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                                  [BRIDGE LOGO]

                         ROEBLING FINANCIAL CORP, INC.


                                      2004
                                     ANNUAL
                                     REPORT

================================================================================

<PAGE>

                          ROEBLING FINANCIAL CORP, INC.
                               2004 ANNUAL REPORT



TABLE OF CONTENTS



President's Message......................................................... 1

Corporate Profile and Stock Market Information.............................. 2

Selected Financial Information ............................................. 3

Management's Discussion and Analysis of
 Financial Condition and Results of Operations.............................. 4

Report of Independent Registered Public Accounting Firm.................... 16

Consolidated Financial Statements.......................................... 17

Notes to Consolidated Financial Statements................................. 23

Office Locations and Other Corporate Information............................47

<PAGE>

[BRIDGE LOGO]  ROEBLING FINANCIAL CORP, INC.  ----------------------------------



To our Shareholders and Customers:

On behalf of our directors, officers and staff, I am pleased to present the 2004
Annual Report to the Shareholders. The Company completed its reorganization into
a fully  publicly  owned stock company  during the past year. We sold a total of
910,764 shares of common stock at $10 per share and the mutual  holding  company
has been eliminated.

Your Company experienced another year of exceptional growth. Total loans grew to
$64.4  million,  or an  increase  of 16% over the prior  period.  Asset  quality
continues to be excellent.  Total  deposits  increased to $79.8  million,  or an
increase of 2% for the same period.

As part  of the  utilization  of the  additional  capital  raised  by the  stock
offering,  the bank will be opening a new retail branch in Westampton,  and also
consolidating its administrative and operational staff within the same building.
We have entered  into a contract for a parcel in Delran where we will  construct
the fifth branch in our franchise.  In addition,  we plan to introduce  internet
banking in 2005.

Total assets  increased  $9.6 million to $97.4 million at September 30, 2004, or
an increase of 11% during the year.  We remain  grateful  to our  customers  for
their  business,  our officers,  staff and directors for their efforts,  and our
shareholders for their confidence and support.

Sincerely,


/s/Frank J. Travea, III

Frank J. Travea, III
President and Chief Executive Officer


Route 130 South & Delaware Avenue, P O Box 66 Roebling, NJ 08554 (609) 499-9400

<PAGE>

                          Roebling Financial Corp, Inc.

Corporate Profile

         Roebling   Financial  Corp,  Inc.  (the  "Company")  is  a  New  Jersey
corporation  which was  organized  in 2004 and became the  successor to Roebling
Financial Corp, Inc., a federal corporation,  after the completion of the second
step  mutual-to-stock  conversion of Roebling  Financial Corp., MHC on September
30, 2004.  The Company is the holding  company  parent of Roebling  Bank and its
principal  asset is its  investment in Roebling  Bank.  In  connection  with the
second step  conversion,  the Company sold 910,764 shares of common stock to the
public, raising $7.8 million in net cash proceeds. Shares of the former Roebling
Financial Corp, Inc. were converted into 3.9636 shares of the new Company.

         We currently conduct our business through Roebling Bank with three full
service offices located in Roebling and New Egypt,  New Jersey and a loan center
also located in Roebling, New Jersey. We offer a broad range of deposit and loan
products to individuals,  families and small businesses.  At September 30, 2004,
we had  consolidated  assets of $97.4 million,  deposits of $79.8  million,  and
stockholders' equity of $15.6 million.

Stock Market Information

         Our  common  stock  is  traded  on  the  over-the-counter  market  with
quotations  available  on the OTC  Bulletin  Board under the symbol  "RBLG." The
following  table  reflects high and low bid  quotations for each quarter for the
past two fiscal years. Prior to the second-step  conversion,  Roebling Financial
Corp,  Inc.'s common stock was quoted on the OTC Bulletin Board under the symbol
of "ROEB." Quotations prior to October 1, 2004 have been adjusted to reflect the
3.9636  exchange ratio in the  second-step  conversion.  The quotations  reflect
inter-dealer prices, without retail mark-up,  mark-down, or commission,  and may
not represent actual transactions.

        Quarter Ended                        High              Low
        -------------                        ----              ---

       September 30, 2004                  $10.02           $ 8.58
       June 30, 2004                        10.09             8.07
       March 31, 2004                        7.57             5.80
       December 31, 2003                     6.56             5.55
       September 30, 2003                    5.55             5.27
       June 30, 2003                         5.55             5.17
       March 31, 2003                        5.24             4.90
       December 31, 2002                     5.17             4.79


         As of September  30, 2004,  there were  1,687,403  shares of our common
stock outstanding and approximately 650 holders of record.  This number does not
reflect the number of persons or entities  who held stock in nominee or "street"
name through various brokerage firms. The Company has never declared a dividend.
The  Company's  ability  to pay  dividends  largely  depends  on the  receipt of
dividends  from  Roebling  Bank  which is  subject  to a variety  of  regulatory
limitations in the payment of dividends.

                                       2
<PAGE>

SELECTED FINANCIAL INFORMATION

<TABLE>
<CAPTION>
                                                                          At or for the Year Ended September 30,
                                                                        ------------------------------------------
                                                                           2004            2003            2002
                                                                        --------        --------         --------
                                                                      (Dollars in thousands, except per share data)
<S>                                                                <C>             <C>              <C>
SELECTED BALANCE SHEET DATA:
Assets......................................................            $ 97,372        $ 87,744         $ 82,217
Loans receivable, net.......................................              64,376          55,362           45,731
Securities:
    Available-for-sale......................................              24,172          23,884           23,143
    Held-to-maturity........................................                 979           1,802            3,080
Deposits....................................................              79,817          78,408           74,361
Shareholders' equity........................................              15,553           7,180            6,732
SELECTED RESULTS OF OPERATIONS:
Interest income.............................................             $ 4,279         $ 4,380          $ 4,494
Interest expense............................................                 892           1,175            1,419
Net interest income.........................................               3,387           3,205            3,075
Provision for loan losses...................................                  22              60               96
Non-interest income.........................................                 462             501              440
Non-interest expense........................................               2,886           2,686            2,480
Net income..................................................                 527             559              582
PER SHARE DATA (1):
Earnings per share - basic .................................              $ 0.32          $ 0.34          $  0.35
Earnings per share - diluted................................                0.31            0.33             0.35
Book value per share........................................                9.22            4.26             3.99
Weighted average basic shares outstanding...................           1,666,313       1,657,768        1,651,553
Weighted average diluted shares outstanding.................           1,688,838       1,671,961        1,662,683
PERFORMANCE RATIOS:
Return on average assets....................................                0.59%           0.65%            0.76%
Return on average equity....................................                7.06            7.85             9.16
Net interest rate spread....................................                3.76            3.62             3.81
Net interest margin.........................................                4.00            3.95             4.23
Efficiency ratio............................................               74.98           72.48            70.55
Average interest-earning assets to average
   interest-bearing liabilities.............................                1.22x           1.23x            1.21x
ASSET QUALITY RATIOS:
Non-performing loans to total assets........................                0.17%           0.09%              --%
Non-performing loans to total loans, net....................                0.25            0.14               --
Net charge-offs to average loans............................                0.01           (0.01)            0.00
Allowance for loan losses to total loans at period end......                0.76            0.85             0.89
Allowance for loan losses to non-
   performing loans at period end...........................                3.01x           5.91x              *
CAPITAL RATIOS:
Average equity to average assets............................                8.35%           8.31%            8.27%
Equity to assets at period end..............................               15.97            8.18             8.19
</TABLE>

------------
*    Not meaningful.
(1)  Per Share data has been  adjusted  for prior  years to  reflect  the 3.9636
     exchange ratio in the second-step conversion.

                                       3
<PAGE>

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Forward-Looking Statements

         The Private  Securities  Litigation  Reform Act of 1995  contains  safe
harbor  provisions  regarding  forward-looking  statements.  When  used  in this
discussion, the words "believes", "anticipates",  "contemplates", "expects", and
similar expressions are intended to identify  forward-looking  statements.  Such
statements  are  subject to certain  risks and  uncertainties  which could cause
actual  results to differ  materially  from  those  projected.  Those  risks and
uncertainties  include changes in interest  rates,  the ability to control costs
and expenses and general  economic  conditions.  We undertake no  obligation  to
publicly  release  the  results  of  any  revisions  to  those   forward-looking
statements which may be made to reflect events or  circumstances  after the date
hereof or to reflect the occurrence of unanticipated events.

         Since we conduct no  significant  business other than owning all of the
common stock of Roebling Bank,  references in this discussion to "we," "us," and
"our," refer collectively to Roebling Financial Corp, Inc. and Roebling Bank.

General


         Roebling  Financial  Corp, Inc. is the successor to the former mid-tier
holding company subsidiary of Roebling  Financial Corp., MHC (the "MHC"),  which
completed  its second step  conversion  to stock form on September  30, 2004. In
connection with the second step  conversion,  the Company sold 910,764 shares to
the public for $10 per share (including 72,861 shares purchased by the Company's
employee stock ownership plan with funds borrowed from the Company). As a result
of the second step  conversion,  each  stockholder in the MHC's former  mid-tier
holding  company  subsidiary  (other than the MHC, whose shares were  cancelled)
received 3.9636 shares of the Company's  common stock in exchange for each share
held and the Company  became the sole  shareholder  in Roebling  Bank. Per share
data for  periods  prior to October  1, 2004 has been  restated  to reflect  the
conversion.

         Our results of operations  depend primarily on our net interest income,
which is the difference between the interest earned on interest-earning  assets,
primarily  loans and  investments,  and the  interest  paid on  interest-bearing
liabilities,  primarily  deposits and  borrowings.  It is also a function of the
composition   of   assets   and   liabilities   and  the   relative   amount  of
interest-earning  assets  to  interest-bearing   liabilities.   Our  results  of
operations  are also affected by our  provisions  for loan losses,  non-interest
income and  non-interest  expense.  Non-interest  income  consists  primarily of
service  charges  and  fees.   Non-interest   expense   consists   primarily  of
compensation  and benefits,  occupancy and equipment,  data  processing fees and
other  operating  expenses.  Our  results  of  operations  may also be  affected
significantly by economic and competitive conditions, changes in market interest
rates, governmental policies and actions of regulatory authorities.

Critical Accounting Policies, Judgments and Estimates

         The accounting and reporting  policies of Roebling Financial Corp, Inc.
conform with the accounting  principles  generally accepted in the United States
of America and general  practices  within the  financial  services  industry The
preparation of the financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that affect the amounts

                                       4

<PAGE>

reported in the financial  statements and the accompanying notes. Actual results
could differ from those estimates.

         We consider  accounting  policies involving  significant  judgments and
assumptions  by management  that have,  or could have, a material  impact on the
carrying  value  of  certain  assets  or on  income  to be  critical  accounting
policies.  We consider the allowance for loan losses to be a critical accounting
policy.

         Allowance for Loan Losses.  Determining the amount of the allowance for
loan losses  necessarily  involves a high degree of judgment.  The allowance for
loan losses is the estimated amount considered  necessary to cover credit losses
inherent in the loan  portfolio  at the balance  sheet date.  The  allowance  is
established  through the  provision  for loan losses,  which is charged  against
income.  Management  performs an evaluation of the adequacy of the allowance for
loan  losses on a quarterly  basis,  at a minimum.  Consideration  is given to a
variety  of  factors   including   current  economic   conditions,   delinquency
statistics,  composition of the loan portfolio, loss experience, the adequacy of
the underlying collateral,  the financial strength of the borrowers,  results of
internal loan reviews, geographic and industry concentrations, and other factors
related to the collectibility of the loan portfolio. The valuation is inherently
subjective as it requires material  estimates,  including the amounts and timing
of expected future cash flows expected to be received on impaired  loans,  which
may be susceptible to significant change.

         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,  based on current
information,  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, for  collateral-dependent  loans,  the fair  value of the  collateral,
adjusted for market conditions and 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 reserve
percentage to each group.  The reserve  percentage  is based on inherent  losses
associated  with each type of lending,  as well as historical  loss factors.  We
also look at the level of our allowance in proportion to nonperforming loans and
total loans.  We have  established  an overall 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.

         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  additional  provisions,  which  could have a material
negative effect on our financial  results.  At September 30, 2004, and 2003, the
allowance  for loan loss reflects  average loss ratios on the loan  portfolio of
..76% and .85%, respectively.  A .25% change in the average loss ratio would have
increased or decreased  the  allowance by $162,000 and $140,000 at September 30,
2004 and 2003, respectively.

Business Strategy

         Our  business  strategy  has  been  to  operate  as a  well-capitalized
independent  financial  institution dedicated to providing convenient access and
quality service at competitive  prices.  Generally,  we have sought to implement
this strategy by  maintaining a substantial  part of our assets in loans secured
by  one-to-four  family  residential  real estate located in our market area and
home  equity and  consumer  loans.  In recent  years,  we have

                                       5

<PAGE>

diversified  our portfolio to include a higher  percentage  of  commercial  real
estate,  multifamily  and  construction  loans in our market area. To the extent
that new deposits  have  exceeded  loan  originations,  we have  invested  these
deposits primarily in investment securities.

         We intend to  continue  to  emphasize  a variety  of  deposit  and loan
products,  with the  latter  consisting  primarily  of  one-to-four  family  and
multifamily   mortgages,   home  equity  loans,   commercial   real  estate  and
construction loans. We intend to grow our branch network,  which will expand our
geographic   reach,   and  may  consider  the  acquisition  of  other  financial
institutions  or  branches.  In fiscal 2005 we plan to relocate  our loan center
from a  leased  facility  in  Roebling  to a  newly-leased  site  in  Westampton
Township,  Burlington  County.  We also intend to centralize our back-office and
administrative  operations  at this new site,  as well as open a retail  banking
facility.  In  addition,  we have an  agreement  to purchase a parcel of land at
another site in Burlington County, where we intend to construct a building to be
used for a new retail branch. The additional capital that we raised will be used
to support the growth of these two branches.  We will also be  introducing a new
delivery channel in 2005, when we plan to introduce internet banking.

Management of Interest Rate Risk and Market Risk

          Because the majority of our assets and  liabilities  are  sensitive to
changes in interest rates,  our most significant form of market risk is interest
rate  risk,  or changes  in  interest  rates.  We may be more  vulnerable  to an
increase or  decrease  in interest  rates  depending  upon 1) the  duration  and
repricing  characteristics of our  interest-earning  assets and interest-bearing
liabilities  at a given point in time,  2) the time  horizon and 3) the level of
interest rates.

         We have established an  asset/liability  committee that consists of the
Chairman of our Board of Directors and two outside Directors,  our President and
members of our  management  team. The committee  meets on a semiannual  basis to
review  loan and deposit  pricing and  production  volumes,  interest  rate risk
analyses,  liquidity  and  borrowing  needs,  and a variety  of other  asset and
liability management topics.  General  asset/liability  matters are discussed at
the Board's regular meetings.

