Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Quarterly Period Ended June 30,1997
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Transition Period
Commission File Number 0-16362
First Franklin Corporation
(Exact Name of Registrant 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) (Zip Code)
Registrant's Telephone Number, including Area Code (513) 469-5352
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding twelve months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been subject to such
requirements for the past 90 days.
Yes [X] NO [ ]
As of June 30,1997, there were issued and outstanding 1,192,029 shares of the
Registrant's Common Stock.
Transitional Small Business Format (check one)
Yes [ ] NO [X]
FIRST FRANKLIN CORPORATION AND SUBSIDIARY
INDEX
<TABLE>
<CAPTION>
Page No.
--------
<S> <C> <C>
Part I Financial Information
Item 1. Consolidated Balance Sheets - June 30, 1997 and December 31, 1996 3
Consolidated Statements of Income and Retained Earnings - Three
and Six Month Periods ended June 30,1997 and 1996 4
Consolidated Statements of Cash Flows - Three and Six Month
Periods ended June 30,1997 and 1996 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations 7
Part II Other Information 12
Item 5. Press Release Dated June 27, 1997 13
Press Release Dated July 18, 1997 14
Press Release Dated July 30, 1997 15
Signatures
</TABLE>
<PAGE> 2
Part I - Item 1.
FIRST FRANKLIN CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
<TABLE>
<CAPTION>
June 30,1997 Dec 31,1996
------------ -----------
(Unaudited)
<S> <C> <C>
ASSETS
Cash, including CD's & other interest-earning deposits of $2,375 and
$7,625 at 06/30/97 and 12/31/96, respectively $ 6,653 $ 10,009
Investment securities
Available-for-sale, at market value (amortized cost of $23,758 and
$17,424, respectively) 23,758 17,358
Mortgage-backed securities
Available-for-sale, at market value (amortized cost of $17,543 and
$19,107, respectively) 18,028 19,503
Held-to-maturity, at amortized cost (market value of $18,353 and
$19,249, respectively) 18,637 19,622
Loans receivable, net 154,129 150,135
Real estate owned, net 0 181
Stock in Federal Home Loan Bank of Cincinnati, at cost 1,745 1,750
Accrued interest receivable 1,383 1,240
Property and equipment, net 1,941 1,900
Other assets 670 604
-------------------------
$ 226,944 $ 222,302
LIABILITIES
Savings accounts $ 199,464 $ 194,648
Borrowings 6,188 6,423
Advances by borrowers for taxes and insurance 430 1,066
Other liabilities 393 435
-------------------------
Total liabilities 206,475 202,572
-------------------------
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;
1,340,584 shares issued at 06/30/97 and 1,293,012 at 12/31/96 13 13
Additional paid in capital 6,190 5,952
Treasury stock, at cost- 148,555 and 136,578 shares at 06/30/97 and
12/31/96, respectively (1,344) (1,141)
Unrealized gain on available-for-sale securities, net of taxes of
$164 at 06/30/97 and $112 at 12/31/96 321 218
Retained earnings, substantially restricted 15,289 14,688
-------------------------
Total stockholders' equity 20,469 19,730
-------------------------
$ 226,944 $ 222,302
</TABLE>
The accompanying notes are an integral part of
the consolidated financial statements.
