FIRST FRANKLIN FINANCIAL CORP

CIK:0000038723|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Interest income	$ 96,095	$ 86,900	$ 189,105	$ 172,748
Interest expense	14,737	14,125	29,358	28,098
Net interest income	81,358	72,775	159,747	144,650
Provision for credit losses	23,916	31,074	54,151	52,623
Net interest income after provision for credit losses	57,442	41,701	105,596	92,027
Insurance income
Premiums and commissions	18,204	16,426	36,052	31,874
Insurance claims and expenses	4,644	3,819	9,355	7,550
Total net insurance income	13,560	12,607	26,697	24,324
Other revenue	2,375	2,091	4,414	3,799
Other operating expenses
Personnel expense	38,651	32,710	74,942	69,485
Occupancy expense	6,460	5,599	13,300	11,255
Other expense	16,596	14,978	33,467	30,621
Total	61,707	53,287	121,709	111,361
Income before income taxes	11,670	3,112	14,998	8,789
Provision for income taxes	1,778	1,403	3,458	2,885
Net income	$ 9,892	$ 1,709	$ 11,540	$ 5,904
Basic and diluted earnings per share
Basic earnings per share (in dollars per share)	$ 58.18	$ 10.05	$ 67.88	$ 34.73
Diluted earning per share (in dollars per share)	$ 58.18	$ 10.05	$ 67.88	$ 34.73

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 11,540	$ 5,904
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	54,151	52,623
Depreciation and amortization	4,077	4,415
Deferred tax provision	244	100
Net gains due to called redemptions of marketable securities and amortization on securities	(280)	(231)
(Increase) / decrease in other assets	(3,353)	4,758
(Decrease) / increase in other liabilities	(2,147)	3,477
Net cash provided by operating activities	64,232	71,046
Cash flows from investing activities:
Loans originated or purchased	(363,401)	(381,940)
Loan payments	325,033	292,278
Purchases of securities, available-for-sale	0	(7,802)
Redemptions of securities, available-for-sale	6,175	290
Capital expenditures	(1,982)	(1,683)
Net cash (used in) investing activities	(34,175)	(98,857)
Cash flows from financing activities:
Increase in senior demand notes	1,265	153
Advances on credit line	104,291	124,152
Payments on credit line	(124,891)	(117,720)
Commercial paper issued	51,383	51,040
Commercial paper redeemed	(39,667)	(22,802)
Subordinated debt securities issued	2,928	4,697
Subordinated debt securities redeemed	(3,019)	(4,086)
Dividends / distributions	(733)	0
Net cash (used in) provided by financing activities	(8,443)	35,434
Change in cash, cash equivalents, and restricted cash	21,614	7,623
Cash, cash equivalents and restricted cash, beginning	46,365	44,715
Cash, cash equivalents and restricted cash, ending	67,979	52,338
Cash paid during the year for -
Interest paid	29,690	28,135
Federal income taxes paid, net of refunds	2,890	0
Non-cash transactions for -
ROU assets and associated liabilities	5,462	1,181
Loan renewals	$ 385,010	$ 348,466

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 40,889	$ 18,171
Restricted cash	27,090	28,194
Loans:
Direct cash loans	1,309,201	1,308,075
Real estate loans	16,664	18,859
Sales finance contracts	109,187	120,669
Total	1,435,052	1,447,603
Less: Unearned finance charges	238,452	237,338
Unearned insurance premiums and commissions	87,301	86,025
Allowance for credit losses	77,121	76,279
Loans, net	1,032,178	1,047,961
Investment securities available-for-sale	271,389	275,341
Other assets:
Operating lease right-of-use assets	41,897	40,257
Other assets	51,516	50,879
Total Other Assets	93,413	91,136
Total assets	1,464,959	1,460,803
Liabilities and stockholders' equity
Senior debt	1,068,411	1,076,008
Subordinated debt	32,702	32,793
Operating lease liabilities	43,378	41,728
Accrued expenses and other liabilities	37,372	39,520
Total liabilities	1,181,863	1,190,049
Stockholders' equity:
Preferred stock	0	0
Accumulated other comprehensive loss	(20,313)	(21,848)
Retained earnings	303,239	292,432
Total stockholders' equity	283,096	270,754
Total liabilities and stockholders' equity	1,464,959	1,460,803
Voting Common Stock
Stockholders' equity:
Common stock	170	170
Nonvoting Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0