         To reduce the effect of interest  rate changes on net interest  income,
we have  adopted  various  strategies  to enable us to improve  the  matching of
interest-earning asset maturities to interest-bearing  liability maturities. The
principal elements of these strategies include seeking to:

o    originate  loans with  adjustable rate features or shorter term fixed rates
     for portfolio and sell longer term fixed rate mortgages;

o    attract low cost  transaction  and savings  accounts  which tend to be less
     interest rate sensitive when interest rates rise;

o    lengthen the maturities of our liabilities  when it would be cost effective
     through the pricing and promotion of longer term certificates of deposit;

o    maintain  an  investment  portfolio,  with short to  intermediate  terms to
     maturity or adjustable  interest  rates,  that provides a stable cash flow,
     thereby providing investable funds in varying interest rate cycles.

         We have made a  significant  effort to maintain our level of lower-cost
deposits as a method of enhancing  profitability.  We had  approximately 66% and
65% of our deposits in low-cost  savings,  checking and money market accounts at
September 30, 2004 and 2003,  respectively.  These  deposits have  traditionally
remained  relatively stable and are expected to be only moderately affected in a
period of rising interest rates.

                                       6

<PAGE>

          Exposure  to  interest   rate  risk  is  actively   monitored  by  our
management.  Our  objective is to maintain a consistent  level of  profitability
within  acceptable  risk tolerances  across a broad range of potential  interest
rate environments.  In addition to various analyses, we use the Office of Thrift
Supervision  ("OTS") Net Portfolio Value ("NPV") Model, which calculates changes
in net portfolio  value,  to monitor our exposure to interest rate risk.  NPV is
equal to the  estimated  present  value of  assets  minus the  present  value of
liabilities  plus the net  present  value of  off-balance-sheet  contracts.  The
Interest Rate Risk Exposure  Report shows the degree to which balance sheet line
items and net  portfolio  value are  potentially  affected by a 100 to 300 basis
point (1/100th of a percentage point) upward and downward parallel shift (shock)
in the Treasury yield curve.

         The following  table  represents  our NPV ratios at September 30, 2004.
This data was calculated by the OTS, based upon information we provided to them.

           Changes                NPV
            in Rate              Ratio(1)         Change(2)
            -------              --------         ---------
           +300 bp               11.87%             -280 bp
           +200 bp               12.90%             -177 bp
           +100 bp               13.84%              -83 bp
              0 bp               14.67%
           -100 bp               14.83%              +16 bp
           -200 bp                 --(3)              --(3)
           -300 bp                 --(3)              --(3)

(1)  Calculated as the estimated NPV divided by the present value of assets.
(2)  Calculated  as the  increase  (decrease)  in the  NPV  ratio  assuming  the
     indicated change in interest rates over the estimated NPV ratio assuming no
     change in interest rates.
(3)  Due to the abnormally  low interest rate  environment,  no calculation  was
     available from the OTS.

         Computations  of  prospective  effects of  hypothetical  interest  rate
changes are based on numerous  assumptions,  including relative levels of market
interest rates,  prepayments and deposit run-offs, and should not be relied upon
as  indicative  of actual  results.  Certain  shortcomings  are inherent in such
computations.   Although   certain  assets  and  liabilities  may  have  similar
maturities  or periods of  repricing,  they may react at different  times and in
different degrees to changes in the market interest rates. The interest rates on
certain types of assets and  liabilities  may fluctuate in advance of changes in
market interest rates,  while rates on other types of assets and liabilities may
lag behind changes in market interest rates.  Certain assets, such as adjustable
rate mortgages, generally have features which restrict changes in interest rates
on a short term  basis and over the life of the asset.  In the event of a change
in  interest  rates,  prepayments  and early  withdrawal  levels  could  deviate
significantly  from those  assumed in making the  calculations  set forth above.
Additionally,  an  increased  credit  risk may  result  as the  ability  of many
borrowers to service  their debt may  decrease in the event of an interest  rate
increase.

Comparison of Financial Condition at September 30, 2004 and 2003

         Assets. Total assets increased $9.7 million, or 11.0%, to $97.4 million
at September 30, 2004,  from $87.7 million at September 30, 2003.  This increase
is largely  attributable  to a $9.0  million  increase in net loans  receivable.
Other  changes  include a $1.7  million  increase in cash and cash  equivalents,
partially  offset by a $500,000  decrease  in  certificates  of  deposit  and an
$800,000  decrease in securities held to maturity.  The loans

                                       7

<PAGE>

receivable,  net, portfolio increased by 16.3% to $64.4 million at September 30,
2004 from $55.4  million at September  30,  2003,  while the loan to asset ratio
increased to 66.1% from 63.1%  during the same period.  We intend to continue to
work with the goal of  increasing  the loan to asset ratio,  as loans  generally
generate higher yields than investment securities,  thereby contributing to more
interest income. We added a business development manager to our staff during the
year to  increase  our  loan-generating  capabilities.  The  increase  in  loans
receivable, net was primarily attributable to an increase of $6.7 million in the
commercial real estate,  multi-family and construction and land loan portfolios,
which  increased by 100.8%,  to $13.4  million at  September  30, 2004 from $6.7
million at  September  30,  2003.  The  one-to-four  family  mortgage  portfolio
increased by $1.5 million,  to $34.0 million from $32.5 million  during the same
period,  while the home equity loan portfolio increased by $1.1 million to $15.6
million  from $14.5  million.  Non-real  estate  commercial  loans  decreased by
$180,000 to $1.5 million at September  30, 2004,  from $1.7 million at September
30, 2003. Loans secured by one-to-four family residences,  including home equity
loans, have historically comprised the majority of the loan portfolio.  While we
expect  this  trend to  continue,  we intend  to  increase  commercial  lending,
primarily mortgage-secured,  in the future and, as a result, anticipate a modest
shift in the ratio of one-to-four family mortgages and commercial related loans,
including  multifamily,  commercial real estate and construction and land loans.
The  one-to-four  family and home equity loan  portfolios  represented  77.0% of
loans receivable, net at September 30, 2004 and 84.9% at September 30, 2003.

         Liabilities.  Total liabilities increased $1.2 million to $81.8 million
at September 30, 2004 from $80.6 million at September 30, 2003.  While  deposits
increased  by $1.4  million to $79.8  million at  September  30, 2004 from $78.4
million at September 30, 2003,  borrowed funds  decreased by $200,000 during the
same period as short-term  borrowings were repaid. We have continued to focus on
increasing our core deposit accounts. Core deposits, which include lower-costing
checking  and  savings  accounts,  increased  by $1.8  million to 66.1% of total
deposits at  September  30, 2004 from 65.0% of deposits at  September  30, 2003.
Certificates  of deposits  decreased by $422,000  during the same period.  While
total  deposits  continued  to grow,  the  rate of  growth  for the  year  ended
September 30, 2004 was considerably slower than past periods. We contribute this
to some  movement  of funds  back  into the  equity  market as that  market  has
recovered,  as well an increase in competition.  Two new financial  institutions
have  entered  the  Roebling  marketplace.  There is also a denovo  branch  of a
community  bank that  opened in the New Egypt area  several  years ago that is a
competitor for deposits.  While we had enjoyed a large and increasing percentage
of the market  share of deposits in these  markets,  our market  share  declined
slightly  from  June 30,  2003 to June 30,  2004,  the  latest  date  that  such
information  is available.  Total  deposits in these markets have increased at a
slow pace and we recognize  that it will be difficult to continue to realize the
same success that we have  experienced in recent years. Our plans to utilize the
capital raised in the stock offering include opening  additional branch sites in
new markets so that we can continue to grow our franchise.

         Stockholders'  Equity.  Stockholders'  equity increased $8.4 million to
$15.6 million at September 30, 2004 from $7.2 million at September 30, 2003. The
increase  in  stockholders'  equity  reflects  $527,000  in net  income and $7.8
million in net cash proceeds from the stock sale and second step conversion. The
Company sold 910,764 shares of common stock at $10 per share,  including  72,861
shares  purchased by the ESOP with funds  borrowed  from the  Company.  Offering
costs totaled  approximately  $650,000.  See "General".  $6.5 million of the net
proceeds  were used to purchase  investment  securities,  while $1.3 million was
used to fund loans receivable.

                                       8

<PAGE>

Average Balance Sheet, Interest Rates and Yields

         The  following  tables set forth  certain  information  relating to our
average  balance sheet and reflects the average yield on assets and average cost
of liabilities for the periods  indicated.  Such yields and costs are derived by
dividing  income or expense  by the  average  balance of assets or  liabilities,
respectively, for the periods presented.

<TABLE>
<CAPTION>
                                              For the Year Ended September 30,     For the Year Ended September 30,
                                              --------------------------------     --------------------------------
                                                          2004                                2003
                                              --------------------------------     --------------------------------
                                             Average                  Average     Average                  Average
                                             Balance    Interest     Yield/Cost   Balance    Interest     Yield/Cost
                                             -------    --------     ----------   -------    --------     ----------
                                                        (Actual)                             (Actual)
                                                  (Dollars in thousands)                (Dollars in thousands)
<S>                                         <C>         <C>            <C>       <C>         <C>             <C>
Interest-earning assets:
 Loans receivable (1)                        $59,645     $3,466         5.81%     $51,466     $3,306        6.42%
 Investment securities                        22,583        746         3.30       25,560        956        3.74
 Other interest-earning assets (2)             2,490         67         2.69        4,176        118        2.83
                                             -------     ------         ----      -------     ------        ----
  Total interest-earning assets               84,718     $4,279         5.05       81,202     $4,380        5.39
                                                         ------                               ------
Non-interest-earning assets                    4,686                                4,540
                                             -------                              -------
  Total assets                               $89,404                              $85,742
                                             =======                              =======

Interest-bearing liabilities:
 Interest-bearing checking                   $11,721     $   21         0.18%    $ 10,800     $   52        0.48%
 Savings accounts                             23,244        138         0.59       20,470        224        1.09
 Money market accounts                         6,201         45         0.73        6,425         77        1.20
 Certificates of deposit                      27,226        671         2.47       28,509        822        2.88
 Borrowings                                      896         17         1.90            9          0        1.58
                                             -------     ------         ----      -------     ------        ----
  Total interest-bearing liabilities          69,288     $  892         1.29       66,213     $1,175        1.77
                                                         ------                               ------
Non-interest-bearing liabilities (3)          12,650                               12,408
                                             -------                              -------
  Total liabilities                           81,938                               78,621
Stockholders' equity                           7,466                                7,121
                                             -------                              -------
 Total liabilities and stockholders' equity  $89,404                              $85,742
                                             =======                              =======
Net interest income                                      $3,387                               $3,205
                                                         ======                               ======
Interest rate spread (4)                                                3.76%                               3.62%
Net interest margin (5)                                                 4.00%                               3.95%
Ratio of average interest-earning assets
  to average interest-bearing liabilities                             122.27%                             122.64%

</TABLE>

---------------------
(1)  Average  balances  include  non-accrual  loans.  Interest  income  includes
     amortization  of net deferred  loan fees and (costs) of ($13) and ($38) for
     the fiscal years 2004 and 2003, respectively.
(2)  Includes interest-bearing deposits in other financial institutions and FHLB
     stock. Tax exempt interest is not presented on a taxable equivalent basis.
(3)  Includes average  non-interest-bearing  deposits of $11,924 and $11,578 for
     the years ended September 30, 2004 and 2003, respectively.
(4)  Interest rate spread represents the difference between the average yield on
     interest-earning   assets  and  the   average   cost  of   interest-bearing
     liabilities.
(5)  Net  interest  margin  represents  net interest  income as a percentage  of
     average interest-earning assets.

                                       9
<PAGE>

Rate/Volume Analysis

         The table below sets forth certain information regarding changes in our
interest  income  and  interest  expense  for the  periods  indicated.  For each
category of interest-earning assets and interest-bearing  liabilities, the table
distinguishes  between (i) changes  attributable  to volume  (changes in average
volume  multiplied by prior period's  rate);  and (ii) changes  attributable  to
rates (changes in rate multiplied by old average  volume).  For purposes of this
table, the net change attributable to the combined impact of rate and volume has
been allocated proportionally to the absolute dollar amounts of change in each.

<TABLE>
<CAPTION>
                                  Year Ended September 30,  Year Ended September 30,
                                  ------------------------  ------------------------
                                      2004  vs. 2003             2003  vs. 2002
                                  ------------------------  ------------------------
                                    Increase (Decrease)        Increase (Decrease)
                                          Due to                     Due to
                                  ------------------------  ------------------------
                                  Volume    Rate     Net     Volume    Rate     Net
                                  -----    -----    -----    -----    -----    -----
                                                   (In thousands)
<S>                              <C>      <C>      <C>      <C>      <C>      <C>
Interest-earning assets:
 Loans receivable                 $ 494    $(334)   $ 160    $ 395    $(324)   $  71
 Investment securities             (105)    (105)    (210)      77     (281)    (204)
 Other interest-earning assets      (46)      (5)     (51)      25       (6)      19
                                  -----    -----    -----    -----    -----    -----
  Total interest-earning assets   $ 343    $(444)   $(101)   $ 497    $(611)   $(114)
                                  =====    =====    =====    =====    =====    =====

Interest-bearing liabilities:
 Interest-bearing checking            4      (35)     (31)       7      (48)     (41)
 Savings accounts                    28     (114)     (86)      35      (70)     (35)
 Money market accounts               (3)     (29)     (32)       9      (42)     (33)
 Certificates of deposit            (36)    (115)    (151)      89     (219)    (130)
 Borrowings                          17       --       17       (3)      (2)      (5)
                                  -----    -----    -----    -----    -----    -----
   Total interest-bearing
    liabilities                   $  10    $(293)   $(283)   $ 137    $(381)   $(244)
                                  =====    =====    =====    =====    =====    =====

Net interest income               $ 333    $(151)   $ 182    $ 360    $(230)   $ 130
                                  =====    =====    =====    =====    =====    =====
</TABLE>

Comparison of Results of Operations  for the Years Ended  September 30, 2004 and
2003

         Net Income. For the year ended September 30, 2004, the Company reported
net income of $527,000, or $.31 per diluted share, compared to $559,000, or $.33
per diluted share, for the prior year. The decrease of $32,000 in net income was
primarily due to a $39,000 decrease in non-interest  income, a $200,000 increase
in  non-interest  expense and a $13,000  increase in tax expense which more than
offset an increase in net  interest  income after  provision  for loan losses of
$220,000.

