<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, 2003

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

    For the Transition Period from __________________ to ___________________

                         Commission File Number 0-16362

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

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

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

    Issuer's Telephone Number    (513) 469-5352

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

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

                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of June 30, 2003 there were issued and outstanding 1,636,622 shares of the
Registrant's Common Stock.

Transitional Small Business Disclosure 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, 2003 and December 31, 2002                              3

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

           Consolidated Statements of Cash Flows - Six-month
           Periods ended June 30, 2003 and 2002                             5

           Notes to Consolidated Financial Statements                       6


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

Item 3.    Controls and Procedures                                         15


Part II. Other Information                                                 16

           Press Release dated June 24, 2003                               18




Signatures



<PAGE>


PART I - ITEM 1.

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

<TABLE>
<CAPTION>
                                                    June 30,2003     Dec 31,2002
                                                    ------------     -----------
                                                     (Unaudited)
<S>                                                   <C>             <C>
     ASSETS
Cash, including CD's & other interest-earning
  deposits of $9,100 and $9,130,
  respectively                                        $  12,976       $  15,237
Investment securities
  Available-for-sale, at market value
     (amortized cost of $42,712 and
     $45,292, respectively)                              43,404          45,935
Mortgage-backed securities
  Available-for-sale, at market value
     (amortized cost of $15,552 and
     $17,716, respectively)                              15,873          17,939
  Held-to-maturity, at amortized cost
    (market value of $3,135 and
    $4,615, respectively)                                 2,967           4,351
Loans receivable, net                                   191,123         187,754
Real estate owned, net                                      482             160
Stock in Federal Home Loan Bank
  of Cincinnati, at cost                                  4,053           3,974
Accrued interest receivable                               1,107           1,314
Property and equipment, net                               3,725           3,287
Other assets                                              2,511           2,233
                                                      ---------       ---------
                                                      $ 278,221       $ 282,184

     LIABILITIES
Deposits                                              $ 221,108       $ 219,084
Borrowings                                               31,705          37,436
Advances by borrowers for taxes
  and insurance                                             494           1,274
Other liabilities                                           546             682
                                                      ---------       ---------
     Total liabilities                                  253,853         258,476
                                                      ---------       ---------

Minority interest in consolidated subsidiary                310             281
                                                      ---------       ---------

     STOCKHOLDERS' EQUITY:
Preferred stock; $.01 par value per share;
  500,000 shares authorized; no shares issued
Common stock; $.01 par value per share;
  2,500,000 shares authorized; 2,010,867
   shares issued at 06/30/03 and 12/31/02                    13              13
Additional paid in capital                                6,189           6,189
Treasury stock, at cost- 374,245 shares at
   06/30/03 and 375,696 shares at 12/31/02               (3,739)         (3,753)
Retained earnings, substantially restricted              20,926          20,406
Accumulated other comprehensive income:
   Unrealized gain on available-for-sale
   securities, net of taxes of $345 at 06/30/03
   and $295 at 12/31/02                                     669             572
                                                      ---------       ---------
     Total stockholders' equity                          24,058          23,427
                                                      ---------       ---------
                                                      $ 278,221       $ 282,184
</TABLE>

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


<PAGE>


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

<TABLE>
<CAPTION>
                                                For the Three Months Ended    For the Six Months Ended
                                               June 30,2003   June 30,2002   June 30,2003   June 30,2002
                                               ------------   ------------   ------------   ------------
                                                       (Unaudited)                   (Unaudited)

<S>                                              <C>            <C>            <C>            <C>
Interest income:
  Loans receivable                               $  2,925       $  3,453       $  5,974       $  7,052
  Mortgage-backed securities                          207            289            451            591
  Investment securities                               582            557          1,232          1,022
                                                 --------       --------       --------       --------
                                                    3,714          4,299          7,657          8,665
Interest expense:
  Deposits                                          1,773          2,290          3,656          4,621
  Borrowings                                          500            676          1,050          1,389
                                                 --------       --------       --------       --------
                                                    2,273          2,966          4,706          6,010
                                                 --------       --------       --------       --------
     Net interest income                            1,441          1,333          2,951          2,655

