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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB
(MARK ONE)

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES  EXCHANGE ACT OF
     1934
     For the Fiscal Year Ended SEPTEMBER 30, 2005
                               ------------------

[X]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934
     For the Transition Period From                  To
                                        ------------     ------------

                         Commission File Number 0-50969
                                                -------

                          ROEBLING FINANCIAL CORP, INC.
                 ----------------------------------------------
                 (Name of Small Business Issuer in Its Charter)

          NEW JERSEY                                              55-0873295
-------------------------------                              -------------------
(State or Other Jurisdiction of                               (I.R.S. Employer
Incorporation or Organization)                               Identification No.)

ROUTE 130 SOUTH AND DELAWARE AVENUE, ROEBLING NEW JERSEY           08554
--------------------------------------------------------     -------------------
(Address of Principal Executive Offices)                         (Zip Code)

                    Issuer's Telephone Number: (609) 499-9400
                                               ---------------

       Securities registered under Section 12(b) of the Exchange Act: NONE
                                                                      ----

         Securities registered under Section 12(g) of the Exchange Act:

                     COMMON STOCK, PAR VALUE $0.10 PER SHARE
                     ---------------------------------------
                                (Title of Class)

     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 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 [  ]

     Check if there is no disclosure  of  delinquent  filers in response to Item
405 of  Regulation  S-B  contained  in  this  form,  and no  disclosure  will be
contained,  to the  best of  registrant's  knowledge,  in  definitive  proxy  or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ ]

     Indicate  by check mark  whether  the  registrant  is a shell  company  (as
defined in Rule 12b-2 of the Exchange Act). YES [ ] NO [X]

     State issuer's revenues for its most recent fiscal year. $5,592,443

     The aggregate market value of the voting and non-voting  common equity held
by non-affiliates of the registrant, based on the average bid and asked price of
the registrant's  Common Stock reported on the OTC Bulletin Board(R) at December
16,  2005,  was  approximately  $13.1  million.  Solely  for  purposes  of  this
calculation, the term "affiliate" refers to all directors and executive officers
of the registrant and all shareholders  beneficially owning more than 10% of the
registrant's common stock.

     As of December 16, 2005, there were issued and outstanding 1,710,045 shares
of the registrant's Common Stock.

                       DOCUMENTS INCORPORATED BY REFERENCE

     1.   Portions  of the Annual  Report to  Shareholders  for the Fiscal  Year
          Ended September 30, 2005. (Part II)

     2.   Portions  of the  Proxy  Statement  for the  2006  Annual  Meeting  of
          Shareholders. (Part III)

     Transitional Small Business Disclosure Format (check one): YES    ; NO  X
                                                                    ---     ---

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<PAGE>

                                     PART I

FORWARD-LOOKING STATEMENTS

     Roebling Financial Corp, Inc. (the "Company" or "Registrant") may from time
to time make written or oral "forward-looking  statements," including statements
contained in the Company's  filings with the Securities and Exchange  Commission
(including this Annual Report on Form 10-KSB and the exhibits  thereto),  in its
reports to shareholders and in other  communications  by the Company,  which are
made in good faith by the Company  pursuant to the "Safe  Harbor"  provisions of
the Private Securities Litigation Reform Act of 1995.

     These forward-looking  statements involve risks and uncertainties,  such as
statements  of the  Company's  plans,  objectives,  expectations,  estimates and
intentions,  that are subject to change based on various important factors (some
of which are beyond the Company's control). The following factors, among others,
could cause the Company's  financial  performance to differ  materially from the
plans,  objectives,  expectations,  estimates and  intentions  expressed in such
forward-looking statements: the strength of the United States economy in general
and  the  strength  of  the  local  economies  in  which  the  Company  conducts
operations;  the effects of, and changes in, trade, monetary and fiscal policies
and laws,  including  interest  rate  policies of the Board of  Governors of the
Federal  Reserve  System,   inflation,   interest  rate,   market  and  monetary
fluctuations;  the timely  development  of and  acceptance  of new  products and
services of the company and the perceived  overall  value of these  products and
services by users,  including  the  features,  pricing  and quality  compared to
competitors'  products and  services;  the  willingness  of users to  substitute
competitors' products and services for the Company's products and services;  the
success of the  Company in  gaining  regulatory  approval  of its  products  and
services,  when required;  the impact of changes in financial services' laws and
regulations   (including  laws  concerning   taxes,   banking,   securities  and
insurance);   technological  changes;   acquisitions;   the  Bank's  success  in
establishing new branches;  changes in consumer spending and savings habits; and
the success of the Company at managing the risks involved in the foregoing.

     The Company  cautions that the foregoing  list of important  factors is not
exclusive.  The  Company  does  not  undertake  to  update  any  forward-looking
statement,  whether written or oral, that may be made from time to time by or on
behalf of the company.

ITEM 1.  DESCRIPTION OF BUSINESS
--------------------------------

GENERAL

     On September 30, 2004,  Roebling Financial Corp., MHC (the "MHC") completed
its reorganization  into stock form and the Company succeeded to the business of
the MHC's former federal mid-tier holding company  subsidiary.  Each outstanding
share of common stock of the former mid-tier  holding company (other than shares
held by the MHC which were cancelled) was converted into 3.9636 shares of common
stock of the Company.  As part of the  transaction,  the Company sold a total of
910,764 shares to the public at $10 per share, including 72,861 shares purchased
by the Company's  employee  stock  ownership  plan with funds  borrowed from the
Company.  The Company's business is conducted primarily through its wholly-owned
subsidiary,  Roebling Bank (the "Bank"). References to the Company or Registrant
refer to the consolidated entity which includes the main operating company,  the
Bank, unless the context indicates otherwise.


                                       -2-

<PAGE>

     The Bank,  a  federally  chartered  stock  savings  bank,  has four  retail
offices,  two located in Roebling and one located in New Egypt, New Jersey.  The
fourth office was opened in August, 2005 in the Bank's new administrative center
in Westampton,  New Jersey. From these locations,  the Bank primarily serves the
towns of Roebling,  Westampton  Township,  Florence  Township and New Egypt. The
Bank's  secondary  market includes  Burlington  City and Township,  Cream Ridge,
Wrightstown, Bordentown City, Mt. Holly and Rancocas and Springfield, Mansfield,
Bordentown,  Plumsted,  New Hanover, North Hanover,  Eastampton,  Hainesport and
Lumberton Townships.

     The  Company's  headquarters  are  located at Route 130 South and  Delaware
Avenue,  Roebling, New Jersey 08554, its main telephone number is (609) 499-9400
and its website address is www.roeblingbank.com.
                           --------------------

MARKET AREA AND COMPETITION

     Roebling  is  an  established,   densely  populated  blue-collar  community
characterized by a declining population and a higher proportion of retirees than
the nation as a whole.  The median age in Roebling is 36.9 years.  The estimated
median  household  income for 2004 was  $56,843.  New Egypt and  Westampton  are
developing  suburban markets with a lower population density than Roebling but a
higher  household growth rate. The median age in New Egypt is 36.0 years and the
median  household  income  for  2004  was  estimated  to be  $61,357,  while  in
Westampton  the median  age and  household  income  are 44.1 years and  $63,973,
respectively.

     Roebling  Bank has two of the four  branches  located in  Roebling  and had
approximately  71% of the  FDIC-insured  deposits  in  Roebling at June 30, 2005
according to data compiled by the FDIC. Two financial institutions,  including a
Trenton-based  community  bank,  however,  opened branches in the past few years
just  outside  the town  limits  and  Roebling  Bank has  experienced  increased
competition  for deposits from these new entrants.  Roebling Bank has one of the
two  branches  in New  Egypt  and  held  approximately  41% of the  FDIC-insured
deposits  there at June 30, 2005  according  to data  compiled by the FDIC.  The
foregoing data does not reflect deposits held by credit unions.

     The   competition   for  deposits   comes  from  other  insured   financial
institutions such as commercial banks,  thrift  institutions  (including savings
banks), credit unions and multi-state regional banks in the Bank's market areas.
Competition for funds also includes a number of insurance products sold by local
agents and investment products such as mutual funds and other securities sold by
local and  regional  brokers.  The Bank  maintains  and  attracts  customers  by
offering competitive interest rates and a high level of personal service.

LENDING ACTIVITIES

     The  Company's  principal  lending  activity  is the  origination  of loans
secured by real  property in Southern  New Jersey.  At September  30, 2005,  the
Bank's  loan  portfolio  included  $37.0  million  in loans  secured by liens on
one-to-four family properties, $16.5 million in home equity loans, $15.5 million
in loans  secured by  commercial  real estate,  $8.2 million in loans secured by
land or  properties  under  construction  and $2.1  million in loans  secured by
multi-family properties. To a lesser extent, the Bank also offers commercial and
consumer  loans.  Substantially  all of the  Bank's  borrowers  are  located  in
Southern New Jersey and could be expected to be  similarly  affected by economic
and other  conditions in this area.  The Company does not believe that there are
any other concentrations of loans or borrowers in its portfolio.

                                       -3-

<PAGE>

     LOAN  PORTFOLIO  COMPOSITION.  The following  table sets forth  information
concerning the composition of the Company's loan portfolio in dollar amounts and
in percentages of the total loan portfolio as of the dates indicated.
<TABLE>
<CAPTION>
                                                                             AT SEPTEMBER 30,
                                                   ---------------------------------------------------------------------
                                                         2005                      2004                      2003
                                                   -----------------      ---------------------     --------------------
                                                    $           %             $           %             $           %
                                                   ---         ---           ---         ---           ---         --
                                                                          (DOLLARS IN THOUSANDS)
<S>                                                <C>         <C>        <C>            <C>        <C>            <C>
Real estate loans:
  One-to-four family.........................      $36,956     45.59%     $34,041        51.25%     $32,470        58.18%
  Multi-family...............................        2,141      2.64        1,170         1.76          190         0.34
  Construction and land......................        8,226     10.15        3.271         4.93          497         0.89
  Commercial real estate ....................       15,479     19.09       10,505        15.82        5,970        10.70
                                                    ------    ------       ------       ------       ------       ------
    Total real estate loans..................       62,802     77.47       48,987        73.76       39,127        70.11
                                                    ------     -----       ------        -----       ------        -----
Consumer and other loans:
  Home equity................................       16,469     20.31       15,555        23.42       14,524        26.02
  Commercial.................................        1,578      1.95        1,531         2.30        1,711         3.07
  Other consumer.............................          220      0.27          344         0.52          449         0.80
                                                   -------    ------      -------       ------      -------       ------
    Total consumer and other loans...........       18,267     22.53       17,430        26.24       16,684        29.89
                                                    ------    ------       ------       ------       ------       ------

