SECURITIES AND EXCHANGE COMMISSION

Washington, D.C  2049

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FORM 10-Q

(X)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the Quarterly Period Ended March 31, 2002

OR

(  )

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the transition period from ______________ to _____________

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Commission File Number 2-27985

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1^st Franklin Financial Corporation

A Georgia Corporation

I.R.S. Employer No. 58-0521233

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 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 __

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class

Outstanding at April 30, 2002

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
ITEM 1.	Financial Statements:
	The following financial statements required hereunder are incorporated by reference from the Company's Quarterly Report to Investors for the Three Months Ended March 31, 2002.  See Exhibit 19.
			Consolidated Statements of Financial Position:
					March 31, 2002 and December 31, 2001
			Consolidated Statements of Income and Retained Earnings:
					Three Months Ended March 31, 2002 and March 31, 2001
			Consolidated Statements of Cash Flows:
					Three Months Ended March 31, 2002 and March 31, 2001
			Notes to Consolidated Financial Statements
ITEM 2.	Managements' Discussion and Analysis of Financial Condition and Results of Operations:
	The information required hereunder is set forth under “Management's Letter” of the Company's Quarterly Report to Investors for the Three Months Ended March 31, 2002.  See Exhibit 19.
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk:
	The information required hereunder is set forth under “Management's Letter --Quantitative and Qualitative Disclosures about Market Risk" of the Company's Quarterly Report to Investors for the Three Months Ended March 31, 2002.  See Exhibit 19.
PART II.  OTHER INFORMATION
ITEM 6.	Exhibits and Reports on Form 8-K
	(a)	Exhibits:
				19		Quarterly Report to Investors for the Three Months Ended March 31, 2002
	(b)	Reports on Form 8-K
				No reports on Form 8-K were filed during the quarter ended March 31, 2002

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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.
			1st FRANKLIN FINANCIAL CORPORATION
			Registrant
			/s/ Ben F. Cheek, III
			Chairman of Board
			/s/ A. Roger Guimond
			Vice President, Chief Financial
			Officer and Principal Accounting Officer
Date:	May 15, 2002
1st FRANKLIN FINANCIAL CORPORATION
INDEX TO EXHIBITS
Exhibit No.		Description		Page No.
19		Quarterly Report to Investors for the        Three Months Ended March 31, 2002		4

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