<PAGE> 3
FIRST FRANKLIN CORPORATION AND SUBSIDIARY
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
June 30,1997 June 30,1996 June 30,1997 June 30,1996
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Interest income:
Loans receivable $ 3,070 $ 2,863 $ 6,012 $ 5,683
Mortgage-backed securities 616 647 1,250 1,304
Investment securities 402 355 781 717
-----------------------------------------------------
4,088 3,865 8,043 7,704
Interest expense:
Savings accounts 2,473 2,286 4,885 4,595
Borrowings 103 117 206 236
-----------------------------------------------------
2,576 2,403 5,091 4,831
-----------------------------------------------------
Net interest income 1,512 1,462 2,952 2,873
Provision for loan losses 21 20 42 41
-----------------------------------------------------
Net interest income after provision for loan losses 1,491 1,442 2,910 2,832
-----------------------------------------------------
Noninterest income:
Gain on loans sold 44 2 64 15
Service fees on NOW accounts 48 54 97 102
Other income 50 42 91 107
-----------------------------------------------------
142 98 252 224
Noninterest expenses:
Salaries and employee benefits 436 425 872 834
Occupancy expense 147 157 296 299
Federal insurance premiums 31 107 38 212
Service bureau expense 55 72 112 141
Other expenses 305 286 664 621
-----------------------------------------------------
974 1,047 1,982 2,107
Income before federal income taxes 659 493 1,180 949
Provision for federal income taxes 217 163 390 314
-----------------------------------------------------
Net Income $ 442 $ 330 $ 790 $ 635
RETAINED EARNINGS-BEGINNING OF PERIOD $ 14,943 $ 14,999 $ 14,688 $ 14,777
Net income 442 330 790 635
Less: dividends declared (96) (94) (189) (177)
-----------------------------------------------------
RETAINED EARNINGS-END OF PERIOD $ 15,289 $ 15,235 $ 15,289 $ 15,235
EARNINGS PER COMMON SHARE $ 0.36 $ 0.27 $ 0.65 $ 0.52
DIVIDENDS DECLARED PER COMMON SHARE $ 0.08 $ 0.08 $ 0.16 $ 0.15
</TABLE>
The accompanying notes are an integral part of
the consolidated financial statements.
<PAGE> 4
FIRST FRANKLIN CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
<TABLE>
<CAPTION>
For The Six Months Ended
June 30,1997 June 30,1996
------------ ------------
(Unaudited)
<S> <C> <C>
Cash provided by (used in) operating activities:
Net income $ 790 $ 635
Adjustments to reconcile net income to net cash provided by
operating activities:
Provision for loan losses 42 41
Depreciation and amortization 87 108
FHLB stock dividend (61) (58)
Increase in accrued interest receivable (143) (68)
Increase in other assets (66) (418)
(Decrease) increase in other liabilities (42) 102
Other, net 84 (286)
Loans sold 3,420 1,073
Disbursements on loans originated for sale (2,899) (873)
------------------------
Net cash provided by operating activities 1,212 256
------------------------
Cash provided by (used in) investing activities:
Loan principal reductions 13,588 14,828
Disbursements on mortgage and other loans purchased or
originated for investment (18,101) (21,176)
Repayments on mortgage-backed securities 2,543 3,029
Purchase of available-for-sale mortgage-backed securities (3,947)
Purchase of available-for-sale investment securities (10,149) (4,199)
Proceeds from the maturity of available-for-sale investment
securities 3,820 2,500
Sale of Federal Home Loan Bank stock 67 17
Capital expenditures (127) (10)
------------------------
Net cash used in investing activities (8,359) (8,958)
------------------------
Cash provided by (used in) financing activities:
Net decrease in passbook accounts and demand deposits (3,941) (1,276)
Proceeds from sales of certificates of deposit 42,475 28,146
Payments for maturing certificates of deposit (33,718) (28,408)
Purchase of deposit accounts 5,300
Repayment of borrowed money (235) (158)
Decrease in advances by borrowers for taxes and insurance (636) (772)
Purchase of treasury stock (319)
Proceeds from sale of common stock 35 41
Payment of dividends (189) (177)
------------------------
Net cash provided by financing activities 3,791 2,377
------------------------
Net decrease in cash $ (3,356) $ (6,325)
Cash at beginning of period 10,009 8,653
------------------------
CASH AT END OF PERIOD $ 6,653 $ 2,328
</TABLE>
The accompanying notes are an integral part of
the consolidated financial statements.
<PAGE> 5
FIRST FRANKLIN CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: 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 30,1997 are not necessarily indicative of the results
that may be expected for the full year. The December 31,1996 Balance Sheet data
was derived from audited Financial Statements, but does not include all
disclosures required by generally accepted accounting principles.