Total loans..................................       81,069    100.00%      66,417       100.00%      55,811       100.00%
                                                    ------    ======       ------       ======       ------       ======

Less:
  Loans in process...........................        3,919                  1,578                        --
  Net deferred loan origination fees (costs).           26                   (28)                      (24)
  Allowance for loan losses..................          573                    491                       473
                                                    ------                 ------                    ------

  Total loans, net...........................      $76,551                $64,376                   $55,362
                                                    ======                 ======                    ======
</TABLE>

     LOAN  MATURITY  TABLE.  The  following  table  sets  forth the  contractual
maturities of the Company's loan portfolio at September 30, 2005. The table does
not reflect  anticipated  prepayments  or scheduled  principal  repayments.  All
mortgage  loans are shown as maturing based on  contractual  maturities.  Demand
loans,  loans having no stated  schedule of payments and no stated  maturity and
overdrafts are shown as due in one year or less.  Amounts shown are net of loans
in process.
<TABLE>
<CAPTION>
                                                               DUE AFTER ONE
                                           DUE IN ONE          YEAR THROUGH             DUE AFTER
                                          YEAR OR LESS          FIVE YEARS             FIVE YEARS        TOTAL
                                          ------------          ----------             ----------        -----
                                                               (IN THOUSANDS)
<S>                                          <C>                   <C>                   <C>            <C>
Real estate loans:
  One-to-four family.................        $1,650                $1,184                $34,122        $36,956
  Multi-family.......................            70                     -                  2,071          2,141
  Construction and land..............         3,668                   428                    211          4,307
  Commercial real estate.............           956                 1,931                 12,592         15,479
Consumer and other loans:
  Home equity .......................           275                 2,798                 13,396         16,469
  Commercial.........................           527                   506                    545          1,578
  Other consumer ....................            24                    85                    111            220
                                              -----                 -----                 ------         ------
    Total............................        $7,170                $6,932                $63,048        $77,150
                                              =====                 =====                 ======         ======
</TABLE>

                                       -4-

<PAGE>
     The  following  table sets forth as of September 30, 2005 the dollar amount
of all loans due after  September 30, 2006,  which have fixed interest rates and
floating or adjustable interest rates.
<TABLE>
<CAPTION>
                                                                        FLOATING OR
                                                    FIXED RATES       ADJUSTABLE RATES       TOTAL
                                                    -----------       ----------------       -----
                                                                       (IN THOUSANDS)
<S>                                                   <C>                <C>                <C>
Real estate loans:
  One-to-four family real estate................      $22,100            $13,206            $35,306
  Multi-family..................................            -              2,071              2,071
  Construction and land.........................          211                428                639
  Commercial real estate........................        1,149             13,374             14,523
Consumer and other loans:
  Home equity ..................................        9,582              6,612             16,194
  Commercial ...................................          492                559              1,051
  Other consumer................................          146                 50                196
                                                       ------             ------             ------
    Total.......................................      $33,680            $36,300            $69,980
                                                       ======             ======             ======
</TABLE>

     ONE-TO-FOUR  FAMILY MORTGAGE LOANS. The Company offers first mortgage loans
secured  by  one-  to-four  family  residences  in  its  primary  lending  area.
Typically,  such  residences are  single-family  homes that serve as the primary
residence  of the owner.  The Company  requires  private  mortgage  insurance on
one-to-four,  owner-occupied  loans with a loan-to-value ratio in excess of 80%.
The Company currently offers fixed-rate and adjustable-rate  mortgage loans with
terms up to 40 years (the Company began offering  40-year loans in fiscal 2005).
The Company's adjustable-rate mortgage loans generally have terms of one year or
terms in which  interest  rates are  fixed for the first  three to ten years and
adjust  annually  thereafter  (e.g.  "3/1 ARM").  ARM loans are qualified at the
fully indexed mortgage rate as of the date of the commitment. The Company offers
such  loans in an  effort  to make its  assets  more  interest  rate  sensitive.
Interest rates charged on fixed-rate loans are competitively priced based on the
local  market.  The Company also offers  mortgage  loans on  non-owner  occupied
one-to-four  family  residences.  Such loans are generally offered with variable
rates or  balloons  which  typically  adjust or mature,  respectively,  within 5
years.  Renewal of balloon mortgage loans is based on the credit history as well
as the  current  qualification  of the  borrower  at the time of  renewal.  Loan
origination fees on loans are generally 0% to 3% of the loan amount depending on
the market rate and customer demand.

     The Company generally retains adjustable and shorter-term, fixed-rate loans
in its portfolio and sells qualifying longer-term fixed-rate loans to Fannie Mae
and retains the servicing  rights.  Generally,  fixed-rate loans have a 10 to 40
year term.  Non-conforming,  fixed-rate loans are both retained in the Company's
portfolio  and sold in the  secondary  market  to  private  entities,  servicing
released. At September 30, 2005 there were no loans classified as held for sale.
See "-- Loan Servicing, Purchases and Sales."

     CONSTRUCTION  AND LAND  LENDING.  The Company  originates  residential  and
commercial   construction   loans  and  loans  secured  by   undeveloped   land.
Construction loans are classified as either pre- sold or speculative real estate
loans at the time of origination, depending on whether a buyer is under contract
of sale. The Company's  construction lending activities generally are limited to
the counties  within or  surrounding  its primary market areas and are primarily
made to local  individuals  for the  purpose  of  constructing  their  primarily
single-family  residence,  to real estate builders or developers for the purpose
of constructing primarily single-family residential houses or developments or to
business customers for owner-occupied use. The Company's commercial construction
lending  generally  involves   multi-family   investment  properties  or  retail
buildings.  Land loans are  generally  made to builders and  developers  for the
purpose of constructing improvements thereon.

     The  Company's  construction  loans  generally  have  maturities of 6 to 18
months, with payments being made monthly on an interest-only basis. Construction
loan rates generally adjust monthly based on

                                       -5-

<PAGE>

the prime rate plus a margin of 1.0% to 3.0% and are generally made with maximum
loan-to-value  ratios of 80%.  Land loans  generally  have terms of less than 18
months,  loan-to-value  ratios of 50% or less and interest rates from 0% to 3.0%
over  prime.  It is the  Company's  policy to limit land loans to amounts not in
excess of what the developer can absorb in one year.

     Construction  lending is generally  considered to involve a higher level of
risk as compared to single- family residential lending, due to the concentration
of  principal  in a limited  number of loans and  borrowers  and the  effects of
general economic conditions on developers and builders. Moreover, a construction
loan  can  involve  additional  risks  because  of the  inherent  difficulty  in
estimating  both a  property's  value  at  completion  of the  project  and  the
estimated cost (including interest) of the project. The nature of these loans is
such  that they are  generally  more  difficult  to  evaluate  and  monitor.  In
addition,  speculative  construction  loans  to a  builder  are not  necessarily
pre-sold and thus pose a greater potential risk to the Company than construction
loans to individuals on their personal residences.  Land loans impose additional
risk because of the illiquidity of the security.

     To limit its risk on construction  and land loans, the Company requires the
involvement of an experienced  builder and requires personal guarantees from the
principals  of the borrower.  The Company seeks to further  mitigate the risk of
construction  lending by only disbursing funds on a pre-approved  draw schedule.
Advances are only made after  scheduled  work has been completed as confirmed by
an  independent  inspection.   In  addition,  all  construction  properties  are
appraised  on both  an "as  is"  and an "as  completed"  basis  to  ensure  that
unadvanced  funds will be  sufficient  to  complete  the  project.  The  Company
attempts to address the risks of land lending by requiring a loan-to-value ratio
no greater than 50%. In addition, the Company does not generally make land loans
on a speculative basis.

     COMMERCIAL  AND  MULTI-FAMILY  REAL ESTATE  LOANS AND  COMMERCIAL  BUSINESS
LOANS.  Commercial  real estate loans are  permanent  loans  secured by improved
property such as office buildings, churches, small business facilities and other
non-residential  buildings in the Company's  primary  market area.  Multi-family
residential loans are permanent loans served by residential buildings containing
five or more units.  Interest  rates on commercial  and  multi-family  loans are
generally  slightly higher than those offered on residential  loans.  Commercial
and multi-family real estate loans are generally  originated in amounts of up to
80%  of the  appraised  value  or  purchase  price  of  the  mortgaged  property
(whichever is lower).  The commercial and multi-family  real estate loans in the
Company's portfolio generally consist of balloon or adjustable-rate  loans which
were originated at prevailing market rates.

     The Company's  commercial  business loans are generally secured by business
assets, such as accounts receivable, or equipment and inventory, as well as real
estate. However, the collateral securing the loans may depreciate over time, may
be difficult to appraise, and may fluctuate in value based on the success of the
business.

     The Company's commercial business lending policy emphasizes (1) credit file
documentation,  (2) analysis of the  borrower's  character,  (3) analysis of the
borrower's  capacity  to repay the loan  (including  review of annual  financial
statements),  (4) adequacy of the  borrower's  capital and  collateral,  and (5)
evaluation of the industry  conditions  affecting the borrower.  Analysis of the
borrower's  past,  present and future cash flows is also an important  aspect of
the Company's credit analysis.  The Company requests annual financial statements
on all commercial loans.

     Unlike residential mortgage loans, which generally are made on the basis of
the  borrower's  ability to make  repayment from his or her employment and other
income and which are secured by real property with a value that tends to be more
easily ascertainable, commercial business loans typically are made on

                                       -6-

<PAGE>

the basis of the borrower's  ability to make repayment from the cash flow of the
borrower's business. As a result, the availability of funds for the repayment of
commercial  business loans may be substantially  dependent on the success of the
business  itself  (which is likely to be  dependent  upon the  general  economic
environment).

     CONSUMER  LOANS.  The  Company  originates  home  equity  loans  secured by
single-family   residences.   These  loans  are  made  only  on  owner-occupied,
single-family  residences and generally are originated as fixed-rate  loans with
terms of one to twenty years or variable- rate lines of credit tied to the prime
rate.  The  loans  are  generally  subject  to  an  80%  combined  loan-to-value
limitation  including any other  outstanding  mortgages or liens.  The Company's
remaining  consumer  loans consist  primarily of new and used mobile home loans,
new and used automobile loans, account loans and unsecured personal loans.

     The  Company  also  offers  high  loan-to-value  fixed-rate  and  non-owner
occupied  fixed-rate  equity loans.  Such loans are generally subject to loan to
value limitations of 90% and 70%, respectively,  including any other outstanding
mortgages or liens. These loans are for terms of one to seven years. The Company
will generally not take a position lower than a second lien.

