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

                                   FORM 10-KSB
(MARK ONE)

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
     1934

     For the Fiscal Year Ended SEPTEMBER 30, 2006

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

     For the Transition Period From ____________ To ___________

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

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

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

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

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

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

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

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

   Check  whether  the  issuer  (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. YES [X] NO []

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

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

   State  issuer's  revenues  for  its  most  recent  fiscal  year.  $7,113,085.
                                                                     ----------

   The aggregate market value of the voting and non-voting common equity held by
non-affiliates  of the registrant,  computed by reference to the average bid and
asked  price of the  registrant's  Common  Stock  reported  on the OTC  Bulletin
Board(R) at December 21,  2006,  was  approximately  $16.3  million.  Solely for
purposes of this calculation,  the term "affiliate"  refers to all directors and
executive  officers of the registrant and all shareholders  beneficially  owning
more than 10% of the registrant's Common Stock.

   As of December 21, 2006,  there were issued and outstanding  1,712,259 shares
of the registrant's Common Stock.

                       DOCUMENTS INCORPORATED BY REFERENCE

1.   Portions  of the Annual  Report to  Shareholders  for the Fiscal Year Ended
     September 30, 2006. (Part II)

2.   Portions  of  the  Proxy   Statement   for  the  2007  Annual   Meeting  of
     Shareholders. (Part III)

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

                                     PART I

FORWARD-LOOKING STATEMENTS

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

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

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

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

GENERAL

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

                                       -2-

<PAGE>

     The Bank,  a  federally  chartered  stock  savings  bank,  has five  retail
offices,  two located in Roebling and one located in each of Delran,  Westampton
and New Egypt, New Jersey.  From these locations,  the Bank primarily serves the
towns of Roebling, Delran, Westampton Township, Florence Township and New Egypt.
The Bank's secondary market includes Burlington City and Township,  Cream Ridge,
Wrightstown,  Bordentown City, Mt. Holly,  Rancocas,  Moorestown,  Riverside and
Cinnaminson,  and Springfield,  Mansfield,  Bordentown,  Plumsted,  New Hanover,
North Hanover, Eastampton, Hainesport and Lumberton Townships.

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

MARKET AREA AND COMPETITION

     Roebling  is  an  established,   densely  populated  blue-collar  community
characterized by a declining population and a higher proportion of retirees than
the nation as a whole.  The median age in Roebling is 38.1 years.  The estimated
median household income for 2005 was $63,680.  New Egypt,  Westampton and Delran
are developing  suburban markets with a lower  population  density than Roebling
but a higher  household  growth rate.  The median age in New Egypt is 33.7 years
and the median household  income for 2005 was estimated to be $71,597,  while in
Westampton  the median age and  household  income  were 34.9 years and  $67,365,
respectively.  Delran's median age and household income for 2005 were 36.6 years
and $58,526, respectively.

     Roebling Bank has the only two branches located in Roebling.  Two financial
institutions, including a Trenton-based community bank, however, opened branches
in the past few  years  just  outside  the town  limits  and  Roebling  Bank has
experienced increased competition for deposits from these new entrants. Roebling
Bank has one of the two branches in New Egypt and held  approximately 45% of the
FDIC-insured  deposits  there at June 30, 2006 according to data compiled by the
FDIC. The foregoing data does not reflect deposits held by credit unions.

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

LENDING ACTIVITIES

     The  Company's  principal  lending  activity  is the  origination  of loans
secured by real  property in Southern  New Jersey.  At September  30, 2006,  the
Bank's  loan  portfolio  included  $37.2  million  in loans  secured by liens on
one-to-four family properties, $22.0 million in home equity loans, $15.6 million
in loans  secured by commercial  real estate,  $19.0 million in loans secured by
land or  properties  under  construction  and $4.3  million in loans  secured by
multi-family properties. To a lesser extent, the Bank also offers commercial and
consumer loans. The majority of the Bank's borrowers are located in Southern New
Jersey and could be expected  to be  similarly  affected  by economic  and other
conditions  in this area.  The Company does not believe that there are any other
concentrations of loans or borrowers in its portfolio.

     LOAN  PORTFOLIO  COMPOSITION.  The following  table sets forth  information
concerning the composition of the Company's loan portfolio in dollar amounts and
in percentages of the total loan portfolio as of the dates indicated.

