
   Decrease in advances by borrowers for taxes and insurance                    (480)           (525)
   Issuance of treasury stock                                                     12              36
   Payment of dividends                                                         (397)           (395)
                                                                            --------        --------
         Net cash provided (used) by financing activities                      7,790              (2)
                                                                            --------        --------
         Net increase (decrease) in cash                                      (6,657)          2,841
Cash at beginning of year                                                     10,083           2,551
                                                                            --------        --------
Cash at end of year                                                         $  3,426        $  5,392
                                                                            ========        ========
</TABLE>

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


                                       5

<PAGE>

                   FIRST FRANKLIN CORPORATION AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three and nine-month periods ended
September 30, 2005 are not necessarily indicative of the results that may be
expected for the full year. The December 31, 2004 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 December 2004, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standard (SFAS) No. 123R, "Share-Based
Payment". SFAS No. 123R establishes the accounting standards for transactions in
which an entity exchanges its equity instruments for goods and services. SFAS
No. 123R requires that the cost resulting from all share-based payment
transactions be recognized in the financial statements. The statement eliminates
the ability to account for share-based compensation transactions, including
stock option grants, using the intrinsic value method and generally requires
instead that such transactions be accounted for using a fair value based method.
The SFAS No. 123R replaces SFAS No. 123 and supersedes Accounting Principles
Board No. 25. The pronouncement is effective for non-accelerated filers for
periods beginning after December 15, 2005 with early application allowed.
Management is currently evaluating the effect of the pronouncement on the
Company's financial statements.

In May 2005, the FASB issued SFAS No. 154 "Accounting Changes and Error
Corrections" - a replacement of APB Opinion No. 20 and FASB Statement No. 3.
SFAS No. 154 changes the requirements for the accounting for and reporting of a
change in accounting principle. The statement applies to all voluntary changes
and to changes required by an accounting pronouncement in the unusual instance
where the pronouncement does not include specific transition provisions. The
statement requires retrospective application to prior periods' financial
statements of changes in accounting principle. "Retroactive Application" is
defined as the application of the accounting change to prior accounting periods
as if the principle had always been utilized. "Restatement" is also defined as
the revising of a previously issued financial statement to reflect the
correction of an error. The statement applies to periods beginning after
December 15, 2005 with early application allowed. The Company will adopt this
statement.


                                        6

<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

GENERAL

First Franklin Corporation (the "Company" or "First Franklin") 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 producing
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 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 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, pay bills, 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 that time. At the present time, Madison's assets consist solely of
cash and interest-earning deposits. Its only source of income is the interest
earned on these deposits.


                                        7

<PAGE>

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 Harland Financial Solutions Inc.
("Harland"), a computer service bureau which offers the DirectTeller system to
the financial institutions it services. The agreement with Harland gives
DirectTeller a portion of the profits generated by the use of the inquiry system
by Harland's clients.

FIP lll is a limited partnership that invests primarily in equity securities of
publicly-traded financial institutions. The Company has invested $1.5 million in
the partnership. At June 30, 2005, 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 $2.58 million. There is not a readily
determinable market for First Franklin's ownership interest in this partnership.

In September 2004, management and the Board of Directors reviewed the Company's
strategic plan and established various strategic objectives for the next three
years. The primary objectives of this plan are profitability, independence,
capital adequacy and enhancing shareholder value. These objectives will be
pursued through commercial loan growth, enhancing the core products and services
we offer and the use of technology to improve efficiency and customer service.
In that regard, Franklin has established a computer training center at the
Corporate Office and implemented a computer training program, signed an
agreement to allow its customers access to the ATMs of a major commercial bank
without being surcharged, redesigned its website, began offering its customers
an overdraft protection program, developed an internet based program which
allows its customers to access information about their accounts, and hired
commercial and consumer loan officers.

As part of an ongoing plan to update its offices, during the spring of 2004
Franklin made minor interior cosmetic changes and installed an ATM at the office
located at 1100 West Kemper Road. During the third quarter of 2005, Franklin
renovated its branch at 5015 Delhi Pike in Cincinnati and installed a drive-up
ATM.

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.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Consolidated assets increased $8.30 million (3.0%) from $273.97 million at
December 31, 2004 to $282.27 million at September 30, 2005, compared to a
$567,000 (0.2%) increase for the same period in 2004. During 2005,
mortgage-backed securities decreased $4.98 million, cash and investments
decreased $13.59 million, loans outstanding increased $26.80 million, deposits
increased $1.09 million and borrowings increased $7.57 million.