                                       10

<PAGE>

         Interest Income. Interest income decreased $101,000 to $4.3 million for
the year ended  September  30, 2004 from $4.4  million for the same 2003 period.
The decrease in total interest  income is  attributable to decreases in interest
income  of   $210,000   on   investment   securities   and   $51,000   on  other
interest-earning assets which more than offset an increase in interest income of
$160,000   on  loans   receivable.   While   the   average   balance   of  total
interest-earning  assets for the year ended September 30, 2004 increased by $3.5
million  compared  to the year ended  September  30,  2003,  the  average  yield
decreased to 5.05% from 5.39%.  Average loan  receivable  balances  increased by
$8.2  million for the year ended  September  30, 2004  compared to the same 2003
period, while the average yield declined to 5.81% from 6.42%. For the year ended
September 30, 2004, the average  balance of investment  securities  decreased by
$3.0 million  compared to the same 2003 period,  while the average yield fell to
3.30% from 3.74%. The average balance of other interest-earning assets decreased
by $1.7 million for the year ended September 30, 2004 compared to the year ended
September  30,  2003,  while the yield fell to 2.69% from 2.83%.  The changes in
average balances and reductions in yields reflect the reinvestment of investment
security  balances into loans  receivable  and the continued low level of market
interest rates.

         Interest Expense.  Interest expense decreased  $283,000 to $892,000 for
the year ended  September  30, 2004 from $1.2  million for the same 2003 period.
The decrease in interest  expense was primarily due to a decrease in the average
cost of  interest-bearing  liabilities  to  1.29%  from  1.77%,  reflecting  the
continued low level of market interest rates. Average interest-bearing liability
balances  increased  by $3.1  million  for the year  ended  September  30,  2004
compared  to same  2003  period.  Average  deposit  balances  increased  by $2.2
million, while average borrowings increased by $887,000.

         Net Interest  Income.  Net interest income  increased  $182,000 to $3.4
million for the year ended September 30, 2004,  compared to $3.2 million for the
year ended  September 30, 2003.  The interest rate spread was 3.76% for the year
ended  September  30, 2004  compared to 3.62% for the year ended  September  30,
2003, while the net interest margin was 4.00% and 3.95%,  respectively,  for the
same periods.

         Provision for Losses on Loans. The provision for loan losses is charged
to  operations  to bring the total  allowance  for loan  losses to a level  that
represents  management's  best estimate of the losses inherent in the portfolio,
based on a review by management of the following factors:

o    historical experience;
o    volume;
o    type of lending conducted by the Bank;
o    industry standards;
o    the level and status of past due and  non-performing  loans;
o    the general economic conditions in the Bank's lending area; and
o    other factors affecting the collectibility of the loans in its portfolio.

         Our methodology for analyzing the allowance for loan losses consists of
two components:  general and specific allowances.  A general valuation allowance
is  determined  by applying  estimated  loss factors to various  aggregate  loan
categories.  Specific valuation  allowances are created when management believes
that the  collectibility  of a  specific  loan has been  impaired  and a loss is
probable. The allowance level is reviewed on a quarterly basis, at a minimum.

          Determining  the amount of the allowance  for loan losses  necessarily
involves a high degree of judgment.  The allowance for loan losses is maintained
at a level that  represents  management's  best  estimate  of losses in the loan
portfolio at the balance sheet date. However, there can be no assurance that the
allowance  for losses will be

                                       11
<PAGE>

adequate  to  cover  losses  which  may be  realized  in the  future,  and  that
additional provisions for losses will not be required.  In addition,  regulatory
agencies,  as  part  of  their  examination  process,  periodically  review  the
allowance  for loan losses and may require us to  recognize  adjustments  to the
allowance  based on their  judgment  regarding the adequacy of the allowance for
loan losses at the time of their examination.

         The provision for loan losses was $22,000 for the year ended  September
30, 2004,  compared to $60,000 for the same period in 2003.  The  allowance  for
loan losses was $491,000,  or .76% of total loans  outstanding  at September 30,
2004, compared to $473,000,  or .85% of total loans outstanding at September 30,
2003.

         Non-interest Income. Non-interest income decreased $39,000, or 7.8%, to
$462,000 for the year ended  September  30, 2004,  compared to $501,000 for same
period  in 2003.  Decreases  in  non-interest  income  were  primarily  due to a
decrease in late charges and satisfaction fees collected on loans and a decrease
in gain on sale of loans.  The decrease in late charges is due to the collection
in 2003 of several significant late charge balances on the payoff of loans while
the  decrease  in  satisfaction  fees is related to a decrease  in the number of
loans paid off in fiscal 2004  compared to fiscal 2003.  The decrease in gain on
sale of loans is due to the sale of fewer loans in the 2004 period, related to a
reduction  in  loan  volumes  in the  one-to-four  family  residential  mortgage
category as the refinance market slowed dramatically.

         Non-interest Expense. Non-interest expense increased $200,000, or 7.5%,
to $2.9 million for the year ended September 30, 2004, from $2.7 million for the
same period in 2003. The most  significant  increases were in  compensation  and
benefits  and  occupancy  and  equipment  expense.   Compensation  and  benefits
increased by $169,000,  primarily  the result of merit raises to our  employees,
staff  additions to accommodate  the continued  growth of the Bank and increased
benefit  costs.  Occupancy  and  equipment  expenses  increased by $44,000.  The
increase in occupancy and equipment  expense was  attributable to an increase in
depreciation  expense related to the conversion of our computer system. The Bank
converted from its primary  third-party core data processing service provider to
a new provider in fiscal 2003. In conjunction with the conversion, the Bank also
installed  a  wide  area  network  and  replaced  much  of its  data  processing
equipment.

         Management  expects increased expenses in the future as a result of the
establishment  of additional  stock benefit  plans,  as well as increased  costs
associated with being a fully public company.  In addition,  we intend to expand
our branch office network over the next few years,  and expenses related to such
expansion  will result in  increases  in  occupancy  and  equipment  expense and
compensation and benefits expense relating to the additional staff.

Liquidity and Capital Resources

          Liquidity is the ability to fund assets and meet  obligations  as they
come  due.  Liquidity  risk is the risk of not being  able to obtain  funds at a
reasonable  price  within  a  reasonable   period  of  time  to  meet  financial
commitments  when due. We are required  under federal  regulations to maintain a
sufficient level of liquid assets (including specified short-term securities and
certain  other  investments),  as  determined  by  management  and  reviewed for
adequacy by  regulators  during  examinations.  Roebling Bank is also subject to
federal regulations that impose certain minimum capital  requirements.  See Note
13 to our consolidated financial statements.

          Our liquidity, represented by cash and cash equivalents and investment
securities,  is a product of our operating,  investing and financing activities.
Our primary  sources of liquidity are  deposits,  loan and  investment  security
repayments and sales,  and borrowed  funds.  While  scheduled  payments from the
amortization  and  maturity  of  loans,  investment  securities  and  short-term
investments are relatively predictable sources of funds, deposit flows, loan and
mortgage-backed  security  prepayments and investment security calls are greatly
influenced by general interest rates,  economic  conditions and competition.  We
monitor  projected   liquidity  needs

                                       12
<PAGE>

to ensure that adequate  liquidity is maintained on a daily and long-term basis.
We have the ability to borrow from the FHLB of New York,  or others,  should the
need  arise.  As of  September  30,  2004,  we had $1.0  million in  outstanding
borrowings from the FHLB of New York.

Off-Balance Sheet Arrangements

          We are a party to financial instruments with off-balance sheet risk in
the normal course of business to meet the  financing  needs of our customers and
to reduce our  exposure to  fluctuations  in  interest  rates.  These  financial
instruments  include  commitments  to extend  credit  and  involve,  to  varying
degrees,  elements  of credit  and  interest  rate risk in excess of the  amount
recognized in the  statements of financial  condition.  The contract or notional
amounts of those instruments reflect the extent of our involvement in particular
classes of financial instruments.

          Our  exposure  to credit  loss in the event of  nonperformance  by the
other party to the  financial  instrument  for  commitments  to extend credit is
represented by the contractual notional amounts of those instruments. We use the
same credit policies in making commitments and conditional  obligations as we do
for  on-balance-sheet  instruments.  We generally do not require  collateral  or
other security to support financial instruments with credit risk.

          Commitments  to extend credit are  agreements to lend to a customer as
long as there is no  violation of any  condition  established  in the  contract.
Commitments  generally have fixed expiration dates or other termination  clauses
and may require  payment of a fee. Since many of the commitments are expected to
expire  without  being  drawn upon,  the total  commitments  do not  necessarily
represent future cash requirements.  We have approved lines of credit unused but
accessible to borrowers  totaling $9.8 million and $7.2 million at September 30,
2004 and 2003,  respectively.  Our experience has been that approximately 50% of
loan commitments are drawn upon by customers.

          At September  30, 2004 and 2003,  we had $3.6 million and $6.1 million
in  outstanding  commitments  to  originate  loans and  $123,000 and $110,000 in
outstanding commercial letters of credit,  respectively.  At September 30, 2004,
there were  outstanding  commitments  to sell loans of $148,000  and to purchase
investment securities of $500,000. There were no such commitments outstanding at
September 30, 2003.

Impact of Inflation and Changing Prices

         The  consolidated  financial  statements  presented  herein  have  been
prepared in accordance  with  accounting  principles  generally  accepted in the
United States of America,  which require the  measurement of financial  position
and operating results without  considering the change in the relative purchasing
power of money over time due to inflation.  The impact of inflation is reflected
in the increased cost of our operations. Unlike industrial companies, nearly all
of our assets and liabilities are financial in nature. As a result, our earnings
are impacted by changes in interest rates,  which are influenced by inflationary
expectations.  Our  asset/liability  management  strategy  seeks to minimize the
effects of changes in interest rates on our net income.

Recent Accounting Pronouncements

         Roebling Financial Corp, Inc. adopted Statement of Financial Accounting
Standard ("SFAS") No. 149, Amendment of Statement 133 on Derivative  Instruments
and Hedging Activities,  on July 1, 2003. SFAS No. 149 clarifies and amends SFAS
No. 133 for  implementation  issues  raised by  constituents  and  includes  the
conclusions  reached by the Financial  Accounting  Standards  Board  ("FASB") on
certain FASB Staff Implementation  Issues. SFAS No. 149 also amends SFAS No. 133
to require a lender to account for loan

                                       13
<PAGE>

commitments related to mortgage loans that will be held for sale as derivatives.
SFAS No. 149 is effective for contracts  entered into or modified after June 30,
2003. Roebling Bank periodically enters into loan commitments with its customers
to originate  loans which it may intend to sell in the future.  Management  does
not  anticipate  the  adoption  of SFAS No.  149 to have a  material  impact  on
Roebling Financial Corp, Inc.'s financial position or results of operations.

          The FASB  issued  SFAS  No.  150,  Accounting  for  Certain  Financial
Instruments  with  Characteristics  of both  Liabilities and Equity,  on May 15,
2003.  SFAS No. 150 changes the  classification  in the  statement  of financial
position of certain common financial instruments from either equity or mezzanine
presentation to liabilities and requires an issuer of those financial statements
to recognize  changes in fair value or  redemption  amount,  as  applicable,  in
earnings.  SFAS  No.  150  is  effective  for  public  companies  for  financial
instruments  entered into or modified after May 31, 2003 and is effective at the
beginning of the first interim period beginning after June 15, 2003.  Management
has not entered into any financial instruments that would qualify under SFAS No.
150. As a result, management does not anticipate the adoption of SFAS No. 150 to
have a material impact on Roebling  Financial Corp, Inc.'s financial position or
results of operations.

          Roebling Financial Corp, Inc. adopted FASB Interpretation No. 45 ("FIN
45"),  Guarantor's  Accounting  and  Disclosure   Requirements  for  Guarantees,
including Indirect Guarantees of Indebtedness of Others, on January 1, 2003. FIN
45 requires a guarantor  entity,  at the inception of a guarantee covered by the
measurement provisions of the interpretation, to record a liability for the fair
value of the obligation  undertaken in issuing the guarantee.  Financial letters
of credit  require  Roebling  Bank to make payment if the  customer's  financial
condition  deteriorates,  as defined in the agreements.  Performance  letters of
credit  require  Roebling Bank to make payments if the customer fails to perform
certain non-financial contractual obligations.  Roebling Bank previously did not
record a liability when guaranteeing  obligations unless it became probable that
Roebling  Bank  would  have to  perform  under  the  guarantee.  FIN 45  applies
prospectively  to  guarantees  Roebling  Bank issues or modifies  subsequent  to
September 30, 2003. At September  30, 2004,  Roebling Bank was not  contingently
liable for any  financial  or  performance  letters of credit.  It is the Bank's
practice  to  generally  hold  collateral  and / or obtain  personal  guarantees
supporting any outstanding letter of credit  commitments.  In the event that the
Bank is required to fulfill its contingent  liability  under a standby letter of
credit, it could liquidate the collateral held, if any, and enforce the personal
guarantee(s)  held, if any, to recover all or a portion of the amount paid under
the letter of credit.

          In January  2003,  the FASB  issued FASB  Interpretation  No. 46 ("FIN
46"),  Consolidation of Variable Interest  Entities.  In December 2003, the FASB
issued  a  revised  FIN 46  known as FIN  46R.  FIN 46 and FIN 46R  clarify  the
application  of  Accounting  Research  Bulletin  51,   "Consolidated   Financial
Statements", for certain entities that do not have sufficient equity at risk for
the entity to finance its activities without additional  subordinated  financial
support  from  other  parties  or in  which  equity  investors  do not  have the
characteristics  of  a  controlling   financial  interest   ("variable  interest
entities").  Variable  interest  entities within the scope of FIN 46 and FIN 46R
will be required to be  consolidated by their primary  beneficiary.  The primary
beneficiary  of a variable  interest  entity is  determined to be the party that
absorbs a majority of the entity's  expected losses,  receives a majority of its
expected  returns,  or both.  FIN 46 applied  immediately  to variable  interest
entities  created after January 31, 2003, and to variable  interest  entities in
which an enterprise obtains an interest after that date. It applies in the first
fiscal year or interim period beginning after June 15, 2003 to variable interest
entities  in which an  enterprise  holds a variable  interest  that it  acquired
before  February 1, 2003.  FIN 46R was  applied by  Roebling  Bank on October 1,
2004.  Roebling  Financial  Corp, Inc. does not anticipate FIN 46 and FIN 46R to
have a material  impact on its  consolidated  financial  position and results of
operations.

