First Franklin Revises Third Quarter Results

First Franklin Corp., the parent of Franklin Savings and Loan Co., Cincinnati, revised its earnings for the quarter ended Sept. 30. The revision is due to an increase in loan loss reserves of $334,000 resulting primarily from updated information received on the underlying value of the collateral on a group of loans. This resulted in an increase in the loss for the quarter and year-to-date period of $221,000 ($0.14 per basic share). The company revised the net loss for the third quarter to $1.13 million ($0.68 per basic share) and the net loss for the nine months ended Sept. 30 to $865,000 ($0.52 per basic share). This compares to a net loss of $39,000 ($0.02 per basic share) for the third quarter of 2008 and a loss of $809,000 ($0.48 per basic share) for the nine months ended Sept. 30, 2008.