Loan disbursements, including $7.05 million of loan purchases, were $72.17
million during the current nine-month period compared to $54.51 million during
the nine months ended September 30, 2004. Loan disbursements during the third
quarter of 2005 were $27.27 million compared to $17.83 million during the same
quarter in 2004. Mortgage loan sales were $5.08 million during the current
nine-month period compared to $4.92 million during the nine months ended
September 30, 2004. The increase in originations during the current three and
nine-month periods is the result of relationships developed with local mortgage
brokers which has given Franklin alternative sources for


                                        8

<PAGE>

loans. Loans are purchased if demand in the local market is less than
anticipated. At September 30, 2005, commitments to originate mortgage loans were
$2.67 million. At the same date, $1.29 million of undisbursed loan funds were
being held on various construction loans and the Franklin had undisbursed lines
of credit on consumer and commercial loans of approximately $15.79 million.
Management believes that sufficient cash flow and borrowing capacity exist to
fund these commitments.

Liquid assets decreased $13.59 million during the nine months ended September
30, 2005, to $27.23 million. This decrease reflects loan and mortgage-backed
securities repayments of $43.03 million, an increase in borrowings of $7.57
million, an increase in deposits of $1.09 million and mortgage loan sales of
$5.08 million which were more than offset by loan purchases of $7.05 million and
loan disbursements of $65.12 million. At September 30, 2005, liquid assets were
9.65% of total assets.

The Company's investment and mortgage-backed securities are classified based on
the Company's 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, 2005.
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         $24,077        $14         $287      $23,804
   Mortgage-backed securities      7,759         36           63        7,732
Held-to-maturity
   Mortgage-backed securities        761         35            0          796
                                 -------        ---         ----      -------
                                 $32,597        $85         $350      $32,332
</TABLE>

Management has the intent to hold these securities for the foreseeable future
and the decline in market value is due to an increase in market interest rates.
The fair values are expected to recover as securities approach their maturity
dates.

At September 30, 2005, deposits were $220.79 million compared to $219.70 million
at December 31, 2004. This is an increase of $1.09 million during the current
nine-month period. During the nine months ended September 30, 2005, core
deposits (transaction and passbook savings accounts) decreased $6.49 million,
short-term certificates (two years or less) increased $5.26 million and
certificates with original terms greater than two years increased $2.32 million.
The switch from core deposits to certificates reflects the consumer's desire to
take advantage of the higher rates currently available on certificates. Interest
of $4.03 million was credited to accounts during the current nine-month period.
After eliminating the effect of interest credited, deposits decreased $2.94
million during the nine-month period ended September 30, 2005.

At September 30, 2005 Franklin had outstanding Federal Home Loan Bank ("FHLB")
advances of $34.02 million at an average cost of 4.95% and the Company had a
credit line totaling $1.50 million on which $1.15 million is outstanding. During
the next twelve months, required principal reduction on these borrowings will be
$6.36 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 FHLB advances, mature or reprice
more or less frequently, or on a different basis, than its interest-earning


                                        9

<PAGE>

assets, which consist principally of loans, mortgage-backed securities and
investment securities. While having assets that mature or reprice more rapidly
than liabilities may be beneficial in times of rising interest rates, such an
asset/liability structure may have the opposite effect during periods of
declining interest rates. Conversely, having liabilities that reprice or mature
more rapidly than assets may adversely affect net interest income during periods
of rising interest rates. As of June 30, 2005, Franklin's assets repriced or
matured more rapidly than its liabilities and it was rated in the most favorable
interest rate risk category under OTS guidelines.

At September 30, 2005, $5.76 million of assets were classified substandard, no
assets were classified doubtful, $745,000 were classified loss and $2.89 million
were designated by management as special mention compared to $2.83 million as
substandard, $663,000 as loss and $4.79 million designated as special mention at
December 31, 2004. The increase in assets classified substandard reflects the
classification of $2.52 million of loans to five borrowers that were previously
designated special mention. Non-accruing loans and accruing loans delinquent
ninety days or more, net of reserves, were $4.85 million at September 30, 2005
and $2.55 million at December 31, 2004. At September 30, 2005, the recorded
investment in loans for which impairment has been recognized was approximately
$1.95 million with related reserves of $627,000.