Provision for loan losses                              53             29            114             48
                                                 --------       --------       --------       --------
     Net interest income after
       provision for loan losses                    1,388          1,304          2,837          2,607
                                                 --------       --------       --------       --------
Noninterest income:
  Gain on loans sold                                  255             49            438            137
  Gain on sale of investments                         149             86            339             86
  Service fees on NOW accounts                         99             83            184            158
  Other income                                        134             83            241            174
                                                 --------       --------       --------       --------
                                                      637            301          1,202            555
Noninterest expense:
  Salaries and employee benefits                      665            583          1,288          1,162
  Occupancy expense                                   204            178            404            338
  Advertising                                         106             50            166            128
  Federal deposit insurance premiums                   25             25             50             49
  Service bureau expense                               90             85            180            167
  Impairment of investment                              0            710              0            710
  Other expenses                                      396            361            798            738
                                                 --------       --------       --------       --------
                                                    1,486          1,992          2,886          3,292

Income (loss) before federal income taxes             539           (387)         1,153           (130)

Provision (credit) for federal income taxes           183           (142)           390            (62)
                                                 --------       --------       --------       --------
  Net income (loss)                              $    356       ($   245)      $    763       ($    68)

RETAINED EARNINGS-BEGINNING OF PERIOD            $ 20,690       $ 19,884       $ 20,406       $ 19,829
  Net income (loss)                                   356           (245)           763            (68)
  Less: dividends declared                           (120)          (121)          (243)          (243)
                                                 --------       --------       --------       --------
RETAINED EARNINGS-END OF PERIOD                  $ 20,926       $ 19,518       $ 20,926       $ 19,518

EARNINGS (LOSS) PER COMMON SHARE
        Basic                                    $   0.22       ($  0.15)      $   0.47       ($  0.04)
        Diluted                                  $   0.21       ($  0.15)      $   0.46       ($  0.04)

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 30,2003   June 30,2002
                                                                 ------------   ------------
                                                                         (Unaudited)
<S>                                                                <C>            <C>
Cash provided (used) by operating activities:

Net income (loss)                                                  $    763       ($    68)

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

     Provision for loan losses                                          114             48
     Impairment of investment                                             0            710
     Gain on sale of investments                                       (339)           (86)
     Depreciation and amortization                                      218            164
     FHLB stock dividend                                                (79)           (88)
     Decrease (increase) in accrued interest receivable                 207            (67)
     Increase in other assets                                          (278)          (260)
     Decrease in other liabilities                                     (136)          (426)
     Other, net                                                      (1,067)           123
     Loans sold                                                      26,587          8,058
     Disbursements on loans originated for sale                     (27,313)        (8,058)
                                                                   --------       --------
Net cash provided (used) by operating activities                     (1,323)            50
                                                                   --------       --------

Cash provided (used) by investing activities:
  Loan principal reductions                                          40,788         36,753
  Disbursements on mortgage and other
     loans purchased or originated for investment                   (43,181)       (29,976)
  Repayments on mortgage-backed securities                            4,546          4,411
  Purchase of available-for-sale mortgage-backed securities          (1,004)        (5,007)
  Sale of available-for-sale mortgage-backed securities                   0          3,427
  Purchase of available-for-sale investment securities              (32,939)       (13,458)
  Proceeds from the sale of or maturity of available-for-sale
    investment securities                                            35,739              5
  Sale of student loans                                                 280          1,173
  Proceeds from sale of real estate owned                                78              0
  Capital expenditures                                                 (529)          (611)
                                                                   --------       --------
Net cash provided (used) by investing activities                      3,778         (3,283)
                                                                   --------       --------

Cash provided (used) by financing activities:
  Net increase in deposits                                            2,024          4,838
  Repayment of borrowed money                                        (5,731)        (4,811)
  Decrease in advances by borrowers
     for taxes and insurance                                           (780)          (832)
  Proceeds from sale of common stock                                     14            135
  Payment of dividends                                                 (243)          (243)
                                                                   --------       --------
Net cash used by financing activities                                (4,716)          (913)
                                                                   --------       --------

Net decrease in cash                                                 (2,261)        (4,146)
Cash at beginning of period                                          15,237         21,042
                                                                   --------       --------
CASH AT END OF PERIOD                                              $ 12,976       $ 16,896
</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, 2003
are not necessarily indicative of the results that may be expected for the full
year. The December 31, 2002 Balance Sheet data was derived from audited
financial statements, but does not include all disclosures required by generally
accepted accounting principles.

