<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 June 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)

                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)

          (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 [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of August 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 -
            June 30, 2005 and December 31, 2004                                      3

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

            Consolidated Statements of Cash Flows - Six-month
            periods ended June 30, 2005 and 2004                                     5

            Notes to Consolidated Financial Statements                               6

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

Item 3.     Controls and Procedures                                                 13

Part II     Other Information                                                       14

Signatures
</TABLE>

                                        2

<PAGE>

ITEM 1. FINANCIAL INFORMATION

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

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

Cash, including certificates of deposit and other interest-earning
    earning deposits of $325 at 06/30/05 and $6,100 at 12/31/04             $      3,520     $    10,083
Investment securities:
    Securities available-for-sale, at market value
       (amortized cost of $24,076   at 06/30/05 and $30,862 at 12/31/04)          23,955          30,741
Mortgage-backed securities:
    Securities available-for-sale, at market value
       (amortized cost of $8,535 at 06/30/05 and $12,229 at 12/31/04)              8,565          12,313
    Securities held-to-maturity, at amortized cost
       (market value of $939 at 06/30/05 and $1,215 at 12/31/04)                     896           1,159
Loans receivable, net                                                            218,027         202,948
Investment in Federal Home Loan Bank of Cincinnati stock, at cost                  4,409           4,308
Real estate owned, net                                                               184               -
Accrued interest receivable                                                          977             991
Property and equipment, net                                                        4,071           4,175
Bank owned life insurance                                                          3,103           3,041
Other assets                                                                       3,925           4,209
                                                                            ------------     -----------

    Total assets                                                            $    271,632     $   273,968
                                                                            ============     ===========
                            LIABILITIES

Deposits                                                                    $    218,024     $   219,704
Borrowings                                                                        27,645          27,600
Advances by borrowers for taxes and insurance                                        588           1,406
Other liabilities                                                                    402             740
                                                                            ------------     -----------
       Total liabilities                                                         246,659         249,450
                                                                            ------------     -----------

Minority interest in consolidated subsidiary                                         429             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 06/30/05 and 12/31/04                                  13              13
Additional paid-in capital                                                         6,189           6,189
Treasury stock, at cost - 354,962 shares at 06/30/05 and
    356,161 shares at 12/31/04                                                    (3,540)         (3,551)
Retained earnings, substantially restricted                                       21,942          21,484
Accumulated other comprehensive income:
    Unrealized loss on available-for-sale securities, net
       of taxes of $(30) at 06/30/05 and $(13) at 12/31/04                           (60)            (25)
                                                                            ------------     -----------
       Total stockholders' equity                                                 24,544          24,110
                                                                            ------------     -----------
                                                                            $    271,632     $   273,968
                                                                            ============     ===========
</TABLE>

                                       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 SIX MONTHS ENDED
                                                 JUN 30,2005   JUN 30,2004    JUN 30,2005   JUN 30,2004
                                                 -----------   -----------    -----------   -----------
                                                 (Unaudited)   (Unaudited)    (Unaudited)   (Unaudited)
<S>                                              <C>           <C>            <C>           <C>
Interest income:
       Loans receivable                          $    3,027    $     2,830    $    5,980    $    5,706
       Mortgage-backed securities                       118            135           235           273
       Investments                                      325            409           675           871
                                                 ----------    -----------    ----------    ----------
                                                      3,470          3,374         6,890         6,850
                                                 ----------    -----------    ----------    ----------
Interest expense:
       Deposits                                       1,560          1,520         3,059         3,062
       Borrowings                                       350            350           713           696
                                                 ----------    -----------    ----------    ----------
                                                      1,910          1,870         3,772         3,758
                                                 ----------    -----------    ----------    ----------

           Net interest income                        1,560          1,504         3,118         3,092

Provision for loan losses                                43             80            87           142
                                                 ----------    -----------    ----------    ----------

           Net interest income after provision
              for loan losses                         1,517          1,424         3,031         2,950
                                                 ----------    -----------    ----------    ----------