     Due to the type and nature of the collateral and, in some cases the absence
of collateral,  consumer lending generally involves more credit risk compared to
one- to  four-family  residential  lending.  Consumer  lending  collections  are
typically dependent on the borrower's continuing financial stability,  and thus,
are more  likely to be  adversely  affected  by job loss,  divorce,  illness and
personal  bankruptcy.  Generally,  collateral  for  consumer  loans  depreciates
rapidly  and often  does not  provide an  adequate  source of  repayment  of the
outstanding loan balance. The Company attempts to limit its exposure in consumer
lending  by   emphasizing   home  equity   loans  with  the  Board   determining
loan-to-value ratios.

     LOANS-TO-ONE-BORROWER  LIMIT.  Under  federal  law, a federal  savings bank
generally  may not lend to one  borrower  in an amount  greater  than  higher of
$500,000 or 15% of its  unimpaired  capital and surplus.  At September 30, 2005,
our loans-to-one-borrower limit was approximately $1.9 million.

     At September 30, 2005,  the largest  amount of loans we had  outstanding to
any one borrower or group of borrowers was $1.7 million,  which consisted of one
loan secured by a hotel. Our next largest lending  relationship was $1.3 million
and  consisted  of  two  lines  of  credit  secured  by  residential  investment
properties and a loan secured by an office building.  At September 30, 2005, the
outstanding balance was $902,000.

     LOAN ORIGINATIONS AND APPROVAL  AUTHORITY.  Loan originations are generally
obtained from existing customers,  members of the local community, and referrals
from real estate brokers, lawyers,  accountants,  and current and past customers
within the Company's lending area.

     Upon receipt of any loan application from a prospective  borrower, a credit
report and verifications are ordered to confirm specific information relating to
the loan applicant's  employment,  income and credit  standing.  An appraisal or
valuation determination,  subject to regulatory requirements, of the real estate
intended to secure the proposed  loan is  undertaken.  The President has lending
authority to make mortgage  loans,  secured and  commercial  loans and unsecured
loans of up to  $200,000,  $100,000 and $5,000,  respectively,  while the Bank's
Chief  Operating  Officer and Loan Officers have lesser  lending  authorities to
make secured and unsecured loans. A Loan Officer Committee of management has the
authority to make secured loans up to $300,000. All other loans must be approved
by the Board of Directors. All loans originated or purchased are underwritten by
a lending officer, subject to the loan underwriting

                                       -7-

<PAGE>

policies as approved by the Board of Directors.  All  purchased  and  originated
loans are approved or ratified by the Board of Directors.

     Loan  applicants  are  promptly  notified of the  decision of the  Company,
setting forth the terms and conditions of the decision. If approved, these terms
and conditions include the amount of the loan, interest rate basis, amortization
term, a brief  description  of the real estate to be mortgaged or the collateral
to be pledged and the notice  requirement of insurance coverage to be maintained
to protect the Company's  interest.  The Company  requires title  insurance or a
title  opinion on first  mortgage  loans and fire and casualty  insurance on all
properties  securing loans, which insurance must be maintained during the entire
term of the loan. The Company also requires flood insurance, if appropriate,  in
order to protect the Company's interest in the security property. Mortgage loans
originated  and  purchased  by the Company in its  portfolio  generally  include
due-on-sale  clauses that provide the Company with the contractual right to deem
the loan  immediately  due and payable in the event that the borrower  transfers
ownership of the property without the Company's consent.

     LOAN  SERVICING,  PURCHASES  AND SALES.  The Company  services the loans it
originates  for its loan  portfolio.  Loan  servicing  includes  collecting  and
remitting  loan  payments,   accounting  for  principal  and  interest,   making
inspections as required of mortgaged premises, contacting delinquent mortgagors,
supervising  foreclosures  and property  dispositions in the event of unremedied
defaults,  and generally  administering the loans. Funds that have been escrowed
by  borrowers  for the payment of  mortgage-related  expenses,  such as property
taxes and hazard and  mortgage  insurance  premiums,  are  maintained  in escrow
accounts at the Bank.

     The Company generally underwrites  fixed-rate,  one-to-four family mortgage
loans  pursuant to Fannie Mae  guidelines  to  facilitate  sale in the secondary
market.   Fixed-rate  mortgage  loans  may  be  sold  with  servicing  retained.
Non-conforming,  fixed-rate  loans are generally sold in the secondary market to
private  entities,  and the servicing of such loans is not retained.  Commercial
purpose  loans  or  participations  may  be  sold,   generally  to  stay  within
loan-to-one-borrower  limits and generally with servicing  retained.  During the
year ended  September 30, 2005, the Company sold $988,000 of one-to-four  family
mortgage loans.  The Company had no loans  held-for-sale  at September 30, 2005.
The  Company  recognized  loan  servicing  fees of  $20,000  for the year  ended
September 30, 2005. As of September 30, 2005,  loans serviced for others totaled
$7.7 million.

     The  Company  sells   participations   in  its   commercial   real  estate,
multi-family and construction loans to other banks and purchases  participations
in commercial real estate, multi-family and construction loans from other banks.
Roebling Bank also purchases  participations in affordable housing and community
development  loans originated by the Thrift  Institutions  Community  Investment
Corporation of New Jersey  ("TICIC").  Participations  are sold without recourse
and are  accounted  for as sales in accordance  with SFAS 140,  "Accounting  for
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities."
Participation  agreements  generally give  transferees the right to pledge their
ownership  interests.  A right of first refusal is required to be given to other
participants before ownership interests are sold or assigned.

                                       -8-

<PAGE>

     LOAN  COMMITMENTS.  The Company issues  written  commitments to prospective
borrowers on all approved  mortgage loans which generally  expire within 30 days
of the date of issuance.  The Company  charges a lock-in fee to lock in mortgage
rates. In some instances,  after a review of the rate, terms, and circumstances,
commitments may be renewed or extended up to 60 days. At September 30, 2005, the
Company had $8.9 million of outstanding  commitments to fund loans, $7.8 million
of unused lines of credit, and $132,000 in outstanding letters of credit.

NON-PERFORMING AND PROBLEM ASSETS

     LOAN DELINQUENCIES. The Company's collection procedures provide that when a
loan is 15 days past due, a delinquent notice is sent to the borrower and a late
charge is imposed in accordance with the loan documents. If the payment is still
delinquent  after  approximately  60 days, the borrower will receive a notice of
default establishing a date by which the borrower must bring the account current
or foreclosure proceedings will be instituted.  Written notices are supplemented
with  telephone  calls to the  borrower.  If the loan  continues in a delinquent
status for 90 days and no  repayment  plan is in effect,  the  account is turned
over to an attorney for collection or  foreclosure  and the borrower is notified
when foreclosure has been commenced.

     Uncollected  interest on loans that are  contractually  past due is charged
off, or an allowance is established based on management's  periodic  evaluation.
The  allowance  is  established  by a charge to  interest  income  and income is
subsequently  recognized  only to the extent  that cash  payments  are  received
until,  in  management's  judgment,  the  borrower's  ability  to make  periodic
interest  and  principal  payments is  reestablished,  in which case the loan is
returned to accrual status. At a minimum, an allowance is generally  established
for all interest payments that are more than 90 days delinquent.

                                       -9-

<PAGE>

     NON-PERFORMING ASSETS. The following table sets forth information regarding
non-accrual loans and real estate owned, as of the dates indicated.  The Company
has no loans categorized as troubled debt  restructurings  within the meaning of
the Statement of Financial  Accounting Standards ("SFAS") No. 15 and no impaired
loans within the meaning of SFAS No. 114, as amended by SFAS No. 118.
<TABLE>
<CAPTION>
                                                             AT SEPTEMBER 30,
                                                          ---------------------
                                                           2005    2004    2003
                                                          -----    ----    ----
                                                          (DOLLARS IN THOUSANDS)
<S>                                                       <C>      <C>     <C>
Loans accounted for on a non-accrual basis:
  Mortgage loans:
    One-to-four family residential real estate ........   $  56    $ 58    $ --
  Consumer and other loans:
    Home equity .......................................      --      36      25
    Other consumer ....................................       2       4      --
                                                          -----    ----    ----
      Total non-accrual loans .........................   $  58    $ 98    $ 25
                                                          =====    ====    ====
Accruing loans contractually past due 90 days or more:
  Mortgage loans:
    One-to-four family residential real estate ........   $  --    $ 65    $ --
  Consumer and other loans:
    Home equity .......................................      --      --      55
    Other consumer ....................................      --      --      --
                                                          -----    ----    ----
      Total accruing loans contractually past due
        90 days or more ...............................   $  --    $ 65    $ 55
                                                          =====    ====    ====
Total non-performing loans ............................   $  58    $163    $ 80
                                                          =====    ====    ====
Real estate owned .....................................   $  --    $ --    $ --
                                                          =====    ====    ====
Total non-performing assets ...........................   $  58    $163    $ 80
                                                          =====    ====    ====
Total non-performing loans to net loans ...............    0.08%   0.25%   0.14%
                                                          =====    ====    ====
Total non-performing assets to total assets ...........    0.05%   0.17%   0.09%
                                                          =====    ====    ====
</TABLE>

     Non-accrual  loans at  September  30,  2005  consisted  of two loans to two
unrelated  borrowers totaling $58,000. At September 30, 2005, the Company had no
loans which are not  disclosed in the above table as to which known  information
about possible  credit problems of borrowers  caused  management to have serious
doubts about the ability of such borrowers to comply with present loan repayment
terms.  Approximately  $2,000  of the  allowance  for  loan  losses  related  to
non-performing loans at September 30, 2005.

     CLASSIFIED ASSETS. Office of Thrift Supervision ("OTS") regulations provide
for a classification  system for problem assets of insured  institutions.  Under
this  classification   system,   problem  assets  of  insured  institutions  are
classified  as  "substandard,"  "doubtful,"  or "loss."  An asset is  considered
substandard  if it is  inadequately  protected by the current  equity and paying
capacity of the obligor or of the collateral pledged, if any. Substandard assets
include  those  characterized  by the  "distinct  possibility"  that the insured
institution  will sustain  "some loss" if the  deficiencies  are not  corrected.
Assets  classified  as  doubtful  have all of the  weaknesses  inherent in those
classified as  substandard,  with the added  characteristic  that the weaknesses
present  make  "collection  or  liquidation  in full," on the basis of currently
existing facts,  conditions,  and values,  "highly questionable and improbable."
Assets  classified  as loss are  those  considered  "uncollectible"  and of such
little value that their continuance as assets without the

                                      -10-

<PAGE>

establishment  of a  specific  loss  reserve  is not  warranted.  Assets  may be
designated  "special  mention"  because of a  potential  weakness  that does not
currently warrant classification.

