<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 June 30, 2002

[ ] 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)


                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of June 30, 2002 there were issued and outstanding 1,625,171 shares of the
Registrant's Common Stock.

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


<PAGE>


                    FIRST FRANKLIN CORPORATION AND SUBSIDIARY

                                      INDEX

                                                                        Page No.

Part I Financial Information

Item 1.  Consolidated Balance Sheets -
         June 30, 2002 and December 31, 2001                                 3

         Consolidated Statements of Operations and Retained
         Earnings - Three and Six-month Periods ended June 30, 2002
         and 2001                                                            4

         Consolidated Statements of Cash Flows - Six-month
         Periods ended June 30, 2002 and 2001                                5

         Notes to Consolidated Financial Statements                          6


Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations                                 7


Part II. Other Information                                                  16

         Press Release dated June 25, 2002                                  17
         Press Release dated July 18, 2002                                  18


Signatures


<PAGE>


PART I - ITEM 1.

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

<TABLE>
<CAPTION>
                                                            June 30,2002                   Dec 31,2001
                                                            ------------                   -----------
                                                            (Unaudited)
<S>                                                              <C>                           <C>
     ASSETS
Cash, including CD's & other interest-earning
  deposits of  $12,115 and $16,140,
   respectively                                                  $16,896                       $21,042
Investment securities
  Available-for-sale, at market value
     (amortized cost of $37,220 and
     $24,514, respectively)                                       37,287                        24,328
Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $12,673 and
     $13,818, respectively)                                       12,885                        14,097
  Held-to-maturity, at amortized cost
    (market value of $6,002 and
    $7,618, respectively)                                          5,731                         7,423
Loans receivable, net                                            194,519                       202,555
Real estate owned, net                                                 0                            89
Stock in Federal Home Loan Bank
  of Cincinnati ("FHLB"), at cost                                  3,883                         3,796
Accrued interest receivable                                        1,517                         1,450
Property and equipment, net                                        2,924                         2,406
Other assets                                                       2,769                         2,510
                                                       ------------------            ------------------
                                                                $278,411                      $279,696

     LIABILITIES
Deposits                                                        $213,776                      $208,938
Borrowings                                                        41,677                        46,488
Advances by borrowers for taxes
  and insurance                                                      477                         1,309
Other liabilities                                                    329                           757
                                                       ------------------            ------------------
     Total liabilities                                           256,259                       257,492
                                                       ------------------            ------------------
     STOCKHOLDERS' EQUITY
Preferred stock; $.01 par value per share;
  500,000 shares authorized; no shares issued
Common stock; $.01 par value per share;
  2,500,000 shares authorized; 2,010,867
   shares issued.                                                     13                            13
Additional paid in capital                                         6,189                         6,189
Treasury stock, at cost- 385,696
   and 396,994 shares, respectively                               (3,753)                       (3,888)
Retained earnings, substantially restricted                       19,518                        19,829
Accumulated other comprehensive income:
   Unrealized gain on available-for-sale
   securities, net of taxes of $94 and $31,
   respectively                                                      185                            61
     Total stockholders' equity                                   22,152                        22,204
                                                       ------------------            ------------------
                                                                $278,411                      $279,696
</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 Six Months Ended
                                            June 30,2002   June 30,2001    June 30,2002  June 30,2001
                                            ------------   ------------    ------------  ------------
                                                      (Unaudited)                  (Unaudited)
<S>                                           <C>            <C>            <C>            <C>
Interest income:
  Loans receivable                              $3,453         $3,786         $7,052         $7,708
  Mortgage-backed securities                       289            550            591          1,232
  Investment securities                            557            439          1,022            811
                                              --------      ---------       --------       --------
                                                 4,299          4,775          8,665          9,751
Interest expense:
  Deposits                                       2,290          2,506          4,621          4,910
  Borrowings                                       676            883          1,389          1,957
                                              --------      ---------       --------       --------
                                                 2,966          3,389          6,010          6,867
                                              --------      ---------       --------       --------
     Net interest income                         1,333          1,386          2,655          2,884