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


EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS

In July 2002, the FASB issued Statement No. 146, Accounting for Costs Associated
with Exiting or Disposal Activities, which replaces an Emerging Issues Task
Force issue. The pronouncement addresses the accounting and reporting for
one-time employee termination benefits, certain contract termination costs, and
other costs associated with exit or disposal activities such as facility
closings. The standard is effective for exit or disposal activities initiated
after December 31, 2002.

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

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

<PAGE>

In May 2003, the FASB issued Statement No. 150, Accounting for Certain Financial
Instruments with Characteristics of Both Liabilities and Equity that establishes
standards for how an issuer classifies and measures financial instruments with
characteristics of both liability and equity. It requires an issuer to classify
a financial instrument within the scope of the pronouncement as a liability.
Many of those instruments were previously classified as equity. The effective
date of the statement is for financial instruments entered into or modified
after May 31, 2003.

In November 2002, the FASB issued Interpretation No. 45, Guarantor's Accounting
and Disclosure Requirements for Guarantees Including Indirect Guarantees of
Indebtedness of Others. The issuance elaborates on the existing disclosure
requirements for guarantees, including loan guarantees such as standby letters
of credit and indemnifications. At the time a company issues a guarantee, the
company must recognize a liability for the fair value of the obligation it
assumes under the guarantee and disclose the same in the financial statement.
The issuance is applies to guarantees issued or modified after December 31,
2002.




<PAGE>


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

GENERAL

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

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

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

The Company's operating philosophy is to be an efficient and profitable
financial services organization with a professional staff committed to
maximizing shareholder value by structuring and delivering quality services that
attract customers and satisfy their needs and preferences. Management's goal 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 and commercial lines of credit, credit and debit
cards, checking accounts, auto loans, savings accounts, automated teller
machines, a voice response telephone inquiry system and an internet-based
banking system which allows its customers to transfer funds between financial
institutions, pay bills, transfer funds between Franklin accounts, download
account and transaction information into financial management software programs
and inquire about

<PAGE>

account balances and transactions. To generate additional fee income and enhance
the products and services available to its customers, Franklin also offers
annuities, mutual funds and discount brokerage services in its offices through
an agreement with a third party broker dealer.

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

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

FIP III is a limited partnership that invests in equity securities of publicly
traded financial institutions. The Company has invested $1.50 million in the
partnership. At March 31, 2003, the Company's pro-rata interest in the
partnership, as estimated by Hovde Financial Inc., the general partner, had a
net asset value of approximately $2.16 million. There is not a readily
determinable market for First Franklin's ownership interest in this partnership.

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

During November 2002, Franklin sold its branch office located at 5115 Glenway
Avenue, Cincinnati at a profit of approximately $300,000. This office was moved
approximately one mile to 5791 Glenway Avenue. The new office, which opened
during March 2003, has higher visibility, a drive-thru window, safe deposit
boxes and an ATM, which were not possible at the previous location.

Since the results of operations of Madison, DirectTeller and FIP 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 $3.96 million (1.4%) from $282.18 million at
December 31, 2002 to $278.22 million at June 30, 2003, compared to a $1.29
million (0.5%)

<PAGE>

decrease for the same period in 2002. During 2003, mortgage-backed securities
decreased $3.45 million, cash and investments decreased $4.79 million, loans
outstanding increased $3.37 million, deposits increased $2.02 million and
borrowings decreased $5.73 million.

Loan disbursements were $70.49 million during the current six-month period
compared to $38.03 million during the six months ended June 30, 2002.
Disbursements during the second quarter of 2003 were $38.37 million compared to
$19.95 million during the same quarter in 2002. Mortgage loan sales were $26.59
million during the current six-month period compared to $8.06 million during the
six months ended June 30, 2002. At June 30, 2003, commitments to originate
mortgage loans were $7.10 million. At the same date, $2.84 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 $15.35 million. Management believes that sufficient cash flow and
borrowing capacity exists to fund these commitments.

