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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C 20549 |
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FORM 10-Q |
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(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Quarterly Period Ended March 31, 2007 |
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OR |
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( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from ______________ to _____________ |
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Commission File Number 2-27985 |
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1st Franklin Financial Corporation |
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A Georgia Corporation I.R.S. Employer No. 58-0521233 |
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213 East Tugalo Street |
Post Office Box 880 |
Toccoa, Georgia 30577 |
(706) 886-7571 |
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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 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No __ |
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one) Large Accelerated Filer ___ Accelerated Filer ___ Non-Accelerated Filer X_ |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes __ No X |
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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. |
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Class Outstanding at April 30, 2007 |
Voting Common Stock, par value $100 per share 1,700 Shares |
Non-Voting Common Stock, no par value 168,300 Shares |
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PART I. FINANCIAL INFORMATION |
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ITEM 1. | Financial Statements: |
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| The information required hereunder is incorporated by reference to the information contained under the following captions in the Company's Quarterly Report to Investors as of and for the Three Months Ended March 31, 2007. See Exhibit 19. |
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| | Unaudited Consolidated Statements of Financial Position: |
| | | March 31, 2007 and December 31, 2006 |
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| | Unaudited Consolidated Statements of Income and Retained Earnings: |
| | | Three Months Ended March 31, 2007 and March 31, 2006 |
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| | Unaudited Consolidated Statements of Cash Flows: |
| | Three Months Ended March 31, 2007 and March 31, 2006 |
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| | Notes to Unaudited Consolidated Financial Statements |
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ITEM 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations: |
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| The information required hereunder is incorporated by reference to the information contained under the heading “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company's Quarterly Report to Investors as of and for the Three Months Ended March 31, 2007. See Exhibit 19. |
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ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk: |
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| The information required hereunder is incorporated by reference to the information contained under the heading “Management's Discussion and Analysis of Financial Condition and Results of Operations -- Quantitative and Qualitative Disclosures about Market Risk" in the Company's Quarterly Report to Investors as of and for the Three Months Ended March 31, 2007. See Exhibit 19. |
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ITEM 4. | Controls And Procedures: |
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| We maintain a set of disclosure controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. An evaluation was carried out as of the end of period covered by this report, under the supervision and with the participation of the Company's management, including the Chairman and Chief Executive Officer ("CEO") and Executive Vice President and Chief Financial Officer ("CFO"), of the effectiveness of our disclosure controls and procedures. Based on that evaluation, the CEO and CFO have concluded that, as of March 31, 2007, the Company’s disclosure controls and procedure s were effective. No system of controls, no matter how well designed and operated, can provide absolute assurance that the objectives of the system of controls are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.
There have been no changes in the Company's internal control over financial reporting that occurred during the first quarter of 2007 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. |
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