     When an insured institution classifies problem assets as either substandard
or doubtful,  it may establish  general  allowances for loan losses in an amount
deemed prudent by management. General allowances represent loss allowances which
have been  established  to recognize the inherent risk  associated  with lending
activities,  but which, unlike specific  allowances,  have not been allocated to
particular problem assets. When an insured institution classifies problem assets
as loss, it is required  either to establish a specific  allowance equal to 100%
of that  portion of the asset so  classified  or to charge off such  amount.  An
institution's  determination  as to the  classification  of its  assets  and the
amount of its valuation  allowances  is subject to review by the OTS,  which may
order the  establishment of additional  general or specific loss  allowances.  A
portion of general loss allowances established to cover losses related to assets
classified  as  substandard  or doubtful or to cover risks of lending in general
may be included as part of an institution's  regulatory capital,  while specific
allowances generally do not qualify as regulatory capital.

     The  following  table  sets  forth  the  Company's   classified  assets  in
accordance with its classification system:


                                  AT SEPTEMBER 30, 2005
                                  ---------------------
                                     (IN THOUSANDS)

Special Mention..................       $1,174
Substandard......................            -
Doubtful.........................            -
Loss.............................            2
                                        ------
Total............................       $1,176
                                         =====

     Approximately $58,000 of classified assets were reflected as non-performing
loans in the table in the prior section.  Approximately $13,000 of the allowance
for loan losses is allocated to the above classified assets.

     ALLOWANCE  FOR LOAN  LOSSES.  A  provision  for loan  losses is  charged to
operations  based on management's  evaluation of the losses that may be incurred
in the Company's loan portfolio. Such evaluation, which includes a review of all
loans  of  which  full  collectibility  of  interest  and  principal  may not be
reasonably assured, considers the Company's past loan loss experience, known and
inherent  risks  in the  portfolio,  adverse  situations  that  may  affect  the
borrower's ability to repay, estimated value of any underlying  collateral,  any
existing guarantees,  past performance of the loan, available  documentation for
the loan, legal impediments to collection,  financial condition of the borrower,
and current economic conditions.

     Our  methodology  for analyzing  the allowance for loan losses  consists of
several components.  Specific allocations are made for loans that are determined
to be impaired.  A loan is considered to be impaired when it is probable that we
will be unable to collect all amounts due according to the contractual  terms of
the loan agreement. For such loans, a specific allowance is established when the
present value of expected future cash flows or the fair value of the collateral,
adjusted for selling expenses,  is less than the carrying value of the loan. The
general  allocation is determined by segregating the remaining loans into groups
by type and purpose of loan and  applying a loss factor to each group.  The loss
factor is based on inherent losses associated with each type of lending, as well
as  historical  loss  factors.   For  example,   losses  on  one-to-four  family
residential loans are generally lower than consumer or commercial loans. We

                                      -11-

<PAGE>

also look at the level of our allowance in proportion to nonperforming loans and
total loans. We have  established an overall ratio range that we have determined
is prudent  based on historical  and industry  data.  An  unallocated  allowance
represents  the  excess  of  the  total  allowance,  determined  to  be  in  the
established range, over the specific and general allocations.

     The Company has used the same  methodology  in analyzing  its  allowance in
each of the periods  presented.  The  increase in the  allowance  in each of the
periods is primarily attributable to the increase in the loan portfolio balance,
which  increased to $77.2 million at September  30, 2005,  from $64.9 million at
September 30, 2004.  In 2004 we increased  the loss factor  applied to each loan
group to calculate  the amount of the general  allocation.  The reasons for this
include a shift in the  composition  of the loan  portfolio to a higher level of
commercial real estate,  construction and land, and multifamily loans as well as
several factors  related to the economy and the local real estate market,  where
the  majority  of our  loans are  concentrated.  A shift in the  portfolio  from
one-to-four   family  residential  loans  to  other  types  of  residential  and
commercial loans leads to an inherent  increase in credit risk based on the type
of loans.  The  allowance  for loan  losses was 0.74%,  0.76% and 0.85% of total
loans  outstanding  at September 30, 2005,  September 30, 2004 and September 30,
2003, respectively.

     The  Company  charges  off  loans  when   collectibility   is  sufficiently
questionable  such that we can no longer justify showing the loan as an asset on
the balance  sheet.  To  determine if a loan should be charged off, all possible
sources of repayment are  analyzed.  Possible  sources of repayment  include the
value of the underlying collateral,  the strength of co-makers or guarantors and
the potential for future cash flow. If management  determines that a loan should
be  charged  off,  a  recommendation  is  presented  to the Board of  Directors.
Collection  efforts  continue  after a loan has  been  charged  off to  maximize
recovery of charged off amounts.

     Management  will continue to review the entire loan  portfolio to determine
the extent,  if any, to which further  additional  loss provisions may be deemed
necessary.  While we  believe  that we use the  best  information  available  to
perform our loan loss  allowance  analysis,  adjustments to the allowance in the
future may be  necessary.  Changes in underlying  estimates  could result in the
requirement for additional  provisions for loan losses.  For example,  a rise in
delinquency  rates may cause us to increase the reserve  percentages we apply to
loan groups for  purposes of  calculating  general  allocations,  or may require
additional  specific  allocations for impaired  loans. In addition,  actual loan
losses may be significantly more than the reserves we have established.  Each of
these scenarios would require the addition of additional provisions, which could
have a material negative effect on our financial results.


                                      -12-

<PAGE>

     ACTIVITY IN THE ALLOWANCE FOR LOAN LOSSES.  The following  table sets forth
information with respect to activity in the Company's  allowance for loan losses
for the periods indicated:
<TABLE>
<CAPTION>
                                                             YEAR ENDED SEPTEMBER 30,
                                                        ----------------------------------
                                                          2005         2004         2003
                                                        --------     --------     --------
                                                              (DOLLARS IN THOUSANDS)
<S>                                                     <C>          <C>          <C>
Total loans outstanding(1) ..........................   $ 77,124     $ 64,867     $ 55,835
                                                        ========     ========     ========
Average loans outstanding ...........................   $ 68,318     $ 59,645     $ 51,466
                                                        ========     ========     ========
Allowance balances (at beginning of period) .........   $    491     $    473     $    409
                                                        --------     --------     --------
Charge-offs:
  Consumer ..........................................         (7)          (7)          (7)
Recoveries:
  Consumer ..........................................       --              3           11
                                                        --------     --------     --------
  Net charge-offs ...................................         (7)          (4)           4
Provisions ..........................................         89           22           60
                                                        --------     --------     --------
Allowance balance (at end of period) ................   $    573     $    491     $    473
                                                        ========     ========     ========
Allowance for loan losses as a percent of total loans
   outstanding ......................................       0.74%        0.76%        0.85%
                                                        ========     ========     ========
Net charge-offs as a percentage of average loans
   outstanding ......................................       0.01%        0.01%       (0.01)%
                                                        ========     ========     ========
<FN>
_________
(1) Excludes allowance for loan losses.
</FN>
</TABLE>

     ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES. The following table sets forth
the allocation of the allowance by category,  which  management  believes can be
allocated only on an approximate  basis. The allocation of the allowance to each
category is not necessarily  indicative of future loss and does not restrict the
use of the allowance to absorb losses in any category.
<TABLE>
<CAPTION>
                                                                  AT SEPTEMBER 30,
                                --------------------------------------------------------------------------------------
                                          2005                          2004                           2003
                                -------------------------     -------------------------      -------------------------
                                             PERCENT OF                    PERCENT OF                      PERCENT OF
                                            LOANS IN EACH                 LOANS IN EACH                  LOANS IN EACH
                                             CATEGORY TO                   CATEGORY TO                    CATEGORY TO
                                AMOUNT       TOTAL LOANS      AMOUNT       TOTAL LOANS       AMOUNT       TOTAL LOANS
                                ------       -----------      ------       -----------       ------       -----------
                                                               (DOLLARS IN THOUSANDS)
<S>                              <C>             <C>           <C>             <C>            <C>             <C>
One-to-four family (1).....      $295             65.90%       $258             74.67%        $190             84.20%
Multi-family...............        24              2.64          13              1.76            2              0.34
Construction and land......        47             10.15          19              4.93            5              0.89
Commercial real estate.....       170             19.09         115             15.82           60             10.70
Commercial.................        17              1.95          17              2.30           17              3.07
Consumer...................        13              0.27          22              0.52            6              0.80
Unallocated................         7                --          47                --          193                --
                                  ---            ------         ---            ------          ---            ------
  Total....................      $573            100.00%       $491            100.00%        $473            100.00%
                                  ===            ======         ===            ======          ===            ======
<FN>

----------
(1) Includes home equity loans.
</FN>
</TABLE>

                                      -13-

<PAGE>

INVESTMENT ACTIVITIES

     The Bank is  required  to  maintain  a  sufficient  level of liquid  assets
(including  specified short-term  securities and certain other investments),  as
determined by management and defined and reviewed for adequacy by the OTS during
its regular  examinations.  The OTS, however, does not prescribe by regulation a
minimum amount or percentage of liquid assets. The level of liquid assets varies
depending  upon  several  factors,  including:  (i)  the  yields  on  investment
alternatives,  (ii) management's judgment as to the attractiveness of the yields
then available in relation to other  opportunities,  (iii) expectation of future
yield levels, and (iv) management's  projections as to the short-term demand for
funds  to  be  used  in  loan  origination  and  other  activities.   Investment
securities,  including mortgage-backed securities, are classified at the time of
purchase,  based upon management's  intentions and abilities, as securities held
to maturity or securities  available for sale. Debt securities acquired with the
intent and ability to hold to maturity  are  classified  as held to maturity and
are stated at cost and adjusted for  amortization  of premiums and  accretion of
discounts,  which are computed  using the level yield method and  recognized  as
adjustments  of interest  income.  All other debt  securities  are classified as
available for sale to serve  principally as a source of liquidity.  At September
30, 2005,  the Company had no  securities  of a single  issuer,  excluding  U.S.
government and agency securities, that exceeded 10% of stockholder's equity.