Liquid assets decreased $4.79 million during the six months ended June 30, 2003,
to $56.38 million. This decrease reflects loan and mortgage-backed securities
repayments of $45.33 million, deposit growth of $2.02 million, mortgage loan
sales of $26.59 million and sales of mortgage-backed securities of $1.00
million, less loan disbursements of $70.49 million and a reduction in borrowings
of $5.73 million. At June 30, 2003, liquid assets were 20.26% 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, 2003. No
securities are classified as trading.


<TABLE>
<CAPTION>
                                    Amortized   Unrealized   Unrealized     Market
                                      Cost         Gains       Losses       Value
                                     -------      -------      -------      -------
                                                     (in thousands)
<S>                                  <C>          <C>          <C>          <C>
Available-for-sale
     Investment securities           $42,712      $   701      $     9      $43,404
     Mortgage-backed securities       15,552          321            0       15,873
Held-to-maturity
     Mortgage-backed securities        2,967          168            0        3,135
</TABLE>

At June 30, 2003, deposits were $221.10 million compared to $219.08 million at
December 31, 2002. This is an increase of $1.07 million during the current
quarter and $2.02 million during the six months ended June 30, 2003. During the
six months ended June 30, 2003, core deposits (transaction and passbook savings
accounts) increased $4.13 million. During the same period, short-term
certificates (two years or less) decreased $1.82 million and certificates with
original terms greater than two years decreased $285,000. Interest of $1.55
million during the current quarter and $3.19 million during the current
six-month period was credited to accounts. After eliminating the effect of
interest credited, deposits decreased $480,000 during the current quarter and
$1.17 million during the six months ended June 30, 2003.

<PAGE>

At June 30, 2003, the Company had outstanding borrowings of $31.71 million at an
average cost of 5.92%. Included in the Company's borrowings are Federal Home
Loan Bank advances of $30.56 million and a credit line totaling $1.50 million on
which $1.15 million is outstanding. During the next twelve months, required
principal reduction on amortizing advances will be $8.65 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.

As of June 30, 2003, Franklin was rated in the most favorable interest rate risk
category under OTS guidelines. The composition of the loan portfolio has gone
from 33% adjustable, 56% fixed and 11% balloons at December 31, 1999, to 71%
adjustable, 23% fixed and 6% balloons at June 30, 2003. During the same time
frame, core deposits have increased to 38% of total deposits from 24% at
December 31, 1999 and certificates with original maturities of three years or
more have increased to 40% of total deposits at June 30, 2003 from 24% at
December 31, 1999. Because adjustable-rate mortgage loans (ARMs) are normally
originated at rates lower than fixed-rate loans and longer term certificates
normally have higher rates than shorter term certificates, this change in
balance sheet composition has improved Franklin interest rate exposure but has
reduced net interest income.

At June 30, 2003, $3.20 million of assets were classified substandard, $269,000
classified loss and $7.42 million were designated by management as special
mention compared to $4.03 million as substandard, $227,000 as loss and $8.28
million as special mention at December 31, 2002. Non-accruing loans and accruing
loans delinquent ninety days or more, net of reserves, were $1.32 million at
June 30, 2003 and $2.10 million at December 31, 2002. At June 30, 2003, the
recorded investment in loans for which impairment has been recognized under SFAS
No. 114 was immaterial to the Company's financial statements.

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

<PAGE>




<TABLE>
<CAPTION>
                                                 (Dollars in thousands)
<S>                                                      <C>
                Balance at beginning of period           $1,203
                Charge offs                                  20
                Additions charged to operations             114
                Recoveries                                    0
                                                         ------
                Balance at end of period                 $1,297
</TABLE>


The Company's capital supports business growth, provides protection to
depositors, and represents the investment of stockholders on which management
strives to achieve adequate returns. The Company continues to enjoy a strong
capital position. At June 30, 2003, net worth was $24.06 million, which is 8.65%
of assets. At the same date, book value per share was $14.70 compared to $14.33
at December 31, 2002.

