Note 1 - Basis of Presentation	6 Months Ended
Jun. 30, 2015
Notes
Note 1 - Basis of Presentation	Note 1 – Basis of Presentation The accompanying unaudited condensed consolidated financial statements of 1^st Franklin Financial Corporation and subsidiaries (the "Company") should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto as of December 31, 2014 and for the year then ended included in the Company's 2014 Annual Report filed with the Securities and Exchange Commission. In the opinion of Management of the Company, the accompanying unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the Company's consolidated financial position as of June 30, 2015 and December 31, 2014, and its consolidated results of operations and comprehensive income for the three and six-month periods ended June 30, 2015 and 2014 and its consolidated cash flows for the six months ended June 30, 2015 and 2014. While certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, the Company believes that the disclosures herein are adequate to make the information presented not misleading. The Company’s financial condition and results of operations as of and for the six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. The preparation of financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amount of assets and liabilities at and as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The computation of earnings per share is self-evident from the accompanying Condensed Consolidated Statements of Income and Retained Earnings (Unaudited). The Company has no dilutive securities outstanding. Recent Accounting Pronouncements: In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2014-03 “Imputation of Interest.” ASU 2014-03 applies to the presentation of debt issuance costs in financial statements. It requires debt issurance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The accounting standards update is required to be adopted in 2016. Retrospective application is required. Managment is currently evaluating the impact of this standard on its consolidated financial statements.

Note 1 - Basis of Presentation

6 Months Ended

Jun. 30, 2015

Note 1 – Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of 1^st Franklin Financial Corporation and subsidiaries (the "Company") should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto as of December 31, 2014 and for the year then ended included in the Company's 2014 Annual Report filed with the Securities and Exchange Commission.

In the opinion of Management of the Company, the accompanying unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the Company's consolidated financial position as of June 30, 2015 and December 31, 2014, and its consolidated results of operations and comprehensive income for the three and six-month periods ended June 30, 2015 and 2014 and its consolidated cash flows for the six months ended June 30, 2015 and 2014. While certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, the Company believes that the disclosures herein are adequate to make the information presented not misleading.

The Company’s financial condition and results of operations as of and for the six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. The preparation of financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amount of assets and liabilities at and as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

The computation of earnings per share is self-evident from the accompanying Condensed Consolidated Statements of Income and Retained Earnings (Unaudited). The Company has no dilutive securities outstanding.

Recent Accounting Pronouncements:

In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2014-03 “Imputation of Interest.” ASU 2014-03 applies to the presentation of debt issuance costs in financial statements. It requires debt issurance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The accounting standards update is required to be adopted in 2016. Retrospective application is required. Managment is currently evaluating the impact of this standard on its consolidated financial statements.