                                       -3-

<PAGE>
<TABLE>
<CAPTION>
                                                                             AT SEPTEMBER 30,
                                                  -------------------------------------------------------------------------
                                                           2006                      2005                      2004
                                                  ---------------------      --------------------      --------------------
                                                      $            %            $            %            $             %
                                                     ---          ---          ---          ---          ---           --
                                                                          (DOLLARS IN THOUSANDS)
<S>                                               <C>             <C>        <C>            <C>        <C>            <C>
Real estate loans:
  One-to-four family.........................     $ 37,200        36.84%     $36,956        45.59%     $34,041        51.25%
  Multi-family...............................        4,316         4.28        2,141         2.64        1,170         1.76
  Construction and land......................       18,987        18.80        8,226        10.15        3.271         4.93
  Commercial real estate ....................       15,550        15.40       15,479        19.09       10,505        15.82
                                                   -------        -----       ------       ------       ------       ------
    Total real estate loans..................       76,053        75.32       62,802        77.47       48,987        73.76
                                                   -------        -----       ------        -----       ------        -----
Consumer and other loans:
  Home equity................................       21,995        21.78       16,469        20.31       15,555        23.42
  Commercial.................................        2,756         2.73        1,578         1.95        1,531         2.30
  Other consumer.............................          175         0.17          220         0.27          344         0.52
                                                   -------       ------      -------       ------      -------       ------
    Total consumer and other loans...........       24,926        24.68       18,267        22.53       17,430        26.24
                                                   -------       ------       ------       ------       ------       ------

Total loans..................................      100,979       100.00%      81,069       100.00%      66,417       100.00%
                                                   -------       ======       ------       ======       ------       ======

Less:
  Loans in process...........................        6,257                     3,919                     1,578
  Net deferred loan origination fees (costs).            5                        26                      (28)
  Allowance for loan losses..................          703                       573                       491
                                                   -------                    ------                    ------

  Total loans, net...........................     $ 94,014                   $76,551                   $64,376
                                                   =======                    ======                    ======
</TABLE>

     LOAN  MATURITY  TABLE.  The  following  table  sets  forth the  contractual
maturities of the Company's loan portfolio at September 30, 2006. The table does
not reflect  anticipated  prepayments  or scheduled  principal  repayments.  All
mortgage  loans are shown as maturing based on  contractual  maturities.  Demand
loans,  loans having no stated  schedule of payments and no stated  maturity and
overdrafts are shown as due in one year or less.  Amounts shown are net of loans
in process.
<TABLE>
<CAPTION>
                                                             DUE AFTER ONE
                                           DUE IN ONE        YEAR THROUGH       DUE AFTER
                                          YEAR OR LESS        FIVE YEARS        FIVE YEARS          TOTAL
                                          ------------        ----------        ----------          -----
                                                                   (IN THOUSANDS)
<S>                                        <C>                <C>                <C>              <C>
Real estate loans:
  One-to-four family.................      $  2,606           $  1,001           $ 33,593         $  37,200
  Multi-family.......................           666                 35              3,615             4,316
  Construction and land..............        11,542              1,003                185            12,730
  Commercial real estate.............           507              2,010             13,033            15,550
Consumer and other loans:
  Home equity .......................           104              4,229             17,662            21,995
  Commercial.........................           394              2,088                274             2,756
  Other consumer ....................            24                 82                 69               175
                                           --------           --------           --------         ---------

    Total............................      $ 15,843           $ 10,448           $ 68,431         $  94,722
                                           ========           ========           ========         =========
</TABLE>

                                       -4-

<PAGE>
         The  following  table sets forth as of  September  30,  2006 the dollar
amount of all loans due after  September  30,  2007,  which have fixed  interest
rates and floating or adjustable interest rates.
<TABLE>
<CAPTION>
                                                                        FLOATING OR
                                                    FIXED RATES       ADJUSTABLE RATES        TOTAL
                                                    -----------       ----------------        -----
                                                                       (IN THOUSANDS)
<S>                                                <C>                   <C>                <C>
Real estate loans:
  One-to-four family real estate................   $    20,496           $  14,098          $   34,594
  Multi-family..................................            35               3,615               3,650
  Construction and land.........................           185               1,003               1,188
  Commercial real estate........................         1,040              14,003              15,043
Consumer and other loans:
  Home equity ..................................        16,911               4,980              21,891
  Commercial ...................................         1,769                 593               2,362
  Other consumer................................           127                  24                 151
                                                   -----------           ---------          ----------
    Total.......................................   $    40,563           $  38,316          $   78,879
                                                   ===========           =========          ==========
</TABLE>

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

     The Company generally retains adjustable and shorter-term, fixed-rate loans
in its portfolio and sells qualifying longer-term fixed-rate loans to Fannie Mae
and retains the servicing  rights.  Generally,  fixed-rate loans have a 10 to 40
year term.  Non-conforming,  fixed-rate loans are both retained in the Company's
portfolio  and sold in the  secondary  market  to  private  entities,  servicing
released. At September 30, 2006 there were no loans classified as held for sale.
See "-- Loan Servicing, Purchases and Sales."

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

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

                                       -5-

<PAGE>
rate  plus a  margin  of 0.0%  to  3.0%  and are  generally  made  with  maximum
loan-to-value  ratios of 80%.  Land loans  generally  have terms of less than 18
months,  loan-to-value  ratios of 50% or less and interest rates from 0% to 3.0%
over  prime.  It is the  Company's  policy to limit land loans to amounts not in
excess of what the developer can absorb in one year.