The following table shows the activity that has occurred on loss reserves during
the nine months ended September 30, 2005.

<TABLE>
<CAPTION>
                                  (Dollars in thousands)
<S>                               <C>
Balance at beginning of period            $1,430
Charge offs                                   52
Additions charged to operations              153
Recoveries                                   164
Balance at end of period                  $1,695
</TABLE>

<TABLE>
<CAPTION>
                                  (Dollars in thousands)
<S>                               <C>
Balance at beginning of period            $1,430
Charge offs                                    0
Additions charged to operations               44
Recoveries                                     8
Balance at end of period                  $1,482
</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 September 30, 2005, net worth was $24.52 million, which is
8.69% of total assets. At the same date, book value per share was $14.81,
compared to $14.57 per share at December 31, 2004.

The following table summarizes, as of September 30, 2005, Franklin's regulatory
capital position.

<TABLE>
<CAPTION>
Capital Standard   Actual    Required    Excess   Actual   Required   Excess
----------------   -------   --------   -------   ------   --------   ------
                      (Dollars in thousands)
<S>                <C>       <C>        <C>       <C>      <C>        <C>
Core               $22,924    $11,191   $11,733    8.19%     4.00%     4.19%
Risk-based          23,874     14,905     8,969   12.81%     8.00%     4.81%
</TABLE>

COMPREHENSIVE INCOME

Comprehensive income for the nine months ended September 30, 2005 and 2004 was
$771,000 and


                                       10

<PAGE>

$642,000, respectively. The difference between net income and comprehensive
income is the effect of unrealized gains and losses, net of taxes, on
available-for-sale securities.

RESULTS OF OPERATIONS

The Company had net income of $248,000 ($0.15 per basic share) for the current
quarter and $970,000 ($0.59 per basic share) for the nine months ended September
30, 2005 compared to net income of $130,000 ($0.08 per basic share) for the
third quarter of 2004 and $585,000 ($0.36 per basic share) for the nine months
ended September 30, 2004. The increase in net income during the current
nine-month period reflects a $648,000 profit on the sale of Franklin and
Madison's investments in Intrieve, Incorporated ("Intrieve"), which was acquired
by Harland on April 1, 2005 and an increase of $122,000 in net interest income
which were offset by a $229,000 increase in operating expenses and decreases of
$81,000 in the gains on the sale of loans and $83,000 in gains on the sale of
investments.

Net interest income, before provisions for loan losses, was $1.61 million for
the current quarter and $4.73 million for the first nine months of 2005,
compared to $1.51 million and $4.60 million, respectively, for the same periods
in 2004. 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 September 30,
                                                       2005 vs 2004
                                             --------------------------------
                                             Increase (decrease)
                                                    due to            Total
                                             -------------------    increase
                                               Volume    Rate      (decrease)
                                               ------   -----      ----------
                                                  (Dollars in thousands)
<S>                                          <C>        <C>        <C>
Interest income attributable to:
   Loans receivable (1)                        $ 615     ($56)       $ 559
   Mortgage-backed securities                   (128)      45          (83)
   Investments                                  (453)     140         (313)
   FHLB stock                                      6       21           27
                                               -----    -----        -----
   Total interest-earning assets               $  40    $ 150        $ 190

Interest expense attributable to:
   Demand deposits                              ($57)   $  18         ($39)
   Savings accounts                               (7)      (1)          (8)
   Certificates                                  115      (41)          74
   FHLB advances                                  86      (45)          41
                                               -----    -----        -----
   Total interest-bearing liabilities          $ 137     ($69)       $  68

Increase (decrease) in net interest income      ($97)   $ 219        $ 122
</TABLE>

(1)  Includes non-accruing loans.

