ROEBLING FINANCIAL CORP, INC.
                               2005 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..................... 15

Consolidated Financial Statements........................................... 16

Notes to Consolidated Financial Statements.................................. 22

Office Locations and Other Corporate Information............................ 43










<PAGE>


[LOGO]  ROEBLING FINANCIAL CORP, INC.







To our Shareholders and Customers:

It is with  pleasure  I  present  you with our 2005  Annual  Report,  reflecting
another year of gratifying  accomplishments  for Roebling  Financial  Corp, Inc.
Total assets  reached  $111.9  million,  an increase of $14.5  million or 14.9%,
total net loans reached $76.6 million, an increase of $12.2 million or 18.9% and
total deposits reached $84.9 million,  an increase of $5.0 million or 6.3%. This
growth would not have been  possible  without the  dedicated  officers and staff
that assist in the day to day  operation  of our bank and the  tireless  support
received from our Directors.

Your  company was able to  consolidate  all  administrative  functions  into our
Westampton  Administrative Center,  providing improved efficiencies in our daily
work.  During the late summer we opened a new retail  branch in  Westampton  and
began planning for our next branch,  scheduled to open in Delran in 2006. During
this past year, we introduced our online banking  product and made  enhancements
to the overall web site.

Our  earnings  reached an all time high of  $611,000  even during this period of
record low interest rates and narrowing  margins.  Our strategy remains the same
as in the past: to operate as a well-capitalized, independent community bank and
to provide the highest level of customer service possible.

We remain  grateful to our customers for their business and the support from our
shareholders.

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 (the "Bank")
with four full service  offices  located in Roebling,  New Egypt and Westampton,
New Jersey and an administrative center also located in Westampton,  New Jersey.
We offer a broad range of deposit and loan products to individuals, families and
small  businesses.  At September 30, 2005, we had consolidated  assets of $111.9
million, deposits of $84.9 million, and stockholders' equity of $16.0 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, 2005                        $ 9.95           $ 9.65
       June 30, 2005                              10.00             9.10
       March 31, 2005                              9.90             9.41
       December 31, 2004                          10.03             9.20
       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

         As of  September  30,  2005 there were  1,710,045  shares of our common
stock outstanding and approximately 550 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 declared its first dividend on
November 7, 2005.  A cash  dividend of $.10 per share was  declared,  payable to
stockholders  of record as of November  28,  2005,  with payment on December 27,
2005. The payment of future  dividends will be subject to the periodic review of
the financial  condition,  results of operations and capital requirements of the
Company and Bank.


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<PAGE>
SELECTED FINANCIAL INFORMATION
<TABLE>
<CAPTION>
                                                                         AT OR FOR THE YEAR ENDED SEPTEMBER 30,
                                                                     --------------------------------------------
                                                                         2005            2004             2003
                                                                        --------        --------        --------
                                                                    (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S>                                                                     <C>             <C>             <C>
SELECTED BALANCE SHEET DATA:
Assets......................................................            $111,859        $ 97,372        $ 87,744
Loans receivable, net.......................................              76,551          64,376          55,362
Securities:
    Available-for-sale......................................              27,160          24,172          23,884
    Held-to-maturity........................................                 558             979           1,802
Deposits....................................................              84,856          79,817          78,408
Borrowed funds..............................................              10,000           1,000           1,200
Shareholders' equity........................................              16,048          15,553           7,180
SELECTED RESULTS OF OPERATIONS:
Interest income.............................................             $ 5,117         $ 4,279         $ 4,380
Interest expense............................................               1,218             892           1,175
Net interest income.........................................               3,899           3,387           3,205
Provision for loan losses...................................                  89              22              60
Non-interest income.........................................                 475             462             501
Non-interest expense........................................               3,208           2,886           2,686
Net income..................................................                 611             527             559
PER SHARE DATA: (1)
Earnings per share - basic .................................              $ 0.38          $ 0.32          $ 0.34
Earnings per share - diluted................................                0.38            0.31            0.33
Book value per share........................................                9.38            9.22            4.26
Weighted average basic shares outstanding...................           1,612,531       1,666,313       1,657,768
Weighted average diluted shares outstanding.................           1,624,133       1,688,838       1,671,961
PERFORMANCE RATIOS:
Return on average assets....................................               0.59%           0.59%           0.65%
Return on average equity....................................                3.87            7.06            7.85
Net interest rate spread....................................                3.53            3.76            3.62
Net interest margin.........................................                3.93            4.00            3.95
Efficiency ratio............................................               73.33           74.98           72.48
Average interest-earning assets to average
   interest-bearing liabilities.............................               1.33x           1.22x           1.23x
ASSET QUALITY RATIOS:
Non-performing loans to total assets........................               0.05%           0.17%           0.09%
Non-performing loans to total loans, net....................                0.08            0.25            0.14
Net charge-offs to average loans............................                0.01            0.01          (0.01)
Allowance for loan losses to total loans at period end......                0.74            0.76            0.85
Allowance for loan losses to non-
   performing loans at period end...........................              10.16x           3.01x           5.91x
CAPITAL RATIOS:
Average equity to average assets............................              15.17%           8.35%           8.31%
Equity to assets at period end..............................               14.35           15.97            8.18
<FN>
-------
(1)  Per Share Data has been  adjusted  for prior  years to  reflect  the 3.9636
     exchange ratio in the second-step conversion.
</FN>
</TABLE>


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<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 "intends", "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


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<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, 2005, and 2004, the
ratio of the allowance for loan losses to total loans  outstanding  was .74% and
..76%,  respectively.  A 25%  increase  in this ratio  would have  increased  the
allowance by $143,000 and $123,000 at September 30, 2005 and 2004, 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.

     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 relocated our loan center from a leased facility in Roebling to a
newly-leased site in Westampton Township, Burlington County. We also centralized
our  back-office  and  administrative  operations  and  opened a retail  banking
facility at this new site.  In addition,  we have  purchased 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 in 2004 will
be used to support the growth of these two  branches.  We also  introduced a new
delivery  channel in 2005, when we introduced  internet  banking.  This has been
very well received by our customer base.

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 63% and
66% of our deposits in low-cost  savings,  checking and money market accounts at
September 30, 2005 and 2004,  respectively.  These  deposits have  traditionally
remained  relatively stable and are expected to be only moderately affected in a
period of rising interest rates.

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<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, 2005. This
data was calculated by the OTS, based upon information we provided to them.


                Changes               NPV
                 in Rate              Ratio(1)         Change(2)
                ---------             --------         ---------
                +300 bp               13.98%           - 211 bp
                +200 bp               14.76%            -134 bp
                +100 bp               15.48%             -62 bp
                   0 bp               16.10
                - 100 bp              16.37%             +27 bp
                 -200 bp              16.06%              -4 bp
                 -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 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, 2005 AND 2004

     ASSETS.  Total assets increased $14.5 million,  or 14.9%, to $111.9 million
at September 30, 2005,  from $97.4 million at September 30, 2004.  This increase
is largely  attributable  to a $12.2 million  increase in net loans  receivable.
Other changes  include a $2.6 million  increase in securities and a $1.0 million
increase in premises and equipment,  partially offset by a $900,000  decrease in
certificates  of deposit and a $600,000  decrease in cash

                                       7
<PAGE>

and cash equivalents. The loans receivable, net, portfolio increased by 18.9% to
$76.6  million at September  30, 2005 from $64.4  million at September 30, 2004,
while the loan to asset  ratio  increased  to 68.4% from  66.1%  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. The increase in loans
receivable, net was primarily attributable to an increase of $8.6 million in the
commercial real estate,  multi-family and construction and land loan portfolios,
which  increased by 64.0%, to $21.927 million at September 30, 2005 from $13.367
million at  September  30,  2004.  The  one-to-four  family  mortgage  portfolio
increased by $2.9 million,  to $36.956  million from $34.041  million during the
same period, while the home equity loan portfolio increased by $900,000 to $16.5
million from $15.6  million.  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 continue to
increase commercial lending, primarily mortgage-secured, in the future and, as a
result,  anticipate  a  continued  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 69.8% of loans receivable, net at September 30, 2005
and 77.0% at  September  30,  2004.  Premises  and  equipment  increased by $1.0
million,  to $2.765  million at  September  30,  2005,  from  $1.726  million at
September 30, 2004.  This increase  resulted  from  expenditures  related to the
fit-up and furnishing of our new facility in Westampton, as well as the purchase
of a parcel of land for a future branch site.