Provision for loan losses                           29             10             48             28
                                              --------      ---------       --------       --------
     Net interest income after
       provision for loan losses                 1,304          1,376          2,607          2,856
                                              --------      ---------       --------       --------
Noninterest income:
  Gain on loans sold                                49             43            137            178
  Gain on sale of investments                       86             35             86             35
  Service fees on NOW accounts                      83             75            158            145
  Other income                                      83            139            174            247
                                              --------      ---------       --------       --------
                                                   301            292            555            605
Noninterest expense:
  Salaries and employee benefits                   583            556          1,162          1,095
  Occupancy expense                                178            169            338            329
  Advertising                                       50             92            128            136
  Federal deposit insurance premiums                25             23             49             46
  Service bureau expense                            85             77            167            146
  Impairment of investment                         710              0            710              0
  Other expenses                                   361            339            738            697
                                              --------      ---------       --------       --------
                                                 1,992          1,256          3,292          2,449

Income (loss) before federal income taxes         (387)           412           (130)         1,012

Provision (credit) for federal income taxes       (142)           131            (62)           329
                                              --------      ---------       --------       --------
  Net income (loss)                              ($245)          $281           ($68)          $683

RETAINED EARNINGS-BEGINNING OF PERIOD          $19,884        $19,448        $19,829        $19,166
  Net income (loss)                               (245)           281            (68)           683
  Less: dividends declared                        (121)          (121)          (243)          (241)
                                              --------      ---------       --------       --------
RETAINED EARNINGS-END OF PERIOD                $19,518        $19,608        $19,518        $19,608

EARNINGS (LOSS) PER COMMON SHARE
        Basic                                   ($0.15)         $0.17         ($0.04)         $0.42
        Diluted                                 ($0.15)         $0.17         ($0.04)         $0.42

DIVIDENDS DECLARED PER  COMMON SHARE            $0.075         $0.075         $0.150         $0.150
</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 Six  Months Ended
                                                                             June 30,2002              June 30,2001
                                                                             ------------              ------------
                                                                                            (Unaudited)
<S>                                                                                <C>                      <C>
Cash provided (used) by operating activities:

Net income (loss)                                                                  ($68)                    $683

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

     Provision for loan losses                                                       48                       28
     Impairment of investment                                                       468                        0
     Depreciation and amortization                                                  164                      130
     FHLB stock dividend                                                            (88)                    (128)
     Increase in accrued interest receivable                                        (67)                     (12)
     Increase in other assets                                                      (260)                    (368)
     Decrease in other liabilities                                                 (426)                    (103)
     Other, net                                                                     279                      (94)
     Loans sold                                                                   8,058                   11,113
     Disbursements on loans originated for sale                                  (8,058)                  (3,785)
                                                                            ------------             ------------
Net cash provided by operating activities                                            50                    7,464
                                                                            ------------             ------------

Cash provided (used)  by investing activities:
  Loan principal reductions                                                      36,753                   25,397
  Disbursements on mortgage and other
     loans purchased or originated for investment                               (29,976)                 (28,706)
  Repayments on mortgage-backed securities                                        4,411                    8,776
  Purchase of available-for-sale mortgage-backed securities                      (5,007)
  Sale of available-for-sale mortgage-backed securities                           3,427                    7,480
  Purchase of available-for-sale investment securities                          (13,458)                  (4,759)
  Proceeds from the sale of or maturity of available-for-sale
    investment securities                                                             5                   10,500
  Sale of student loans                                                           1,173
  Purchase of FHLB stock                                                              0                     (200)
  Capital expenditures                                                             (611)                    (516)
                                                                            ------------             ------------
Net cash provided (used) by investing activities                                 (3,283)                  17,972
                                                                            ------------             ------------

Cash provided (used) by financing activities:
  Net increase in deposits                                                        4,838                   11,949
  Borrowed money                                                                 (4,811)                 (16,748)
  Decrease in advances by borrowers
     for taxes and insurance                                                       (832)                    (825)
  Proceeds from sale of common stock                                                135                        0
  Payment of dividends                                                             (243)                    (241)
                                                                            ------------             ------------
Net cash used by financing activities                                              (913)                  (5,865)
                                                                            ------------             ------------