Noninterest income:
       Gain on loans sold                                23             35            29           134
       Gain on sale of investments                        3             30            40           106
       Gain on sale of Intrieve investment              613              -           613             -
       Service fees on NOW accounts                      94             91           176           172
       Other income                                     140            129           257           223
                                                 ----------    -----------    ----------    ----------
                                                        873            285         1,115           635
                                                 ----------    -----------    ----------    ----------

Noninterest expense:
       Salaries and employee benefits                   707            699         1,391         1,377
       Occupancy                                        242            217           478           435
       Federal deposit insurance premiums                 8              9            16            17
       Advertising                                      106             58           169           119
       Service bureau                                    91             94           180           192
       Other                                            399            373           849           764
                                                 ----------    -----------    ----------    ----------
                                                      1,553          1,450         3,083         2,904
                                                 ----------    -----------    ----------    ----------
       Income before federal income taxes               837            259         1,063           681

Provision for federal income taxes                      276             85           341           226
                                                 ----------    -----------    ----------    ----------

           Net income                            $      561    $       174    $      722    $      455
                                                 ==========    ===========    ==========    ==========

Retained Earning-Beginning of period             $   21,513    $    21,486    $   21,484    $   21,338
           Net Income                                   561            174           722           455
           Less: Dividends declared                    (132)          (131)         (264)         (264)
                                                 ----------    -----------    ----------    ----------
Retained Earnings-end of period                  $   21,942    $    21,529    $   21,942    $   21,529
                                                 ==========    ===========    ==========    ==========

Net income per common share:
           Basic                                 $     0.34    $      0.11    $     0.44    $     0.28
           Diluted                               $     0.34    $      0.10    $     0.43    $     0.26
</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 SIX MONTHS ENDED
                                                                           JUNE 30, 2005   JUNE 30, 2004
                                                                           -------------   -------------
                                                                            (unaudited)     (unaudited)
<S>                                                                        <C>             <C>
Cash flows from operating activities:
Net income                                                                 $        722    $        455
    Adjustments to reconcile net income to net cash
       provided by operating activities:
           Provision for loan losses                                                 87             142
           Gain on sale of investments                                              (40)           (106)
           Gain on sale of Intrieve investment                                     (613)              -
           Depreciation and amortization                                            169             186
           FHLB stock dividends                                                    (101)            (83)
           Bank Owned Life Insurance                                                (62)              -
           Decrease in accrued interest receivable                                   14              78
           Decrease (increase) in other assets                                      284            (694)
           Decrease in other liabilities                                           (338)            (40)
           Other, net                                                              (112)            165
           Proceeds from sale of loans originated for sale                        2,811           4,261
           Disbursements on loans originated for sale                            (2,202)         (4,261)
                                                                           ------------    ------------
              Net cash provided by operating activities                             619             103
                                                                           ------------    ------------
Cash flows from investing activities:
    Loan principal reductions                                                    26,660          30,058
    Disbursements on mortgage and other loans
       originated for investment                                                (35,652)        (32,414)
    Repayments on mortgage-backed securities                                      2,071           2,329
    Loans purchased                                                              (7,050)              -
    Proceeds from sale of student loans                                             128             712
    Purchase of available-for-sale mortgage backed securities                         -          (3,160)
    Purchase of available-for-sale investment securities                         (2,000)         (1,000)
    Proceeds from sale of or maturities of investment securities:
       Available-for-sale                                                         8,825           9,766
    Proceeds from sale of available-for-sale mortgage-backed securities:          1,884               -
    Proceeds from sale of Intrieve investment                                       730               -
    Proceeds from sale of real estate owned                                           -             162
    Capital expenditures                                                            (72)           (109)
                                                                           ------------    ------------

              Net cash provided (used) by investing activities                   (4,476)          6,344
                                                                           ------------    ------------

Cash flows from financing activities:
    Net increase (decrease) in deposits                                          (1,680)            587
    Proceeds (repayments) of borrowed money, net                                     45            (154)
    Decrease in advances by borrowers for taxes and insurance                      (818)           (807)
    Issuance of treasury stock                                                       11              27
    Payment of dividends                                                           (264)           (264)
                                                                           ------------    ------------
              Net cash used by financing activities                              (2,706)           (611)
                                                                           ------------    ------------
              Net increase (decrease) in cash                                    (6,563)          5,836

Cash at beginning of year                                                        10,083           2,551
                                                                           ------------    ------------

Cash at end of year                                                        $      3,520    $      8,387
                                                                           ============    ============
</TABLE>

                                       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 six-month periods ended June
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 doe 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 that 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.