     LIABILITIES.  Total liabilities increased $14.0 million to $95.8 million at
September 30, 2005 from $81.8 million at September 30, 2004.  Deposits increased
by $5.0 million,  or 6.3%, to $84.856 million at September 30, 2005 from $79.817
million at September 30, 2004,  while borrowed  funds  increased by $9.0 million
during the same  period,  to $10.0  million at  September  30,  2005,  from $1.0
million at September  30,  2004.  Our newest  retail  banking  office  opened in
August, 2005 in our administrative facility located in Westampton, in Burlington
County,  New Jersey,  and  contributed  to the  increase in  deposits.  While we
continue to focus on  increasing  our core deposit  accounts,  we  experienced a
larger increase in the non-core certificate of deposit portfolio during the year
ended September 30, 2005. Core deposits,  which include  lower-costing  checking
and savings accounts, increased by $1.0 million for the year ended September 30,
2005, to $53.8 million from $52.8 million, while the percentage of core deposits
to total  deposits  decreased  to 63.4% at  September  30,  2005  from  66.1% at
September 30, 2004. During the same period,  certificates of deposits  increased
by $4.0  million,  or 14.9%,  to $31.0  million at September 30, 2005 from $27.0
million  at  September  30,  2004.  The rise in  interest  rates  this  year has
contributed  to a movement of funds back into the  certificate of deposit market
and we expect this trend to continue for some time. The deposit market continues
to be increasingly  competitive and it will be an ongoing  challenge to increase
deposits and market share. As of June 30, 2005, the latest date for which branch
deposit data is available from the FDIC, our market share  increased in both the
Roebling  and New Egypt  marketplaces  compared to June 30,  2004.  Our borrowed
funds, which consist solely of advances from the Federal Home Loan Bank ("FHLB")
of New York, were used to fund the increase in our loan portfolio.

     STOCKHOLDERS'  EQUITY.  Stockholder's equity was $16.0 million at September
30, 2005,  increasing  slightly from $15.6  million at September  30, 2004.  The
largest  components  of the  change in  stockholders'  equity for the year ended
September 30, 2005 include net income of $611,000,  offset by a $358,000  change
in the unrealized gain or loss on  available-for-sale  securities,  adjusted for
deferred  income taxes.  During the same period,  22,642 shares were issued upon
the exercise of stock options at an exercise price of $3.595 per share and 2,101
shares were purchased for the restricted  stock plan at a total cost of $21,000.
In addition, the amortization of ESOP shares, the allocation of restricted stock
plan  shares and the tax  benefit  associated  with stock  benefit  plans  added
$89,000, $6,000 and $86,000,  respectively,  to stockholders' equity in the same
time period.


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<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,
                                                      2005                                  2004
                                           ---------------------------------    ----------------------------------
                                           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)                       $ 68,318     $4,019         5.88%     $59,645     $3,466         5.81%
 Investment securities                        29,355      1,025         3.49       22,583        746         3.30
 Other interest-earning assets (2)             1,535         73         4.76        2,490         67         2.69
                                            --------     ------         ----      -------     ------         ----
  Total interest-earning assets               99,208     $5,117         5.16       84,718     $4,279         5.05
                                                         ------                               ------
Non-interest-earning assets                    5,014                                4,686
                                            --------                              -------
  Total assets                              $104,222                              $89,404
                                            ========                              =======

Interest-bearing liabilities:
 Interest-bearing checking                  $ 11,779     $   19         0.16%     $11,721     $   21         0.18%
 Savings accounts                             22,693        125         0.55       23,244        138         0.59
 Money market accounts                         6,380         73         1.14        6,201         45         0.73
 Certificates of deposit                      28,274        789         2.79       27,226        671         2.47
 Borrowings                                    5,598        212         3.79          896         17         1.90
                                            --------     ------         ----      -------     ------         ----
  Total interest-bearing liabilities          74,724     $1,218         1.63       69,288     $  892         1.29
                                                         ------                               ------
Non-interest-bearing liabilities (3)          13,687                               12,650
                                            --------                              -------
  Total liabilities                           88,411                               81,938
Stockholders' equity                          15,811                                7,466
                                            --------                              -------
 Total liabilities and stockholders'
   equity                                   $104,222                              $89,404
                                            ========                              =======
Net interest income                                      $3,899                               $3,387
                                                         ======                               ======
Interest rate spread (4)                                                3.53%                                 3.76%
Net interest margin (5)                                                 3.93%                                 4.00%
Ratio of average interest-earning assets
  to average interest-bearing                                         132.77%                               122.27%
liabilities
<FN>
---------------------------------
(1)  Average  balances  include  non-accrual  loans.  Interest  income  includes
     amortization  of net deferred  loan fees and (costs) of $119 and  ($12,947)
     for the fiscal years 2005 and 2004, 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  $12,944,000   and
     $11,924,000 for the years ended September 30, 2005 and 2004, 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. .
</FN>
</TABLE>
                                       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,
                                             2005  VS. 2004                            2004  VS. 2003
                                     -------------------------------            ----------------------------
                                           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                      $510       $ 43       $553                $ 494     $(334)     $ 160
 Investment securities                  235         44        279                 (105)     (105)      (210)
 Other interest-earning assets         (33)         39          6                  (46)       (5)       (51)
                                       ----       ----          -                -----     -----      -----
  Total interest-earning assets        $712       $126       $838                $ 343     $(444)     $(101)
                                       ====       ====       ====                =====     =====      =====

Interest-bearing liabilities:
 Interest-bearing checking             $---       $ (2)      $ (2)               $   4     $ (35)     $ (31)
 Savings accounts                        (3)       (10)       (13)                  28      (114)       (86)
 Money market accounts                    1         27         28                   (3)      (29)       (32)
 Certificates of deposit                 27         91        118                  (36)     (115)      (151)
 Borrowings                             164         31        195                   17        --         17
                                        ---      -----       ----                -----     -----      -----
   Total interest-bearing
    Liabilities                        $189       $137       $326                $  10     $(293)     $(283)
                                       ====       ====       ====                =====     =====      =====

Net interest income                    $523       $(11)      $512                $ 333     $(151)     $ 182
                                       ====       ====       ====                =====     =====      =====
</TABLE>

COMPARISON OF RESULTS OF OPERATIONS  FOR THE YEARS ENDED  SEPTEMBER 30, 2005 AND
2004

         NET INCOME. For the year ended September 30, 2005, the Company reported
net income of $611,000, or $.38 per diluted share, compared to $527,000, or $.31
per diluted share,  for the prior year.  The $84,000  increase in net income was
primarily due to a $446,000  increase in net interest income after provision for
loan losses and a $13,000 increase in non-interest income,  offset by a $322,000
increase in non-interest expense and a $53,000 increase in income taxes.