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


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

<S>                <C>          <C>          <C>          <C>          <C>        <C>
Core               $22,087      $11,016      $11,071       8.02%       4.00%      4.02%
Risk-based          23,115       13,667        9,448      13.53%       8.00%      5.53%
</TABLE>


COMPREHENSIVE INCOME

Comprehensive income for the six months ended June 30, 2003 and 2002 was
$636,000 and $468,000, respectively. The difference between net income and
comprehensive income consists solely of the effect of unrealized gains and
losses, net of taxes, on available-for-sale securities.



RESULTS OF OPERATIONS

The Company had net income of $356,000 ($0.22 per basic share) for the current
quarter and $763,000 ($0.47 per basic share) for the six months ended June 30,
2003. This compares to a net loss of $245,000 ($0.15 per basic share) for the
second quarter of 2002 and a net loss of $68,000 ($0.04 per basic share) for the
six months ended June 30, 2002 after recognizing an impairment charge of
$468,000 ($0.29 per share) after taxes on a WorldCom bond held in its portfolio.
Earnings before the impairment charge were $223,000 ($0.14 per basic share) for
the second quarter of 2002 and $400,000 ($0.25 per basic share) for the six
months ended June 30, 2002. The increase in net income during the current
six-month period reflects the impairment charge on the WorldCom bond plus
increases of $296,000 in net interest income, $554,000 in profits on the sale of
loans and investments and $304,000 in operating expenses.

Net interest income, before provisions for loan losses, was $1.44 million for
the current quarter and $2.95 million for the first six months of 2003 compared
to $1.33 and $2.66

<PAGE>

million, respectively, for the same periods in 2002. The following rate/volume
analysis describes the extent to which changes in interest rates and the volume
of interest related assets and liabilities have affected net interest income
during the periods indicated.

<TABLE>
<CAPTION>
                                              For the Six Month periods ended June 30,
                                                           2003  vs   2002
                                                                                  Total
                                             Increase (decrease) due to          increase
                                              Volume              Rate          (decrease)
                                              -------           -------           -------
Interest income attributable to:                         (Dollars in thousands)
<S>                                           <C>               <C>               <C>
  Loans receivable(1)                         ($  357)          ($  721)          ($1,078)
  Mortgage-backed securities                       (2)             (138)             (140)
  Investments                                     215                 3               218
  FHLB stock                                        4               (12)               (8)
                                              -------           -------           -------
  Total interest-earning assets               ($  140)          ($  868)          ($1,008)

Interest expense attributable to:
  Demand deposits                             ($   99)          $    79           ($   20)
  Savings accounts                                 74              (206)             (132)
  Certificates                                   (310)             (503)             (813)
  FHLB advances                                  (298)              (41)             (339)
                                              -------           -------           -------
  Total interest-bearing liabilities          ($  633)          ($  671)          ($1,304)

Increase (decrease) in net
  interest income                             $   493           ($  197)          $   296
</TABLE>

                        (1) Includes non-accruing loans.


As the tables below illustrate, average interest-earning assets increased
$69,000 to $267.32 million during the six months ended June 30, 2003, from
$267.25 million for the six months ended June 30, 2002. Average interest-bearing
liabilities decreased $951,000 from $255.29 million for the six months ended
June 30, 2002, to $254.34 million for the current six-month period. Thus,
average net interest-earning assets increased $1.02 million when comparing the
two periods. The interest rate spread (the yield on interest-earning assets less
the cost of interest-bearing liabilities) was 2.04% for the six months ended
June 30, 2003, compared to 1.77% for the same period in 2002. The increase in
the interest rate spread was the result of a decrease in the cost of
interest-bearing liabilities from 4.71% for the six months ended June 30, 2002,
to 3.70% for the same six-month period in 2003. The majority of the decrease in
the cost of interest-bearing liabilities is the result of decreases in the cost
of certificates from 5.37% to 4.66% and the cost of savings accounts from 2.25%
to 1.02%. The yield on interest-earning assets declined from 6.48% for the six
months ended June 30, 2002 to 5.74% for the current six-month period. The
overall decrease in the yield on interest-earning assets and the cost of
interest-bearing liabilities is due to the general decline in market interest
rates.