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

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

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

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

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

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

                                       -6-
<PAGE>
result, the availability of funds for the repayment of commercial business loans
may be  substantially  dependent on the success of the business itself (which is
likely to be dependent upon the general economic environment).

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

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

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

     LOANS-TO-ONE-BORROWER  LIMIT.  Under  federal  law, a federal  savings bank
generally  may not lend to one borrower in an amount  greater than the higher of
$500,000 or 15% of its  unimpaired  capital and surplus.  At September 30, 2006,
our loans-to-one-borrower limit was approximately $1.9 million.

     At September 30, 2006,  the largest  amount of loans we had  outstanding to
any one borrower or group of borrowers was $1.7 million,  which consisted of two
loans for the construction of residential properties. At September 30, 2006, the
outstanding balance was $1.4 million.  Our next largest lending relationship was
$1.7 million and consisted of one  construction  loan secured by a  multi-family
property. At September 30, 2006, the outstanding balance was $1.0 million.

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

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

                                       -7-

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

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

     The Company generally underwrites  fixed-rate,  one-to-four family mortgage
loans  pursuant to Fannie Mae  guidelines  to  facilitate  sale in the secondary
market.   Fixed-rate  mortgage  loans  may  be  sold  with  servicing  retained.
Non-conforming,  fixed-rate loans may be sold in the secondary market to private
entities,  and the servicing of such loans is not retained.  Commercial  purpose
loans   or   participations   may   be   sold,    generally   to   stay   within
loan-to-one-borrower  limits and generally with servicing  retained.  During the
year ended  September 30, 2006, the Company sold $963,000 of one-to-four  family
mortgage  loans and  $895,000 of  commercial-purpose  loans.  The Company had no
loans held-for-sale at September 30, 2006. The Company recognized loan servicing
fees of $19,000 for the year ended September 30, 2006. As of September 30, 2006,
loans serviced for others totaled $8.4 million.

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

                                       -8-

<PAGE>

     LOAN  COMMITMENTS.  The Company issues  written  commitments to prospective
borrowers on all approved mortgage loans,  which generally expire within 30 days
of the date of issuance.  The Company  charges a lock-in fee to lock in mortgage
rates. In some instances,  after a review of the rate, terms, and circumstances,
commitments may be renewed or extended up to 60 days. At September 30, 2006, the
Company had $3.8 million of outstanding  commitments to fund loans, $7.8 million
of unused lines of credit, and $119,000 in outstanding letters of credit.

NON-PERFORMING AND PROBLEM ASSETS

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

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

                                       -9-

<PAGE>

     NON-PERFORMING ASSETS. The following table sets forth information regarding
non-accrual loans and real estate owned, as of the dates indicated.  The Company
has no loans categorized as troubled debt  restructurings  within the meaning of
the Statement of Financial  Accounting Standards ("SFAS") No. 15 and no impaired
loans within the meaning of SFAS No. 114, as amended by SFAS No. 118.
<TABLE>
<CAPTION>
                                                                                      AT SEPTEMBER 30,
                                                                            ---------------------------------
                                                                            2006           2005          2004
                                                                            ----           ----          ----
                                                                                   (DOLLARS IN THOUSANDS)
<S>                                                                           <C>          <C>           <C>
Loans accounted for on a non-accrual basis:
  Mortgage loans:
    One-to-four family residential real estate..........................    $ 34           $ 56          $ 58
    Construction and land...............................................     400              -             -
  Consumer and other loans:
    Home equity.........................................................      --             --            36
    Other consumer......................................................      --              2             4
                                                                            ----           ----          ----
      Total non-accrual loans...........................................    $434           $ 58          $ 98
                                                                            ====           ====          ====
Accruing loans contractually past due 90 days or more:
  Mortgage loans:
    One-to-four family residential real estate..........................    $ --           $ --          $ 65
  Consumer and other loans:
    Home equity.........................................................      51             --            --
    Other consumer......................................................      --             --            --
                                                                            ----           ----          ----
      Total accruing loans contractually past due
        90 days or more.................................................    $ 51           $ --          $ 65
                                                                            ====           ====          ====
Total non-performing loans..............................................    $485           $ 58          $163
                                                                            ====           ====          ====
Real estate owned.......................................................    $ --           $ --          $ --
                                                                            ====           ====          ====
Total non-performing assets.............................................    $485           $ 58          $163
                                                                            ====           ====          ====
Total non-performing loans to total loans, net..........................    0.51%          0.08%         0.25%
                                                                            ====           ====          ====
Total non-performing assets to total assets.............................    0.37%          0.05%         0.17%
                                                                            ====           ====          ====
</TABLE>

     Non-accrual  loans at  September  30,  2006  consisted  of two loans to two
unrelated  borrowers totaling  $434,000.  During the fiscal year ended September
30,  2006,  gross  interest  income  of  $13,000  would  have been  recorded  on
non-accrual  loans if they had been  current in  accordance  with  their  terms.
Interest  income of $5,000 was included in net income from such loans during the
period.  At September 30, 2006, the Company had no loans which are not disclosed
in the above table as to which known  information about possible credit problems
of borrowers caused  management to have serious doubts about the ability of such
borrowers to comply with present loan repayment terms.  Approximately  $5,000 of
the allowance for loan losses related to  non-performing  loans at September 30,
2006.