Net increase (decrease) in cash                                                 ($4,146)                 $19,571
Cash at beginning of period                                                      21,042                    3,688
                                                                            ------------             ------------
CASH AT END OF PERIOD                                                           $16,896                  $23,259
</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 six-month period ended June 30, 2002
are not necessarily indicative of the results that may be expected for the full
year. The December 31, 2001 Balance Sheet data was derived from audited
financial statements, but does not include all disclosures required by generally
accepted accounting principles.


EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS

In July 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other
Intangibles", which requires that goodwill no longer be amortized to earnings,
but instead be reviewed periodically for impairment. The change from
amortization to impairment regarding goodwill will provide investors with
greater transparency on the economic impact of goodwill on the financial
position and results of operations. SFAS No. 142 is effective upon adoption,
which was January 1, 2002 for the Company. SFAS No. 142 did not have a material
impact on the Company's financial position or results of operations.


<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 by authorization of the Board of Directors of the
Franklin Savings and Loan Company ("Franklin"). The Company acquired all of the
common stock of Franklin issued in connection with its conversion from the
mutual to stock form of ownership, which was completed on January 25, 1988.

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

   1. Exceed customers' expectations regarding service and products.
   2. Achieve success through our employees' efforts.
   3. Shareholder satisfaction will enable us to continue serving our customers.
   4. Support the communities we serve.
   5. Combine business success with integrity.

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

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

Franklin is an Ohio chartered stock savings and loan headquartered in
Cincinnati, Ohio. It was originally chartered in 1883 as the Green Street Number
2 Loan and Building Company. The business of Franklin consists primarily of
attracting deposits from the general public and using those deposits, together
with borrowings and other funds, to originate and purchase investments and real
estate loans. Franklin operates seven banking offices in Hamilton County, Ohio
through which it offers a full range of consumer banking services, including
mortgage loans, home equity lines of credit, credit and debit cards, checking
accounts, auto loans, savings accounts, automated teller machines, a voice
response telephone inquiry system and an internet-based banking system which
allows its customers to transfer funds between financial institutions, pay
bills, transfer funds between Franklin accounts, download account and
transaction information into financial management software programs and inquire
about account balances and transactions. To generate additional fee income and
enhance the products and services available to its customers, Franklin also
offers annuities, mutual funds and discount brokerage services in its offices
through an agreement with a third party broker dealer.

<PAGE>

Franklin has one wholly owned subsidiary, Madison Service Corporation
("Madison"). Madison was formed in 1972 to allow Franklin to diversify into
certain types of business that, by regulation, savings and loans were unable to
enter. At the present time, Madison's assets consist solely of cash and
interest-earning deposits. Its only sources of income are the interest earned on
these deposits and the fees received as a result of the agreement with the third
party broker dealer that provides the discount brokerage services at Franklin's
offices.

First Franklin owns 51% of DirectTeller's outstanding common stock. DirectTeller
was formed in 1989, by the Company and DataTech Services Inc., to develop and
market a voice response telephone inquiry system to allow financial institution
customers to access information about their accounts via the telephone and a
facsimile machine. Franklin currently offers this service to its customers. The
inquiry system is currently in operation at Intrieve Inc., a computer service
bureau which offers the DirectTeller system to the savings and loans it
services. The agreement with Intrieve gives DirectTeller a portion of the
profits generated by the use of the inquiry system by Intrieve's clients.

FIP III is a limited partnership that invests in equity securities of
publicly-traded financial institutions. First Franklin has invested $500,000 and
Franklin has invested $1.0 million in the partnership. At March 31, 2002, the
Company and Franklin's pro-rata interest in the partnership, as estimated by
Hovde Financial Inc., the general partner, had a net asset value of
approximately $1.94 million. There is not a readily determinable market for
ownership interest in this partnership.