Effective January 1, 1997 the Company was required to adopt Statement of
Financial Accounting Standards ("SFAS") No. 125 "Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities" which
establishes accounting and reporting standards for transfers and servicing of
financial assets and extinguishments of liabilities. The standards are based on
a consistent application of a financial components approach that focuses on
control. Under that approach, after a transfer of financial assets, an entity
recognizes the financial and servicing assets it controls and the liabilities
it has incurred, derecognizes financial assets when control has been
surrendered, and derecognizes liabilities when extinguished. SFAS No. 125
provides consistent standards for distinguishing transfers of financial assets
that are sales from transfers that are secured borrowings. The adoption of this
new accounting standard did not have a significant impact on the Company's
Consolidated Statement of Operations for the three and six month periods ended
June 30, 1997.
On March 3, 1997, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 128, "Earnings per Share" which will replace the current presentation of
"primary" and "fully diluted" earnings per share with newly defined "basic" and
"diluted" earnings per share. "Basic" earnings per share will not include
dilutive effect on earnings. "Diluted" earnings per share will reflect the
potential dilution of securities that could share in an enterprises earnings.
The statement will require dual presentation of basic and diluted earnings per
share on the income statement for all entities having complex capital
structures. It is effective for all financial statements issued for periods
ending after December 31, 1997. Management is currently assessing the impact
that adoption will have on the Company's financial statements.
<PAGE> 6
Part I - Item 2.
FIRST FRANKLIN CORPORATION AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
FIRST FRANKLIN CORPORATION ("Company") is a savings and loan holding company
which was incorporated under the laws of the State of Delaware in September
1987 by authorization of the Board of Directors of the Franklin Savings and
Loan Company ("Franklin"). The Company applied for and received regulatory
approval to acquire all the common stock of Franklin issued in connection with
its conversion from the mutual to stock form of ownership. This conversion was
completed January 25,1988.
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. Management's goal is to
maintain profitability and a strong capital base. It seeks to accomplish this
goal by pursuing the following strategies; (i) emphasizing lending in the
one-to four-family residential mortgage market, (ii) managing deposit pricing,
(iii) controlling interest rate risk, (iv) controlling operating expenses, (v)
controlling asset growth, and (vi) maintaining asset quality.
As a Delaware corporation, First Franklin is authorized to engage in any
activity permitted by Delaware General Corporation Law. As a unitary savings
and loan holding company, First Franklin 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, investment securities, the
office building where the corporate office is located and investments in
Franklin and DirectTeller Systems Inc. ("DirectTeller").
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. Franklin operates seven banking offices in
Hamilton County, Ohio through which it offers a wide range of consumer banking
services, including mortgage loans, credit cards, checking accounts, auto
loans, savings and certificate accounts, automated teller machines and a voice
response telephone inquiry system. Franklin also offers mutual funds, annuities
and discount brokerage services in its offices through an agreement with a
third party. 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 for
retention in its portfolio and sale in the secondary market.
Legislation has been introduced to restructure the federal banking system. Such
legislation might require Franklin to convert to a state savings bank or
national bank charter. As a result, it could become subject to the more
restrictive activity limits imposed on national banks, but it would have a
specified period of time to divest any non-conforming assets. In addition, the
Company might be required to become a bank holding company, which would subject
it to more restrictive activity limits and to capital requirements similar to
those imposed on Franklin. The Company cannot evaluate how this legislation may
impact it until it has been enacted.
Franklin has one wholly-owned subsidiary, Madison Service Corporation
("Madison"). Madison was formed on February 22,1972 to allow Franklin to
diversify into certain types of business which, by regulation, savings and
loans were unable to enter. At the present time, Madison's only activity is its
contract with the third party registered broker dealer that offers brokerage
services at the offices of Franklin. Madison's assets consist solely of cash
and interest-earning deposits.
DirectTeller was formed in 1989 by the Company and DataTech Services, Inc. to
develop and market a voice response inquiry system to allow financial
institution customers to access information about their accounts via the
telephone and/or a facsimile machine. The inquiry system is currently in
operation at Intreive Inc., a computer service bureau which offers the
DirectTeller system to the financial institutions it services. The agreement
with Intrieve gives DirectTeller a percentage of the profits generated by the
inquiry system.