                                       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 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 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 III 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 March 31, 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 $2.52 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 2005, Franklin intends to renovate its
branch at 5015 Delhi Pike in Cincinnati.

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 decreased $2.34 million (0.9%) from $273.97 million at
December 31, 2004 to $271.63 million at June 30, 2005, compared to a $632,000
(0.2%) decrease for the same period in 2004. During 2005, mortgage-backed
securities decreased $4.01 million, cash and investments decreased $13.35
million and loans receivable increased $15.08 million.

Loan disbursements and purchases were $44.90 million during the current
six-month period compared to $36.68 million during the six months ended June 30,
2004. Disbursements during the second quarter of 2005 were $25.65 million
compared to $19.35 million during the same quarter in 2004. Mortgage loan sales
were $2.81 million during the current six-month period compared to $4.26 million
during the six months ended June 30, 2004. The decline in loan sales is the
result of a shift in originations from fixed-rate to adjustable-rate loans,
which are retained in the portfolio. At June 30, 2005, commitments to originate
mortgage loans were $2.94 million. At the same date, $1.56 million of
undisbursed loan funds were being held on various construction loans. The
Company also had

                                       8

<PAGE>

undisbursed lines of credit on consumer and commercial loans of approximately
$15.85 million. Management believes that sufficient cash flow and borrowing
capacity exists to fund these commitments.

Liquid assets decreased $13.35 million during the six months ended June 30, 2005
to $27.48 million. This decrease reflects loan and mortgage-backed securities
repayments of $28.73 million, the sale of $1.88 million of available-for-sale
mortgage-backed securities and loan sales of $2.81 million less loan
disbursements of $37.85 million, loan purchases of $7.05 million and savings
outflows of $1.68 million. At June 30, 2005, liquid assets were 10.11% 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, 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        $24,076      $ 35        $156     $23,955
    Mortgage-backed securities     8,535        43          13       8,565
Held-to-maturity
    Mortgage-backed securities       896        43           0         939
                                 -------      ----        ----     -------
                                 $33,507      $121        $169     $33,459
</TABLE>

At June 30, 2005, deposits were $218.02 million compared to $219.70 million at
December 31, 2004. This is a decrease of $1.68 million during the current
six-month period. During the six months ended June 30, 2005, core deposits
(transaction and passbook savings accounts) decreased $5.57 million, short-term
certificates (two years or less) increased $2.57 million and certificates with
original terms greater than two years increased $1.32 million. The increase in
long-term certificates reflects Franklin's effort to lock-in low cost long-term
deposits because it believes that interest rates will increase in the future.
Interest of $2.66 million was credited to accounts during the current six-month
period. After eliminating the effect of interest credited, deposits decreased
$4.34 million during the six-month period ended June 30, 2005.

At June 30, 2005 Franklin had outstanding Federal Home Loan Bank ("FHLB")
advances of $26.50 million at an average cost of 5.10% 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
$2.64 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
assets. 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 March 31, 2005, Franklin's assets repriced or matured more
rapidly than its liabilities and was it was rated in the most favorable interest
rate risk category under OTS guidelines.

At June 30, 2005, $5.32 million of assets were classified substandard, no assets
were classified doubtful, $680,000 were classified loss and $2.37 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

                                       9

<PAGE>

mention at December 31, 2004. The increase in assets classified substandard
reflects $1.58 million of loans to four borrowers that were previously
designated special mention that have been changed to substandard due to
delinquency. Non-accruing loans and accruing loans delinquent ninety days or
more, net of reserves, were $4.06 million at June 30, 2005 and $2.55 million at
December 31, 2004. At June 30, 2005, the recorded investment in loans for which
impairment has been recognized was approximately $1.45 million with related
reserves of $534,000.