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

During March 2001, Franklin opened a full service branch at 7944 Beechmont
Avenue, Cincinnati, Ohio. In May 2001, Franklin acquired the property in the
rear of its branch located at 11186 Reading Road, Cincinnati, Ohio so that it
could construct a drive-thru facility with an ATM at that location. These
improvements were completed during the second quarter of 2002. Franklin
currently has an agreement to sell its branch office located at 5115 Glenway
Avenue, Cincinnati. A profit of approximately $300,000 will be realized on the
sale of this property. This office will be moved approximately one mile to a
property that Franklin will lease. The new property has higher visibility and
will allow Franklin to construct a full service branch with a drive-thru and an
ATM, which is not possible at the current location. It is anticipated that this
new office will be completed during the fourth quarter of 2002.

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

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Consolidated assets decreased $1.29 million (0.5%) from $279.70 million at
December 31, 2001 to $278.41 million at June 30, 2002, compared to a $4.90
million (1.8%) decrease for the same period in 2001. During 2002,
mortgage-backed securities decreased $2.90 million, cash and investments
increased $8.81 million, loans receivable decreased $8.04 million, deposits
increased $4.84 million and borrowings decreased $4.81 million.


<PAGE>


Loan disbursements were $38.03 million during the current six-month period
compared to $32.49 million during the six months ended June 30, 2001.
Disbursements during the second quarter of 2002 were $19.95 million compared to
$20.06 million during the same quarter in 2001. Mortgage loan sales were $8.06
million during the current six-month period compared to $11.11 million during
the six months ended June 30, 2001. At June 30, 2002, commitments to originate
mortgage loans were $3.88 million. At the same date, $2.61 million of
undisbursed loan funds were being held on various construction loans. The
Company also had undisbursed lines of credit on consumer and commercial loans of
approximately $8.11 million. Management believes that sufficient cash flow and
borrowing capacity exists to fund these commitments.

Liquid assets increased $8.81 million during the six months ended June 30, 2002,
to $54.18 million. This increase reflects loan and mortgage-backed securities
repayments of $41.16 million, net deposits of $4.84 million, mortgage loan sales
of $8.06 million and sales of mortgage-backed securities of $3.43 million less
loan disbursements of $38.03 million, purchases of mortgage-backed securities of
$5.01 million and a reduction in borrowings of $4.81 million. Short-term liquid
assets have been allowed to increase so that future loan demand can be funded
without using borrowings. At June 30, 2002, liquid assets were 19.46% 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 June 30, 2002. No
securities are classified as trading.


                                Amortized    Unrealized   Unrealized     Market
                                  Cost          Gains       Losses       Value
                                ------------------------------------------------
                                                (in thousands)
 Available-for-sale
      Investment securities         $37,220      $572        $505      $37,287
      Mortgage-backed securities     12,673       212           0       12,885
 Held-to-maturity
      Mortgage-backed securities      5,731       271           0        6,002


In August 2001 Franklin Savings purchased a Worldcom bond which matures August
15, 2006. The bond was originally issued in 1996 by MCI. At the time of purchase
it was rated in one of the four highest investment grades by both Moody's and
Standard & Poor's. Based on current events, the Company believes that the bond
will be deemed "other than temporarily impaired" under Statement of Financial
Accounting Standards No. 115, so it recorded an impairment charge during the
second quarter of 2002. If necessary, any additional impairment charges may be
recognized in the future. The impairment charge reduced the carrying value of
the bond to its June 30,2002 market value of $340,000.

At June 30, 2002, deposits were $213.78 million compared to $208.94 million at
December 31, 2001. This is a decrease of $300,000 during the current quarter and
an increase of $4.84 million during the six months ended June 30, 2002. During
the six months ended June 30, 2002, core deposits (transaction and passbook
savings accounts) increased $9.99 million. During the same period, short-term
certificates (two years or less) decreased $9.33 million and certificates with
original terms greater than two years increased $4.18 million. The increase in
long-term certificates reflects management's efforts to improve its interest
rate risk by lengthening the maturity of its deposits. Interest of $1.98 million
during the current quarter and $4.02 million during the current six-month


<PAGE>


period was credited to accounts. After eliminating the effect of interest
credited, deposits decreased $2.28 million during the current quarter and
increased $800,000 during the six months ended June 30, 2002.