          The FASB issued SFAS No. 132 (revised  2003),  Employers'  Disclosures
about  Pensions  and  Other  Postretirement  Benefits  - an  amendment  of  FASB
Statements  No.  87,  88 and  106  in  December  2003.  This

                                       14
<PAGE>

Statement  revises   employers'   disclosures  about  pension  plans  and  other
postretirement  benefit plans. It does not change the measurement or recognition
of those plans  required  by FASB  Statements  87,  "Employers'  Accounting  for
Pensions," No. 88,  "Employers'  Accounting for Settlements and  Curtailments of
Defined  Benefit  Pension  Plans and for  Termination  Benefits,"  and No.  106,
"Employers'  Accounting for  Postretirement  Benefits Other Than Pensions." This
Statement  retains the disclosure  requirements  contained in FASB Statement No.
132, "Employers' Disclosures about Pensions and Other Postretirement  Benefits,"
which it replaces.  It requires additional  disclosures to those in the original
Statement  132 about the  assets,  obligations,  cash  flows,  and net  periodic
benefit  cost of  defined  benefit  pension  plans  and  other  defined  benefit
postretirement plans. The required information should be provided separately for
pension  plans  and  for  other  postretirement  benefit  plans.  As  a  result,
management  does not  anticipate  the adoption of SFAS No. 132 (revised 2003) to
have a material impact on Roebling  Financial Corp, Inc.'s financial position or
results of operations.

      In March 2004, the Emerging Issues Task Force ratified Issue No. 03-1, The
Meaning  of  Other-Than-Temporary  Impairment  and Its  Application  to  Certain
Investments  (EITF 03-1).  EITF 03-1 provides  guidance on the  recognition  and
measurement of  other-than-temporary  impairments of debt and equity investments
and requires certain  disclosures  related to unrealized losses. The recognition
and  measurement  provisions of EITF 03-1 are  effective  for reporting  periods
beginning  after June 15, 2004. We do not  anticipate  that the adoption of EITF
03-1 will have a material impact on our consolidated financial statements.

      In October 2003, the American  Institute of Certified  Public  Accountants
issued SOP 03-3,  Accounting for Loans or Certain Debt Securities  Acquired in a
Transfer.  SOP 03-3 applies to a loan that is acquired where it is probable,  at
acquisition,  that a  transferee  will be unable to  collect  all  contractually
required payments receivable.  SOP 03-3 requires the recognition,  as accretable
yield,  of the  excess  of all  cash  flows  expected  at  acquisition  over the
investor's  initial  investment in the loan as interest  income on a level-yield
basis over the life of the loan.  The  amount by which the loan's  contractually
required  payments  exceed the amount of its expected cash flows at  acquisition
may not be recognized  as an adjustment to yield,  a loss accrual or a valuation
allowance for credit risk.  SOP 03-3 is effective  for loans  acquired in fiscal
years  beginning  after  December 31, 2004.  Early  adoption is  permitted.  The
adoption  of  SOP  03-3  is  not  expected  to  have a  material  impact  on our
consolidated financial statements.

                                       15

<PAGE>

FONTANELLA AND BABITTS
CERTIFIED PUBLIC ACCOUNTANTS                       534 Union Boulevard
                                                   Totowa Boro, New Jersey 07512
                                                   Tel:   (973) 595-5300
                                                   Fax:   (973) 595-5890



             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
             -------------------------------------------------------



To the Board of Directors
Roebling Financial Corp, Inc. and Subsidiary



We have audited the accompanying  consolidated statements of financial condition
of Roebling  Financial Corp,  Inc. and Subsidiary,  as of September 30, 2004 and
2003, and the related consolidated  statements of income,  comprehensive income,
stockholders' equity and cash flows for the years then ended. These consolidated
financial  statements are the  responsibility of the Company's  management.  Our
responsibility  is  to  express  an  opinion  on  these  consolidated  financial
statements based on our audits.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and  perform  the  audit  to  obtain  reasonable  assurance  about  whether  the
consolidated  financial statements are free of material  misstatement.  An audit
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the  consolidated  financial  statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly, in all material  respects,  the financial position of Roebling Financial
Corp,  Inc. and  Subsidiary,  at September 30, 2004 and 2003, and the results of
their operations and cash flows for the years then ended in conformity with U.S.
generally accepted accounting principles.



/s/FONTANELLA AND BABITTS


December 16, 2004



                                       16
<PAGE>


                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------

<TABLE>
<CAPTION>
                                                                            September 30,
                                                                   ----------------------------
                                                                        2004            2003
                                                                   ------------    ------------
<S>                                                                <C>             <C>
Assets
------
Cash and due from banks                                            $  1,820,076    $  1,886,059
Interest-bearing deposits                                             1,876,646         145,459
                                                                   ------------    ------------
             Total cash and cash equivalents                          3,696,722       2,031,518

Certificates of deposit                                               1,200,000       1,700,000
Securities available for sale                                        24,172,072      23,883,835
Securities held to maturity; approximate fair value of
  $996,000 (2004) and $1,831,000 (2003) respectively                    979,351       1,802,331
Loans held for sale                                                     148,000            --
Loans receivable, net                                                64,376,261      55,361,709
Accrued interest receivable                                             388,413         383,238
Federal Home Loan Bank of New York stock, at cost                       557,900         563,900
Premises and equipment                                                1,726,375       1,749,829
Other assets                                                            126,645         267,885
                                                                   ------------    ------------
             Total assets                                          $ 97,371,739    $ 87,744,245
                                                                   ============    ============
Liabilities and stockholders' equity
------------------------------------

Liabilities
-----------

Deposits                                                           $ 79,817,138    $ 78,407,903
Borrowed funds                                                        1,000,000       1,200,000
Advances from borrowers for taxes and insurance                         438,626         412,535
Other liabilities                                                       562,482         543,447
                                                                   ------------    ------------
             Total liabilities                                       81,818,246      80,563,885
                                                                   ------------    ------------
Commitments and contingencies                                                --              --

Stockholders' equity
--------------------

Serial preferred stock, par value $.10, authorized 5,000,000
 shares (2004) no par value, authorized 1,000,000 shares (2003),
 no shares issued                                                            --              --
Common stock; par value $.10; shares authorized and shares
 issued of 20,000,000 and 1,687,403 at September 30, 2004;
 4,000,000 and 425,500 at September 30, 2003; respectively              168,740          42,550
Additional paid-in-capital                                           10,151,118       1,690,532
Unallocated employee stock ownership plan shares                       (775,650)        (62,720)
Retained earnings - substantially restricted                          5,935,876       5,409,050
Accumulated other comprehensive income - unrealized
 gain on securities available for sale, net of tax                       73,409         100,948
                                                                   ------------    ------------
             Total stockholders' equity                              15,553,493       7,180,360
                                                                   ------------    ------------
             Total liabilities and stockholders' equity            $ 97,371,739    $ 87,744,245
                                                                   ============    ============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       17
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                        ---------------------------------
<TABLE>
<CAPTION>
                                                               Year Ended
                                                              September 30,
                                                       -------------------------
                                                           2004           2003
                                                       ----------     ----------
<S>                                                    <C>            <C>
Interest income:
   Loans receivable                                    $3,466,057     $3,305,751
   Securities                                             745,648        955,746
   Other interest-earning assets                           67,111        118,685
                                                       ----------     ----------
             Total interest income                      4,278,816      4,380,182
                                                       ----------     ----------

Interest expense:
   Deposits                                               875,468      1,174,969
   Borrowed funds                                          16,680            142
                                                       ----------     ----------
             Total interest expense                       892,148      1,175,111
                                                       ----------     ----------

Net interest income                                     3,386,668      3,205,071
Provision for loan losses                                  22,000         60,000
                                                       ----------     ----------
             Net interest income after
               provision for loan losses                3,364,668      3,145,071
                                                       ----------     ----------

Non-interest income:
   Loan fees                                               55,436         75,397
   Account servicing and other                            404,689        409,496
   Gain on sale of loans                                    1,945         16,148
                                                       ----------     ----------
             Total non-interest income                    462,070        501,041
                                                       ----------     ----------
Non-interest expense:
   Compensation and benefits                            1,590,658      1,421,652
   Occupancy and equipment                                320,550        276,235
   Service bureau and data processing                     395,638        397,992
   Federal insurance premiums                              11,705         11,904
   Other                                                  567,385        577,830
                                                       ----------     ----------
             Total non-interest expense                 2,885,936      2,685,613
                                                       ----------     ----------
Income before income taxes                                940,802        960,499
Income taxes                                              413,976        401,383

             Net income                                $  526,826     $  559,116
                                                       ==========     ==========

Basic earnings per share                               $     0.32     $     0.34
                                                       ==========     ==========

Diluted earnings per share                             $     0.31     $     0.33
                                                       ==========     ==========

Weighted average shares
  outstanding - basic                                   1,666,313      1,657,768
                                                       ==========     ==========

Weighted average shares
  outstanding - diluted                                 1,688,838      1,671,961
                                                       ==========     ==========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       18
<PAGE>



                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                 -----------------------------------------------
<TABLE>
<CAPTION>
                                                               Year Ended
                                                              September 30,
                                                       -------------------------
                                                           2004           2003
                                                       ----------     ----------
<S>                                                     <C>           <C>
Net income                                              $ 526,826     $ 559,116

Other comprehensive income,
  net of income taxes:
      Unrealized holding losses on
         securities available for sale, net of
         income tax benefit of $18,313
         and $95,199, respectively                        (27,539)     (143,157)
                                                        ---------     ---------
Comprehensive income                                    $ 499,287     $ 415,959
                                                        =========     =========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       19
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                 -----------------------------------------------
<TABLE>
<CAPTION>
                                                                                                  Accumulated
                                                     Additional      Unallocated                     Other
                                       Common          Paid-in          ESOP          Retained   Comprehensive
                                        Stock          Capital         Shares         Earnings       Income          Total
                                       -------       -----------     -----------      --------   -------------       ------
<S>                                   <C>            <C>             <C>            <C>            <C>            <C>
Balance - September 30, 2002          $ 42,550       $ 1,674,209     $ (78,400)     $ 4,849,934    $ 244,105      $ 6,732,398

Net income                                   -                 -             -          559,116            -          559,116

Amortization of ESOP shares                  -            16,323        15,680                -            -           32,003

Change in unrealized gain
 on securities available
 for sale, net of tax                        -                 -             -                -     (143,157)        (143,157)
                                      --------       -----------     ---------      -----------    ---------      -----------
Balance - September 30, 2003            42,550         1,690,532       (62,720)       5,409,050      100,948        7,180,360

Net income                                   -                 -             -          526,826            -          526,826

Amortization of ESOP shares                  -            32,185        15,680                -            -           47,865

Change in unrealized gain
 on securities available
 for sale, net of tax                        -                 -             -                -      (27,539)         (27,539)

Proceeds from sale of common
 stock, net                            126,190         8,333,026             -                -            -        8,459,216

Common stock acquired by ESOP                -                 -      (728,610)               -            -         (728,610)

Distribution from Roebling
 Financial Corp., MHC                        -            95,375             -                -            -           95,375
                                      --------       -----------     ---------      -----------    ---------      -----------
Balance - September 30, 2004          $168,740       $10,151,118     $(775,650)     $ 5,935,876    $  73,409      $15,553,493
                                      ========       ===========     =========      ===========    =========      ===========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       20
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      -------------------------------------
<TABLE>
<CAPTION>
                                                                     Year Ended
                                                                     September 30,
                                                            ----------------------------
                                                                 2004            2003
                                                            ------------    ------------
<S>                                                         <C>             <C>
Cash flows from operating activities:
   Net income                                               $    526,826    $    559,116
   Adjustments to reconcile net income to
    net cash provided by operating activities:
       Depreciation                                              154,502         107,204
       Amortization of premiums and
        discounts, net                                            37,796         118,856
       Amortization of deferred loan fees
        and costs, net                                            12,947          37,676
       Provision for loan losses                                  22,000          60,000
       Mortgage loans originated for sale,
        net of principal repayments                           (1,141,136)     (4,609,606)
       Gain on sale of loans                                      (1,945)        (16,148)
       Proceeds from sale of mortgage loans                      993,731       4,625,755
       Decrease (increase) in other assets                       159,553        (165,271)
       (Increase) decrease in accrued interest receivable         (5,175)         64,315
       Increase (decrease) in other liabilities                   19,035         (93,606)
       Allocation of ESOP shares                                  47,865          32,003
                                                            ------------    ------------
             Net cash provided by
               operating activities                              825,999         720,294
                                                            ------------    ------------
Cash flows from investing activities:
   Purchase of certificates of deposit                              --        (1,000,000)
   Proceeds from maturities of certificates of deposit           500,000         200,000
   Purchase of securities available for sale                 (12,509,061)    (21,865,683)
   Proceeds from payments and maturities
     of securities available for sale                         12,137,558      20,767,771
   Purchase of securities held to maturity                      (140,125)        (76,000)
   Proceeds from payments and maturities
     of securities held to maturity                              962,723       1,353,991
   Loan originations, net of principal repayments             (9,248,149)     (9,728,430)
   Proceeds from sale of loan participations                     200,000            --
   Redemption (purchase) of Federal Home Loan Bank Stock           6,000         (91,800)
   Purchase of premises and equipment                           (131,048)       (721,811)
                                                            ------------    ------------
             Net cash used in investing activities            (8,222,102)    (11,161,962)
                                                            ------------    ------------
</TABLE>

See accompanying notes to consolidated financial statements.

                                       21
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT'D)
                 ----------------------------------------------
<TABLE>
<CAPTION>
                                                                     Year Ended
                                                                    September 30,
                                                              --------------------------
                                                                 2004           2003
                                                              -----------    -----------
<S>                                                             <C>            <C>
Cash flows from financing activities:
   Net increase in deposits                                     1,409,235      4,046,775
   Net (decrease) increase in short-term borrowed funds        (1,200,000)     1,200,000
   Proceeds from long-term borrowed funds                       1,000,000           --
   Increase in advance payments by borrowers
     for taxes and insurance                                       26,091          3,432
   Net proceeds from stock offering                             8,459,216           --
   Purchase of common shares by ESOP                             (728,610)          --
   Distribution received from Roebling Financial Corp., MHC        95,375           --
                                                              -----------    -----------
             Net cash provided by financing activities          9,061,307      5,250,207
                                                              -----------    -----------

Net increase (decrease) in cash
  and cash equivalents                                          1,665,204     (5,191,461)

Cash and cash equivalents - beginning                           2,031,518      7,222,979
                                                              -----------    -----------

Cash and cash equivalents - ending                            $ 3,696,722    $ 2,031,518
                                                              ===========    ===========

Supplemental Disclosures of Cash Flow Information
-------------------------------------------------

Cash paid for:
   Interest on deposits and advances                          $   896,150    $ 1,193,931
                                                              ===========    ===========

   Income taxes                                               $   359,551    $   566,798
                                                              ===========    ===========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       22
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------

The following is a description of the more significant  accounting policies used
in preparation of the accompanying consolidated financial statements of Roebling
Financial Corp, Inc. and Subsidiary (the "Company").