     Current   regulatory  and  accounting   guidelines   regarding   investment
securities  (including  mortgage-  backed  securities)  require us to categorize
securities  as "held to  maturity,"  "available  for sale" or  "trading."  As of
September  30, 2005,  we had  securities  classified  as "held to maturity"  and
"available-for-sale" in the amount of $558,000 and $27.2 million,  respectively,
and  had  no  securities  classified  as  "trading."  Securities  classified  as
"available for sale" are reported for financial  reporting  purposes at the fair
market value with net changes in the market value from period to period included
as a  separate  component  of  stockholders'  equity,  net of income  taxes.  At
September 30, 2005, our  securities  available for sale had an amortized cost of
$27.6 million and market value of $27.2 million.  The changes in market value in
our  available-for-sale  portfolio  reflect  normal market  conditions and vary,
either positively or negatively, based primarily on changes in general levels of
market  interest rates  relative to the yields of the  portfolio.  Additionally,
changes in the market value of securities  available-for-sale  do not affect our
income nor does it affect  the Bank's  regulatory  capital  requirements  or its
loan-to-one borrower limit.

     At September 30, 2005, the Company's  investment  portfolio  policy allowed
investments in instruments  such as: (i) U.S.  Treasury  obligations;  (ii) U.S.
federal agency or federally sponsored agency obligations;  (iii) local municipal
obligations;  (iv) mortgage-backed  securities;  (v) banker's acceptances;  (vi)
certificates of deposit;  (vii)  investment  grade corporate  bonds;  and (viii)
commercial paper. The Board of Directors may authorize additional investments.

     As  a  source  of  liquidity  and  to  supplement  the  Company's   lending
activities,  we  have  invested  in  residential   mortgage-backed   securities.
Mortgage-backed  securities can serve as collateral for borrowings and,  through
repayments,  as a source of liquidity.  Mortgage-backed  securities  represent a
participation  interest in a pool of  single-family  or other type of mortgages.
Principal  and  interest  payments  are passed  from the  mortgage  originators,
through  intermediaries  (generally  quasi-governmental  agencies) that pool and
repackage the  participation  interests in the form of securities,  to investors
like us. The quasi- governmental agencies, which include Ginnie Mae, Freddie Mac
and Fannie Mae, guarantee the payment of principal and interest to investors.

     Mortgage-backed  securities  typically  are issued  with  stated  principal
amounts.  The  securities  are backed by pools of mortgages that have loans with
interest  rates that are  within a set range and have  varying  maturities.  The
underlying pool of mortgages can be composed of either fixed-rate or adjustable-

                                      -14-

<PAGE>

rate mortgage  loans.  Mortgage-backed  securities are generally  referred to as
mortgage participation certificates or pass-through  certificates.  The interest
rate risk  characteristics of the underlying pool of mortgages (i.e., fixed rate
or adjustable  rate) and the prepayment  risk, are passed on to the  certificate
holder. The life of a mortgage-backed pass-through security is equal to the life
of the underlying  mortgages.  Expected  maturities will differ from contractual
maturities due to repayments and because borrowers may have the right to call or
prepay  obligations  with  or  without  prepayment  penalties.   Mortgage-backed
securities  issued by Ginnie Mae, Freddie Mac, and Fannie Mae make up a majority
of the pass-through certificates market.

     The  Company  also  invests  in  mortgage-related   securities,   primarily
collateralized mortgage obligations,  issued or sponsored by Ginnie Mae, Freddie
Mac,  and  Fannie  Mae,  as well as  private  issuers.  Collateralized  mortgage
obligations are a type of debt security that  aggregates  pools of mortgages and
mortgage-backed  securities  and  creates  different  classes of  collateralized
mortgage   obligation   securities  with  varying  maturities  and  amortization
schedules as well as a residual interest,  with each class having different risk
characteristics.  The cash  flows from the  underlying  collateral  are  usually
divided into "tranches" or classes whereby  tranches have descending  priorities
with  respect to the  distribution  of principal  and interest  repayment of the
underlying  mortgages and mortgage-backed  securities as opposed to pass through
mortgage-backed  securities  where  cash flows are  distributed  pro rata to all
security  holders.  Unlike  mortgage-backed  securities  from which cash flow is
received and prepayment risk is shared pro rata by all securities holders,  cash
flows   from   the   mortgages   and   mortgage-backed   securities   underlying
collateralized  mortgage obligations are paid in accordance with a predetermined
priority  to  investors   holding   various   tranches  of  such  securities  or
obligations.  A particular  tranche or class may carry prepayment risk which may
be  different  from  that  of the  underlying  collateral  and  other  tranches.
Collateralized  mortgage  obligations  attempt  to  moderate  reinvestment  risk
associated  with   conventional   mortgage-backed   securities   resulting  from
unexpected prepayment activity.

     INVESTMENT  PORTFOLIO  COMPOSITION.  The  following  table  sets  forth the
carrying  value of the Company's  investment  securities  portfolio at the dates
indicated.
<TABLE>
<CAPTION>

                                                                            AT SEPTEMBER 30,
                                                                  -----------------------------------
                                                                    2005         2004          2003
                                                                  -------      -------        -------
                                                                             (IN THOUSANDS)
<S>                                                               <C>          <C>            <C>
Investment securities held-to-maturity:
  U.S. government and agency securities......................     $   104      $   175        $   260
  Corporate and municipal debt instruments...................           -          140            526
  Mortgage-backed securities (1).............................         454          664          1,016
                                                                  -------      -------        -------
       Total investment securities held-to-maturity..........         558          979          1,802
                                                                  -------      -------        -------
Investment securities available-for-sale:
  U.S. government and agency securities......................      21,047       17,520         15,656
  Fannie Mae stock...........................................          18           25             28
  Mortgage-backed securities.................................       6,095        6,627          8,200
                                                                  -------      -------        -------
       Total investment securities available-for-sale........      27,160       24,172         23,884
                                                                   ------       ------         ------
Total investment securities..................................     $27,718      $25,151        $25,686
                                                                   ======       ======         ======
<FN>
-------------
(1)  Includes  collateralized  mortgage  obligations  of $53,000,  $100,000  and
     $217,000 at September 30, 2005, 2004 and 2003, respectively.
</FN>
</TABLE>

                                      -15-

<PAGE>

     INVESTMENT  PORTFOLIO  MATURITIES.  The following  table sets forth certain
information   regarding  the  carrying  values,   weighted  average  yields  and
contractual   maturities  of  the  Company's   investment  and   mortgage-backed
securities portfolio at September 30, 2005.
<TABLE>
<CAPTION>
                                                                  AT SEPTEMBER 30, 2005 (1)
                                             ---------------------------------------------------------------------
                                               ONE YEAR OR LESS        ONE TO FIVE YEARS        FIVE TO TEN YEARS
                                             -------------------      -------------------      -------------------
                                             CARRYING    AVERAGE      CARRYING    AVERAGE      CARRYING    AVERAGE
                                               VALUE      YIELD         VALUE      YIELD        VALUE       YIELD
                                               -----      -----         -----      -----        -----       -----
                                                               (DOLLARS IN THOUSANDS)
<S>                                         <C>           <C>        <C>          <C>        <C>            <C>
Investment securities held-to-maturity:
  U.S. government and agency
     securities..........................     $   --         --%      $    --        --%      $  104         4.34%
  Corporate and municipal debt
     instruments(2).....................          --         --            --        --           --           --
  Mortgage-backed securities.............         --         --            70      5.10           86         4.70
                                               -----                    -----                 ------
       Total investment securities
           held-to-maturity .............         --         --            70      5.10          190         4.50
                                               -----                   ------                 ------


Investment securities available-for-sale:
  U.S. government and agency securities..      1,475       2.21        18,835      3.36          737         4.38
  Mortgage-backed securities.............         22       6.00         1,931      4.27        1,724         3.90
                                               -----                   ------                  -----
       Total investment securities
           available-for-sale............      1,497       2.27        20,766      3.45        2,461         4.04
                                               -----                   ------                  -----

  Total investment securities............     $1,497       2.27%      $20,836      3.45%      $2,651         4.08%
                                               =====                   ======                  =====
<CAPTION>
                                                                 AT SEPTEMBER 30, 2005 (1)
                                                  ----------------------------------------------------------------
                                                   MORE THAN TEN YEARS           TOTAL INVESTMENT SECURITIES
                                                  ----------------------      ------------------------------------
                                                  CARRYING       AVERAGE      CARRYING       AVERAGE        MARKET
                                                    VALUE         YIELD         VALUE         YIELD         VALUE
                                                    -----         -----         -----         -----         -----
                                                                     (DOLLARS IN THOUSANDS)
<S>                                                <C>             <C>          <C>            <C>           <C>
Investment securities held-to-maturity:
  U.S. government and agency
     securities..........................           $   --            --%      $   104         4.34%        $   105
  Corporate and municipal debt
     instruments(2).....................                --            --            --           --              --
  Mortgage-backed securities.............              298          5.15           454         5.06             460
                                                     -----                      ------                       ------
       Total investment securities
           held-to-maturity .............              298          5.15           558         4.92             565
                                                     -----                      ------                       ------


Investment securities available-for-sale:
  U.S. government and agency securities..               --            --        21,047         3.32          21,047
  Mortgage-backed securities.............            2,418          3.98         6,095         4.06           6,095
                                                     -----                      ------                       ------
       Total investment securities
           available-for-sale............            2,418          3.98        27,142         3.48          27,142
                                                     -----                      ------                       ------

  Total investment securities............           $2,716          4.11%      $27,700         3.51%        $27,707
                                                     =====                      ======                       ======
<FN>
--------------
(1)  The table  does not  include  Fannie  Mae  stock,  which is  classified  as
     available-for-sale.  See "-- Investment Portfolio." (2) Tax-exempt interest
     is not presented on a taxable equivalent basis.
</FN>
</TABLE>
                                      -16-

<PAGE>

SOURCES OF FUNDS

     GENERAL.  Deposits are the major external source of the Company's funds for
lending and other investment  purposes.  The Company also derives funds from the
amortization and prepayment of loans and mortgage-backed securities,  maturities
and calls of investment securities,  borrowings, and operations.  Scheduled loan
principal  repayments  are a relatively  stable  source of funds,  while deposit
inflows and outflows,  loan  prepayments  and security  calls are  significantly
influenced by general interest rates and market conditions.

     DEPOSITS.  Consumer and commercial deposits are attracted  principally from
within the Company's  primary market area through the offering of a selection of
deposit instruments including checking accounts,  savings accounts, money market
accounts, and term certificate accounts. Deposit account terms vary according to
the minimum balance required,  the time period the funds must remain on deposit,
and the interest rate,  among other factors.  At September 30, 2005, the Company
had no brokered deposits.

     CERTIFICATES  OF DEPOSIT.  The following  table indicates the amount of the
Company's  certificates  of deposit of  $100,000  or more by the time  remaining
until maturity as of September 30, 2005.