         INTEREST INCOME. The average balance of total  interest-earning  assets
for the year ended September 30, 2005 increased by $14.5 million compared to the
year ended  September 30, 2004,  while the average yield  increased  slightly to
5.16% from 5.05%. The increase in total interest income of $838,000 for the year
ended September 30, 2005 is comprised  primarily of increases in interest income
of $553,000 on loans  receivable  and $279,000 on investment  securities.  While
average loan  receivable  balances  increased by $8.7 million for the year ended
September 30, 2005 compared to the same 2004 period, the average yield increased
to 5.88% from

                                       10
<PAGE>

5.81%.  For the year ended September 30, 2005, the average balance of investment
securities increased by $6.8 million compared to the same 2004 period, while the
average yield increased to 3.49% from 3.30%.

     INTEREST EXPENSE. Interest expense increased $326,000 to $1,218,000 for the
year ended  September  30,  2005 from  $892,000  for the same 2004  period.  The
increase in interest expense was due to an increase in average  interest-bearing
liability balances of $5.4 million as well as an increase in the average cost of
interest-bearing  liabilities  to 1.63%  from  1.29%.  Average  interest-bearing
deposit  balances  increased by $734,000 with an increase in the average cost to
1.46% for the year ended  September 30, 2005 compared to 1.28% for the same 2004
period, while average borrowings increased by $4.7 million,  with an increase in
the average cost to 3.79% from 1.90%.

     NET INTEREST INCOME. Net interest income increased $512,000 to $3.9 million
for the year ended  September  30,  2005,  compared to $3.4 million for the year
ended September 30, 2004. After a period of historically low interest rates, the
Federal  Reserve  began  tightening  monetary  policy  in  June,  2004,  and has
increased  the Federal  Funds rate eleven  times,  by 25 basis points each time,
since then.  The yield curve has  flattened in that time period,  as  short-term
rates have risen,  but long-term  rates have actually  declined.  Reflecting the
current  rate  environment,  the  Company's  spread and margin  have  compressed
slightly,  as the average  yield on total  interest-earning  assets for the year
ended September 30, 2005 increased by 11 basis points compared to the year ended
September  30, 2004,  while the overall cost of funds  increased 34 basis points
for the same period. As a result,  the interest rate spread declined by 23 basis
points, to 3.53% for the year ended September 30, 2005 compared to 3.76% for the
year ended  September  30, 2004.  The net  interest  margin was 3.93% and 4.00%,
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 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.

                                       11
<PAGE>

     The provision for loan losses was $89,000 for the year ended  September 30,
2005,  compared to $22,000 for the same period in 2004.  The  allowance for loan
losses was $573,000,  or .74% of total loans  outstanding at September 30, 2005,
compared to $491,000,  or .76% of total loans outstanding at September 30, 2004.
The ratio of the allowance for loan losses to non-performing  loans increased to
10.16 times at September 30, 2005 from 3.01 times at September 30, 2004.

     NON-INTEREST  INCOME.  Non-interest  income increased $13,000,  or 2.8%, to
$475,000 for the year ended  September  30, 2005,  compared to $462,000 for same
period in 2004.  Increases  in  non-interest  income  were  primarily  due to an
increase in loan fees and late charges, which increased by $19,000, or 33.7%, to
$74,000 for the year ended  September  30, 2005,  from $55,000 for the same 2004
period.  This increase is primarily  attributable to the receipt of a prepayment
penalty upon the payoff of one commercial real estate loan.

     NON-INTEREST EXPENSE. Non-interest expense increased $322,000, or 11.1%, to
$3.2 million for the year ended  September  30, 2005,  from $2.9 million for the
same period in 2004. The most  significant  increases were in  compensation  and
benefits,  occupancy and equipment  expense and other expense.  Compensation and
benefits  increased  by  $124,000,  primarily  the result of staff  additions to
accommodate  the  continued  growth  of the Bank and  increased  benefit  costs,
largely attributable to the Employee Stock Ownership Plan ("ESOP"). The majority
of the increase in ESOP compensation expense is due an increase in the number of
allocated  shares,  which is a result  of the  additional  shares  purchased  in
conjunction  with the second step  offering.  Occupancy  and  equipment  expense
increased by  $111,000.  The increase in  occupancy  and  equipment  expense was
attributable  to the  addition  of  our  newest  facility  in  Westampton,  with
increased rent, depreciation and amortization expenses.  Other expense increased
by $80,000,  primarily  related to increased costs  associated with being a full
public company and additional  marketing expenses associated with the opening of
the Westampton banking office.

     Management  expects  increased  expenses  in the  future as a result of the
establishment of additional  stock benefit plans. In addition,  with the current
and planned  expansion of our branch office  network,  expenses  related to such
expansion  will result in  increases  in  occupancy  and  equipment  expense and
compensation  and benefits  expense  relating to the additional  staff required.
Compliance with the Sarbanes-Oxley  Act will also result in additional  expenses
in the future.

     INCOME TAXES. The provision for income taxes increased $53,000 or 12.75% to
$467,000 for the year ended  September 30, 2005 from $414,000 for the year ended
September 30, 2004. The increase in tax expense is attributable primarily to the
Company's higher level of pre-tax  earnings.  The Company's  effective tax rate,
however,  declined  to 43% for the 2005 fiscal year from 44% for the 2004 fiscal
year.  For  additional  information,  see  Notes  1  and  11  of  the  Notes  to
Consolidated Financial Statements.

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

                                       12
<PAGE>

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 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, 2005, we had $10.0
million in outstanding borrowings from the FHLB of New York.

     Cash  flows from  financing  activities  increased  by  approximately  $5.0
million  during the year ended  September 30, 2005 to $14.1 million  compared to
$9.1  million in the prior fiscal year  primarily  due to increases in short and
long-term borrowings and net increases in deposits. The Company's primary use of
cash was in investing  activities  including loan disbursements and purchases of
investments  securities.  Cash  used in  investment  activities  increased  $7.6
million to $15.8 million compared to $8.2 million in the prior fiscal year.

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,  with the
exception of letters of credit.

     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 $7.8 million and $9.8 million at September 30,
2005 and 2004,  respectively.  Our experience has been that approximately 55% of
loan commitments are drawn upon by customers.

     At  September  30, 2005 and 2004,  we had $8.9  million and $3.6 million in
outstanding  commitments  to fund loans and $132,000 and $123,000 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, 2005.

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.

                                       13
<PAGE>

RECENT ACCOUNTING PRONOUNCEMENTS

     Accounting for Stock-Based Payments: In December 2004, the FASB issued SFAS
No. 123 (revised),  "Share-Based  Payment." SFAS No. 123 (revised) replaces SFAS
No. 123 and  supersedes  APB  Opinion No. 25.  SFAS No. 123  (revised)  requires
compensation costs related to share-based payment  transactions to be recognized
in the financial statements over the period that an employee provides service in
exchange for the award.  Public companies are required to adopt the new standard
using a modified prospective method and may elect to restate prior periods using
the  modified  retrospective  method.  Under the  modified  prospective  method,
companies are required to record  compensation  cost for new and modified awards
over  the  related  vesting  period  of such  awards  prospectively  and  record
compensation  cost  prospectively  for  the  unvested  portion  at the  date  of
adoption, of previously issued and outstanding awards over the remaining vesting
period of such awards.  No change to prior periods  presented is permitted under
the  modified  prospective  method.  Under the  modified  retrospective  method,
companies  record  compensation  costs for prior periods  retroactively  through
restatement  of such periods using the exact pro forma amounts  disclosed in the
companies'  footnotes.  Also,  in the period of  adoption  and after,  companies
record compensation cost based on the modified prospective method.

     On April 14,  2005,  the  Securities  and Exchange  Commission  (the "SEC")
adopted a new rule that amends the compliance  dates for SFAS No. 123 (revised).
Under the new rule,  the Company is required to adopt SFAS No. 123  (revised) in
the first annual period beginning after December 15, 2005. Early  application of
SFAS No. 123 (revised) is encouraged, but not required. Accordingly, the Company
is required to record  compensation  expense for all new awards  granted and any
awards modified after October 1, 2006. In addition,  the transition  rules under
SFAS No. 123 (revised) will require that, for all awards  outstanding at October
1, 2006, for which the requisite service has not yet been rendered, compensation
cost will be recorded as such service is rendered after October 1, 2006.