Principles of Consolidation
---------------------------

The consolidated  financial statements are comprised of the accounts of Roebling
Financial  Corp,  Inc.  and its  wholly-owned  subsidiary,  Roebling  Bank  (the
"Bank").  All  significant  intercompany  accounts  and  transactions  have been
eliminated in consolidation.

Basis of Consolidated Financial Statement Presentation
------------------------------------------------------

The  consolidated  financial  statements  have been prepared in conformity  with
accounting  principles  generally  accepted in the United States of America.  In
preparing the consolidated financial statements,  management is required to make
estimates  and  assumptions  that  affect  the  reported  amount of  assets  and
liabilities as of the date of the statement of financial  condition and revenues
and  expenses  for  the  period  then  ended.   Actual   results   could  differ
significantly  from those  estimates.  Material  estimates that are particularly
susceptible to significant  changes in the near term relate to the determination
of the  allowance for loan losses,  the valuation of foreclosed  real estate and
the assessment of prepayment risks associated with  mortgage-backed  securities.
Management  believes that the allowance for loan losses  considers all known and
inherent losses,  foreclosed real estate is appropriately  valued and prepayment
risks associated with mortgage-backed securities are properly recognized.  While
management  uses  available   information  to  recognize  losses  on  loans  and
foreclosed  real estate,  future  additions to the  allowance for loan losses or
further  writedowns of foreclosed  real estate may be necessary based on changes
in economic conditions in the Company's market area.  Additionally,  assessments
of prepayment risks related to mortgage-backed securities are based upon current
market conditions, which are subject to frequent change.

In  addition,  various  regulatory  agencies,  as  an  integral  part  of  their
examination process, periodically review the Company's allowance for loan losses
and foreclosed  real estate.  Such agencies may require the Company to recognize
additions  to  the  allowance  for  loan  losses  or  additional  writedowns  on
foreclosed real estate based on their judgments about  information  available to
them at the time of their examination.

Concentration of Risk
---------------------

The Company's  lending  activity is concentrated in loans secured by real estate
located in the State of New Jersey.

The  Company's  loan  portfolio is  predominantly  made up of 1-to-4 family unit
first mortgage loans in Burlington County.  These loans are typically secured by
first lien positions on the respective real estate properties and are subject to
the  Company's  loan  underwriting  policies.  In general,  the  Company's  loan
portfolio performance is dependent upon the local economic conditions.

Interest-Rate Risk
------------------

The Company is principally  engaged in the business of attracting  deposits from
the general public and using these deposits to make loans secured by real estate
and,  to a  lesser  extent,  consumer  and  commercial  loans  and  to  purchase
mortgage-backed and investment securities.  The potential for interest-rate risk
exists as a result of the shorter  duration of the Company's  interest-sensitive
liabilities  compared to the  generally  longer  duration of  interest-sensitive
assets.

                                       23
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
---------------------------------------------

Interest-Rate Risk (Cont'd)
------------------

In a rising interest rate environment, liabilities will generally reprice faster
than  assets,  and there may be a  reduction  in the market  value of  long-term
assets and net interest income. For this reason,  management  regularly monitors
the  maturity  structure of the  Company's  assets and  liabilities  in order to
control its level of interest-rate risk and to plan for future volatility.

Cash and Cash Equivalents
-------------------------

Cash  and  cash  equivalents  include  cash  and  amounts  due  from  depository
institutions,  interest-bearing accounts and federal funds sold. For the purpose
of the  statements of cash flows,  the Company  considers all highly liquid debt
instruments  with  original  maturities  of  three  months  or  less  to be cash
equivalents.

Investments and Mortgage-backed Securities
------------------------------------------

Debt  securities  over which there exists positive intent and ability to hold to
maturity are classified as held-to-maturity securities and reported at amortized
cost. Debt and equity  securities  that are bought and held  principally for the
purpose of selling them in the near term are  classified  as trading  securities
and reported at fair value, with unrealized holding gains and losses included in
earnings.  Debt and equity securities not classified as trading securities,  nor
as held-to-maturity securities, are classified as available-for-sale  securities
and reported at fair value,  with  unrealized  holding  gains or losses,  net of
deferred income taxes, reported in a separate component of stockholders' equity.

Premiums  and  discounts  on all  securities  are  amortized/accreted  using the
interest  method.  Interest and dividend  income on  securities,  which includes
amortization  of premiums  and  accretion of  discounts,  is  recognized  in the
financial  statements  when  earned.  The adjusted  cost basis of an  identified
security  sold or  called is used for  determining  security  gains  and  losses
recognized in the statements of income.

In December 2003, the Emerging  Issues Task Force issued EITF 03-1, "The Meaning
of Other-Than-Temporary  Impairment and Its Application to Certain Investments."
This  statement  from  the  EITF  addresses  disclosure  requirements  regarding
information  about  temporarily  impaired  investments.   The  requirements  are
effective for fiscal years ending after  December 15, 2003 for all entities that
have debt or marketable  equity  securities  with market  values below  carrying
values.  The  requirements  apply to investments  in debt and marketable  equity
securities  that are  accounted  for under  Statement  of  Financial  Accounting
Standards  ("SFAS") No. 115,  "Accounting  for Certain  Investments  in Debt and
Equity  Securities."  The  required  disclosure  has  been  made  in the  annual
financial statements.

Loans and Allowance for Loan Losses
-----------------------------------

Loans receivable are stated at unpaid principal balances, less the allowance for
loan losses and net deferred loan origination fees and discounts.

Loan fees and certain direct loan  origination  costs are deferred,  and the net
fee or cost is recognized as an adjustment to interest income using the interest
method over the contractual life of the loans, adjusted for prepayments.


                                       24
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
---------------------------------------------

Loans and Allowance for Loan Losses (Cont'd)
-----------------------------------

An allowance for loan losses is maintained  at a level  considered  necessary to
provide for loan losses based upon the  evaluation of known and inherent  losses
in the loan portfolio.  Management of the Company,  in determining the allowance
for loan losses  considers the credit risks  inherent in its loan  portfolio and
changes in the nature and volume of its loan activities,  along with the general
economic  and real estate  market  conditions.  The Company  utilizes a two tier
approach: (1) identification of problem loans and establishment of specific loss
allowances on such loans; and (2) establishment of general valuation  allowances
on the  remainder  of its loan  portfolio.  The Company  maintains a loan review
system which allows for a periodic  review of its loan  portfolio  and the early
identification of impaired problem loans. Such system takes into  consideration,
among other things,  delinquency  status,  size of loans, type of collateral and
financial  condition  of the  borrowers.  A loan is deemed to be impaired  when,
based on current information and events, it is probable that the Company will be
unable to collect all amounts due according to the contractual terms of the loan
agreement.  All loans  identified as impaired are evaluated  independently.  The
Company does not aggregate such loans for evaluation  purposes.  Loan impairment
is measured based on the present value of expected future cash flows  discounted
at the loan's  effective  interest  rate or, as a  practical  expedient,  at the
loan's  observable  market price or the fair value of the collateral if the loan
is collateral  dependent.  General loan losses are based upon a  combination  of
factors including, but not limited to, actual loan loss experience,  composition
of the loan portfolio, current economic conditions and management's judgment.

Regardless  of the extent of the  analysis  of customer  performance,  portfolio
evaluations, trends or risk management processes established,  certain inherent,
but undetected  losses are probable  within the loan  portfolio.  This is due to
several factors including inherent delays in obtaining  information  regarding a
customer's  financial  condition or changes in their conditions,  the judgmental
nature  of  individual  loan   evaluations,   collateral   assessments  and  the
interpretation of economic trends,  and the sensitivity of assumptions  utilized
to establish  allocated  allowances for homogeneous  groups of loans among other
factors.  An  unallocated  allowance is maintained to recognize the existence of
these  exposures.  These other  credit risk factors are  regularly  reviewed and
revised by management  where  conditions  indicate that the estimates  initially
applied are different from actual results.

The Company  accounts for its  transfers  and  servicing of financial  assets in
accordance  with SFAS No.  140,  "Accounting  for  Transfers  and  Servicing  of
Financial Assets and  Extinguishments  of Liabilities." SFAS No. 140 revises the
standards  for  accounting  for  the  securitizations  and  other  transfers  of
financial  assets and  collateral.  Transfers of financial  assets for which the
Company has  surrendered  control of the  financial  assets are accounted for as
sales to the extent that  consideration  other than beneficial  interests in the
transferred  assets is received in  exchange.  Retained  interests  in a sale or
securitization  of  financial  assets are  measured  at the date of  transfer by
allocating the previous carrying amount between the assets transferred and based
on their relative  estimated fair values.  The fair values of retained servicing
rights and any other  retained  interests  are  determined  based on the present
value of  expected  future cash flows  associated  with those  interests  and by
reference  to market  prices for  similar  assets.  There were no  transfers  of
financial assets to related or affiliated  parties. As of September 30, 2004 and
2003,  the  Company  has  not  recorded  mortgage  servicing  assets  due to the
immateriality of amount that would have been capitalized  based upon the limited
amount of assets secured by the Company.

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

                                       25
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
---------------------------------------------

Loans and Allowance for Loan Losses (Cont'd)
-----------------------------------

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.

Premises and Equipment
----------------------

Land is  carried  at cost.  Premises  and  equipment  are  carried  at cost less
accumulated depreciation and amortization. Significant renovations and additions
are capitalized.  When assets are retired or otherwise disposed of, the cost and
related accumulated depreciation are removed from the accounts and any resulting
gain or loss is reflected in income for the period.  The cost of maintenance and
repairs is charged to expense as incurred.  The Company computes depreciation on
a straight-line basis over the estimated useful lives of the assets.

Real Estate Owned
-----------------

Real estate  properties  acquired  through,  or in lieu of, loan foreclosure are
initially  recorded  at  the  lower  of  cost  or  fair  value  at the  date  of
foreclosure.  Costs  relating to  development  and  improvement  of property are
capitalized,  whereas  costs  relating to the holding of property are  expensed.
Subsequent valuations are periodically performed by management, and an allowance
for losses is  established  by a charge to operations if the carrying value of a
property  exceeds its fair value less estimated  selling cost.  Gains and losses
from  sale of  these  properties  are  recognized  as they  occur.  Income  from
operating properties is recorded in operations as earned.

Income Taxes
------------

Federal income taxes and state taxes have been provided on the basis of reported
income.  Deferred  income  taxes are  provided  for certain  items in income and
expenses which enter into the  determination  of income for financial  reporting
purposes in different periods than for income tax purposes.

Accounting for Stock-Based Compensation
---------------------------------------

SFAS No. 123, "Accounting for Stock-Based Compensation," issued by the Financial
Accounting  Standards  Board  ("FASB"),  establishes  financial  accounting  and
reporting  standards for  stock-based  employee  compensation  plans.  While all
entities are encouraged to adopt the "fair value based method" of accounting for
employee stock compensation plans, SFAS 123 also allows an entity to continue to
measure  compensation  cost under such plans  using the  "intrinsic  value based
method"  specified in Accounting  Principles  Board Opinion  ("APB") No. 25. The
Company has elected to apply the intrinsic value based method.  Accordingly,  no
compensation expense has been recognized for the Stock Option Plan.

In December  2002,  the FASB issued SFAS No. 148,  "Accounting  for  Stock-Based
Compensation-Transition  and  Disclosure,"  which amends SFAS No. 123.  SFAS 148
amends the disclosure requirements in SFAS 123 for stock-based  compensation for
annual periods ending after December 15, 2002 and for interim periods  beginning
after December 15, 2002. These disclosure  requirements  apply to all companies,
including those that continue to recognize  stock-based  compensation  under APB
opinion 25.

There is no proforma  effect on the  Company's net income and earnings per share
for the years ended September 30, 2004 and 2003.


                                       26
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
---------------------------------------------

Earnings Per Share
------------------

Basic  earnings per share is computed by dividing net income for the year by the
weighted  average  number of shares of common  stock  outstanding,  adjusted for
unearned shares of the Employee Stock Ownership Plan ("ESOP").  Diluted earnings
per share is computed by  adjusting  the  weighted  average  number of shares of
common stock  outstanding to include the effect of outstanding stock options and
compensation grants, if dilutive, using the treasury stock method.

The following is a summary of the Company's earnings per share calculations:
<TABLE>
<CAPTION>

                                                             Year Ended
                                                             September 30,
                                                      --------------------------
                                                          2004            2003
                                                       ---------       ---------

<S>                                                   <C>             <C>
Net income                                            $  526,826      $  559,116
                                                      ==========      ==========
Weighted average common shares
  outstanding for computation of
  basic EPS (1)                                        1,666,313       1,657,768

Common-equivalent shares due to
  the dilutive effect of stock options                    22,525          14,193
                                                       ---------       ---------
Weighted-average common shares
  for computation of diluted EPS                       1,688,838       1,671,961
                                                      ==========      ==========

Earnings per common share:
   Basic                                              $     0.32      $     0.34
   Diluted                                            $     0.31      $     0.33

(1) Excludes unallocated ESOP shares
</TABLE>

2. CERTIFICATES OF DEPOSIT
--------------------------

There are no uninsured certificates of deposit included above.
<TABLE>
<CAPTION>
                                                            September 30,
                                                    ----------------------------
                                                       2004                2003
                                                    ----------        ----------
Maturity
--------

<S>                                                 <C>               <C>
Due within one year                                 $  900,000        $  500,000
After 1 year through 5 years                           300,000         1,200,000
                                                    ----------        ----------
                                                    $1,200,000        $1,700,000
                                                    ==========        ==========
</TABLE>

                                       27
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------



3. SECURITIES AVAILABLE FOR SALE
--------------------------------
<TABLE>
<CAPTION>
                                                                      September 30, 2004
                                                   ------------------------------------------------------------------
                                                                           Gross Unrealized
                                                     Amortized         -------------------------          Estimated
                                                       Cost              Gains            Losses          Fair Value
                                                   ------------        ---------         --------        ------------
<S>                                                   <C>              <C>               <C>             <C>
Investment Securities
   U.S. Government and Agency Securities:
      Due within one year                          $    500,000        $      --         $     --        $    500,000
      Due after one year through five years          16,500,000           47,895           33,350          16,514,545
      Due after five years through ten years            500,000            5,090               --             505,090
   Marketable Equity Securities                           2,888           22,472               --              25,360

Mortgage-backed Securities
   GNMA                                               2,556,489           21,323            1,119           2,576,693
   FHLMC                                              1,610,072           23,004                -           1,633,076
   FNMA                                               2,380,396           40,714            3,802           2,417,308
                                                   ------------        ---------         --------        ------------
                                                   $ 24,049,845        $ 160,498         $ 38,271        $ 24,172,072
                                                   ============        =========         ========        ============

<CAPTION>
                                                                      September 30, 2003
                                                   ------------------------------------------------------------------
                                                                           Gross Unrealized
                                                     Amortized         -------------------------          Estimated
                                                       Cost              Gains            Losses          Fair Value
                                                   ------------        ---------         --------        ------------
<S>                                                   <C>              <C>               <C>             <C>
Investment Securities
   U.S. Government and Agency Securities:
      Due after one year through five years        $ 15,600,000         $ 88,385         $ 32,675        $ 15,655,710
   Marketable Equity Securities                           2,888           25,192               --              28,080

Mortgage-backed Securities
   GNMA                                               2,761,236           15,169            3,098           2,773,307
   FHLMC                                              2,735,578           29,364            3,347           2,761,595
   FNMA                                               2,616,054           49,089               --           2,665,143
                                                   ------------        ---------         --------        -------------
                                                   $ 23,715,756        $ 207,199         $ 39,120        $ 23,883,835
                                                   ============        =========         ========        ============
</TABLE>

Securities available for sale with a carrying value of $505,000 and $512,000, as
of  September  30, 2004 and 2003,  respectively,  are  pledged as  security  for
deposits of governmental  entities under the provisions of the Governmental Unit
Deposit  Protection Act (GUDPA).  Securities with a carrying value of $6,013,000
and  $2,528,000 are pledged as collateral for Federal Home Loan Bank advances as
of September 30, 2004 and 2003,  respectively.  In addition,  securities  with a
carrying value of $500,000 and $501,000 are pledged as collateral to the Federal
Reserve Bank as of September 30, 2004 and 2003, respectively.