At June 30, 2002 Franklin had outstanding Federal Home Loan Bank ("FHLB")
advances of $41.68 million at an average cost of 6.23%. During the next twelve
months, required principal reduction on amortizing advances will be $11.35
million.

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

In the low interest rate environment that prevailed throughout much of the
1990's, Franklin, like many financial institutions, was not able to attract a
significant amount of long-term deposits as customers opted to pursue short-term
investments so they would be poised to take advantage of rates when they did
rise. As a result, Franklin experienced a shortening of the maturities of its
liabilities. The low rates had the opposite effect on Franklin's assets, as
consumers took advantage of the low rates to lock-in long-term mortgages.
Although Franklin sold some of its fixed-rate mortgages during this period,
timing considerations and other market conditions were not always conducive to a
sale. Consequently, Franklin emerged from the 1990's with a significant mismatch
between the repricing terms of its assets and liabilities. In May 2000, Franklin
submitted an Interest Rate Risk Compliance Plan to the OTS containing many of
the initiatives discussed below. If provisions of this plan are not complied
with, the OTS can take actions which could limit Franklin's activities, growth
or earnings. The major objective of the plan was to improve Franklin's Interest
Rate Risk rating to "moderate risk" or better by December 31,2001. At the
present time Franklin remains under the provisions of the plan, even though, as
of March 31, 2001 it had achieved a "moderate risk" rating and has maintained it
since then. In March 2002 Franklin submitted a three-year business plan to the
OTS for its review and approval. The OTS has recently approved that business
plan and is in the process of evaluating terminating the Interest Rate Risk
Compliance Plan.

In response to the OTS' concerns about its interest rate risk position, during
the fourth quarter of 1999, Franklin implemented several initiatives to improve
its interest rate sensitivity. One initiative was to increase its capital
position, which Franklin addressed by suspending the payment of dividends to the
Company. The Company believes that alternative sources of funds are available
for payment of dividends during 2002, if the OTS does not allow Franklin to
reinstate the payment of dividends to the Company. A prolonged restriction on
the payment of dividends from Franklin could adversely affect the amount of
funds available to the Company in future years. Another initiative was to
lengthen the maturities of its liabilities, which Franklin has undertaken by
emphasizing thirty-nine month and five year certificates of deposit by pricing
those products more attractively, and to shorten the maturities of its assets,
which Franklin has addressed by limiting the origination of fixed-rate mortgages
for retention in the portfolio and emphasizing the origination of one and
three-year adjustable-rate mortgages and commercial and multi-family real estate
loans which generally have shorter maturities with balloon payments due in five
years or less. More emphasis has also been


<PAGE>


placed on the origination of home equity lines of credit and adjustable-rate
second mortgages.

As a result of these initiatives, the composition of the loan portfolio has gone
from 33% adjustable, 56% fixed and 11% balloons at December 31, 1999 to 62%
adjustable, 28% fixed and 10% balloons at June 30, 2002. During the same time
frame, core deposits have increased to 32% of total deposits from 24% at
December 31, 1999 and certificates with original maturities of three years or
more have increased to 41% of total deposits from 24% at December 31, 1999.
Because adjustable-rate mortgage loans (ARMs) are normally originated at rates
lower than fixed-rate loans and longer term certificates normally have higher
rates than shorter term certificates, these initiatives have had a negative
impact on net interest income.

At June 30, 2002, $2.61 million of assets were classified substandard, $205,000
classified loss and $6.44 million classified as special mention compared to
$1.47 million as substandard, $189,000 as loss and $4.96 million as special
mention at December 31, 2001. Non-accruing loans and accruing loans delinquent
ninety days or more, net of reserves, were $1.23 million at June 30, 2002 and
$954,000 at December 31, 2001. The increase in classified assets and delinquent
loans is the result of the weakening economy experienced during the past year.
Management believes that these trends will be reversed as the economy improves.
At June 30, 2002, the recorded investment in loans for which impairment under
SFAS No. 114 has been recognized was immaterial to the Company's financial
statements.