     CLASSIFIED ASSETS. Office of Thrift Supervision ("OTS") regulations provide
for a classification  system for problem assets of insured  institutions.  Under
this  classification   system,   problem  assets  of  insured  institutions  are
classified  as  "substandard,"  "doubtful,"  or "loss."  An asset is  considered
substandard  if it is  inadequately  protected by the current  equity and paying
capacity of the obligor or of the collateral pledged, if any. Substandard assets
include  those  characterized  by the  "distinct  possibility"  that the insured
institution  will sustain  "some loss" if the  deficiencies  are not  corrected.
Assets  classified  as  doubtful  have all of the  weaknesses  inherent in those
classified as substandard, with the added characteristic that the weaknesses

                                      -10-

<PAGE>

present  make  "collection  or  liquidation  in full," on the basis of currently
existing facts,  conditions,  and values,  "highly questionable and improbable."
Assets  classified  as loss are  those  considered  "uncollectible"  and of such
little value that their  continuance  as assets without the  establishment  of a
specific  loss  reserve  is not  warranted.  Assets may be  designated  "special
mention"  because  of a  potential  weakness  that  does not  currently  warrant
classification.

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

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


                                        AT SEPTEMBER 30, 2006
                                        ---------------------
                                           (IN THOUSANDS)

Special Mention..................              $1,947
Substandard......................                 400
Doubtful.........................                  --
Loss.............................                  --
                                               ------
Total............................              $2,347
                                               ======

     Approximately   $434,000   of   classified   assets   were   reflected   as
non-performing loans in the table in the prior section. Approximately $23,000 of
the allowance for loan losses is allocated to the above classified assets.

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

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

                                      -11-

<PAGE>

on one-to-four  family  residential  loans are generally  lower than consumer or
commercial  loans.  We also look at the level of our  allowance in proportion to
nonperforming  loans and total loans. We have established an overall ratio range
that we have  determined is prudent based on  historical  and industry  data. An
unallocated  allowance represents the excess of the total allowance,  determined
to be in the established range, over the specific and general allocations.

     The Company has used the same  methodology  in analyzing  its  allowance in
each of the periods  presented.  The  increase in the  allowance  in each of the
periods is primarily attributable to the increase in the loan portfolio balance,
which  increased to $94.7 million at September  30, 2006,  from $77.2 million at
September 30, 2005.  In 2004 we increased  the loss factor  applied to each loan
group to calculate  the amount of the general  allocation.  The reasons for this
include a shift in the  composition  of the loan  portfolio to a higher level of
commercial real estate,  construction and land, and multifamily loans as well as
several factors  related to the economy and the local real estate market,  where
the  majority  of our  loans are  concentrated.  A shift in the  portfolio  from
one-to-four   family  residential  loans  to  other  types  of  residential  and
commercial loans leads to an inherent  increase in credit risk based on the type
of loans.  The  allowance  for loan  losses was 0.74%,  0.74% and 0.76% of total
loans  outstanding  at September 30, 2006,  September 30, 2005 and September 30,
2004, respectively.

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

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

                                      -12-

<PAGE>

     ACTIVITY IN THE ALLOWANCE FOR LOAN LOSSES.  The following  table sets forth
information with respect to activity in the Company's  allowance for loan losses
for the periods indicated:
<TABLE>
<CAPTION>
                                                                        YEAR ENDED SEPTEMBER 30,
                                                               ---------------------------------------
                                                                 2006            2005            2004
                                                               -------         -------         -------
                                                                         (DOLLARS IN THOUSANDS)
<S>                                                            <C>             <C>             <C>
Total loans outstanding(1)..................................   $94,717         $77,124         $64,867
                                                               =======         =======         =======
Average loans outstanding...................................   $85,134         $68,318         $59,645
                                                               =======         =======         =======
Allowance balances (at beginning of period).................   $   573         $   491             473
                                                               -------         -------         -------
Charge-offs:
  Consumer..................................................       (2)             (7)             (7)
Recoveries:
  Consumer..................................................        --               -               3
                                                               -------         -------         -------
  Net charge-offs...........................................       (2)             (7)             (4)
Provisions..................................................       132              89              22
                                                               -------         -------         -------
Allowance balance (at end of period)........................   $   703         $   573         $   491
                                                               =======         =======         =======
Allowance for loan losses as a percent of total loans
   outstanding..............................................      0.74%           0.74%           0.76%
                                                               =======         =======         =======
Net charge-offs as a percentage of average loans
   outstanding..............................................      0.00%           0.01%           0.01%
                                                               =======         =======         =======
<FN>
________
(1) Excludes allowance for loan losses.
</FN>
</TABLE>

     ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES. The following table sets forth
the allocation of the allowance by category,  which  management  believes can be
allocated only on an approximate  basis. The allocation of the allowance to each
category is not necessarily  indicative of future loss and does not restrict the
use of the allowance to absorb losses in any category.
<TABLE>
<CAPTION>
                                                                  AT SEPTEMBER 30,
                                -------------------------------------------------------------------------------------
                                          2006                          2005                           2004
                                -------------------------     ------------------------       ------------------------
                                             PERCENT OF                    PERCENT OF                      PERCENT OF
                                              LOANS IN                      LOANS IN                        LOANS IN
                                                EACH                          EACH                            EACH
                                             CATEGORY TO                   CATEGORY TO                    CATEGORY TO
                                AMOUNT       TOTAL LOANS      AMOUNT       TOTAL LOANS       AMOUNT       TOTAL LOANS
                                ------       -----------      ------       -----------       ------       -----------
                                                               (DOLLARS IN THOUSANDS)
<S>                              <C>              <C>          <C>              <C>           <C>              <C>
One-to-four family (1).....      $306             58.62%       $295             65.90%        $258             74.67%
Multi-family...............        47              4.28          24              2.64           13              1.76
Construction and land......       140             18.80          47             10.15           19              4.93
Commercial real estate.....       171             15.40         170             19.09          115             15.82
Commercial.................        30              2.73          17              1.95           17              2.30
Consumer...................         9              0.17          13              0.27           22              0.52
Unallocated................        --                --           7                --           47                --
                                 ----            ------        ----            ------         ----            ------
  Total....................      $703            100.00%       $573            100.00%        $491            100.00%
                                 ====            ======        ====            ======         ====            ======
<FN>
_________
(1) Includes home equity loans.
</FN>
</TABLE>
                                      -13-

<PAGE>

INVESTMENT ACTIVITIES

     The Bank is  required  to  maintain  a  sufficient  level of liquid  assets
(including  specified short-term  securities and certain other investments),  as
determined by management and defined and reviewed for adequacy by the OTS during
its regular  examinations.  The OTS, however, does not prescribe by regulation a
minimum amount or percentage of liquid assets. The level of liquid assets varies
depending  upon  several  factors,  including:  (i)  the  yields  on  investment
alternatives,  (ii) management's judgment as to the attractiveness of the yields
then available in relation to other  opportunities,  (iii) expectation of future
yield levels, and (iv) management's  projections as to the short-term demand for
funds  to  be  used  in  loan  origination  and  other  activities.   Investment
securities,  including mortgage-backed securities, are classified at the time of
purchase,  based upon management's  intentions and abilities, as securities held
to maturity or securities  available for sale. Debt securities acquired with the
intent and ability to hold to maturity  are  classified  as held to maturity and
are stated at cost and adjusted for  amortization  of premiums and  accretion of
discounts,  which are computed  using the level yield method and  recognized  as
adjustments  of interest  income.  All other debt  securities  are classified as
available for sale to serve  principally as a source of liquidity.  At September
30, 2006,  the Company had no  securities  of a single  issuer,  excluding  U.S.
government and agency securities, that exceeded 10% of stockholder's equity.

     Current   regulatory  and  accounting   guidelines   regarding   investment
securities  (including  mortgage-  backed  securities)  require us to categorize
securities  as "held to  maturity,"  "available  for sale" or  "trading."  As of
September  30, 2006,  we had  securities  classified  as "held to maturity"  and
"available-for-sale" in the amount of $395,000 and $27.2 million,  respectively,
and  had  no  securities  classified  as  "trading."  Securities  classified  as
"available for sale" are reported for financial  reporting  purposes at the fair
market value with net changes in the market value from period to period included
as a  separate  component  of  stockholders'  equity,  net of income  taxes.  At
September 30, 2006, our  securities  available for sale had an amortized cost of
$27.6 million and market value of $27.2 million.  The changes in market value in
our  available-for-sale  portfolio  reflect  normal market  conditions and vary,
either positively or negatively, based primarily on changes in general levels of
market  interest rates  relative to the yields of the  portfolio.  Additionally,
changes in the market value of securities  available-for-sale  do not affect our
income nor does it affect  the Bank's  regulatory  capital  requirements  or its
loan-to-one borrower limit.

     At September 30, 2006, the Company's  investment  portfolio  policy allowed
investments in instruments  such as: (i) U.S.  Treasury  obligations;  (ii) U.S.
federal agency or federally sponsored agency obligations;  (iii) local municipal
obligations;  (iv) mortgage-backed  securities;  (v) banker's acceptances;  (vi)
certificates of deposit;  (vii)  investment  grade corporate  bonds;  and (viii)
commercial paper. The Board of Directors may authorize additional investments.