There  were no sales of  investment  securities  or  mortgage-backed  securities
during the years ended September 30, 2004 and 2003.


                                       28
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

3. SECURITIES AVAILABLE FOR SALE (CONT'D)
--------------------------------

Provided  below is a summary of  securities  available for sale which were in an
unrealized loss position at September 30, 2004.  Approximately $25,000 or 65% of
the  unrealized  loss was comprised of securities in a continuous  loss position
for  twelve  months  or more  which  consisted  of U.S.  government  and  agency
securities.  The Company  has the  ability  and intent to hold these  securities
until such time as the value recovers or the  securities  mature.  Further,  the
Company  believes the  deterioration  in value is attributable to changes in the
market interest rates and not credit quality of the issuer.
<TABLE>
<CAPTION>
                                                                      September 30, 2004
                                                -------------------------------------------------------------------
                                                       Under One Year                      One Year or More
                                                ------------------------------       ------------------------------
                                                                      Gross                                Gross
                                                Estimated           Unrealized        Estimated          Unrealized
                                                Fair Value             Loss           Fair Value           Loss
                                                -----------          --------        -----------          --------
<S>                                             <C>                  <C>             <C>                  <C>
U.S. Government and Agency Securities           $ 1,491,560          $  8,440        $ 2,475,090          $ 24,910

Mortgage-backed Securities
    FNMA                                            736,291             3,802                 --                --
    GNMA                                            233,791             1,119                 --                --
                                                -----------          --------        -----------          --------
        Total available for sale                $ 2,461,642          $ 13,361        $ 2,475,090          $ 24,910
                                                ===========          ========        ===========          ========
</TABLE>

4. SECURITIES HELD TO MATURITY
------------------------------
<TABLE>
<CAPTION>
                                                                        September 30, 2004
                                                       --------------------------------------------------------
                                                                         Gross Unrealized
                                                       Amortized        -------------------           Estimated
                                                         Cost             Gains      Losses          Fair Value
                                                       ---------        --------     ------           ---------
<S>                                                    <C>               <C>          <C>             <C>
Investment Securities
   U.S. Government and Agency Securities:
      Due after five through ten years                 $ 175,585         $ 2,150      $  --           $ 177,735
   Other Securities:
      Due in one year or less                            140,125              --         --             140,125

Mortgage-backed Securities
   CMO (FNMA)                                            100,162           2,324         81             102,405
   GNMA                                                  189,152           3,727         48             192,831
   FHLMC                                                 147,945           4,253         --             152,198
   FNMA                                                  226,382           4,404         --             230,786
                                                       ---------        --------      -----           ---------
                                                       $ 979,351        $ 16,858      $ 129           $ 996,080
                                                       =========        ========      =====           =========
</TABLE>

                                       29
<PAGE>
                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------



4. SECURITIES HELD TO MATURITY (CONT'D)
------------------------------
<TABLE>
<CAPTION>
                                                                        September 30, 2003
                                                       --------------------------------------------------------
                                                                         Gross Unrealized
                                                       Amortized        -------------------           Estimated
                                                         Cost             Gains      Losses          Fair Value
                                                       ---------        --------     ------           ---------
<S>                                                    <C>               <C>          <C>             <C>
Investment Securities
   U.S. Government and Agency Securities:
      Due after five through ten years                 $ 260,142         $ 3,553      $  --           $ 263,695
   Other Securities:
      Due in one year or less                            526,258           5,490         --             531,748

Mortgage-backed Securities
   CMO (FNMA)                                            217,310           1,563         --             218,873
   GNMA                                                  308,995           9,312         --             318,307
   FHLMC                                                 192,133           5,313         --             197,446
   FNMA                                                  297,493           3,739        583             300,649
                                                     -----------        --------      -----         -----------
                                                     $ 1,802,331        $ 28,970      $ 583         $ 1,830,718
                                                     ===========        ========      =====         ===========
</TABLE>

Securities  held to maturity with a carrying  value of $147,000 and $274,000 are
pledged as collateral for Federal Home Loan Bank  advances,  as of September 30,
2004 and 2003, respectively.


                                       30
<PAGE>
                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


5. LOANS RECEIVABLE, NET
------------------------
<TABLE>
<CAPTION>
                                                         September 30,
                                                 ------------------------------
                                                     2004              2003
                                                 ------------      ------------
<S>                                              <C>               <C>
 Mortgage loans:
   One-to-four family residential                $ 34,041,166      $ 32,469,723
   Multi-family residential                         1,170,134           190,569
   Commercial real estate                          10,504,890         5,969,790
   Construction and land                            3,270,482           496,570
                                                 ------------      ------------
                                                   48,986,672        39,126,652
                                                 ------------      ------------
Consumer and other loans:
   Home equity                                     15,555,128        14,524,188
   Automobile                                          73,091           125,078
   Secured by deposits                                 46,130            49,349
   Student                                               --              53,389
   Unsecured                                          106,976           121,153
   Mobile home                                        118,082           100,084
   Commercial                                       1,530,449         1,710,860
                                                 ------------      ------------
                                                   17,429,856        16,684,101
                                                 ------------      ------------
             Total loans                           66,416,528        55,810,753
                                                 ------------      ------------
Less:
   Loans in process                                 1,578,174              --
   Net deferred loan origination costs                (28,553)          (23,875)
   Allowance for loan losses                          490,646           472,919
                                                 ------------      ------------
                                                    2,040,267           449,044
                                                 ------------      ------------
                                                 $ 64,376,261      $ 55,361,709
                                                 ============      ============
</TABLE>

At September 30, 2004 and 2003,  non-accrual  loans for which  interest had been
discontinued totaled approximately $98,000 and $25,000,  respectively.  Interest
income actually recognized on non-accrual loans totaled approximately $3,100 and
$500 for the years ended  September  30, 2004 and 2003,  respectively.  Interest
income  that  would  have  been  recognized,  had the  loans  been  current  and
performing in accordance  with the original  terms of their  contracts,  totaled
approximately $3,800 and $1,800 for the years ended September 30, 2004 and 2003,
respectively.

                                       31
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


5. LOANS RECEIVABLE, NET (CONT'D)
------------------------

Activity in the allowance for loan losses is summarized as follows:

                                                          Year Ended
                                                          September 30,
                                                   ----------------------------
                                                     2004                2003
                                                   ---------          ---------

Balance - beginning                                $ 472,919          $ 408,922
Provision charged to income                           22,000             60,000
Charge offs                                           (7,137)            (6,846)
Recoveries                                             2,864             10,843
                                                   ---------          ---------
Balance - ending                                   $ 490,646          $ 472,919
                                                   =========          =========


The activity with respect to loans to directors, officers and associates of such
persons is as follows:

                                                            Year Ended
                                                          September 30,
                                                   ----------------------------
                                                      2004              2003
                                                   ---------          ---------

Balance - beginning                                $ 508,986          $ 179,858
Loan disbursements                                   441,900            459,622
Collection of principal                             (188,124)          (130,494)
Other changes                                             --                 --
                                                   ---------          ---------
Balance - ending                                   $ 762,762          $ 508,986
                                                   =========          =========

6. ACCRUED INTEREST RECEIVABLE
------------------------------

                                                            September 30,
                                                       -------------------------
                                                         2004              2003
                                                       --------         --------

Loans receivable                                       $228,907         $203,024
Mortgage-backed securities                               25,238           35,688
Investment securities                                   134,268          144,526
                                                       --------         --------
                                                       $388,413         $383,238
                                                       ========         ========

                                       32
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


7. PREMISES AND EQUIPMENT
-------------------------

                                                            September 30,
                                                     ---------------------------
                                                        2004             2003
                                                     ----------       ----------

Land                                                 $  675,970       $  629,435
Buildings and improvements                            1,152,687        1,129,876
Furniture, fixtures and equipment                       747,499          730,771

                                                      2,576,156        2,490,082

Less accumulated depreciation                           849,781          740,253
                                                     ----------       ----------
                                                     $1,726,375       $1,749,829
                                                     ==========       ==========

Useful lives used in the calculation of depreciation are as follows:

         Buildings                                         25 to 50 years
         Paving and other building related additions        5 to 10 years
         Furniture and equipment                            5 to 10 years

8. LOAN SERVICING
-----------------

Mortgage  loans  serviced  for  others  are  not  included  in the  accompanying
consolidated statements of financial condition. The unpaid principal balances of
these loans are summarized as follows:

                                                        September 30,
                                               ---------------------------------
                                                  2004                  2003
                                               ----------             ----------

 Mortgage loan portfolios
  serviced for:
    FNMA                                       $7,617,737             $9,598,358
    Other                                         396,028                     --
                                               ----------             ----------
                                               $8,013,765             $9,598,358
                                               ==========             ==========

Custodial  escrow  balances  maintained  in connection  with the loan  servicing
totaled  approximately  $117,000 and  $118,000,  at September 30, 2004 and 2003,
respectively.

                                       33
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


9. DEPOSITS
-----------
<TABLE>
<CAPTION>
                                                                         September 30,
                                                    --------------------------------------------------------------
                                                                2004                             2003
                                                    ----------------------------     -----------------------------
                                                    Weighted                         Weighted
                                                     Average                          Average
                                                      Rate            Amount           Rate              Amount
                                                    --------        ------------     ---------        ------------
<S>                                                   <C>           <C>                <C>            <C>
Non-interest-bearing deposits                         0.00%         $ 11,874,540       0.00%          $ 11,329,968
Interest-bearing checking accounts                    0.10%           11,534,860       0.40%            11,315,524
Money market accounts                                 0.84%            7,364,900       0.78%             5,922,708
Savings accounts                                      0.55%           22,016,056       0.80%            22,390,509
Certificates of deposits                              2.53%           27,026,782       2.57%            27,449,194
                                                                    ------------                      ------------
Total deposits                                        1.10%         $ 79,817,138       1.25%          $ 78,407,903
                                                                    ============                      ============
</TABLE>

The  aggregate  amount of deposits  with a balance of  $100,000 or more  totaled
approximately  $17,765,000,  and  $14,119,000  at  September  30, 2004 and 2003,
respectively. Deposit balances in excess of $100,000 are not federally insured.

Scheduled  maturities of  certificates of deposit are as follows (in thousands):

                                                             September 30,
                                                       -------------------------
                                                         2004              2003
                                                       -------           -------

     1 year or less                                    $14,350           $17,969
     Over 1 year to 3 years                              9,472             4,421
     Over 3 years                                        3,205             5,059
                                                       -------           -------
                                                       $27,027           $27,449
                                                       =======           =======


Interest expense on deposits is summarized as follows:

                                                             Year Ended
                                                             September 30,
                                                     ---------------------------
                                                         2004             2003
                                                     ----------       ----------

Interest-bearing checking accounts                   $   21,605       $   52,143
Money market accounts                                    44,917           77,128
Savings accounts                                        138,043          224,000
Certificates of deposit                                 670,903          821,698
                                                     ----------       ----------
      Total                                          $  875,468       $1,174,969
                                                     ==========       ==========

                                       34
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


10.  BORROWED FUNDS
-------------------

As of  September  30,  2004,  the Company had a  $1,000,000  fixed rate  advance
outstanding  with a maturity date of July, 2009 and a rate of 4.41%. The Company
has available overnight lines of credit and a one-month overnight repricing line
of credit with the Federal Home Loan Bank of New York  ("FHLB"),  totaling  $8.8
million and $7.9 million at September 30, 2004 and 2003,  respectively,  subject
to the terms and conditions of the lender's  overnight  advance  program.  As of
September 30, 2003, the Company had a $1.2 million balance in the overnight line
of credit at a rate of 1.21%.  There were no borrowings under this program as of
September 30, 2004.

At September 30, 2004 and 2003, the FHLB  borrowings  were secured by pledges of
the Company's  investment in the capital stock of the FHLB totaling $557,900 and
$563,900 and  mortgage-backed and other securities with a carrying value of $6.2
million and $2.8 million, respectively.

11.  INCOME TAXES
-----------------

The Bank qualifies as a savings institution under the provisions of the Internal
Revenue Code and was therefore, prior to September 30, 1996, permitted to deduct
from  taxable  income an  allowance  for bad debts  based upon eight  percent of
taxable  income  before  such  deduction,  less  certain  adjustments.  Retained
earnings, at September 30, 2004 and 2003, include approximately $306,000 of such
bad debt,  which,  in accordance  with FASB Statement No. 109,  "Accounting  for
Income Taxes," is considered a permanent  difference between the book and income
tax  basis  of  loans  receivable,  and for  which  income  taxes  have not been
provided.  If such amount is used for  purposes  other than for bad debt losses,
including distributions in liquidation,  it will be subject to income tax at the
then current rate.