     The pronouncement  related to stock-based payments will not have any effect
on our existing historical  consolidated financial statements and restatement of
previously reported periods will not be required.

     Accounting  For Variable  Interest  Entities:  In December  2003,  the FASB
issued a revision to  Interpretation  46,  "Consolidation  of Variable  Interest
Entities,"  which  established  standards for  identifying  a variable  interest
entity  ("VIE") and for  determining  under what  circumstances  a VIE should be
consolidated with its primary beneficiary. Application of this interpretation is
required in  financial  statements  of public  entities  that have  interests in
special-purpose entities for periods ending after December 15, 2003. Application
by public entities,  other than small business  issuers,  for all other types of
VIE is required in financial statements for periods ending after March 15, 2004.
Small business issuers must apply this  interpretation to all other types of VIE
at the end of the first  reporting  period ending after  December 15, 2004.  The
adoption  of this  interpretation  has not  had  and is not  expected  to have a
material effect on the Company's financial position or results of operations.

                                       14
<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, 2005 and
2004, 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, 2005 and 2004, 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, 2005

                                       15
<PAGE>


                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------
<TABLE>
<CAPTION>
                                                                             September 30,
                                                                    ------------------------------
                                                                         2005             2004
                                                                    -------------    -------------
<S>                                                                 <C>              <C>
Assets
------

Cash and due from banks                                             $   2,427,721    $   1,820,076
Interest-bearing deposits                                                 647,361        1,876,646
                                                                    -------------    -------------
              Total cash and cash equivalents                           3,075,082        3,696,722

Certificates of deposit                                                   300,000        1,200,000
Securities available for sale                                          27,160,135       24,172,072
Securities held to maturity; approximate fair value of
  $565,000 (2005) and $996,000 (2004) respectively                        557,503          979,351
Loans held for sale                                                          --            148,000
Loans receivable, net                                                  76,550,816       64,376,261
Accrued interest receivable                                               476,741          388,413
Federal Home Loan Bank of New York stock, at cost                         601,600          557,900
Premises and equipment                                                  2,765,730        1,726,375
Other assets                                                              371,602          126,645
                                                                    -------------    -------------
              Total assets                                          $ 111,859,209    $  97,371,739
                                                                    =============    =============

Liabilities and stockholders' equity
------------------------------------

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

Deposits                                                            $  84,855,624    $  79,817,138
Borrowed funds                                                         10,000,000        1,000,000
Advances from borrowers for taxes and insurance                           395,766          438,626
Other liabilities                                                         559,767          562,482
                                                                    -------------    -------------
              Total liabilities                                        95,811,157       81,818,246
                                                                    -------------    -------------

Commitments and contingencies                                                --               --

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

Serial preferred stock, par value $.10, authorized 5,000,000
 shares, no shares issued                                                    --               --
Common stock; par value $.10; shares authorized and shares
 issued of 20,000,000 and 1,710,045 at September 30, 2005;
 20,000,000 and 1,687,403 at September 30, 2004; respectively             171,004          168,740
Additional paid-in-capital                                             10,326,722       10,151,118
Unallocated employee stock ownership plan shares                         (698,085)        (775,650)
Unallocated restricted stock plan shares                                  (14,067)            --
Retained earnings - substantially restricted                            6,546,979        5,935,876
Accumulated other comprehensive (loss) income - unrealized (loss)
 gain on securities available for sale, net of tax                       (284,501)          73,409
                                                                    -------------    -------------
              Total stockholders' equity                               16,048,052       15,553,493
                                                                    -------------    -------------
              Total liabilities and stockholders' equity            $ 111,859,209    $  97,371,739
                                                                    =============    =============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       16
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                        ---------------------------------
<TABLE>
<CAPTION>
                                                              Year Ended
                                                              September 30,
                                                       -------------------------
                                                          2005            2004
                                                       ----------     ----------

<S>                                                    <C>            <C>
Interest income:
   Loans receivable                                    $4,019,378     $3,466,057
   Securities                                           1,024,675        745,648
   Other interest-earning assets                           73,180         67,111
                                                       ----------     ----------
              Total interest income                     5,117,233      4,278,816
                                                       ----------     ----------

Interest expense:
   Deposits                                             1,006,388        875,468
   Borrowed funds                                         211,530         16,680
                                                       ----------     ----------
              Total interest expense                    1,217,918        892,148
                                                       ----------     ----------

Net interest income                                     3,899,315      3,386,668
Provision for loan losses                                  89,000         22,000
                                                       ----------     ----------
              Net interest income after
                provision for loan losses               3,810,315      3,364,668
                                                       ----------     ----------

Non-interest income:
   Loan fees                                               74,115         55,436
   Account servicing and other                            398,008        404,689
   Gain on sale of loans                                    3,087          1,945
                                                       ----------     ----------
              Total non-interest income                   475,210        462,070
                                                       ----------     ----------

Non-interest expense:
   Compensation and benefits                            1,715,093      1,590,658
   Occupancy and equipment                                431,901        320,550
   Service bureau and data processing                     401,958        395,638
   Federal insurance premiums                              11,328         11,705
   Other                                                  647,378        567,385
                                                       ----------     ----------
              Total non-interest expense                3,207,658      2,885,936
                                                       ----------     ----------

Income before income taxes                              1,077,867        940,802
Income taxes                                              466,764        413,976
                                                       ----------     ----------
              Net income                               $  611,103     $  526,826
                                                       ==========     ==========

Basic earnings per share                               $     0.38     $     0.32
                                                       ==========     ==========

Diluted earnings per share                             $     0.38     $     0.31
                                                       ==========     ==========
Weighted average shares
  outstanding - basic                                   1,612,531      1,666,313
                                                       ==========     ==========
Weighted average shares
  outstanding - diluted                                 1,624,133      1,688,838
                                                       ==========     ==========
</TABLE>
See accompanying notes to consolidated financial statements.

                                       17
<PAGE>
                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                 -----------------------------------------------
<TABLE>
<CAPTION>
                                                               Year Ended
                                                              September 30,
                                                        -----------------------
                                                           2005           2004
                                                        ---------     ---------
<S>                                                     <C>           <C>
Net income                                              $ 611,103     $ 526,826

Other comprehensive income,
  net of income taxes:
      Unrealized holding losses on
         securities available for sale, net of
         income tax benefit of $238,011
         and $18,313, respectively                       (357,910)      (27,539)
                                                        ---------     ---------
Comprehensive income                                    $ 253,193     $ 499,287
                                                        =========     =========
</TABLE>
See accompanying notes to consolidated financial statements.

                                       18
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                 -----------------------------------------------
<TABLE>
<CAPTION>
                                                                                                         Accumulated
                                               Additional      Unallocated   Unallocated                    Other
                                    Common       Paid-in          ESOP          RSP          Retained    Comprehensive
                                     Stock       Capital         Shares        Shares        Earnings    Income (Loss)   Total
                                    -------    -----------     ----------- ----------   ------------    ---------------  -----
<S>                                <C>         <C>             <C>          <C>           <C>            <C>
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

Net income                                -              -             -            -        611,103            -        611,103

Amortization of ESOP shares               -         11,211        77,565            -              -            -         88,776

Change in unrealized gain (loss)
 on securities available
 for sale, net of tax                     -              -             -            -              -     (357,910)      (357,910)

Exercise of stock options             2,264         79,133             -            -              -            -         81,397

Common stock acquired by RSP              -           (660)            -      (20,498)             -            -        (21,158)

Allocation of RSP shares                  -              -             -        6,431              -            -          6,431

Tax benefit of stock benefit
  plans                                   -         85,920             -            -              -            -         85,920
                                   --------    -----------     ---------    ---------    -----------    ---------    -----------
Balance - September 30, 2005       $171,004    $10,326,722     $(698,085)   $ (14,067)   $ 6,546,979    $(284,501)   $16,048,052
                                   ========    ===========     =========    =========    ===========    =========    ===========

</TABLE>

See accompanying notes to consolidated financial statements.