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

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

                                      -14-

<PAGE>

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

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

     INVESTMENT  PORTFOLIO  COMPOSITION.  The  following  table  sets  forth the
carrying  value of the Company's  investment  securities  portfolio at the dates
indicated.
<TABLE>
<CAPTION>
                                                                            AT SEPTEMBER 30,
                                                                   -----------------------------------
                                                                     2006        2005           2004
                                                                   -------      -------        -------
                                                                             (IN THOUSANDS)
<S>                                                                <C>          <C>            <C>
Investment securities held-to-maturity:
  U.S. government and agency securities......................      $    55      $   104        $   175
  Corporate and municipal debt instruments...................           --            -            140
  Mortgage-backed securities (1).............................          340          454            664
                                                                   -------      -------        -------
       Total investment securities held-to-maturity..........          395          558            979
                                                                   -------      -------        -------
Investment securities available-for-sale:
  U.S. government and agency securities......................       21,884       21,047         17,520
  Fannie Mae stock...........................................           22           18             25
  Mortgage-backed securities.................................        5,301        6,095          6,627
                                                                   -------      -------        -------
       Total investment securities available-for-sale........       27,207       27,160         24,172
                                                                   -------      -------        -------
Total investment securities..................................      $27,602      $27,718        $25,151
                                                                   =======      =======        =======
<FN>
_____________
(1)  Includes  collateralized  mortgage  obligations  of  $25,000,  $53,000  and
     $100,000 at September 30, 2006, 2005 and 2004, respectively.
</FN>
</TABLE>

                                      -15-

<PAGE>

     INVESTMENT  PORTFOLIO  MATURITIES.  The following  table sets forth certain
information   regarding  the  carrying  values,   weighted  average  yields  and
contractual   maturities  of  the  Company's   investment  and   mortgage-backed
securities portfolio at September 30, 2006.
<TABLE>
<CAPTION>

                                                                       AT SEPTEMBER 30, 2006 (1)
                                             ----------------------------------------------------------------------------------
                                                ONE YEAR OR LESS           ONE TO FIVE YEARS           FIVE TO TEN YEARS
                                             ----------------------     ----------------------       ---------------------
                                             CARRYING      AVERAGE      CARRYING       AVERAGE       CARRYING      AVERAGE
                                               VALUE        YIELD         VALUE         YIELD         VALUE         YIELD
                                               -----        -----         -----         -----         -----         -----
                                                                        (DOLLARS IN THOUSANDS)
<S>                                            <C>                       <C>                          <C>            <C>
Investment securities held-to-maturity:
  U.S. government and agency
     securities..........................      $   --         -  %       $    --           -  %       $   55         5.70%
  Mortgage-backed securities.............          --         -               32          6.17            78         4.86
                                               ------                    -------                      ------
       Total investment securities
           held-to-maturity .............          --         -               32          6.17           133         5.21
                                               ------                    -------                      ------

Investment securities available-for-sale:
  U.S. government and agency securities..       8,144        3.04         11,493          3.74         2,247         5.32
  Mortgage-backed securities.............         138        5.26          2,559          3.98           275         5.34
                                               ------                    -------                      ------
       Total investment securities
           available-for-sale............       8,282        3.08         14,052          3.78         2,522         5.32
                                               ------                    -------                      ------

  Total investment securities............      $8,282        3.08%       $14,084          3.79%       $2,655         5.32%
                                               ======                    =======                      ======

<CAPTION>

                                                                AT SEPTEMBER 30, 2006 (1)
                                             -----------------------------------------------------------------
                                                MORE THAN TEN YEARS            TOTAL INVESTMENT SECURITIES
                                              ----------------------      ------------------------------------
                                              CARRYING       AVERAGE      CARRYING       AVERAGE        MARKET
                                                VALUE         YIELD         VALUE         YIELD         VALUE
                                                -----         -----         -----         -----         -----
                                                               (DOLLARS IN THOUSANDS)
<S>                                             <C>                      <C>               <C>          <C>
Investment securities held-to-maturity:
  U.S. government and agency
     securities..........................       $   --           -  %    $      55         5.70%        $    55
  Mortgage-backed securities.............          230          6.02           340         5.78             342
                                                ------                     -------                      -------
       Total investment securities
           held-to-maturity .............          230          6.02           395         5.77             397
                                                ------                     -------                      -------

Investment securities available-for-sale:
  U.S. government and agency securities..            -             -        21,884         3.64          21,884
  Mortgage-backed securities.............        2,329          5.13         5,301         4.59           5,301
                                                ------                      ------                      -------
       Total investment securities
           available-for-sale............        2,329          5.13        27,185         3.83          27,185
                                                ------                      ------                      -------

  Total investment securities............       $2,559          5.21%      $27,580         3.85%        $27,582
                                                ======                      ======                      =======

<FN>
_________
(1)  The table  does not  include  Fannie  Mae  stock,  which is  classified  as
     available-for-sale. See "-- Investment Portfolio."
</FN>
</TABLE>

                                      -16-

<PAGE>

SOURCES OF FUNDS

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

     DEPOSITS.  Consumer and commercial deposits are attracted  principally from
within the Company's  primary market area through the offering of a selection of
deposit instruments including checking accounts,  savings accounts, money market
accounts, and term certificate accounts. Deposit account terms vary according to
the minimum balance required,  the time period the funds must remain on deposit,
and the interest rate,  among other factors.  At September 30, 2006, the Company
had no brokered deposits.