Since the results of operations of Madison and DirectTeller have not been
material to the operations and financial condition of the Company, the
following discussion focuses primarily on Franklin.
<PAGE> 7
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
Consolidated assets increased $4.6 million (2.1%) from $222.3 million at
December 31, 1996 to $226.9 million at June 30,1997, compared to a $2.9 million
(1.4%) increase for the same period in 1996.
Loan disbursements were $21.0 million during the current six month period
compared to $22.0 million during the six months ended June 30,1996.
Disbursements during the Second Quarter 1997 were $11.7 million compared to
$10.5 million during the same quarter in 1996. During the current six month
period loan sales were $3.4 million. At June 30,1997, commitments to originate
mortgage loans were $522,000. At the same date, $2.5 million of undisbursed
loan funds were being held on various construction loans. Management believes
that sufficient cash flow and borrowing capacity exists to fund these
commitments.
Liquid assets increased $3.0 million during the six months ended June 30,1997
to $30.4 million. This increase reflects net savings deposits of $4.8 million,
loan sales of $3.4 million and loan and mortgage-backed securities repayments
of $16.1 million less loan dibursements of $21.0 million. At June 30,1997
liquid assets were 13.4% of total assets, which was above management's target
of 8 %.
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 30,1997. During
the current six month period, there have been no sales of investments or
mortgage-backed securities. No securities are classified as trading.
<TABLE>
<CAPTION>
Amortized Market Unrealized Unrealized
Cost Value Gains Losses
(in thousands)
<S> <C> <C> <C> <C>
Available-for-sale
Investment securities $ 23,758 $ 23,758 $ 89 $ 89
Mortgage-backed securities $ 17,543 $ 18,028 $ 506 $ 21
Held-to-maturity
Mortgage-backed securities $ 18,637 $ 18,353 $ 4 $ 288
</TABLE>
At June 30,1997 savings deposits were $199.5 million compared to $194.6 million
at December 31,1996. This is an increase of $4.9 million during the current six
month period. During the six months ended June 30,1997, core deposits
(transaction and passbook savings accounts) decreased $3.9 million. During the
same period, short term certificates (two years or less) increased $12.3
million and certificates with original terms greater than two years decreased
$3.5 million. Interest of $2.2 million during the current quarter and $4.3
million during the current six month period was credited to accounts. After
eliminating the effect of interest credited, savings decreased $1.5 million
during the three months period and increased $600,000 during the six months
ended June 30,1997.
At June 30,1997 borrowings consisted of $6.19 million in fixed-rate Federal
Home Loan Bank advances at an average cost of 6.44%. All advances are being
amortized monthly.
At June 30,1997, $1.2 million of assets were classified substandard, $296,000
classified loss and $2.1 million classified as special mention compared to $1.4
million as substandard, $344,000 as loss and $2.5 million as special mention at
December 31,1996. Non-accruing and accruing loans delinquent ninety days or
more, net of reserves, were $871,000 at June 30,1997 and $693,000 at December
31,1996. At June 30,1997 the recorded investment in loans for which impairment
under SFAS No. 114 has been recognized was immaterial to the Company's
financial statements.
In management's opinion, adequate reserves are available to protect against
reasonably foreseeable losses that may occur on loans or repossessed assets.
The following table shows the activity that has occurred on loss reserves
during the six months ended June 30, 1997.
<TABLE>
<CAPTION>
(Dollars in Thousands)
<S> <C>
Balance at beginning of period $ 981
Charge offs 60
Additions charged to operations 42
Recoveries 0
-----
Balance at end of period $ 963
</TABLE>
<PAGE> 8
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 30,1997, net worth was $20.5 million, which is 9.0%
of assets. At the same date, book value per share was $17.17 compared to $17.06
at December 31,1996. The following table summarizes, as of June 30,1997, the
regulatory capital position of our subsidiary, Franklin Savings.