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

<TABLE>
<CAPTION>
                                 (Dollars in thousands)
<S>                              <C>
Balance at beginning of period          $1,430
Charge offs                                 42
Additions charged to operations             87
Recoveries                                 161
                                        ------
Balance at end of period                $1,636
</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 June 30, 2005, net worth was $24.54 million, which is 9.04%
of assets. At the same date, book value per share was $14.82, compared to $14.57
per share at December 31, 2004.

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

<TABLE>
<CAPTION>
                   Actual  Required   Excess  Actual  Required  Excess
                  -------  --------  -------  ------  --------  ------
Capital Standard  (Dollars in thousands)
<S>               <C>      <C>       <C>      <C>     <C>       <C>
Core              $22,878  $ 10,749  $12,129   8.51%    4.00%   4.51%
Risk-based         23,834    14,389    9,445  13.25%    8.00%   5.25%
</TABLE>

COMPREHENSIVE INCOME

Comprehensive income (loss) for the six months ended June 30, 2005 and 2004 was
$661,000 and $(79,000), respectively. The difference between net income and
comprehensive income (loss) consists solely of the effect of unrealized gains
and losses, net of taxes, on available-for-sale securities.

RESULTS OF OPERATIONS

The Company had net income of $561,000 ($0.34 per basic share) for the current
quarter and $722,000 ($0.44 per basic share) for the six months ended June 30,
2005 compared to net income of $174,000 ($0.11 per basic share) for the second
quarter of 2004 and $455,000 ($0.28 per basic share) for the six months ended
June 30, 2004. The increase in net income during the current six-month period
reflects a $613,000 profit on the sale of Franklin and Madison's investment in
Intrieve Incorporated, which was acquired by Harland on April 1, 2005 and an
increase of $26,000 in net interest income which were offset

                                      10

<PAGE>

by a $179,000 increase in operating expenses and decreases of $105,000 in the
gains on the sale of loans and $66,000 in the profits on the sale of
investments.

Net interest income, before provisions for loan losses, was $1.56 million for
the current quarter and $3.12 million for the first six months of 2005, compared
to $1.50 and $3.09 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 three month periods ended June 30,
                                                          2005 vs 2004
                                                                              Total
                                            Increase (decrease) due to       increase
                                            Volume                Rate      (decrease)
                                            ------              ------      ----------
                                                      (Dollars in thousands)
<S>                                        <C>                 <C>          <C>
Interest income attributable to:
    Loans receivable (1)                    $ 315              ($  41)       $   274
    Mortgage-backed securities                (64)                 26            (38)
    Investments                              (300)                 86           (214)
    FHLB stock                                  4                  14             18
                                           ------              ------       --------
    Total interest-earning assets          ($  45)              $  85        $    40

Interest expense attributable to:
    Demand deposits                          ($34)              $   4       ($    30)
    Savings accounts                           (5)                  0             (5)
    Certificates                               54                 (22)            32
    FHLB advances                              37                 (20)            17
                                           ------              ------       --------
    Total interest-bearing liabilities      $  52              ($  38)       $    14

Increase (decrease) in net interest income ($  97)              $ 123        $    26
</TABLE>

(1) Includes non-accruing loans.

As the tables below illustrate, average interest-earning assets decreased $5.72
million to $256.53 million during the six months ended June 30, 2005, from
$262.25 million for the six months ended June 30, 2004. Part of this decline is
the result of the purchase of $3.00 million of bank owned life insurance, which
is not classified as an interest-earning asset. Average interest-bearing
liabilities decreased $3.61 million from $249.75 million for the six months
ended June 30, 2004, to $246.14 million for the current six-month period. Thus,
average net interest-earning assets decreased $2.11 million when comparing the
two periods. The interest rate spread (the yield on interest-earning assets less
the cost of interest-bearing liabilities) was 2.31% for the six months ended
June 30, 2005, compared to 2.21% 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 six months ended June 30, 2004, to
5.37% for the same six-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 3.77% to 4.13% and the yield on FHLB stock from 3.98% to 4.64%.
The cost of interest-costing liabilities was 3.06% for the current six-month
period and 3.01% for the six months ended June 30, 2004. The increase in the
yield on interest-earning assets is due to the increase in short-term interest
rates. The decrease in the cost of liabilities reflects a decline in high-cost
long-term deposits and borrowings.