                                                                   CERTIFICATES
                                                                    OF DEPOSIT
MATURITY PERIOD                                                   (IN THOUSANDS)
---------------                                                   --------------
Within three months ...........................................    $  592
Over three months through six months ..........................     1,052
Over six months through twelve months .........................       920
Over twelve months ............................................     2,475
                                                                   ------
                                                                   $5,039
                                                                   ======

     BORROWINGS. The Company may obtain advances from the Federal Home Loan Bank
of New York ("FHLB") to supplement its supply of lendable  funds.  Advances from
the FHLB are typically  secured by a pledge of the  Company's  stock in the FHLB
and a portion of the Company's  mortgage loan and  securities  portfolios.  Each
FHLB  borrowing has its own interest rate,  which may be fixed or variable,  and
range of  maturities.  The  Company,  if the need  arises,  may also  access the
Federal  Reserve Bank discount window to supplement its supply of lendable funds
and to meet deposit withdrawal requirements.  At September 30, 2005, the Company
had $8 million of fixed-rate  advances  outstanding with a weighted average rate
of 4.15% and contractual maturities ranging from two to five years.


                                      -17-

<PAGE>

     The  following  table  sets forth the  maximum  month-end  balance  and the
average  balance of short- term FHLB advances for the periods  indicated.  These
borrowings were advanced against the overnight line of credit.
<TABLE>
<CAPTION>
                                            AT OR FOR THE YEAR ENDED SEPTEMBER 30,
                                            --------------------------------------
                                                 2005        2004        2003
                                                 ----        ----        ----
                                                    (DOLLARS IN THOUSANDS)
<S>                                              <C>         <C>        <C>
Average balance outstanding ................     $  638      $  723     $    9
Maximum balance at end of any month ........      3,400       3,500      1,200
Balance outstanding end of period ..........      2,000          --      1,200
Weighted average rate during period ........       2.82%       1.26%      1.58%
Weighted average rate at end of period .....       4.11%         --%      1.21%
</TABLE>

PERSONNEL

     As of  September  30, 2005,  the Company had 27 full-time  and 22 part-time
employees.  None of the  Company's  employees  are  represented  by a collective
bargaining  group. The Company believes that its relationship with its employees
is good.

                           REGULATION AND SUPERVISION

     Set forth below is a brief  description of certain laws which relate to the
regulation of the Bank and the Company.  The description  does not purport to be
complete and is qualified  in its entirety by reference to  applicable  laws and
regulations.

REGULATION OF THE BANK

     GENERAL. As a federally chartered savings bank with deposits insured by the
Savings  Association  Insurance Fund ("SAIF"),  the Bank is subject to extensive
regulation by the OTS and the Federal Deposit  Insurance  Corporation  ("FDIC").
Lending  activities  and other  investments  must comply with  federal and state
statutory  and  regulatory  requirements.  The Bank is also  subject  to reserve
requirements of the Federal Reserve System.  Federal  regulation and supervision
establishes a comprehensive  framework of activities in which an institution can
engage and is intended  primarily for the protection of the SAIF and depositors.
The  regulatory  structure  also  gives  the  regulatory  authorities  extensive
discretion in connection with their  supervisory and enforcement  activities and
examination  policies,  including policies with respect to the classification of
assets and the  establishment  of adequate  loan loss  reserves  for  regulatory
purposes.

     The OTS regularly  examines the Bank and prepares reports for consideration
by the Bank's Board of Directors on  deficiencies,  if any,  found in the Bank's
operations.  The Bank's  relationship  with its depositors and borrowers is also
regulated by federal and state law,  especially in such matters as the ownership
of savings accounts and the form and content of the Bank's mortgage documents.

     The Bank must file  reports  with the OTS  concerning  its  activities  and
financial condition, and must obtain regulatory approvals prior to entering into
certain  transactions  such as mergers with or  acquisitions  of other financial
institutions.  Any change in such  regulations,  whether by the OTS, the FDIC or
the United States  Congress,  could have a material  adverse impact on the Bank,
the Company, and their operations.


                                      -18-

<PAGE>

     FEDERAL DEPOSIT INSURANCE.  The FDIC is an independent  federal agency that
insures the deposits,  up to prescribed  statutory  limits, of federally insured
banks and savings  institutions  and  safeguards the safety and soundness of the
banking and savings industries. Two separate insurance funds, the Bank Insurance
Fund ("BIF") for commercial banks,  state savings banks and some federal savings
banks, and the SAIF for savings associations, are maintained and administered by
the FDIC. The Bank is a member of the SAIF and its deposit  accounts are insured
by the FDIC, up to the prescribed  limits.  The FDIC has  examination  authority
over all insured  depository  institutions,  including the Bank,  and has, under
certain  circumstances,   authority  to  initiate  enforcement  actions  against
federally insured savings institutions to safeguard safety and soundness and the
deposit insurance fund.

     ASSESSMENTS.  For the deposit insurance  coverage provided by the FDIC, the
Bank pays  assessments  to the FDIC under a  risk-based  assessment  system that
takes into  account its capital and  supervisory  considerations.  The FDIC sets
assessments for deposits insured by the SAIF or the BIF to maintain the targeted
designated  reserve ratio in that fund.  In addition,  the FDIC is authorized to
levy emergency  special  assessments  on BIF and SAIF members.  The FDIC set the
annual deposit insurance assessment rates for SAIF-member  institutions for 2005
at rates ranging from 0% of insured deposits for  well-capitalized  institutions
with  the  highest   supervisory  ratings  to  0.27%  of  insured  deposits  for
institutions  in  the  worst  risk  assessment  classification.   The  insurance
assessment rate for most SAIF-member institutions is currently 0%.

     In addition, all FDIC-insured  institutions are required to pay assessments
to the  FDIC  to  fund  interest  payments  on  bonds  issued  by the  Financing
Corporation  ("FICO"),  an  agency  of the  Federal  government  established  to
recapitalize the predecessor to the SAIF. The FICO assessment  rates,  which are
determined quarterly,  averaged .0142% of insured deposits in fiscal 2005. These
assessments will continue until the FICO bonds mature in 2017.

     REGULATORY CAPITAL  REQUIREMENTS.  OTS capital  regulations require savings
institutions to meet three capital standards: (1) tangible capital equal to 1.5%
of adjusted  total assets,  (2) Tier 1, or "core,"  capital equal to at least 4%
(3% if the institution has received the highest rating, "composite 1 CAMELS," on
its most  recent  examination)  of adjusted  total  assets,  and (3)  risk-based
capital equal to 8% of total risk- weighted assets.

     Tangible  capital is defined as core  capital  less all  intangible  assets
(including  supervisory  goodwill),  less certain mortgage  servicing rights and
less certain investments. Core capital is defined as common stockholders' equity
(including  retained  earnings),  noncumulative  perpetual  preferred  stock and
minority interests in the equity accounts of consolidated subsidiaries,  certain
nonwithdrawable accounts and pledged deposits of mutual savings associations and
qualifying supervisory goodwill,  less nonqualifying  intangible assets, certain
mortgage servicing rights,  certain  investments and unrealized gains and losses
on certain available-for-sale securities.

     The  risk-based  capital  standard  for savings  institutions  requires the
maintenance of total  risk-based  capital (which is defined as core capital plus
supplementary  capital)  of  8%  of  risk-weighted  assets.  The  components  of
supplementary capital include, among other items, cumulative perpetual preferred
stock,  perpetual  subordinated debt, mandatory  convertible  subordinated debt,
intermediate-term  preferred  stock,  and the portion of the  allowance for loan
losses not  designated  for  specific  loan  losses (up to a maximum of 1.25% of
risk-weighted  assets) and up to 45% of unrealized  gains on equity  securities.
Overall,  supplementary  capital is limited to 100% of core  capital.  A savings
association  must calculate its  risk-weighted  assets by multiplying each asset
and off-balance sheet item by various risk factors as

                                      -19-

<PAGE>

determined  by the OTS,  which  range  from 0% for  cash to 100% for  delinquent
loans,  property  acquired  through  foreclosure,  commercial  loans,  and other
assets.

     DIVIDEND  AND  OTHER  CAPITAL  DISTRIBUTION  LIMITATIONS.  The OTS  imposes
various  restrictions or requirements on the ability of savings  institutions to
make capital distributions including cash dividends.

     A savings  association  that is a subsidiary  of a savings and loan holding
company,  such as the Bank, must file an application or a notice with the OTS at
least 30 days before making a capital distribution. A savings association is not
required to file an application  for  permission to make a capital  distribution
and need only  file a notice  if the  following  conditions  are met:  (1) it is
eligible for  expedited  treatment  under OTS  regulations,  (2) it would remain
adequately  capitalized  after the  distribution,  (3) the annual  amount of its
capital  distributions does not exceed net income for that year to date added to
retained  net  income  for  the  two  preceding   years,  and  (4)  the  capital
distribution  would not violate any  agreements  between the OTS and the savings
association  or any OTS  regulations.  Any  other  situation  would  require  an
application to the OTS.

     In addition,  the OTS could prohibit a proposed  capital  distribution  if,
after  making the  distribution,  which  would  otherwise  be  permitted  by the
regulation,  the OTS determines that the distribution would constitute an unsafe
or unsound practice.

     A  federal  savings   institution  is  prohibited  from  making  a  capital
distribution if, after making the distribution,  the institution would be unable
to meet any one of its  minimum  regulatory  capital  requirements.  Further,  a
federal savings institution cannot distribute  regulatory capital that is needed
for its liquidation account.

     QUALIFIED THRIFT LENDER TEST.  Savings  institutions  must meet a qualified
thrift  lender  ("QTL")  test or they become  subject to the  business  activity
restrictions  and branching rules  applicable to national banks. To qualify as a
QTL, a savings  institution  must either (i) be deemed a "domestic  building and
loan association" under the Internal Revenue Code by maintaining at least 60% of
its  total  assets  in  specified  types  of  assets,  including  cash,  certain
government securities,  loans secured by and other assets related to residential
real property,  educational loans and investments in premises of the institution
or (ii) satisfy the statutory QTL test set forth in the Home Owners' Loan Act by
maintaining at least 65% of its "portfolio  assets" in certain "Qualified Thrift
Investments"  (defined  to include  residential  mortgages  and  related  equity
investments,  certain mortgage-related securities, small business loans, student
loans and credit card loans, and 50% of certain  community  development  loans).
For purposes of the  statutory QTL test,  portfolio  assets are defined as total
assets minus intangible  assets,  property used by the institution in conducting
its business, and liquid assets up to 20% of total assets. A savings institution
must  maintain  its  status as a QTL on a monthly  basis in at least nine out of
every 12 months.  As of September 30, 2005, the Bank was in compliance  with its
QTL requirement.