<PAGE>

<TABLE>
<CAPTION>
                                               For the Six Months ended June 30, 2003
                                                      Average
                                                    outstanding     Yield/cost
                                                    -----------     ----------
                                                       Dollars in thousands)
<S>                                                   <C>              <C>
  Average interest-earning assets
     Loans                                            $187,322         6.38%
     Mortgage-backed securities                         20,454         4.41%
     Investments                                        55,535         4.15%
     FHLB stock                                          4,007         3.94%
                                                      --------         ----
       Total                                          $267,318         5.74%
                                                      --------         ----

  Average interest-bearing liabilities
     Demand deposits                                  $ 52,258         1.15%
     Savings accounts                                   30,531         1.02%
     Certificates                                      137,464         4.66%
     FHLB advances                                      34,083         6.16%
                                                      --------         ----
       Total                                          $254,336         3.70%

Net interest-earning assets/interest rate spread      $ 12,982         2.04%
</TABLE>

<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%
</TABLE>


Noninterest income was $637,000 for the quarter and $1.20 million for the six
months ended June 30, 2003 compared to $301,000 for the same quarter in 2002 and
$555,000 for the six months ended June 30, 2002. The increase in noninterest
income when comparing the six-month periods is the result of a $301,000 increase
in profits on the sale of loans and a $253,000 increase in profits on the sale
of investments. The increase in the profit on the sale of loans is due to the
increase in loan sales discussed previously, and the increased profits on the
sale of investments reflects opportunities

<PAGE>

created by the low rate environment.

Noninterest expenses were $1.49 million for the current quarter and $2.89
million for the current six-month period compared to $1.99 million for the same
quarter in 2002 and $3.29 million for the six months ended June 30, 2002.
Noninterest expenses for 2002 included a $710,000 impairment charge on the
WorldCom bond. As a percentage of average assets, this is 2.06% for the six
months ended June 30, 2003 compared to 2.36% for the first six months of 2002
(1.85% excluding the WorldCom impairment charge). The increase during the
current six-month period, excluding the impairment charge on the WorldCom bond,
reflects increases of $126,000 in compensation and employee benefits due to
additional loan personnel, $66,000 in office occupancy expense due to the
opening of the new Glenway office, $38,000 in advertising and $13,000 in service
bureau expense.

ITEM 3.  CONTROLS AND PROCEDURES

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



<PAGE>


PART II

                      FIRST FRANKLIN CORPORATION AND SUBSIDIARY

Item 1.  LEGAL PROCEEDINGS

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

Item 2.  CHANGES IN SECURITIES

        None

Item 3.  DEFAULTS UPON SENIOR SECURITIES

        None

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

        At the Annual Meeting of Shareholders held on April 28, 2003, the
        following items were voted on by the shareholders:

<TABLE>
<CAPTION>
                                                                                   Voting
                                                                                  Negative
                                                                                     or
                                                                 Affirmative       Withheld    Abstentions
        Election of the following directors:

<S>                                                              <C>                 <C>            <C>
               Richard H Finan                                   1,092,465           233,207        0
               Mary W Sullivan                                   1,190,965           134,707        0



        Ratification of the selection of Clark, Schaefer,
        Hackett & Co. as independent accountants
        for the current fiscal year.                             1,232,580            92,637      455
</TABLE>


Item 5.  OTHER INFORMATION

        A. Press Release dated June 24, 2003



Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

        A. Exhibits

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

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

<PAGE>

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

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

        B. Current report on Form 8-K

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


<PAGE>


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


June 24, 2003
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 2003. This is the sixty-second
consecutive dividend paid by the company. The quarterly dividend will be payable
July 21, 2003 to shareholders of record as of July 3, 2003. In accordance with
NASD regulations, the ex-dividend date for this dividend payment is expected to
be June 30, 2003. Persons who buy or sell shares should consult their brokers
regarding the timing of their transactions and the effect of the ex-dividend
date.

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

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



<PAGE>





                                    SIGNATURES

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

                                 FIRST FRANKLIN CORPORATION

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


Date:  August 14, 2003