                                      11

<PAGE>

<TABLE>
<CAPTION>
                                                  For the Six Months ended June 30, 2005
                                                         Average
                                                       outstanding            Yield/cost
                                                       -----------            ----------
                                                  (Dollars in thousands)
<S>                                               <C>                         <C>
Average interest-earning assets
   Loans                                              $   212,428                5.63%
   Mortgage-backed securities                              11,943                3.94%
   Investments                                             27,807                4.13%
   FHLB stock                                               4,349                4.64%
                                                      -----------                ----
       Total                                          $   256,527                5.37%

Average interest-bearing liabilities
   Demand deposits                                    $    46,669                1.03%
   Savings accounts                                        29,009                0.72%
   Certificates                                           143,369                3.78%
   FHLB advances                                           27,093                5.26%
                                                      -----------                ----
       Total                                          $   246,140                3.06%

Net interest-earning assets/interest rate spread      $    10,387                2.31%
</TABLE>

<TABLE>
<CAPTION>
                                                  For the Six Months ended June 30, 2004
                                                         Average
                                                       outstanding            Yield/cost
                                                       -----------            ----------
                                                  (Dollars in thousands)
<S>                                               <C>                         <C>
Average interest-earning assets
   Loans                                                $201,223                 5.67%
   Mortgage-backed securities                             15,011                 3.64%
   Investments                                            41,847                 3.77%
   FHLB stock                                              4,169                 3.98%
                                                        --------                 ----
       Total                                            $262,250                 5.22%

Average interest-bearing liabilities
   Demand deposits                                      $ 53,268                 1.02%
   Savings accounts                                       30,358                 0.72%
   Certificates                                          140,508                 3.81%
   FHLB advances                                          25,615                 5.43%
                                                        --------                 ----
       Total                                            $249,749                 3.01%

Net interest-earning assets/interest rate spread        $ 12,501                 2.21%
</TABLE>

Noninterest income was $873,000 for the quarter and $1.12 million for the six
months ended June 30, 2005 compared to $285,000 for the same quarter in 2004 and
$635,000 for the six months ended June 30, 2004.The majority of the increase in
noninterest income is the result of a $613,000 profit on the sale of Franklin
and Madison's investment in Intrieve Incorporated.

Noninterest expenses were $1.55 million for the current quarter and $3.08
million for the current six-month period compared to $1.45 million for the same
quarter in 2004 and $2.90 million for the six months ended June 30, 2004. As a
percentage of average assets, this is 2.26% for the six months ended June 30,
2005 compared to 2.11% for the first six months of 2004.The increase in
noninterest expense is due to increases in compensation and benefits, 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

      FIRST FRANKLIN CORPORATION AND SUBSIDIARIES

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 June 30, 2005, the Company issued a total
            of 549 unregistered shares of its common stock upon the exercise of
            employee and director stock options for an aggregate purchase price
            of $6,000. 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

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 25, 2005, the
      following items were voted on by the shareholders:

<TABLE>
<CAPTION>
                                                                  Voting
                                                                  Negative
                                                                     or
                                                    Affirmative   Withheld   Abstentions
                                                    -----------   --------   -----------
<S>                                                 <C>           <C>        <C>
Election of one director:

      John L. Nolting                                1,328,913     198,278        0

Ratification of the selection of Clark, Schaefer,
Hackett & Co. as independent accountants
for the current fiscal year.                         1,526,391         575      225
</TABLE>

      Mary W. Sullivan and Richard H. Finan continued to serve as directors for
      terms expiring in 2006 and Donald E. Newberry Sr. and Thomas H. Siemers
      continued to serve as directors for terms expiring in 2007.

Item 5. OTHER INFORMATION

      None

Item 6. EXHIBITS

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

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

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

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

                                      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: August 12, 2005

                                      15