     FEDERAL  HOME  LOAN  BANK  SYSTEM.  The Bank is a member of the FHLB of New
York,  which is one of 12  regional  FHLBs that  administer  the home  financing
credit  function  of  savings  associations.  Each FHLB  serves as a reserve  or
central bank for its members within its assigned region.  It is funded primarily
from  proceeds  derived from the sale of  consolidated  obligations  of the FHLB
System.  It makes loans to members (i.e.,  advances) in accordance with policies
and procedures established by the Board of Directors of the FHLB.

                                      -20-

<PAGE>

     As a member,  the Bank is required to purchase  and  maintain  stock in the
FHLB of New York in an amount equal to the greater of 1% of its aggregate unpaid
residential  mortgage loans, home purchase  contracts or similar  obligations at
the beginning of each year, or 5% of its outstanding advances.

     FEDERAL RESERVE SYSTEM.  The Federal Reserve System requires all depository
institutions  to maintain  non-interest  bearing  reserves at  specified  levels
against  their  transaction  accounts  (primarily  checking,  NOW and  Super NOW
checking  accounts) and non-personal time deposits.  The balances  maintained to
meet the reserve  requirements imposed by the Federal Reserve System may be used
to satisfy the liquidity  requirements that are imposed by the OTS. At September
30, 2005, the Bank was in compliance with these requirements.

REGULATION OF ROEBLING FINANCIAL CORP, INC.

     GENERAL.  Roebling  Financial  Corp,  Inc.,  is a savings and loan  holding
company,  subject to regulation and supervision by the OTS. In addition, the OTS
has enforcement authority over Roebling Financial Corp, Inc. and any non-savings
institution  subsidiaries.   This  permits  the  OTS  to  restrict  or  prohibit
activities  that it  determines  to be a serious  risk to  Roebling  Bank.  This
regulation is intended  primarily for the  protection of the  depositors and not
for the benefit of stockholders of Roebling Financial Corp, Inc.

     ACTIVITIES RESTRICTIONS. As a savings and loan holding company formed after
May 4, 1999,  Roebling  Financial  Corp,  Inc.  is not a  grandfathered  unitary
savings and loan  holding  company  under the  Gramm-Leach-Bliley  Act (the "GLB
Act").  As  a  result,   Roebling  Financial  Corp,  Inc.  and  its  non-savings
institution subsidiaries are subject to statutory and regulatory restrictions on
their  business  activities.  Under the Home Owners' Loan Act, as amended by the
GLB Act,  the  non-banking  activities  of Roebling  Financial  Corp,  Inc.  are
restricted  to certain  activities  specified by OTS  regulation,  which include
performing  services  and  holding  properties  used  by a  savings  institution
subsidiary,  activities  authorized for savings and loan holding companies as of
March 5, 1987, and non-banking activities permissible for bank holding companies
pursuant to the Bank Holding  Company Act of 1956 (the "BHC Act") or  authorized
for financial holding companies pursuant to the GLB Act. Furthermore, no company
may acquire control of Roebling Bank unless the acquiring  company was a unitary
savings and loan holding company on May 4, 1999 (or became a unitary savings and
loan holding company pursuant to an application  pending as of that date) or the
company is only engaged in activities  that are  permitted for multiple  savings
and loan holding  companies or for financial holding companies under the BHC Act
as amended by the GLB Act.

     MERGERS  AND  ACQUISITIONS.  Roebling  Financial  Corp,  Inc.  must  obtain
approval  from the OTS  before  acquiring  more than 5% of the  voting  stock of
another  savings  institution  or savings and loan holding  company or acquiring
such an institution or holding company by merger,  consolidation  or purchase of
its assets.  In evaluating an application  for Roebling  Financial Corp, Inc. to
acquire control of a savings  institution,  the OTS would consider the financial
and managerial  resources and future prospects of Roebling  Financial Corp, Inc.
and the target  institution,  the effect of the  acquisition  on the risk to the
insurance  funds, the convenience and the needs of the community and competitive
factors.

     THE USA PATRIOT ACT. In response to the events of September  11, 2001,  the
Uniting and  Strengthening  America by Providing  Appropriate  Tools Required to
Intercept and Obstruct Terrorism Act of 2001, or the USA Patriot Act, was signed
into law on October 26, 2001.  The USA Patriot Act gives the federal  government
new powers to address  terrorist  threats  through  enhanced  domestic  security
measures,  expanded  surveillance  powers,  increased  information  sharing  and
broadened anti-money

                                      -21-

<PAGE>

laundering requirements. By way of amendments to the Bank Secrecy Act, Title III
of the USA Patriot Act takes measures intended to encourage  information sharing
among bank regulatory  agencies and law  enforcement  bodies.  Further,  certain
provisions  of Title III  impose  affirmative  obligations  on a broad  range of
financial  institutions,  including banks,  thrifts,  brokers,  dealers,  credit
unions,  money  transfer  agents  and  parties  registered  under the  Commodity
Exchange Act.

     Among  other  requirements,  Title III of the USA  Patriot  Act imposes the
following requirements with respect to financial institutions:

     o    Pursuant to Section 352, all  financial  institutions  must  establish
          anti-money  laundering programs that include, at minimum: (i) internal
          policies,  procedures,  and controls;  (ii) specific designation of an
          anti-money  laundering  compliance  officer;  (iii)  ongoing  employee
          training programs;  and (iv) an independent audit function to test the
          anti-money laundering program.

     o    Section 326 authorizes the Secretary of the Department of Treasury, in
          conjunction  with other bank  regulators,  to issue  regulations  that
          provide for minimum standards with respect to customer  identification
          at the time new accounts are opened.

     o    Section 312 requires financial institutions that establish,  maintain,
          administer  or  manage  private  banking  accounts  or  correspondence
          accounts in the United States for  non-United  States persons or their
          representatives  (including  foreign  individuals  visiting the United
          States) to establish  appropriate,  specific,  and,  where  necessary,
          enhanced due diligence  policies,  procedures and controls designed to
          detect and report money laundering.

     o    Effective  December 25, 2001,  financial  institutions  are prohibited
          from    establishing,    maintaining,    administering   or   managing
          correspondent  accounts for foreign shell banks (foreign banks that do
          not have a physical  presence in any country),  and will be subject to
          certain  record  keeping  obligations  with  respect to  correspondent
          accounts of foreign banks.

     o    Bank   regulators  are  directed  to  consider  a  holding   company's
          effectiveness  in combating  money  laundering  when ruling on Federal
          Reserve Act and Bank Merger Act applications.

     SARBANES-OXLEY ACT OF 2002. On July 30, 2002, the President signed into law
the  Sarbanes-Oxley  Act of 2002  (the  "Act"),  which  implemented  legislative
reforms intended to address  corporate and accounting  fraud. In addition to the
establishment of a new accounting  oversight board to enforce auditing,  quality
control and independence standards and which is funded by fees from all publicly
traded companies,  the Act places certain  restrictions on the scope of services
that may be provided by accounting  firms to their public company audit clients.
Any  non-audit  services  being  provided to a public  company audit client will
require preapproval by the company's audit committee. In addition, the Act makes
certain changes to the requirements for partner rotation after a period of time.
The Act requires chief executive officers and chief financial officers, or their
equivalent,  to certify  to the  accuracy  of  periodic  reports  filed with the
Securities and Exchange  Commission,  subject to civil and criminal penalties if
they knowingly or willingly violate this certification requirement. In addition,
under the Act, counsel is required to report evidence of a material violation of
the  securities  laws or a breach of  fiduciary  duty by a company  to its chief
executive  officer or its chief legal  officer,  and, if such  officer  does not
appropriately  respond,  to report such evidence to the audit committee or other
similar committee of the board of directors or the board itself.

                                      -22-

<PAGE>

     Under the Act,  longer  prison  terms  apply to  corporate  executives  who
violate federal  securities laws; the period during which certain types of suits
can be brought against a company or its officers is extended; and bonuses issued
to top executives prior to restatement of a company's  financial  statements are
now subject to disgorgement if such restatement was due to corporate misconduct.
Executives  are also  prohibited  from insider  trading during  retirement  plan
"blackout"  periods,  and  loans to  company  executives  (other  than  loans by
financial   institutions   permitted  by  federal  rules  and  regulations)  are
restricted.  In addition, a provision directs that civil penalties levied by the
Securities and Exchange Commission as a result of any judicial or administrative
action under the Act be deposited to a fund for the benefit of harmed investors.
The Federal  Accounts  for  Investor  Restitution  provision  also  requires the
Securities and Exchange  Commission to develop  methods of improving  collection
rates.  The  legislation  accelerates  the time frame for  disclosures by public
companies,  as they must  immediately  disclose  any  material  changes in their
financial  condition or operations.  Directors and executive  officers must also
provide  information  for most changes in  ownership  in a company's  securities
within two business days of the change.

     The Act also increases the oversight of, and codifies certain  requirements
relating to audit  committees of public companies and how they interact with the
company's  "registered  public accounting firm." Audit Committee members must be
independent  and are absolutely  barred from accepting  consulting,  advisory or
other  compensatory fees from the issuer.  In addition,  companies must disclose
whether at least one member of the  committee is a  "financial  expert" (as such
term is defined by the Securities and Exchange  Commission) and if not, why not.
Under the Act, a company's  registered public accounting firm will be prohibited
from  performing  statutorily  mandated  audit  services  for a company  if such
company's chief executive officer, chief financial officer,  comptroller,  chief
accounting  officer  or any  person  serving in  equivalent  positions  had been
employed by such firm and  participated  in the audit of such company during the
one-year period  preceding the audit initiation date. The Act also prohibits any
officer  or  director  of a  company  or any other  person  acting  under  their
direction from taking any action to fraudulently influence,  coerce,  manipulate
or mislead  any  independent  accountant  engaged in the audit of the  company's
financial  statements  for the purpose of  rendering  the  financial  statements
materially  misleading.  The Act  also  requires  the  Securities  and  Exchange
Commission to prescribe rules requiring inclusion of any internal control report
and  assessment  by management  in the annual  report to  shareholders.  The Act
requires the company's  registered  public accounting firm that issues the audit
report to  attest to and  report on  management's  assessment  of the  company's
internal controls.