The components of income taxes are summarized as follows:


                                                           Year Ended
                                                           September 30,
                                                     --------------------------
                                                       2004              2003
                                                     ---------        ---------
Current tax expense:
   Federal                                           $ 243,546        $ 375,888
   State                                                96,254          106,306
                                                     ---------        ---------
                                                       339,800          482,194
                                                     ---------        ---------
Deferred tax expense (benefit):
   Federal                                              75,466          (64,568)
   State                                                (1,290)         (16,243)
                                                     ---------        ---------
                                                        74,176          (80,811)
                                                     ---------        ---------
                                                     $ 413,976        $ 401,383
                                                     =========        =========

                                       35
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


11.  INCOME TAXES (CONT'D)
-----------------

The provision for federal income taxes differs from that computed at the federal
statutory rate of 34% as follows:

                                                              Year Ended
                                                             September 30,
                                                        -----------------------
                                                          2004           2003
                                                        --------       --------


Tax at statutory rates                                  $319,873       $326,570

Increase in tax resulting from:
   State taxes, net of federal tax effect                 62,676         59,442
   Other items                                            31,427         15,371
                                                        --------       --------
                                                        $413,976       $401,383
                                                        ========       ========
Effective rate                                                44%            42%
                                                        ========       ========

The  following  temporary  differences  gave rise to  deferred  tax  assets  and
liabilities:

                                                               September 30,
                                                            --------------------
                                                              2004        2003
                                                            --------    --------
 Deferred tax assets:
   Allowance for loan losses                                $194,446    $188,884
   Depreciation                                                   --      36,731
   Accrual to cash adjustments                                 3,919      22,160
                                                            --------    --------
             Total deferred tax assets                       198,365     247,775
                                                            --------    --------
Deferred tax liabilities:
   Appreciation of securities available for sale              48,817      67,131
   Depreciation                                               14,220          --
   Deferred loan origination fees and costs, net              86,008      76,668
   Discounts on investments                                    6,587       5,381
                                                            --------    --------
             Total deferred tax liabilities                  155,632     149,180
                                                            --------    --------
   Net deferred tax asset included in other assets          $ 42,733    $ 98,595
                                                            ========    ========

12.  COMMITMENTS AND CONTINGENCIES
----------------------------------

The Company is a party to financial instruments with  off-balance-sheet  risk in
the normal course of business to meet the  financing  needs of its customers and
to reduce its own exposure to fluctuations  in interest  rates.  These financial
instruments include commitments to extend credit.  Those instruments involve, to
varying  degrees,  elements  of credit and  interest-rate  risk in excess of the
amount  recognized  in the  statements of financial  condition.  The contract or
notional  amounts  of those  instruments  reflect  the  extent of the  Company's
involvement in particular classes of financial instruments.

                                       36
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

12.  COMMITMENTS AND CONTINGENCIES (CONT'D)
----------------------------------

The  Company's  exposure  to credit loss in the event of  nonperformance  by the
other party to the  financial  instrument  for  commitments  to extend credit is
represented by the contractual notional amount of those instruments. The Company
uses the same credit policies in making commitments and conditional  obligations
as it does for on-balance-sheet instruments.

Unless  noted  otherwise,  the  Company  does not  require  collateral  or other
security to support financial instruments with credit risk.

Commitments  to extend  credit are  agreements  to lend to a customer as long as
there is no violation of any condition established in the contract.  Commitments
generally  have fixed  expiration  dates or other  termination  clauses  and may
require  payment of a fee. Since many of the  commitments are expected to expire
without  being  drawn  upon,  the total  commitment  amounts do not  necessarily
represent  future cash  requirements.  The Company has approved  lines of credit
unused but  accessible to borrowers  totaling $9.8 million and $7.2 million,  at
September 30, 2004 and 2003,  respectively.  The Company's  experience  has been
that approximately 50 percent of loan commitments are drawn upon by customers.

At September 30, 2004 and 2003, the Company had $3.6 million and $6.1 million in
outstanding  commitments  to  originate  loans  and  $123,000  and  $110,000  in
outstanding commercial letters of credit,  respectively.  At September 30, 2004,
there were  outstanding  commitments  to sell loans of $148,000  and to purchase
investment securities of $500,000. There were no such commitments outstanding at
September 30, 2003.

13.  REGULATORY CAPITAL
-----------------------

The Bank is subject to various regulatory capital  requirements  administered by
the federal banking agencies.  Failure to meet minimum capital  requirements can
initiate certain mandatory,  and possible additional  discretionary  actions, by
regulators,  that if  undertaken,  could  have a direct  material  effect on the
Bank's  financial   statements.   Under  capital  adequacy  guidelines  and  the
regulatory  framework for prompt corrective  action, the Bank must meet specific
capital  guidelines  that involve  quantitative  measures of the Bank's  assets,
liabilities, and certain off-balance-sheet items, as calculated under regulatory
accounting  practices.  The Bank's capital amounts and  classification  are also
subject to  qualitative  judgments  by the  regulators  about  components,  risk
weightings and other factors.

Quantitative  measures  established  by  regulation to ensure  capital  adequacy
require  the Bank to  maintain  minimum  amounts  and  ratios  (set forth in the
following table) of tangible and core capital (as defined in the regulations) to
total  assets and of total  risk-based  capital (as  defined)  to  risk-weighted
assets (as defined).  Management  believes,  as of September 30, 2004,  that the
Bank meets all capital adequacy requirements to which it is subject.

As of July  2004,  the most  recent  notification  from  the  Office  of  Thrift
Supervision  (OTS)  categorized  the  Bank  as  "well   capitalized"  under  the
regulatory  framework for prompt  corrective  action. To be categorized as "well
capitalized,"  the Bank must maintain  minimum total risk-based and core ratios,
as set forth in the accompanying  table. There are no conditions or events since
that  notification  that  management  believes  have  changed the  institution's
category.


                                       37
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


13.  REGULATORY CAPITAL (CONT'D)
-----------------------

The following table presents a reconciliation of capital per GAAP and regulatory
capital at the dates indicated (in thousands):

                                                              September 30,
                                                         ----------------------
                                                           2004          2003
                                                         --------      --------

GAAP capital                                             $ 11,149      $  7,030
Add (subtract): unrealized (gain) loss
  on securities available for sale                            (73)         (101)
                                                         --------      --------
Core and tangible capital                                  11,076         6,929
Add: general allowance for loan losses                        487           473
         Unrealized gains on equity securities
          available for sale                                   10            12
                                                         --------      --------
Total regulatory capital                                 $ 11,573      $  7,414
                                                         ========      ========


The Bank's  actual  capital  amounts and ratios are  presented in the  following
table:
<TABLE>
<CAPTION>
                                                                                                      To be Well-
                                                                                                    Capitalized Under
                                                                          For Capital               Prompt Corrective
                                           Actual                      Adequacy Purposes            Action Provisions
                                     --------------------          ----------------------        ----------------------
                                     Amount         Ratio          Amount          Ratio         Amount          Ratio
                                     ------         -----          ------          -----         ------          -----
                                                                     (Dollars in thousands)
<S>                                 <C>              <C>           <C>              <C>         <C>
As of September 30, 2004
    Tangible capital                $ 11,076         11.39%        $ 1,459          1.50%       $   N/A             --
    Tier 1 (core) capital             11,076         11.39%          3,891          4.00%          4,864          5.00%
    Risk-based capital:
        Tier 1                        11,076         19.56%          2,265          4.00%          3,398          6.00%
        Total                         11,573         20.43%          4,531          8.00%          5,664         10.00%

As of September 30, 2003
    Tangible capital                 $ 6,929          7.91%        $ 1,314          1.50%       $   N/A             --
    Tier 1 (core) capital              6,929          7.91%          3,504          4.00%          4,379          5.00%
    Risk-based capital:
        Tier 1                         6,929         14.24%          1,947          4.00%          2,920          6.00%
        Total                          7,414         15.23%          3,894          8.00%          4,867         10.00%
</TABLE>


                                       38
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


14. BENEFIT PLANS
-----------------

Deferred Compensation Plan
--------------------------

The Company  maintains a deferred  compensation  plan for both the directors and
employees.

The  directors'  arrangement is an individual  contract  between the Company and
each  participating  director and can be terminated  at any time.  Directors may
participate at their own discretion.  The Company secures each separate deferred
compensation agreement by purchasing an investment grade life insurance contract
on each participating director. The Company is the owner and beneficiary of each
contract.  The use of the investment  grade  insurance  contracts as the funding
source of the program allows the Company to take advantage of  preferential  tax
treatment provided to insurance  contracts  qualified under IRS Sections 101 and
7702.

The employees'  arrangement meets the requirements of Sections 401(a) and 401(k)
of the Internal Revenue Code. Employees generally become eligible when they have
attained age 21 and have one year of service. Each participant may elect to have
his  compensation  reduced by up to the maximum  percentage  allowed by law. The
reduction is  contributed  to the plan. The Company will match 50% of the amount
of salary reduction the participant elects to defer.  However,  in applying this
matching  percentage,  only salary  reductions of up to 6% of the  participant's
compensation  will be  considered.  All  participants  become  100%  vested upon
entering  the  plan.   Contributions   to  the  plan  by  the  Company   totaled
approximately $16,400 for each of the years ended September 30, 2004 and 2003.

Directors Consultation and Retirement Plan
------------------------------------------

The Company  maintains a Directors  Consultation  and Retirement Plan ("DRP") to
provide retirement  benefits to directors of the Company who are not officers or
employees  ("Outside  Directors").  Any  director  who has  served as an Outside
Director  shall be a participant in the DRP, and payments under the DRP commence
once the Outside Director retires as a director of the Company. The DRP provides
a  retirement  benefit  based on the number of years of service to the  Company.
Outside  Directors  who have  completed  not less than 12 years of service shall
receive a benefit  equal to (50%) + 2.889%  times the number of years of service
in excess of 12,  multiplied  by the average  monthly board fee in effect at the
time of retirement.  The maximum benefit shall be 85% of such monthly board fee.
Benefits  shall be paid for a maximum of 84 months to the retired  directors,  a
surviving spouse, or the director's estate.



                                       39
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


14. BENEFIT PLANS (CONT'D)
-----------------

Directors Consultation and Retirement Plan (Cont'd)
------------------------------------------
<TABLE>
<CAPTION>
                                                        At or for the Year Ending
                                                            September 30,
                                                       -------------------------
                                                         2004            2003
                                                       ---------      ---------
<S>                                                    <C>            <C>
Change in Benefit Obligation:

Benefit obligation at beginning of year                $ 214,553      $ 200,960
    Service cost                                           9,706          8,538
    Interest cost                                         12,044         13,710
    Actuarial loss                                        32,521          1,545
    Annuity payments                                     (10,200)       (10,200)
                                                       ---------      ---------
Benefit obligation at end of year                        258,624        214,553
                                                       ---------      ---------
Change in plan assets:

Market value of assets - beginning                            --             --
Employer contributions                                    10,200         10,200
Annuity payments                                         (10,200)       (10,200)
                                                       ---------      ---------
Market value of assets - ending                               --             --
                                                       ---------      ---------
Funded status                                           (258,624)      (214,553)
Amount contributed during fourth quarter                   2,550          2,550
Unrecognized (gain) loss                                  21,350        (11,171)
Unrecognized past service liability                       63,996         74,805
                                                       ---------      ---------
Accrued plan cost included in
  other liabilities                                    $(170,728)     $(148,369)
                                                       =========      =========
</TABLE>
<TABLE>
<CAPTION>
                                                               Year Ended
                                                               September 30,
                                                          ----------------------
                                                            2004          2003
                                                          -------        -------
<S>                                                       <C>            <C>
 Net periodic plan cost included
  the following components:
   Service cost                                           $ 9,706        $ 8,538
   Interest cost                                           12,044         13,710
   Amortization of past service cost                       10,809         10,809
                                                          -------        -------
Net periodic plan cost included in
  compensation and benefits                               $32,559        $33,057
                                                          =======        =======
</TABLE>

A  discount  rate  of  6.625%  and  5.75%  and a  rate  of  increase  in  future
compensation  levels of 5.00% and 4.25% were assumed in the plan  valuation  for
the years ended September 30, 2004 and 2003, respectively.


                                       40
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

14. BENEFIT PLANS (CONT'D)
----------------

Stock Option Plan
-----------------

On January 25, 1999,  the  stockholders  of the Company  approved a stock option
plan  (the  "Plan").  The Plan  provides  for  authorizing  the  issuance  of an
additional  77,670 shares  (19,596 shares  pre-exchange)  of common stock by the
Company upon the exercise of stock options awarded to officers,  directors,  key
employees,  and other persons providing services to the Company. The Company may
also purchase shares through the open market. The 77,670 shares of options under
the Plan  constitute  either  Incentive  Stock  Options or  Non-Incentive  Stock
Options.  The following table summarizes the options granted and exercised under
the Plan, during the periods  indicated,  and their respective  weighted average
exercise price, as adjusted for the exchange:
<TABLE>
<CAPTION>
                                                                           Year Ended September 30,
                                                          --------------------------------------------------------
                                                                    2004                           2003
                                                          -------------------------       ------------------------
                                                                           Weighted                       Weighted
                                                                           Average                        Average
                                                            Number         Exercise        Number         Exercise
                                                          of Shares         Price         of Shares        Price
                                                          ---------        --------       ---------       --------
<S>                                                         <C>            <C>              <C>           <C>
Outstanding at beginning of period                          37,284         $ 3.595          37,284        $ 3.595
Granted                                                         --              --              --             --
Exercised                                                       --              --              --             --
Forfeited                                                       --              --              --             --
                                                            ------         -------          ------        -------
Outstanding at end of period                                37,284         $ 3.595          37,284        $ 3.595
                                                            ------         =======          ------        =======
Options exercisable at period end                           37,284                          37,284
                                                            ======                          ======
</TABLE>

Restricted Stock Plan
---------------------

On January 25, 1999, the stockholders of the Company approved a restricted stock
plan (the "Plan") which provides for the purchase of 31,066 shares (7,838 shares
pre-exchange) of common stock in the open market.  All of the Common Stock to be
purchased  by the Plan will be purchased at the fair market value on the date of
purchase.  Awards  under the Plan are made in  recognition  of  expected  future
services  to  the  Company  by  its  directors,   officers,  and  key  employees
responsible for implementation of the policies adopted by the Company's Board of
Directors and as a means of providing a further retention incentive. The expense
of the plan is being accrued as shares vest over a four-year period, which began
in  February,  1999.  Plan  expense  was $-0- and  $5,500  for the  years  ended
September 30, 2004 and 2003, respectively.