As the tables below illustrate, average interest-earning assets decreased $3.14
million to $258.16 million during the nine months ended September 30, 2005, from
$261.30 million for the nine months ended September 30, 2004. Average
interest-bearing liabilities decreased $1.81 million from $249.14 million for
the nine months ended September 30, 2004, to $247.33 million for the current
nine-month period. Thus, average net interest-earning assets decreased $1.33
million when comparing the two periods. The interest rate spread (the yield on
interest-earning assets less the cost of interest-bearing liabilities) was 2.32%
for the nine months ended September 30, 2005, compared to 2.20% for the same
period in 2004. The increase in the interest rate spread was the result of an
increase in the yield on interest-earning assets from 5.22% for the nine months
ended September 30, 2004, to 5.39% for the same nine-month period in 2005. The
majority of the increase in the yield on interest-earning assets is the result
of increases in the yield on investments from 3.80% to 4.20% and the yield on
FHLB stock from 4.07% to 4.72%. The yield on loans declined slightly because
adjustable rate mortgage loans made up a greater percentage of the


                                       11

<PAGE>

loan portfolio. Historically, adjustable-rate mortgage loans have a lower yield
than other types of loans, such as lines of credit and fixed-rate mortgage
loans. The cost of interest-bearing liabilities was 3.07% for the current
nine-month period and 3.02% for the nine months ended September 30, 2004. The
increase in the yield on interest-earning assets and cost of interest-bearing
liabilities is due to the increase in short-term interest rates.

<TABLE>
<CAPTION>
                                                      For the Nine Months
                                                     ended Sept. 30, 2005
                                                   ------------------------
                                                     Average
                                                   outstanding   Yield/cost
                                                   -----------   ----------
                                                   (Dollars in
                                                    thousands)
<S>                                                <C>           <C>
Average interest-earning assets
   Loans                                             $216,344       5.62%
   Mortgage-backed securities                          10,909       3.96%
   Investments                                         26,534       4.20%
   FHLB stock                                           4,375       4.72%
                                                     --------       ----
      Total                                          $258,162       5.39%

Average interest-bearing liabilities
   Demand deposits                                   $ 45,426       1.07%
   Savings accounts                                    28,806       0.72%
   Certificates                                       144,573       3.77%
   FHLB advances                                       28,525       5.13%
                                                     --------       ----
      Total                                          $247,330       3.07%

Net interest-earning assets/interest rate spread     $ 10,832       2.32%
</TABLE>

<TABLE>
<CAPTION>
                                                      For the Nine Months
                                                     ended Sept. 30, 2004
                                                   ------------------------
                                                     Average
                                                   outstanding   Yield/cost
                                                   -----------   ----------
                                                   (Dollars in
                                                    thousands)
<S>                                                <C>           <C>
Average interest-earning assets
   Loans                                             $201,738       5.65%
   Mortgage-backed securities                          15,010       3.62%
   Investments                                         40,362       3.80%
   FHLB stock                                           4,191       4.07%
                                                     --------       ----
      Total                                          $261,301       5.22%

Average interest-bearing liabilities
   Demand deposits                                   $ 52,434       1.02%
   Savings accounts                                    30,055       0.73%
   Certificates                                       140,499       3.81%
   FHLB advances                                       26,152       5.38%
                                                     --------       ----
      Total                                          $249,140       3.02%

Net interest-earning assets/interest rate spread     $ 12,161       2.20%
</TABLE>

Noninterest income was $366,000 for the quarter and $1.48 million for the nine
months ended September 30, 2005 compared to $257,000 for the same quarter in
2004 and $892,000 for the nine months ended September 30, 2004. The majority of
the increase in noninterest income in the current nine-month period is the
result of a $648,000 profit on the sale of Franklin and Madison's investments in
Intrieve.

Noninterest expenses were $1.56 million for the current quarter and $4.65
million for the current nine-month period compared to $1.51 million for the same
quarter in 2004 and $4.42 million for the nine months ended September 30, 2004.
As a percentage of average assets, this is 2.26% for the nine months ended
September 30, 2005 compared to 2.14% for the first nine months of 2004. The
increase in noninterest expense is due to increases in office occupancy,
advertising and audit expenses.


                                       12

<PAGE>

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.


                                       13

<PAGE>

PART II OTHER INFORMATION

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. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

     (a)  During the quarter ended September 30, 2005, the Company issued a
          total of 125 unregistered shares of its common stock upon the exercise
          of employee and director stock options for an aggregate purchase price
          of $969. The foregoing purchases and sales were exempt from
          registration pursuant to Section 4(2) of the Securities Act of 1933,
          as amended.

     (b)  None

     (c)  None

     (d)  None

Item 3. DEFAULTS UPON SENIOR SECURITIES

     None

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

     None

Item 5. OTHER INFORMATION

     None

Item 6. EXHIBITS

<TABLE>
<S>    <C>
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.
</TABLE>


                                       14

<PAGE>

                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant 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 10, 2005


                                       15