                                      -23-

<PAGE>

ITEM 2. DESCRIPTION OF PROPERTY
-------------------------------

     (a)  PROPERTIES.  The  following  table sets forth the location of our main
office and branch offices,  the year the offices were opened, the net book value
of each office and per branch deposits at each office.
<TABLE>
<CAPTION>
                                                                                NET BOOK                  BRANCH
                                      YEAR FACILITY       LEASED OR             VALUE AT                DEPOSITS AT
OFFICE LOCATION                           OPENED            OWNED          SEPTEMBER 30, 2005       SEPTEMBER 30, 2005
---------------                           ------            -----          ------------------       ------------------
                                                                                          (IN THOUSANDS)
<S>                                        <C>              <C>                   <C>                     <C>
MAIN OFFICE
Route 130 South and                        1964             Owned                 $872                    $45,051
Delaware Avenue
Roebling, NJ

VILLAGE OFFICE
34 Main Street                             1922             Owned                  55                      8,974
Roebling, NJ

NEW EGYPT OFFICE
8 Jacobstown Road                          1998             Owned                 619                     29,373
New Egypt, NJ

WESTAMPTON OFFICE
1934 Rt. 541/Burlington-Mt.
Holly Road                                 2005           Leased (1)              583                      1,458
Westampton, NJ
<FN>
--------
(1) Lease has an initial term of five years.
</FN>
</TABLE>


     The Bank has acquired a 2.5 acre site in Delran Township, Burlington County
for the construction of a new branch, which is anticipated to open in 2006.

     (b) INVESTMENT POLICIES.  See "Item 1. Description of Business" above for a
general  description of the Registrant's  investment policies and any regulatory
or Board of  Directors'  percentage  of  assets  limitations  regarding  certain
investments.  The  Registrant's  investments  are primarily  acquired to produce
income, and to a lesser extent, possible capital gain.

          (1) INVESTMENTS IN REAL ESTATE OR INTERESTS IN REAL ESTATE.  See "Item
1.  Description  of Business - Lending  Activities"  and " -  Regulation  of the
Bank," and "Item 2. Description of Property."

          (2) INVESTMENTS IN REAL ESTATE MORTGAGES.  See "Item 1. Description of
Business - Lending Activities" and " - Regulation of the Bank."

          (3)  SECURITIES OF OR INTERESTS IN PERSONS  PRIMARILY  ENGAGED IN REAL
ESTATE  ACTIVITIES.  See "Item 1. Description of Business - Lending  Activities"
and " - Regulation of the Bank."

     (c) DESCRIPTION OF REAL ESTATE AND OPERATING DATA. Not Applicable.


                                      -24-

<PAGE>

ITEM 3. LEGAL PROCEEDINGS
-------------------------

     Roebling Financial Corp, Inc. and its subsidiaries,  from time to time, are
a party to routine  litigation,  which arises in the normal  course of business,
such as claims to enforce liens, condemnation proceedings on properties in which
Roebling  Bank  holds  security  interests,  claims  involving  the  making  and
servicing of real property  loans,  and other issues incident to the business of
Roebling  Bank.  There  were no  lawsuits  pending  or known to be  contemplated
against us at  September  30,  2005 that  would  have a  material  effect on our
operations or income.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
-----------------------------------------------------------

     No matter was  submitted  to a vote of security  holders  during the fourth
quarter of the fiscal year.

                                     PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
----------------------------------------------------------------

     (a) MARKET FOR COMMON EQUITY.  The information  contained under the section
captioned  "Stock  Market   Information"  of  the  Company's  Annual  Report  to
Stockholders  for the fiscal year ended September 30, 2005 (the "Annual Report")
is  incorporated  herein by  reference.  During the  period  under  report,  the
Registrant did not sell any equity securities that were not registered under the
Securities Act of 1933.

     (b) USE OF PROCEEDS. Not applicable.

     (c) ISSUER PURCHASES OF EQUITY SECURITIES. Not applicable.


ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
-----------------------------------------------------------------

     The information contained in the section captioned "Management's Discussion
and Analysis of Financial  Condition  and Results of  Operations"  in the Annual
Report is incorporated herein by reference.

ITEM 7. FINANCIAL STATEMENTS
----------------------------

     The Registrant's  consolidated financial statements are incorporated herein
by reference from the Annual Report.

ITEM  8.  CHANGES  IN AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
--------------------------------------------------------------------------------
FINANCIAL DISCLOSURE.
---------------------

         Not applicable.

ITEM 8A. CONTROLS AND PROCEDURES.
---------------------------------

     (a)  EVALUATION  OF  DISCLOSURE  CONTROLS  AND  PROCEDURES.  The  Company's
management  evaluated,  with the  participation of the Company's Chief Executive
Officer  and  Chief  Financial  Officer,  the  effectiveness  of  the  Company's
disclosure  controls and  procedures as of the end of the period covered by this
report. Based on this evaluation,  the Company's principal executive officer and
principal  financial  officer  have  concluded  that as of the end of the period
covered by this  Annual  Report on Form  10-KSB  such  disclosure  controls  and
procedures are effective to ensure that information required to be disclosed

                                      -25-

<PAGE>

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.

     (b) CHANGES IN INTERNAL CONTROL OVER FINANCIAL  REPORTING.  During the last
quarter of the year under report,  there was no change in the Company's internal
control over financial reporting that has materially affected,  or is reasonably
likely to materially  affect,  the  Company's  internal  control over  financial
reporting.

ITEM 8B. OTHER INFORMATION.
---------------------------

     Not applicable.

                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
--------------------------------------------------------------------------------
WITH SECTION 16(A) OF THE EXCHANGE ACT
--------------------------------------

         The  information  required  under this item is  incorporated  herein by
reference  to the  Proxy  Statement  for the 2006  Annual  Meeting  (the  "Proxy
Statement")  contained under the sections  captioned  "Section 16(a)  Beneficial
Ownership  Reporting  Compliance,"  "Proposal I - Election of Directors," and "-
Biographical Information." The Company has adopted a Code of Ethics that applies
to its principal  executive officer and principal  financial  officer. A copy of
the Company's Code of Ethics will be furnished,  without  charge,  to any person
who requests such copy by writing to the  Secretary,  Roebling  Financial  Corp,
Inc., Route 130 South and Delaware Avenue, Roebling, New Jersey 08554.

ITEM 10. EXECUTIVE COMPENSATION
-------------------------------

         The  information  required by this item is incorporated by reference to
the  Proxy  Statement  contained  under  the  section  captioned  "Director  and
Executive Officer Compensation."

ITEM 11.  SECURITY  OWNERSHIP OF CERTAIN  BENEFICIAL  OWNERS AND  MANAGEMENT AND
--------------------------------------------------------------------------------
RELATED STOCKHOLDER MATTERS
---------------------------

     (a)  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS

          The  information  required  by this  item is  incorporated  herein  by
          reference from the section in the Proxy Statement captioned "Principal
          Holders."

     (b)  SECURITY OWNERSHIP OF MANAGEMENT

          The  information  required  by this  item is  incorporated  herein  by
          reference to the  information in the Proxy  Statement  contained under
          the section captioned "Proposal I - Election of Directors."

                                      -26-

<PAGE>

     (c)  CHANGES IN CONTROL

          Management  of the Company  knows of no  arrangements,  including  any
          pledge by any person of  securities  of the Company,  the operation of
          which may at a  subsequent  date  result in a change in control of the
          Company.

     (d)  SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

          The information  required by this item is incorporated by reference to
          the  information in the Proxy  Statement  contained  under the section
          captioned "Equity Compensation Plan Information."

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
-------------------------------------------------------

     The information  required by this item is incorporated  herein by reference
to  the  Proxy  Statement   contained  under  the  section  captioned   "Certain
Relationships and Related Transactions."

ITEM 13. EXHIBITS
-----------------
<TABLE>
<CAPTION>
         List of Exhibits:

         <S>       <C>
          3.1     Certificate of Incorporation*
          3.2     Bylaws**
          4.0     Form of Stock Certificate***
         10.1+    Directors' Consultation and Retirement Plan***
         10.2+    Roebling Bank Stock Option Plan****
         10.4+    Roebling Bank Restricted Stock Plan****
         10.5+    Employment Agreement between Janice A. Summers and Roebling Bank***
         10.6+    Employment Agreement between Frank. J. Travea, III and Roebling Bank***
         13       2005 Annual Report to Shareholders
         21       Subsidiaries
         23       Consent of Independent Auditors
         31.1     Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
         31.2     Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
         32       Section 1350 Certification
<FN>
---------
+        Management contract or compensatory plan or arrangement.
*        Incorporated herein by reference to the Company's Form 8-A (File No. 0-50969) filed with the
         Commission on September 30, 2004.
**       Incorporated  by reference to the  Company's  Quarterly  Report on Form
         10-QSB for the quarter ended March 31, 2005.
***      Incorporated   herein  by  reference  to  the  Company's   Registration
         Statement on Form SB-2 (File No.  333-116312) filed with the Commission
         on June 9, 2004.
****     Incorporated herein by reference to Company's Registration Statement on
         Form S-8 (File No. 333- 119839)  filed with the  Commission  on October
         20, 2004.
</FN>
</TABLE>

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
-----------------------------------------------

     The information set forth under the caption "Proposal IV -- Ratification of
Independent   Auditors"  in  the  Proxy  Statement  is  incorporated  herein  by
reference.

                                      -27-

<PAGE>

                                   SIGNATURES

     In accordance  with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized as of December 22, 2005.


                                       ROEBLING FINANCIAL CORP, INC.


                                       By: /s/ Frank J. Travea, III
                                           -------------------------------------
                                           Frank J. Travea, III
                                           President and Chief Executive Officer
                                           (Duly Authorized Representative)

     In  accordance  with the Exchange Act, this report has been signed below by
the  following  persons  on  behalf  of the  Registrant  and  in the  capacities
indicated as of December 22, 2005.



/s/ John J. Ferry                         /s/ Frank J. Travea, III
---------------------------------         --------------------------------------
John J. Ferry                             Frank J. Travea, III
Chairman of the Board                     President and Chief Executive Officer
                                          (Principal Executive Officer)


/s/ George Nyikita                        /s/ Mark V. Dimon
---------------------------------         --------------------------------------
George Nyikita                            Mark V. Dimon
Director                                  Director and Treasurer


/s/ Robert R. Semptimphelter, Sr.         /s/ Joan K. Geary
---------------------------------         --------------------------------------
Robert R. Semptimphelter, Sr.             Joan K. Geary
Director                                  Director and Secretary


/s/ John A. LaVecchia                     /s/ Janice A. Summers
---------------------------------         --------------------------------------
John A. LaVecchia                         Janice A. Summers
Director and Vice Chairman                Senior Vice President, Chief Operating
                                          Officer and Chief Financial Officer
                                          (Principal Financial and Accounting
                                          Officer)