<TABLE>
<CAPTION>
Capital Standard Actual Required Excess Actual Required Excess
-------- -------- -------- ------ -------- ------
(Dollars in Thousands)
<S> <C> <C> <C> <C> <C> <C>
Tangible $ 14,546 $ 3.318 $ 11,228 6.58% 1.50% 5.08%
Core $ 14,546 $ 6,637 $ 7,909 6.58% 3.00% 3.08%
Risk-based $ 15,213 $ 8,468 $ 6,745 14.37% 8.00% 6.37%
</TABLE>
RESULTS OF OPERATIONS
Net income increased 34% to $442,000 ($0.36 per share) for the current quarter
compared to $330,000 ($0.27 per share) for the same quarter in 1996.During the
current six month period, net income increased 24% to $790,000 ($0.65 per
share) from $635,000 ($.52 per share) for the six months ended June 30, 1996.
Net interest income, before provisions for loan losses, was $1.51 million for
the current quarter and $2.95 million for the first six months of 1997 compared
to $1.46 million and $2.87 million, respectively, for the same periods in 1996.
The most significant impact on the net interest income between periods relates
to the interaction of changes in the volume of and rates earned or paid on
interest-earning assets and interest-bearing liabilities. 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,
1997 vs 1996
Increase
(Decrease) Total
due to Increase
Volume Rate (Decrease)
------ ------ ----------
(Dollars in Thousands)
<S> <C> <C> <C>
Interest Income Attributable to:
Loans Receivable (1) $ 391 $ (62) $ 329
Mortgage-backed Securities (85) 31 (54)
Investments 48 13 61
FHLB Stock 3 0 3
----------------------------
Total Interest-earning Assets $ 357 $ (18) $ 339
Interest Expense Attributable to:
Demand Deposits $ 5 (8) (3)
Savings Accounts (23) 1 (22)
Certificates 362 (47) 315
FHLB Advances (30) 0 (30)
----------------------------
Total Interest-bearing Liabilities $ 314 $ (54) $ 260
----------------------------
Increase (decrease) in Net Interest Income $ 43 $ 36 $ 79
<FN>
- -------------------
<F1> Includes non-accruing loans.
</FN>
</TABLE>
As the tables below illustrate, average interest-earning assets increased $9.3
million to $217.7 million during the six months ended June 30,1997 from $208.4
million for the six months ended June 30,1996. Average interest-bearing
liabilities increased $10.4 million from $192.6 million for the six months
ended June 30,1996 to $203.0 for the current six month period. Thus, average
net interest-earning assets decreased $1.1 million when comparing the two
periods. The interest rate spread (the yield on interest-earning assets less
the cost of interest-bearing liabilities) was 2.37% for both six month periods.
<PAGE> 9
<TABLE>
<CAPTION>
For the Six Months ended June 30,1997
Average
Outstanding Yield/cost
($ in thousands)
<S> <C> <C>
Average interest-earning assets
Loans $ 153,202 7.85%
Mortgage-backed securities 37,313 6.70%
Investments 25,463 5.66%
FHLB stock 1,742 7.00%
-------------------------
Total $ 217,720 7.39%
Average interest-bearing liabilities
Demand deposits $ 23,933 2.18%
Savings accounts 23,235 2.73%
Certificates 149,440 5.76%
FHLB advances 6,371 6.47%
-------------------------
Total $ 202,979 5.02%
-------------------------
Net interest-earning assets $ 14,741 2.37%
<CAPTION>
For the Six Months ended June 30,1996
Average
Outstanding Yield/cost
($ in thousands)
<S> <C> <C>
Average interest-earning assets
Loans $ 143,220 7.94%
Mortgage-backed securities 39,814 6.55%
Investments 23,754 5.55%
FHLB stock 1,662 6.98%
-------------------------
Total $ 208,450 7.39%
Average interest-bearing liabilities
Demand deposits $ 23,480 2.24%
Savings accounts 24,926 2.72%
Certificates 136,861 5.84%
FHLB advances 7,301 6.46%
-------------------------
Total $ 192,568 5.02%
-------------------------
Net interest-earning assets $ 15,882 2.37%
</TABLE>
<PAGE> 10
Noninterest income was $142,000 for the quarter and $252,000 for the six months
ended June 30,1997 compared to $98,000 for the same quarter in 1996 and
$224,000 for the six months ended June 30, 1996. The increase in income when
comparing the three and six month periods is the result of an increase in
profits on the sale of loans.