The following table shows the activity that has occurred on loss reserves during
the six months ended June 30, 2002.


                                               (Dollars in thousands)
          Balance at beginning of period                 $1,107
          Charge offs                                         9
          Additions charged to operations                    48
          Recoveries                                          0
                                                      ---------
          Balance at end of period                       $1,146


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 June 30, 2002, net worth was $22.15 million, which is 7.96%
of assets. At the same date, book value per share was $13.63 compared to $13.75
at December 31, 2001.

The following table summarizes, as of June 30, 2002, the regulatory capital
position of Franklin.


Capital Standard     Actual       Required    Excess   Actual  Required   Excess
                    --------      --------    -------  ------  --------   ------
                           (Dollars in thousands)
Core                $20,285       $11,086    $9,199    7.33%     4.00%    3.33%
Risk-based           21,227        13,898     7,329   12.22%     8.00%    4.22%


COMPREHENSIVE INCOME

Comprehensive income for the six months ended June 30, 2002 and 2001 was a loss
of $1,000 and income of $1,040,000, respectively. The difference between net
income and


<PAGE>


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 a net loss of $245,000 ($0.15 per basic share) for the current
quarter and $68,000 ($0.04 per basic share) for the six months ended June 30,
2002 after recognizing an impairment charge on the Worldcom bond of $468,000
($0.29 per share) after taxes. Earnings before the impairment charge were
$223,000 ($0.14 per share) for the second quarter of 2002 and $400,000 ($0.25
per share) for the six months ended June 30, 2002. This compares to earnings of
$281,000 ($0.17 per basic share) for the second quarter of 2001 and $683,000
($0.42 per basic share) for the first six months of 2001. The decline in net
income during the current six-month period reflects the impairment charge on the
Worldcom bond plus a $229,000 decrease in net interest income, a $10,000
increase in profits on the sale of loans and investments and a $134,000 increase
in operating expenses.

Net interest income, before provisions for loan losses, was $1.33 million for
the current quarter and $2.66 million for the first six months of 2002 compared
to $1.39 and $2.88 million, respectively, for the same periods in 2001. The most
significant impact on net interest income between periods relates to the changes
implemented by Franklin to reduce its interest rate risk. As discussed
previously, Franklin has placed emphasis on originating adjustable-rate
residential mortgages, short-term commercial mortgages, consumer loans and
longer-term liabilities. The growth in loans during the past year has been
funded by the growth in long-term certificates and FHLB advances and a reduction
in mortgage-backed securities. 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.


<PAGE>


<TABLE>
<CAPTION>
                                                           For the Six Month periods ended June 30,
                                                                          2002  vs   2001

                                                                                                         Total
                                                         Increase (decrease) due to                     increase
                                                       Volume                   Rate                   (decrease)
                                                       ------                   ----                   ----------
<S>                                                 <C>                     <C>                       <C>
Interest income attributable to:                                    (Dollars in thousands)
  Loans receivable (1)                                 ($239)                  ($417)                    ($656)
  Mortgage-backed securities                            (478)                   (163)                     (641)
  Investments                                            367                    (116)                      251
  FHLB stock                                               9                     (49)                      (40)
                                                -------------            ------------             -------------
  Total interest-earning assets                        ($341)                  ($745)                  ($1,086)

Interest expense attributable to:
  Demand deposits                                        $86                    ($20)                      $66
  Savings accounts                                       127                    (145)                      (18)
  Certificates                                           177                    (514)                     (337)
  FHLB advances                                         (541)                    (27)                     (568)
                                                -------------            ------------             -------------
  Total interest-bearing liabilities                   ($151)                  ($706)                    ($857)

Increase (decrease) in net
  interest income                                      ($190)                   ($39)                    ($229)
</TABLE>

                        (1) Includes non-accruing loans.