                                       19
<PAGE>


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

<TABLE>
<CAPTION>
                                                                      Year Ended
                                                                      September 30,
                                                               ----------------------------
                                                                   2005           2004
                                                               ------------    ------------
<S>                                                            <C>             <C>
Cash flows from operating activities:
   Net income                                                  $    611,103    $    526,826
   Adjustments to reconcile net income to
    net cash provided by operating activities:
       Depreciation                                                 192,229         154,502
       Amortization of premiums and discounts, net                   13,459          37,796
       Amortization of deferred loan fees and costs, net               (119)         12,947
       Provision for loan losses                                     89,000          22,000
       Origination of loans held for sale, net of repayments       (839,294)     (1,141,136)
       Gain on sale of loans                                         (3,087)         (1,945)
       Proceeds from sale of loans held for sale                    990,381         993,731
       (Increase) decrease in other assets                          (33,301)        159,553
       Increase in accrued interest receivable                      (88,328)         (5,175)
       Increase in other liabilities                                109,561          19,035
       Expense of ESOP and RSP                                       95,207          47,865
                                                               ------------    ------------
              Net cash provided by operating activities           1,136,811         825,999
                                                               ------------    ------------
Cash flows from investing activities:
   Proceeds from maturities of certificates of deposit              900,000         500,000
   Purchase of securities available for sale                     (8,756,318)    (12,509,061)
   Proceeds from payments and maturities of
    securities available for sale                                 5,158,896      12,137,558
   Purchase of securities held to maturity                               --        (140,125)
   Proceeds from payments and maturities
    of securities held to maturity                                  421,826         962,723
   Loan disbursements, net of principal repayments              (12,263,436)     (9,248,149)
   Proceeds from sale of loans                                           --         200,000
   (Purchase) redemption of Federal Home Loan Bank Stock            (43,700)          6,000
   Purchase of premises and equipment                            (1,231,584)       (131,048)
                                                               ------------    ------------
              Net cash used in investing activities             (15,814,316)     (8,222,102)
                                                               ------------    ------------
</TABLE>

See accompanying notes to consolidated financial statements.


                                       20
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT'D)
                 ----------------------------------------------
<TABLE>
<CAPTION>
                                                                      Year Ended
                                                                      September 30,
                                                              ----------------------------
                                                                  2005            2004
                                                              ------------    ------------
<S>                                                              <C>             <C>
Cash flows from financing activities:
   Net increase in deposits                                      5,038,486       1,409,235
   Net increase (decrease) in short-term borrowed funds          2,000,000      (1,200,000)
   Proceeds from long-term borrowed funds                        7,000,000       1,000,000
   (Decrease) increase in advance payments by borrowers
     for taxes and insurance                                       (42,860)         26,091
   Net proceeds from stock offering                                     --       8,459,216
   Purchase of common shares by ESOP                                    --        (728,610)
   Purchase of common shares by RSP                                (21,158)             --
   Proceeds from exercise of stock options                          81,397              --
   Distribution received from Roebling Financial Corp., MHC             --          95,375
                                                              ------------    ------------
              Net cash provided by financing activities         14,055,865       9,061,307
                                                              ------------    ------------

Net (decrease) increase in cash
  and cash equivalents                                            (621,640)      1,665,204

Cash and cash equivalents - beginning                            3,696,722       2,031,518
                                                              ------------    ------------
Cash and cash equivalents - ending                            $  3,075,082    $  3,696,722
                                                              ============    ============

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

Cash paid for:
   Interest on deposits and borrowed funds                    $  1,215,291    $    896,150
                                                              ============    ============

   Income taxes                                               $    360,892    $    359,551
                                                              ============    ============
</TABLE>

See accompanying notes to consolidated financial statements.


                                       21
<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.

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 and interest-rate structure of the Company's assets and liabilities
in order to  control  its  level of  interest-rate  risk and to plan for  future
volatility.


                                       22
<PAGE>

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


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

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."

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.

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.


                                       23
<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)
-----------------------------------

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, 2005 and
2004,  the  Company  has  not  recorded  mortgage  servicing  assets  due to the
immateriality  of the 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  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
expense which enter into the  determination  of income for  financial  reporting
purposes in different periods than for income tax purposes.


                                       24
<PAGE>

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



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

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 No.  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 No. 148
amends the disclosure requirements in SFAS No. 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 No. 25.

There is no proforma  effect on the  Company's net income and earnings per share
for the years ended September 30, 2005 and 2004.

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") and Restricted
Stock Plan  ("RSP").  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,
                                                      --------------------------
                                                         2005           2004
                                                      ----------      ----------

<S>                                                   <C>             <C>
Net income                                            $  611,103      $  526,826
                                                      ==========      ==========
Weighted average common shares
  outstanding for computation of
  basic EPS (1)                                        1,612,531       1,666,313

Common-equivalent shares due to
  the dilutive effect of stock options
  and compensation grants                                 11,602          22,525
                                                      ----------      ----------

Weighted-average common shares
  for computation of diluted EPS                       1,624,133       1,688,838
                                                      ==========      ==========

Earnings per common share:
   Basic                                              $     0.38      $     0.32
   Diluted                                            $     0.38      $     0.31
<FN>
(1) Excludes unallocated ESOP and RSP shares
</FN>
</TABLE>


                                       25
<PAGE>
                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------



2. CERTIFICATES OF DEPOSIT
--------------------------
                                                           September 30,
                                                    ----------------------------
                                                       2005              2004
                                                    ----------        ----------

Maturity
--------

Due within one year                                 $  300,000        $  900,000
After 1 year through 5 years                              --             300,000
                                                    ----------        ----------
                                                    $  300,000        $1,200,000
                                                    ==========        ==========


There are no uninsured certificates of deposit included above.

3. SECURITIES AVAILABLE FOR SALE
--------------------------------
<TABLE>
<CAPTION>
                                                                         September 30, 2005
                                                    --------------------------------------------------------------
                                                                           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                           $  1,500,000        $     --      $  24,870       $  1,475,130
      Due after one year through five years           19,246,185              --        410,837         18,835,348
      Due after five years through ten years             750,000              --         13,027            736,973
   Marketable Equity Securities                            2,888          14,880             --             17,768

Mortgage-backed Securities
   GNMA                                                1,731,908          10,256            957          1,741,207
   FHLMC                                               1,774,597           5,617         20,645          1,759,569
   FNMA                                                2,628,253           9,303         43,416          2,594,140
                                                    ------------        --------      ---------       ------------
                                                    $ 27,633,831        $ 40,056      $ 513,752       $ 27,160,135
                                                    ============        ========      =========       ============
<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
                                                    ============       =========       ========       ============
</TABLE>

                                       26
<PAGE>

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



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

Securities  available for sale with a carrying value of  approximately  $492,000
and $505,000,  as of September 30, 2005 and 2004,  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 approximately  $13,707,000 and $6,013,000 are pledged as collateral for
Federal Home Loan Bank advances as of September 30, 2005 and 2004, respectively.
In addition,  securities  with a carrying  value of  approximately  $495,000 and
$500,000 are pledged as collateral  to the Federal  Reserve Bank as of September
30, 2005 and 2004, respectively.