     CERTIFICATES  OF DEPOSIT.  The following  table indicates the amount of the
Company's  certificates  of deposit of  $100,000  or more by the time  remaining
until maturity as of September 30, 2006.


                                                           CERTIFICATES
                                                            OF DEPOSIT
                                                            ----------
MATURITY PERIOD                                           (IN THOUSANDS)
---------------
Within three months.......................................    $4,349
Over three months through six months......................     2,114
Over six months through twelve months.....................     1,943
Over twelve months........................................     1,372
                                                              ------
                                                              $9,778
                                                              ======

     BORROWINGS. The Company may obtain advances from the Federal Home Loan Bank
of New York ("FHLB") to supplement its supply of lendable  funds.  Advances from
the FHLB are typically  secured by a pledge of the  Company's  stock in the FHLB
and a portion of the Company's  mortgage loan and  securities  portfolios.  Each
FHLB  borrowing has its own interest rate,  which may be fixed or variable,  and
range of  maturities.  The  Company,  if the need  arises,  may also  access the
Federal  Reserve Bank discount window to supplement its supply of lendable funds
and to meet deposit withdrawal requirements.  At September 30, 2006, the Company
had $8.0 million of fixed-rate advances outstanding with a weighted average rate
of 4.15% and contractual maturities ranging from two to five years.

                                      -17-

<PAGE>
     The  following  table  sets forth the  maximum  month-end  balance  and the
average  balance of short-term  FHLB advances for the periods  indicated.  These
borrowings were advanced against the overnight line of credit.
<TABLE>
<CAPTION>
                                                           AT OR FOR THE YEAR ENDED SEPTEMBER 30,
                                                           --------------------------------------
                                                            2006          2005             2004
                                                           ------        -------         --------
                                                                   (DOLLARS IN THOUSANDS)
<S>                                                        <C>           <C>             <C>
  Average balance outstanding........................      $2,010        $   638         $   723
  Maximum balance at end of any month................       5,000          3,400           3,500
  Balance outstanding end of period..................       1,300          2,000              --
  Weighted average rate during period................        4.82%          2.82%           1.26%
  Weighted average rate at end of period ............        5.55%          4.11%             --%
</TABLE>

PERSONNEL

     As of  September  30, 2006,  the Company had 36 full-time  and 19 part-time
employees.  None of the  Company's  employees  are  represented  by a collective
bargaining  group. The Company believes that its relationship with its employees
is good.

                           REGULATION AND SUPERVISION

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

REGULATION OF THE BANK

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

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

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

                                      -18-

<PAGE>

     DEPOSIT INSURANCE.  The Bank's deposits are insured to applicable limits by
the Federal Deposit  Insurance  Corporation.  Although the FDIC is authorized to
assess  premiums  under a  risk-based  system for such deposit  insurance,  most
insured  depository  institutions have not been required to pay premiums for the
last ten years.  The Federal Deposit  Insurance  Reform Act of 2005 (the "Reform
Act"),  which  was  signed  into law on  February  15,  2006,  has  resulted  in
significant  changes to the federal  deposit  insurance  program:  (i) effective
March 31, 2006, the Bank Insurance Fund (which formerly  insured the deposits of
banks) and the Savings  Association  Insurance Fund (which formerly  insured the
deposits of savings  associations like the Bank) were merged into a new combined
fund,  called the Deposit  Insurance  Fund;  (ii) the current  $100,000  deposit
insurance  coverage will be indexed for inflation (with  adjustments  every five
years,  commencing  January 1, 2011); and (iii) deposit  insurance  coverage for
retirement  accounts has been increased to $250,000 per  participant  subject to
adjustment  for inflation.  The FDIC has been given greater  latitude in setting
the assessment rates for insured depository institutions, which could be used to
impose minimum assessments.

     The FDIC is authorized  to set the reserve ratio for the Deposit  Insurance
Fund annually at between 1.15% and 1.5% of estimated  insured  deposits.  If the
Deposit Insurance Fund's reserves exceed the designated  reserve ratio, the FDIC
is required to pay out all or, if the reserve ratio is less than 1.5%, a portion
of the excess as a  dividend  to insured  depository  institutions  based on the
percentage  of  insured   deposits  held  on  December  31,  1996  adjusted  for
subsequently  paid  premiums.  Insured  depository  institutions  that  were  in
existence on December 31, 1996 and paid assessments prior to that date (or their
successors) are entitled to a one-time credit against future  assessments  based
on their past contributions to the BIF or SAIF.