As the tables below illustrate, average interest-earning assets increased
$210,000 to $267.25 million during the six months ended June 30, 2002, from
$267.04 million for the six months ended June 30, 2001. Average interest-bearing
liabilities increased $2.33 million from $252.96 million for the six months
ended June 30, 2001, to $255.29 million for the current six-month period. Thus,
average net interest-earning assets decreased $2.12 million when comparing the
two periods. The interest rate spread (the yield on interest-earning assets less
the cost of interest-bearing liabilities) was 1.77% for the six months ended
June 30, 2002, compared to 1.87% for the same period in 2001. The decrease in
the interest rate spread was the result of a decrease in the yield on
interest-earning assets from 7.30% for the six months ended June 30, 2001, to
6.48% for the same six-month period in 2002. The majority of the decrease in the
yield on interest-earning assets is the result of a decrease in the yield on
investments from 5.98% to 4.13% and a decrease in the yield on loans from 7.55%
to 7.13%. The decrease in the yield on investments and loans is the result of
the general decline in interest rates. During the same timeframe, the cost of
interest-bearing liabilities declined from 5.43% for the six months ended June
30, 2001 to 4.71% for the current quarter.


<PAGE>


<TABLE>
<CAPTION>
                                                                                  For the Six Months ended June 30, 2002
                                                                                       Average
                                                                                     outstanding               Yield/cost
                                                                                     -----------               ----------
                                                                                (Dollars in thousands)
<S>                                                                                    <C>                        <C>
    Average interest-earning assets
       Loans                                                                           $197,706                   7.13%
       Mortgage-backed securities                                                        45,190                   5.76%
       Investments                                                                       20,521                   4.13%
       FHLB stock                                                                         3,832                   4.59%
                                                                                       --------                   ----
         Total                                                                         $267,249                   6.48%

    Average interest-bearing liabilities
       Demand deposits                                                                  $36,432                   1.76%
       Savings accounts                                                                  25,510                   2.25%
       Certificates                                                                     149,628                   5.37%
       FHLB advances                                                                     43,717                   6.35%
                                                                                       --------                   ----
         Total                                                                         $255,287                   4.71%

  Net interest-earning assets/interest rate spread                                      $11,962                   1.77%


                                                                                  For the Six Months ended June 30,2001
                                                                                       Average
                                                                                     outstanding               Yield/cost
                                                                                     -----------               ----------
                                                                                (Dollars in thousands)
    Average interest-earning assets
       Loans                                                                           $204,165                   7.55%
       Mortgage-backed securities                                                        36,418                   6.77%
       Investments                                                                       22,854                   5.98%
       FHLB stock                                                                         3,604                   7.10%
                                                                                       --------                   ----
         Total                                                                         $267,041                   7.30%

    Average interest-bearing liabilities
       Demand deposits                                                                  $26,373                   1.93%
       Savings accounts                                                                  21,740                   2.81%
       Certificates                                                                     144,101                   6.04%
       FHLB advances                                                                     60,744                   6.44%
                                                                                       --------                   ----
         Total                                                                         $252,958                   5.43%

  Net interest-earning assets/interest rate spread                                      $14,083                   1.87%
</TABLE>


Noninterest income was $301,000 for the quarter and $555,000 for the six months
ended June 30, 2002 compared to $292,000 for the same quarter in 2001 and
$605,000 for the six months ended June 30, 2001. The decrease in noninterest
income when comparing the six-month periods is the result of a decrease in loan
fees of $70,000, a $41,000 decrease in profits on the sale of loans, a $51,000
increase in profits on the sale of investments and a $13,000 increase in
checking account fees.


<PAGE>


Noninterest expenses were $1.99 million for the current quarter and $3.29
million for the current six-month period compared to $1.26 million for the same
quarter in 2001 and $2.45 million for the six months ended June 30, 2001. As a
percentage of average assets, this is 2.36% (1.85% excluding the Worldcom
impairment charge) for the six months ended June 30, 2002 compared to 1.77% for
the first six months of 2001. The increase during the current six-month period
reflects the $710,000 impairment charge on the Worldcom bond, a $67,000 increase
in compensation and employee benefits, an increase in regulatory assessments of
$14,000 and an increase in service bureau expense of $21,000.