There  were no sales of  investment  securities  or  mortgage-backed  securities
during the years ended September 30, 2005 and 2004.

Provided  below is a summary of  securities  available for sale which were in an
unrealized loss position at September 30, 2005 and 2004.  Approximately $111,000
or 22% and $25,000 or 65% of the  unrealized  loss, as of September 30, 2005 and
2004,  respectively,  was comprised of securities in a continuous  loss position
for twelve months or more.  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, 2005
                                               ----------------------------------------------------------------
                                                       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          $ 17,143,381      $ 352,804        $ 3,904,070          $ 95,930

Mortgage-backed Securities
    GNMA                                            609,242            957                 --                --
    FHLMC                                         1,188,968         20,645                 --                --
    FNMA                                          1,255,555         28,303            625,575            15,113
                                               ------------      ---------        -----------         ---------
        Total available for sale               $ 20,197,146      $ 402,709        $ 4,529,645         $ 111,043
                                               ============      =========        ===========         =========

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


                                       27
<PAGE>

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



4. SECURITIES HELD TO MATURITY
------------------------------
<TABLE>
<CAPTION>
                                                                   September 30, 2005
                                                    --------------------------------------------------------
                                                                        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              $ 103,964           $ 945         $  -         $ 104,909

Mortgage-backed Securities
   CMO (FNMA)                                          53,175             696           99            53,772
   GNMA                                                96,479           1,323            -            97,802
   FHLMC                                              113,317           1,776            -           115,093
   FNMA                                               190,568           2,951            -           193,519
                                                    ---------         -------         ----         ---------
                                                    $ 557,503         $ 7,691         $ 99         $ 565,095
                                                    =========         =======         ====         =========
<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>


Securities held to maturity with a carrying value of  approximately  $86,000 and
$147,000 are pledged as  collateral  for Federal  Home Loan Bank  advances as of
September 30, 2005 and 2004, respectively.

                                       28
<PAGE>

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



5. LOANS RECEIVABLE, NET
------------------------
<TABLE>
<CAPTION>
                                                          September 30,
                                                    ---------------------------
                                                        2005          2004
                                                    ------------   ------------
<S>                                                 <C>            <C>
 Mortgage loans:
   One-to-four family residential                   $ 36,955,559   $ 34,041,166
   Multi-family residential                            2,141,296      1,170,134
   Commercial real estate                             15,479,371     10,504,890
   Construction and land                               8,226,123      3,270,482
                                                    ------------   ------------

                                                      62,802,349     48,986,672
                                                    ------------   ------------

Consumer and other loans:
   Home equity                                        16,469,391     15,555,128
   Automobile                                             33,846         73,091
   Secured by deposits                                    38,744         46,130
   Unsecured                                              76,237        106,976
   Mobile home                                            70,664        118,082
   Commercial                                          1,578,290      1,530,449
                                                    ------------   ------------

                                                      18,267,172     17,429,856
                                                    ------------   ------------

              Total loans                             81,069,521     66,416,528
                                                    ------------   ------------

Less:
   Loans in process                                    3,919,342      1,578,174
   Net deferred loan origination fees (costs)             26,164        (28,553)
   Allowance for loan losses                             573,199        490,646
                                                    ------------   ------------

                                                       4,518,705      2,040,267
                                                    ------------   ------------
                                                    $ 76,550,816   $ 64,376,261
                                                    ============   ============
</TABLE>

At September 30, 2005 and 2004,  non-accrual  loans for which  interest had been
discontinued totaled approximately $58,000 and $98,000,  respectively.  Interest
income actually recognized on non-accrual loans totaled approximately $6,800 and
$3,100 for the years ended September 30, 2005 and 2004,  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 $2,660 and $3,800 for the years ended September 30, 2005 and 2004,
respectively.


                                       29
<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:
<TABLE>
<CAPTION>
                                                          Year Ended
                                                          September 30,
                                                   ----------------------------
                                                       2005             2004
                                                   ---------          ---------
<S>                                                <C>                <C>
Balance - beginning                                $ 490,646          $ 472,919
Provision charged to income                           89,000             22,000
Charge offs                                           (6,447)            (7,137)
Recoveries                                                --              2,864
                                                   ---------          ---------
Balance - ending                                   $ 573,199          $ 490,646
                                                   =========          =========
</TABLE>

The activity with respect to loans to directors, officers and associates of such
persons is as follows:
<TABLE>
<CAPTION>
                                                         Year Ended
                                                        September 30,
                                               --------------------------------
                                                   2005                2004
                                               -----------          -----------
<S>                                            <C>                  <C>
Balance - beginning                            $   762,762          $   508,986
Loan disbursements                                 366,243              441,900
Collection of principal                           (111,503)            (188,124)
                                               -----------          -----------
Balance - ending                               $ 1,017,502          $   762,762
                                               ===========          ===========
</TABLE>

6. ACCRUED INTEREST RECEIVABLE
------------------------------
<TABLE>
<CAPTION>
                                                             September 30,
                                                       -------------------------
                                                         2005             2004
                                                       --------         --------
<S>                                                    <C>              <C>
Loans receivable                                       $258,069         $228,907
Mortgage-backed securities                               23,665           25,238
Investment securities                                   195,007          134,268
                                                       --------         --------
                                                       $476,741         $388,413
                                                       ========         ========
</TABLE>

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



7. PREMISES AND EQUIPMENT
-------------------------
<TABLE>
<CAPTION>
                                                            September 30,
                                                     ---------------------------
                                                        2005             2004
                                                     ----------       ----------

<S>                                                  <C>              <C>
Land                                                 $1,329,793       $  675,970
Buildings and improvements                            1,516,514        1,152,687
Furniture, fixtures and equipment                       949,711          747,499
                                                     ----------       ----------

                                                      3,796,018        2,576,156

Less accumulated depreciation                         1,030,288          849,781
                                                     ----------       ----------
                                                     $2,765,730       $1,726,375
                                                     ==========       ==========
</TABLE>


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:
<TABLE>
<CAPTION>
                                                         September 30,
                                               ---------------------------------
                                                   2005                 2004
                                               ----------             ----------
<S>                                            <C>                    <C>
 Mortgage loan portfolios
   serviced for:
     FNMA                                      $7,522,711             $7,617,737
     Other                                        188,571                396,028
                                               ----------             ----------
                                               $7,711,282             $8,013,765
                                               ==========             ==========
</TABLE>

Custodial escrow balances  maintained in connection with loan servicing  totaled
approximately   $101,000  and   $119,000,   at  September  30,  2005  and  2004,
respectively.

9. DEPOSITS
-----------
<TABLE>
<CAPTION>
                                                                        September 30,
                                                    ----------------------------------------------------------
                                                               2005                             2004
                                                    ------------------------       ---------------------------
                                                    Weighted                       Weighted
                                                    Average                        Average
                                                      Rate            Amount         Rate              Amount
                                                      ----            ------         ----              ------

<S>                                                  <C>            <C>              <C>            <C>
Non-interest-bearing deposits                        0.00%          $13,792,528      0.00%          $11,874,540
Interest-bearing checking accounts                   0.21%           11,190,051      0.10%           11,534,860
Money market accounts                                1.82%            6,870,648      0.84%            7,364,900
Savings accounts                                     0.56%           21,952,183      0.55%           22,016,056
Certificates of deposits                             3.26%           31,050,214      2.53%           27,026,782
                                                                    -----------                     -----------
Total deposits                                       1.51%          $84,855,624      1.10%          $79,817,138
                                                                    ===========                     ===========
</TABLE>


                                       31
<PAGE>

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

9. DEPOSITS (CONT'D)
-----------

Deposit  accounts  with  balances  of  $100,000  or more  totaled  approximately
$18,854,000,  and  $17,765,000  at  September  30, 2005 and 2004,  respectively.
Deposit balances in excess of $100,000 are not federally insured.