Noninterest expenses were $974,000 for the current quarter and $1.98 million
for the current six month period compared to $1.05 million and $2.11 million
for the three and six month periods ended June 30,1996. As a percentage of
average assets, this is 1.76% for the current six month period compared to
1.97% for the first six months of 1996.
<PAGE> 11
PART II
FIRST FRANKLIN CORPORATION AND SUBSIDIARY
Item 1. LEGAL PROCEEDING
There are no material pending legal proceedings to which the holding
company or any subsidiary 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, 1997, the
following items were voted on by the shareholders:
<TABLE>
<CAPTION>
Voting
Negative
or
Affirmative Withheld Abstentions
<S> <C> <C> <C>
Reelection of the following directors
James E. Cross 924,146 63,300
Richard H. Finan 924,146 63,300
Approval of the 1997 First Franklin Corporation
Stock Option and Incentive Plan. 732,214 97,851 7,650
Ratification of the selection of Clark, Schaefer,
Hackett & Co. as the independent accountants for
the current fiscal year. 978,516 3,550 5,380
</TABLE>
Item 5. OTHER INFORMATION
A. Press Release Dated June 27,1997
B. Press Release Dated July 18,1997
C. Press Release Dated July 30,1997
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
None
<PAGE>12
First Franklin Corporation
4750 Ashwood Drive Cincinnati, Ohio 45241
(513) 469-8000 Fax (513) 469-5360
June 27, 1997
FOR IMMEDIATE RELEASE
CONTACT: Thomas H. Siemers
President and CEO
(513) 469-8000
Thomas H. Siemers, President and CEO of First Franklin Corporation, has
announced that the Board of Directors has declared a dividend of $0.08 per
share for the second quarter of 1997. This is the thirty-fifth straight
quarterly dividend declared by the Board. The quarterly dividend will be
payable on July 21, 1997 to shareholders of record as of July 3.
First Franklin is the parent organization of Franklin Savings, which has seven
offices in Greater Cincinnati.
<PAGE> 13
First Franklin Corporation
4750 Ashwood Drive Cincinnati, Ohio 45241
(513) 469-8000 Fax (513) 469-5360
July 18, 1997
FOR IMMEDIATE RELEASE
CONTACT: Thomas H. Siemers
President and CEO
(513) 469-8000
First Franklin Corporation, the parent of Franklin Savings and Loan Company,
Cincinnati, Ohio today announced earnings of $442,000 ($0.36 per share) for the
second quarter of 1997 and $790,000 (0.65 per share) for the first six months
of the year. This compares to earnings of $330,000 ($0.27 per share) for the
second quarter of 1996 and $635,000 ($0.52) for the six months ended June 30,
1996.
First Franklin conducts its business through its subsidiary, Franklin Savings,
with seven full service offices located in Greater Cincinnati,
<PAGE> 14
First Franklin Corporation
4750 Ashwood Drive * P.O. Box 415739
Cincinnati, Ohio 45241-5739 * (513) 469-5352 * FAX: (513) 469-5360
NEWS RELEASE
July 30, 1997 For more information, contact:
Thomas Siemers, 513-469-8000
Joseph F. Hutchison has joined First Franklin Corporation as Senior Vice
President-Corporate Development.
Mr. Hutchison was President and CEO of Suburban Federal Savings Bank from 1992
to July, 1997. He was Executive Vice President and CFO of Coast Bank in
Sarasota, Florida from 1983 to 1992 and prior to that was Senior Vice President
and CFO of the Federal Home Loan Bank of Cincinnati.
A graduate of Xavier University, Mr. Hutchison currently serves on the Board of
Directors of the Federal Home Loan Bank of Cincinnati and the Ohio League of
Financial Institutions.
# # # #
<PAGE> 15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly 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 1,1997
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
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0
0
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</TABLE>