<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

         At the Annual Meeting of Shareholders held on April 22, 2002, the
         following items were voted on by the shareholders:

<TABLE>
<CAPTION>
                                                                                                    Voting
                                                                                                   Negative
                                                                                                      or
                                                                               Affirmative         Withheld        Abstentions
         Reelection of the following director:
<S>                                                                             <C>               <C>                <C>
                  John L. Nolting                                               1,355,854           94,000

         Approval of the 2002 Stock Option and Incentive
         Plan                                                                   1,031,776          150,762           8,962

         Ratification of the selection of Clark, Schaefer,
         Hackett & Co. as independent accountants
         for the current fiscal year.                                           1,421,903            2,693           5,258
</TABLE>


Item 5.  OTHER INFORMATION

         A. Press Release dated June 25, 2002
         B. Press Release dated July 18, 2002


Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)  Exhibits

                  99.1     Certification of Chief Executive Officer Pursuant to
                           18 U.S.C. Section 1350, As Adopted Pursuant to
                           Section 906 of the Sarbanes-Oxley Act of 2002


<PAGE>


                  99.2     Certification of Chief Financial Officer Pursuant to
                           18 U.S.C. Section 1350, As Adopted Pursuant to
                           Section 906 of the Sarbanes-Oxley Act of 2002

         (b)      Reports on Form 8-K

                  First Franklin filed a Form 8-K dated July 1, 2002, announcing
                  that Franklin holds $1 million of Worldcom bonds in its
                  investment portfolio


<PAGE>


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


June 25, 2002
Cincinnati, Ohio


First Franklin Corporation Declares Quarterly Dividend


The Board of Directors of First Franklin Corporation has declared a dividend of
$0.075 per share for the second quarter of 2002. This is the fifty-eighth
consecutive dividend paid by the company. The quarterly dividend will be payable
July 15, 2002 to shareholders of record as of July 5, 2002. In accordance with
NASD regulations, the ex-dividend date for this dividend payment is expected to
be July 2, 2002. Persons who buy or sell shares should consult their brokers
regarding the timing of their transactions and the effect of the ex-dividend
date.

First Franklin is the parent of Franklin Savings, which has eight locations in
Greater Cincinnati. The Corporation's common stock is traded on the Nasdaq
National Market under the symbol "FFHS".

CONTACT: Thomas H. Siemers
         President and CEO
         (513) 469-8000


<PAGE>


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


July 18, 2002
Cincinnati, Ohio

First Franklin Corporation Announces Earnings

First Franklin Corporation, the parent of Franklin Savings and Loan Company,
Cincinnati, Ohio today announced a net loss of $245,000 ($0.15 per share) for
the second quarter of 2002 and a loss of $68,000 ($0.04 per share) for the six
months ended June 30, 2002 after its subsidiary, Franklin Savings, recognized an
impairment charge of $468,000 after taxes ($0.29 per share) on a $1.0 million
Worldcom bond it holds in its investment portfolio. Earnings before the
impairment charge were $223,000 ($0.14 per share) for the second quarter of 2002
and $400,000 ($0.25 per share) for the six months ended June 30, 2002. This
compares to earnings of $281,000 ($0.17 per share) for the second quarter of
2001 and $683,000 ($0.42 per share) for the six months ended June 30, 2001.

The Worldcom bond was originally issued in 1996 by MCI. At the time of purchase,
by Franklin in August 2001, it was rated investment grade by both Moody's and
Standard & Poor's. Based on current events, the Company believes that the bond
will be deemed "other than temporarily impaired" under Statement of Financial
Accounting Standards No. 115, so it recorded the impairment charge during the
second quarter of 2002. The impairment charge reduced the carrying value of the
bond to its June 30,2002 market value of $340,000.

Franklin Savings has eight locations in Greater Cincinnati. The Corporation's
common stock is traded on the Nasdaq National Market under the symbol "FFHS".

CONTACT: Thomas H. Siemers
         President and CEO
         (513) 469-8000


<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:  August 13, 2002