Scheduled maturities of certificates of deposit are as follows (in thousands):
<TABLE>
<CAPTION>
                                                             September 30,
                                                       ---------------------
                                                         2005          2004
                                                       -------       -------

<S>                                                    <C>           <C>
1 year or less                                         $15,814       $14,350
Over 1 year to 3 years                                  11,013         9,472
Over 3 years                                             4,223         3,205
                                                       -------       -------
                                                       $31,050       $27,027
                                                       =======       =======
</TABLE>

Interest expense on deposits is summarized as follows:
<TABLE>
<CAPTION>
                                                            Year Ended
                                                           September 30,
                                                     ---------------------------
                                                        2005             2004
                                                     ----------       ----------

<S>                                                  <C>              <C>
Interest-bearing checking accounts                   $   18,609       $   21,605
Money market accounts                                    73,104           44,917
Savings accounts                                        125,052          138,043
Certificates of deposit                                 789,623          670,903
                                                     ----------       ----------
      Total                                          $1,006,388       $  875,468
                                                     ==========       ==========
</TABLE>



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

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  $21.1  million  and $8.8  million  at  September  30,  2005 and  2004,
respectively,  subject to the terms and  conditions  of the  lender's  overnight
advance  program.  As of  September  30,  2005,  the Company had a $2.0  million
balance  in the  overnight  line of  credit at a rate of  4.11%.  There  were no
borrowings under this program as of September 30, 2004.

At September 30, 2005 and 2004, fixed rate advances have contractual  maturities
as follows:
<TABLE>
<CAPTION>
                                            September 30, 2005                     September 30, 2004
                                          --------------------------            --------------------------
                                                            Weighted                              Weighted
                                                             Average                               Average
                                           Amount             Rate              Amount              Rate
                                           ------             ----              ------              ----
  <S>                                      <C>                <C>             <C>
  Due By September 30,
  --------------------

          2007                             $ 1,000,000        3.09%           $        --              -%
          2008                               2,000,000        3.98%                    --              -%
          2009                               1,000,000        4.41%             1,000,000           4.41%
          2010                               4,000,000        4.43%                    --              -%
                                           -----------                        -----------
                                           $ 8,000,000        4.15%           $ 1,000,000           4.41%
                                           ===========                        ===========
</TABLE>

                                       32
<PAGE>

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



10. BORROWED FUNDS (CONT'D)
------------------

At September 30, 2005 and 2004, the FHLB  borrowings  were secured by pledges of
the Company's  investment in the capital stock of the FHLB totaling $601,600 and
$557,900  and  mortgage-backed  and other  securities  with a carrying  value of
approximately $13.8 million and $6.2 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, 2005 and 2004, 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:
<TABLE>
<CAPTION>
                                                            Year Ended
                                                           September 30,
                                                     --------------------------
                                                        2005             2004
                                                     ---------        ---------
<S>                                                  <C>              <C>
 Current tax expense:
   Federal                                           $ 347,006        $ 243,546
   State                                                98,063           96,254
                                                     ---------        ---------

                                                       445,069          339,800
                                                     ---------        ---------

Deferred tax expense (benefit):
   Federal                                              13,255           75,466
   State                                                 8,440           (1,290)
                                                     ---------        ---------

                                                        21,695           74,176
                                                     ---------        ---------
                                                     $ 466,764        $ 413,976
                                                     =========        =========
</TABLE>

The provision for federal income taxes differs from that computed at the federal
statutory rate of 34% as follows:
<TABLE>
<CAPTION>
                                                            Year Ended
                                                            September 30,
                                                        -----------------------
                                                          2005           2004
                                                        --------       --------

<S>                                                     <C>            <C>
Tax at statutory rates                                  $366,475       $319,873

Increase in tax resulting from:
   State taxes, net of federal tax effect                 70,292         62,676
   Other items                                            29,997         31,427
                                                        --------       --------
                                                        $466,764       $413,976
                                                        ========       ========
Effective rate                                                43%            44%
                                                        ========       ========
</TABLE>

                                       33
<PAGE>

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



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

The  following  temporary  differences  gave rise to  deferred  tax  assets  and
liabilities:
<TABLE>
<CAPTION>
                                                                September 30,
                                                            --------------------
                                                              2005        2004
                                                            --------    --------
<S>                                                         <C>         <C>

 Deferred tax assets:
   Allowance for loan losses                                $228,214    $194,446
   Depreciation of securities available for sale             189,194          --
   Accrual to cash adjustments                                    --       3,919
                                                            --------    --------

              Total deferred tax assets                      417,408     198,365
                                                            --------    --------

Deferred tax liabilities:
   Appreciation of securities available for sale                --        48,817
   Depreciation                                               26,343      14,220
   Accrual to cash adjustments                                37,634        --
   Deferred loan origination fees and costs, net              87,138      86,008
   Discounts on investments                                    7,244       6,587
                                                            --------    --------

              Total deferred tax liabilities                 158,359     155,632
                                                            --------    --------
   Net deferred tax asset included in other assets          $259,049    $ 42,733
                                                            ========    ========
</TABLE>


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.

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.

With the exception of letters of credit, the Company does not require collateral
or other  security to support  financial  instruments  with credit risk,  unless
noted otherwise.

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 $7.8 million and $9.8 million,  at
September 30, 2005 and 2004,  respectively.  The Company's  experience  has been
that approximately 55 percent of loan commitments are drawn upon by customers.

At September 30, 2005 and 2004, the Company had $8.9 million and $3.6 million in
outstanding  commitments  to fund loans and $132,000 and $123,000 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, 2005.


                                       34
<PAGE>
                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


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, 2005,  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.

The following table presents a reconciliation of capital per GAAP and regulatory
capital at the dates indicated (in thousands):
<TABLE>
<CAPTION>
                                                                September 30,
                                                             -------------------
                                                               2005       2004
                                                             --------   --------

<S>                                                          <C>        <C>
GAAP capital                                                 $ 11,530   $ 11,149
Add (subtract): unrealized (gain) loss
                   on securities available for sale               285        (73)
                                                             --------   --------

Core and tangible capital                                      11,815     11,076
Add: general allowance for loan losses                            571        487
         Unrealized gains on equity securities
          available for sale                                        7         10
                                                             --------   --------
Total risk-based capital                                     $ 12,393   $ 11,573
                                                             ========   ========
</TABLE>

                                       35
<PAGE>
                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

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

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>
As of September 30, 2005
    Tangible capital                 $ 11,815        10.52%       $ 1,685         1.50%       N/A                       -
    Tier 1 (core) capital              11,815        10.52%         4,494         4.00%       $ 5,618         5.00%
    Risk-based capital:
        Tier 1                         11,815        17.13%         2,759         4.00%         4,139         6.00%
        Total                          12,393        17.97%         5,518         8.00%         6,898        10.00%

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%
</TABLE>

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.  During 2004, the Company  matched 50% of
the amount of salary  reduction the participant  elected to defer.  However,  in
applying this  matching  percentage,  only salary  reductions of up to 6% of the
participant's compensation were considered. During 2005, the Company contributed
100% of the first 3% of participants'  contributions and 50% of the next 2%, for
a maximum  match of 4%. All  participants  become 100% vested upon  entering the
plan. Contributions to the plan by the Company totaled approximately $32,600 and
$16,400 for the years ended September 30, 2005 and 2004, respectively.