Employee Stock Ownership Plan
-----------------------------

Effective  upon the  consummation  of the  Bank's  initial  stock  offering,  an
Employee  Stock  Ownership  Plan  ("ESOP")  was  established  for  all  eligible
employees who had completed a  twelve-month  period of employment  with the Bank
and at least 1,000 hours of service,  and had  attained  the age of 21. The ESOP
used  $156,800 in proceeds from a term loan to purchase  62,149  shares  (15,680
shares  pre-exchange)  of Bank common stock during the stock offering.  The term
loan principal was payable in equal quarterly installments through September 30,
2007.  Interest on the term loan was variable at a rate of prime plus 37.5 basis
points.  During the year ended September 30, 2000, Roebling Financial Corp, Inc.
paid off the ESOP  loan to the  third  party  Bank.  In  fiscal  2004,  the ESOP
purchased 72,861 shares of common stock


                                       41
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


14. BENEFIT PLANS (CONT'D)
-----------------

in the  second-step  conversion  with the  proceeds of a $776,000  loan from the
Company,  which has a 10-year term and an interest rate of 4.75%. $47,000 of the
proceeds were used to pay off the prior outstanding debt.

Shares purchased with the loan proceeds were initially pledged as collateral for
the  loans  and are held in a  suspense  account  for  future  allocation  among
participants.  Contributions  to the ESOP and shares  released from the suspense
account  are  in an  amount  proportional  to the  loan  repayment.  Shares  are
allocated among the participants on the basis of  compensation,  as described by
the Plan, in the year of allocation.

The ESOP is  accounted  for in  accordance  with  Statement  of  Position  93-6,
"Accounting  for  Employee  Stock  Ownership  Plans,"  which  was  issued by the
American   Institute  of  Certified   Public   Accountants   in  November  1993.
Accordingly,  the ESOP shares  pledged as collateral are reported as unallocated
ESOP shares in the statements of financial condition. As shares are committed to
be released from collateral,  the Bank reports compensation expense equal to the
current market price of the shares,  and the shares become outstanding for basic
net income per common share computations.  ESOP compensation expense was $48,000
and $32,000 for the years ended September 30, 2004 and 2003, respectively.

The ESOP shares were as follows, as adjusted for the exchange:

                                                             Year Ended
                                                             September 30,
                                                       -------------------------
                                                         2004             2003
                                                       --------         --------

Allocated shares                                         43,505           37,289
Shares committed to be released                            --               --
Unreleased shares                                        91,505           24,860
                                                       --------         --------
Total ESOP shares                                       135,010           62,149
                                                       --------         --------
Fair value of unreleased shares                        $915,050         $137,984
                                                       ========         ========


15.  CHARTER CONVERSION, STOCK OFFERING, AND REORGANIZATION
-----------------------------------------------------------

On April 8, 2004, the Boards of Directors of Roebling  Financial Corp., MHC (the
"MHC"),  Roebling  Financial  Corp,  Inc.,  and Roebling  Bank adopted a plan to
convert from the mutual holding  company form of  organization to a fully public
holding company  structure (the  "Conversion").  The former  Roebling  Financial
Corp,  Inc.  was a federally  chartered  mid-tier  mutual  holding  company with
approximately 54% of its stock being held by the MHC and the remaining 46% being
held by public shareholders. The Conversion was completed on September 30, 2004.
At that  time,  the MHC merged  into the Bank,  and no longer  exists.  Roebling
Financial  Corp,  Inc. was  succeeded by a new New Jersey  corporation  known as
Roebling Financial Corp, Inc. Common shares  representing the ownership interest
of the MHC were sold in a subscription offering and a community offering. Common
shares  owned by  public  shareholders  (shareholders  other  than the MHC) were
converted into the right to receive new shares of Roebling  Financial Corp, Inc.
common  stock  determined  pursuant to an exchange  ratio.  The  exchange  ratio
ensured that  immediately  after the Conversion and exchange of existing  shares
for new shares, the public  shareholders owned the same aggregate  percentage of
Roebling  Financial Corp, Inc. common stock that they owned immediately prior to
the Conversion, excluding any shares purchased in the offering.


                                       42
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


15.  CHARTER CONVERSION, STOCK OFFERING, AND REORGANIZATION
-----------------------------------------------------------

Roebling  Financial Corp, Inc. sold 910,764 shares of common stock at $10.00 per
share in the offering  completed on September 30, 2004,  including 72,861 shares
purchased by the ESOP.  In addition,  each of the  outstanding  shares of common
stock of Roebling  Financial Corp, Inc. (195,960 shares,  excluding the MHC) was
converted into 3.9636 shares of the new Roebling  Financial Corp, Inc. resulting
in 776,639 outstanding shares. A total of 1,687,403 shares were outstanding as a
result of the offering and share  exchange.  Net cash proceeds from the offering
were as follows (in thousands):

       Total cash proceeds (910,764 shares)                      $ 9,108
       Offering costs                                               (648)
                                                                 -------
              Net offering proceeds                                8,460
       Assets received from the MHC                                   95
                                                                 -------
       Increase in common stock and additional paid-in capital     8,555
       Shares purchased by the ESOP (72,861 shares)                 (729)
                                                                 -------
       Net cash proceeds                                         $ 7,826
                                                                 =======


The Conversion and related  transactions  were accounted for at historical cost,
with no  resulting  change in the  historical  carrying  amounts  of assets  and
liabilities.  Consolidated  stockholders'  equity  increased  by  the  net  cash
proceeds from the  offering.  Share and per share data for all periods have been
adjusted  to  reflect  the  additional  shares  outstanding  as a result  of the
offering and share exchange.

16.  FAIR VALUES OF FINANCIAL INSTRUMENTS
-----------------------------------------

The  following  methods and  assumptions  were used by the Company in estimating
fair values of financial instruments as disclosed herein:

Cash and Cash Equivalents and Certificates of Deposit
-----------------------------------------------------

The carrying amounts of cash and short-term  instruments  approximate their fair
value.

Investment and Mortgage-Backed Securities
-----------------------------------------

Fair values for securities, excluding restricted equity securities, are based on
quoted  market  prices.  The carrying  values of  restricted  equity  securities
approximate fair values.

Loans Receivable
----------------

For variable-rate  loans that reprice  frequently and have no significant change
in credit  risk,  fair  values are based on  carrying  values.  Fair  values for
certain  mortgage  loans and  other  consumer  loans are based on quoted  market
prices of similar loans sold in conjunction  with  securitization  transactions,
adjusted for  differences  in loan  characteristics.  Fair values for commercial
real  estate and  commercial  loans are  estimated  using  discounted  cash flow
analyses,  using interest rates  currently  being offered for loans with similar
terms to borrowers of similar credit quality. Fair values for impaired loans are
estimated using discounted cash flow analyses or underlying  collateral  values,
where applicable.


                                       43
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------



16.  FAIR VALUES OF FINANCIAL INSTRUMENTS (CONT'D)
----------------------------------------

Deposit Liabilities
-------------------

The fair value of demand  deposits,  savings  deposits and money market accounts
were the amounts  payable on demand.  The fair values of certificates of deposit
were based on the discounted  value of contractual cash flows. The discount rate
was estimated using the rate currently offered for deposits of similar remaining
maturities.

Short-Term Borrowings
---------------------

The carrying amounts of federal funds purchased, and other short-term borrowings
maturing  within 90 days  approximate  their fair  values.  Fair values of other
short-term borrowings are estimated using discounted cash flow analyses based on
the Company's current incremental borrowing rates for similar types of borrowing
arrangements.

Long-Term Debt
--------------

The fair  value of  long-term  debt is  estimated  using  discounted  cash  flow
analysis based on the current  incremental  borrowing rates for similar types of
borrowing arrangements.

Accrued Interest Receivable
---------------------------

The carrying amounts of accrued interest approximate their fair values.

Federal Home Loan Bank of New York Stock
----------------------------------------

Federal Home Loan Bank of New York stock is valued at cost.

Off-Balance-Sheet Instruments
-----------------------------

In  the   ordinary   course  of  business   the   Company   has   entered   into
off-balance-sheet  financial  instruments  consisting of  commitments  to extend
credit. Such financial instruments are recorded in the financial statements when
they are funded.  Their fair value would  approximate fees currently  charged to
enter into similar agreements.


                                       44
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


16.  FAIR VALUES OF FINANCIAL INSTRUMENTS (CONT'D)
-----------------------------------------

Off-Balance-Sheet Instruments (Cont'd)
-----------------------------

The carrying  values and estimated fair values of financial  instruments  are as
follows (in thousands):
<TABLE>
<CAPTION>
                                                   September 30, 2004             September 30, 2003
                                                 ----------------------         ------------------------
                                                 Carrying         Fair          Carrying          Fair
                                                  Amount          Value          Amount           Value
                                                 -------          -----         --------          -----
<S>                                               <C>             <C>            <C>             <C>
Financial Assets
----------------

Cash and cash equivalents                         $ 3,697         $ 3,697        $ 2,032         $ 2,032
Certificates of deposit                             1,200           1,200          1,700           1,700
Securities available for sale                      24,172          24,172         23,884          23,884
Securities held to maturity                           979             996          1,802           1,831
Loans held for sale                                   148             148              -               -
Loans receivable                                   64,376          64,579         55,362          56,400
Accrued interest receivable                           388             388            383             383
FHLB stock                                            558             558            564             564

Financial Liabilities
---------------------

Deposits                                           79,817             79,955      78,408          78,927
Borrowed funds                                      1,000           1,033          1,200           1,200
</TABLE>

The fair value  estimates are made at a discrete point in time based on relevant
market information and information about the financial  instruments.  Fair value
estimates are based on judgments  regarding  future  expected  loss  experience,
current  economic   conditions,   risk   characteristics  of  various  financial
instruments,  and other  factors.  These  estimates are subjective in nature and
involve uncertainties and matters of significant judgment and, therefore, cannot
be determined with precision.  Changes in assumptions could significantly affect
the  estimates.  Further,  the  foregoing  estimates  may not reflect the actual
amount  that could be  realized  if all or  substantially  all of the  financial
instruments were offered for sale.

In addition,  the fair value estimates were based on existing on-and-off balance
sheet financial  instruments  without attempting to value the anticipated future
business  and the  value of  assets  and  liabilities  that  are not  considered
financial  instruments.  Other  significant  assets and liabilities that are not
considered financial assets and liabilities include real estate owned,  premises
and equipment, and advances from borrowers for taxes and insurance. In addition,
the tax  ramifications  related to the  realization of the unrealized  gains and
losses  have a  significant  effect on fair  value  estimates  and have not been
considered in any of the estimates.

Finally,  reasonable  comparability  between  financial  institutions may not be
likely due to the wide range of  permitted  valuation  techniques  and  numerous
estimates which must be made given the absence of active  secondary  markets for
many of the financial instruments.  The lack of uniform valuation  methodologies
introduces a greater degree of subjectivity to these estimated fair values.


                                       45
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


17.  RECENT ACCOUNTING PRONOUNCEMENTS
-------------------------------------

The Company adopted Financial Accounting  Standards Board (FASB)  Interpretation
(FIN) 45,  Guarantor's  Accounting and Disclosure  Requirements  for Guarantees,
including Indirect Guarantees of Indebtedness of Others, on January 1, 2003. FIN
45 requires a guarantor  entity,  at the inception of a guarantee covered by the
measurement provisions of the interpretation, to record a liability for the fair
value of the obligation  undertaken in issuing the guarantee.  Financial letters
of credit  require  the  Company  to make  payment if the  customer's  financial
condition  deteriorates,  as defined in the agreements.  Performance  letters of
credit  require the Company to make  payments if the  customer  fails to perform
certain non-financial  contractual  obligations.  The Company previously did not
record a liability when guaranteeing  obligations unless it became probable that
the  Company  would  have  to  perform  under  the  guarantee.  FIN  45  applies
prospectively  to  guarantees  the  Company  issues or  modifies  subsequent  to
December  31,  2002.  At  September  30,  2004 and  2003,  the  Company  was not
contingently  liable for any financial and performance  letters of credit. It is
the Company's  practice to generally  hold  collateral  and/or  obtain  personal
guarantees supporting any outstanding letter of credit commitments. In the event
that the Company is required to fulfill its contingent liability under a standby
letter of credit,  it could  liquidate the collateral  held, if any, and enforce
the personal guarantee(s) held, if any to recover all or a portion of the amount
paid under the letter of credit.



                                       46
<PAGE>


                          ROEBLING FINANCIAL CORP, INC.

                    BOARD OF DIRECTORS AND EXECUTIVE OFFICERS

                John J. Ferry, Chairman of the Board of Directors
                          President, Ferry Construction
                  John A. LaVecchia, Director and Vice Chairman
               General Manager, Brandow Group, Chevrolet Division
           Frank J. Travea, III, President and Chief Executive Officer
      Janice A. Summers, Senior Vice President, Chief Operating Officer and
                             Chief Financial Officer
                             Mark V. Dimon, Director
                        Sole Proprietor, Dimon Oil Corp.
                             Joan K. Geary, Director
                            President, Keating Realty
                           George N. Nyikita, Director
             Executive Director, Burlington County Bridge Commission
                     Robert R. Semptimphelter, Sr., Director
                   Principal, Farnsworth & Semptimphelter, LLC

                             ROEBLING BANK OFFICERS

                     Frank J. Travea, III, President and CEO
              Janice A. Summers, Senior Vice President, COO and CFO
           Anthony Caprice, Senior Vice President, Senior Loan Officer
                 Bonnie L. Horner, Vice President, Loan Officer
               John Y. Leacott, Vice President, Accounting Manager

                              ROEBLING BANK OFFICES

            Route 130 South and Delaware Avenue, Roebling, New Jersey
                      34 Main Street, Roebling, New Jersey
                    8 Jacobstown Road, New Egypt, New Jersey
             761 Delaware Avenue, Roebling, New Jersey (Loan Center)

CORPORATE OFFICE                     TRANSFER AGENT
----------------                     --------------
Route 130 South and Delaware Avenue  Registrar and Transfer Company
Roebling, New Jersey 08554           10 Commerce Drive
                                     Cranford, New Jersey 07016

INDEPENDENT AUDITORS                  SPECIAL COUNSEL
--------------------                  ---------------
Fontanella and Babitts                Malizia Spidi & Fisch, PC
534 Union Boulevard                   1100 New York Avenue, N.W., Suite 340 West
Totowa, New Jersey 07512              Washington, D.C.  20005

Our  Annual  Report  for the year  ended  September  30,  2004 as filed with the
Securities  &  Exchange  Commission  on  Form  10-KSB,  including  exhibits,  is
available  without charge upon written  request.  For a copy of the Form 10-KSB,
please contact Frank J. Travea,  III at our Corporate Office. The Annual Meeting
of Stockholders  will be held on January 31, 2005 at 3:30 p.m. at Bung's Tavern,
2031 Route 130 South, Burlington, New Jersey.

<PAGE>

                                 [BRIDGE LOGO]

                          Roebling Financial Corp, Inc.

                       Route 130 South and Delaware Avenue
                           Roebling, New Jersey 08554

                              PHONE: (609) 499-0355
                               FAX: (609) 499-3624




             Stock Listing on the OTC Bulletin Board - Symbol "RBLG"