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


                                       36
<PAGE>

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



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

Directors Consultation and Retirement Plan (Cont'd)
------------------------------------------

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.
<TABLE>
<CAPTION>
                                                       At or for the Year Ending
                                                            September 30,
                                                       -------------------------
                                                          2005          2004
                                                       ---------      ---------
<S>                                                    <C>            <C>
Change in Benefit Obligation:

Benefit obligation at beginning of year                $ 258,624      $ 214,553
    Service cost                                          11,928          9,706
    Interest cost                                         16,796         12,044
    Actuarial loss                                        70,906         32,521
    Annuity payments                                     (10,200)       (10,200)
                                                       ---------      ---------
Benefit obligation at end of year                        348,054        258,624
                                                       ---------      ---------
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                                           (348,054)      (258,624)
Amount contributed during fourth quarter                   2,550          2,550
Unrecognized (gain) loss                                  92,256         21,350
Unrecognized past service liability                       53,188         63,996
                                                       ---------      ---------
Accrued plan cost included in
  other liabilities                                    $(200,060)     $(170,728)
                                                       =========      =========
</TABLE>
<TABLE>
<CAPTION>
                                                              Year Ended
                                                              September 30,
                                                          ----------------------
                                                            2005           2004
                                                          -------        -------
<S>                                                       <C>            <C>
 Net periodic plan cost included
  the following components:
   Service cost                                           $11,928        $ 9,706
   Interest cost                                           16,796         12,044
   Amortization of past service cost                       10,808         10,809
                                                          -------        -------
Net periodic plan cost included in
  compensation and benefits                               $39,532        $32,559
                                                          =======        =======
</TABLE>


A  discount  rate  of  5.75%  and  6.625%  and a  rate  of  increase  in  future
compensation  levels of 4.25% and 5.00% were assumed in the plan  valuation  for
the years ended September 30, 2005 and 2004, respectively.


                                       37
<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,
                                                     -----------------------------------------------------
                                                             2005                          2004
                                                     ------------------------      -----------------------
                                                                     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                                              (22,642)        3.595             --            --
Forfeited                                                   --            --             --            --
                                                       -------       -------         ------       -------
Outstanding at end of period                            14,642       $ 3.595         37,284       $ 3.595
                                                        ======       =======         ======       =======
Options exercisable at period end                       14,642                       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.  18,017
shares were awarded under the Plan in fiscal 1999.  An  additional  2,101 shares
were  awarded in fiscal  2005 with a  grant-date  fair value of $9.75 per share.
Compensation  expense on Plan shares is recognized over the vesting period based
on the market value of the stock on the date of grant.  The grants  awarded vest
20% on the date of grant and 20% each of the next four years.  Plan  expense was
$6,400 and $0 for the years ended September 30, 2005 and 2004, 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 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.

                                       38
<PAGE>

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


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

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
approximately  $89,000 and $48,000  for the years ended  September  30, 2005 and
2004, respectively.

The ESOP shares were as follows, as adjusted for the exchange:
<TABLE>
<CAPTION>
                                                              Year Ended
                                                             September 30,
                                                       -------------------------
                                                         2005            2004
                                                       --------         --------

<S>                                                      <C>              <C>
Allocated shares                                         50,415           43,505
Shares committed to be released                            --               --
Unreleased shares                                        82,354           91,505
                                                       --------         --------
Total ESOP shares                                       132,769          135,010
                                                       --------         --------
Fair value of unreleased shares                        $815,310         $915,050
                                                       ========         ========
</TABLE>

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.


                                       39
<PAGE>

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



15. CHARTER CONVERSION, STOCK OFFERING, AND REORGANIZATION (CONT'D)
----------------------------------------------------------

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.

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.

                                       40
<PAGE>

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



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

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.

The carrying  values and estimated fair values of financial  instruments  are as
follows (in thousands):
<TABLE>
<CAPTION>
                                                         September 30, 2005            September 30, 2004
                                                        ---------------------         ---------------------
                                                        Carrying         Fair         Carrying         Fair
                                                         Amount         Value          Amount         Value
                                                         ------         -----          ------         -----
<S>                                                     <C>            <C>            <C>            <C>
Financial Assets

Cash and cash equivalents                               $ 3,075        $ 3,075        $ 3,697        $ 3,697
Certificates of deposit                                     300            300          1,200          1,200
Securities available for sale                            27,160         27,160         24,172         24,172
Securities held to maturity                                 558            565            979            996
Loans held for sale                                           -              -            148            148
Loans receivable                                         76,551         75,702         64,376         64,579
Accrued interest receivable                                 477            477            388            388
FHLB stock                                                  602            602            558            558

Financial Liabilities

Deposits                                                 84,856         84,601         79,817         79,955
Borrowed funds                                           10,000          9,902          1,000          1,033

</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.

                                       41
<PAGE>

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



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

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.

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

Accounting for Stock-Based  Payments: In December 2004, the FASB issued SFAS No.
123 (revised),  "Share-Based  Payment." SFAS No. 123 (revised) replaces SFAS No.
123 and  supersedes  APB  Opinion  No.  25.  SFAS  No.  123  (revised)  requires
compensation costs related to share-based payment  transactions to be recognized
in the financial statements over the period that an employee provides service in
exchange for the award.  Public companies are required to adopt the new standard
using a modified prospective method and may elect to restate prior periods using
the  modified  retrospective  method.  Under the  modified  prospective  method,
companies are required to record  compensation  cost for new and modified awards
over  the  related  vesting  period  of such  awards  prospectively  and  record
compensation  cost  prospectively  for  the  unvested  portion  at the  date  of
adoption, of previously issued and outstanding awards over the remaining vesting
period of such awards.  No change to prior periods  presented is permitted under
the  modified  prospective  method.  Under the  modified  retrospective  method,
companies  record  compensation  costs for prior periods  retroactively  through
restatement  of such periods using the exact pro forma amounts  disclosed in the
companies'  footnotes.  Also,  in the period of  adoption  and after,  companies
record compensation cost based on the modified prospective method.

On April 14, 2005, the Securities and Exchange  Commission (the "SEC") adopted a
new rule that amends the compliance dates for SFAS No. 123 (revised).  Under the
new rule,  the Company is required to adopt SFAS No. 123  (revised) in the first
annual period beginning after December 15, 2005.  Early  application of SFAS No.
123  (revised) is  encouraged,  but not  required.  Accordingly,  the Company is
required  to record  compensation  expense  for all new awards  granted  and any
awards modified after October 1, 2006. In addition,  the transition  rules under
SFAS No. 123 (revised) will require that, for all awards  outstanding at October
1, 2006, for which the requisite service has not yet been rendered, compensation
cost will be recorded as such service is rendered after October 1, 2006.

The  pronouncement  related to stock-based  payments will not have any effect on
our existing  historical  consolidated  financial  statements and restatement of
previously reported periods will not be required.

Accounting For Variable Interest  Entities:  In December 2003, the FASB issued a
revision to Interpretation  46,  "Consolidation of Variable Interest  Entities,"
which  established  standards for identifying a variable interest entity ("VIE")
and for determining  under what  circumstances a VIE should be consolidated with
its  primary  beneficiary.  Application  of this  interpretation  is required in
financial  statements of public entities that have interests in  special-purpose
entities for periods  ending after  December  15,  2003.  Application  by public
entities,  other  than small  business  issuers,  for all other  types of VIE is
required in financial  statements for periods ending after March 15, 2004. Small
business issuers must apply this interpretation to all other types of VIE at the
end of the first  reporting  period ending after December 15, 2004. The adoption
of this interpretation has not had and is not expected to have a material effect
on the Company's financial position or results of operations.


                                       42
<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
                  Internet Sales Consultant, Brandow Auto Group
           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
   1934 Route 541, Westampton, New Jersey (Banking and Administrative Center)
<TABLE>
<CAPTION>
<S>                                              <C>
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
</TABLE>

Our  Annual  Report  for the year  ended  September  30,  2005 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 30, 2006 at 3:30 p.m. at Bung's Tavern,
2031 Route 130 South, Burlington, New Jersey.