     Pursuant  to the  Reform  Act,  the FDIC has  determined  to  maintain  the
designated  reserve ratio at its current 1.25%.  The FDIC has also adopted a new
risk-based  premium system that provides for quarterly  assessments  based on an
insured  institution's  ranking  in one of four risk  categories  based on their
examination  ratings and capital  ratios.  Beginning  in 2007,  well-capitalized
institutions  with the CAMELS ratings of 1 or 2 will be grouped in Risk Category
I and will be assessed  for deposit  insurance at an annual rate of between five
and seven basis points with the assessment rate for an individual institution to
be  determined  according  to a  formula  based  on a  weighted  average  of the
institution's  individual  CAMEL  component  ratings plus either five  financial
ratios or the  average  ratings  of its  long-term  debt.  Institutions  in Risk
Categories  II,  III and IV will be  assessed  at annual  rates of 10, 28 and 43
basis points, respectively.  The Bank anticipates that it will be able to offset
much of its  deposit  insurance  premium  for 2007 with the  special  assessment
credit.

     In addition, all FDIC-insured  institutions are required to pay assessments
to the  FDIC  to  fund  interest  payments  on  bonds  issued  by the  Financing
Corporation  ("FICO"),  an  agency  of the  Federal  government  established  to
recapitalize the predecessor to the SAIF. The FICO assessment  rates,  which are
determined quarterly,  averaged 0.013% of insured deposits in fiscal 2006. These
assessments will continue until the FICO bonds mature in 2017.

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

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

                                      -19-

<PAGE>

     The  risk-based  capital  standard  for savings  institutions  requires the
maintenance of total  risk-based  capital (which is defined as core capital plus
supplementary  capital)  of  8%  of  risk-weighted  assets.  The  components  of
supplementary capital include, among other items, cumulative perpetual preferred
stock,  perpetual  subordinated debt, mandatory  convertible  subordinated debt,
intermediate-term  preferred  stock,  and the portion of the  allowance for loan
losses not  designated  for  specific  loan  losses (up to a maximum of 1.25% of
risk-weighted  assets) and up to 45% of unrealized  gains on equity  securities.
Overall,  supplementary  capital is limited to 100% of core  capital.  A savings
association  must calculate its  risk-weighted  assets by multiplying each asset
and  off-balance  sheet item by various risk factors as  determined  by the OTS,
which range from 0% for cash to 100% for  delinquent  loans,  property  acquired
through foreclosure, commercial loans, and other assets.

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

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

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

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

         QUALIFIED  THRIFT  LENDER  TEST.  Savings   institutions  must  meet  a
qualified  thrift  lender  ("QTL")  test or they become  subject to the business
activity  restrictions  and branching  rules  applicable to national  banks.  To
qualify as a QTL, a savings  institution  must  either (i) be deemed a "domestic
building and loan association" under the Internal Revenue Code by maintaining at
least 60% of its total  assets in  specified  types of assets,  including  cash,
certain  government  securities,  loans  secured by and other assets  related to
residential real property,  educational loans and investments in premises of the
institution or (ii) satisfy the statutory QTL test set forth in the Home Owners'
Loan Act by  maintaining  at least  65% of its  "portfolio  assets"  in  certain
"Qualified Thrift  Investments"  (defined to include  residential  mortgages and
related equity investments,  certain mortgage-related securities, small business
loans,  student  loans and  credit  card  loans,  and 50% of  certain  community
development loans). For purposes of the statutory QTL test, portfolio assets are
defined  as  total  assets  minus  intangible  assets,   property  used  by  the
institution  in conducting  its  business,  and liquid assets up to 20% of total
assets.  A savings  institution  must  maintain its status as a QTL on a monthly
basis in at least nine out of every 12 months.  As of September  30,  2006,  the
Bank was in compliance with its QTL requirement.

     FEDERAL  HOME  LOAN  BANK  SYSTEM.  The Bank is a member of the FHLB of New
York,  which is one of 12  regional  FHLBs that  administer  the home  financing
credit function of savings associations. Each

                                      -20-

<PAGE>

FHLB  serves as a reserve or central  bank for its members  within its  assigned
region.  It  is  funded  primarily  from  proceeds  derived  from  the  sale  of
consolidated  obligations  of the FHLB System.  It makes loans to members (i.e.,
advances) in accordance with policies and procedures established by the Board of
Directors of the FHLB.

     As a member,  the Bank is required to purchase  and  maintain  stock in the
FHLB of New York in an amount  equal to the sum of 0.2% of its  mortgage-related
assets and 4.5% of its outstanding advances.

     FEDERAL RESERVE SYSTEM.  The Federal Reserve System requires all depository
institutions  to maintain  non-interest  bearing  reserves at  specified  levels
against  their  transaction  accounts  (primarily  checking,  NOW and  Super NOW
checking  accounts) and non-personal time deposits.  The balances  maintained to
meet the reserve  requirements imposed by the Federal Reserve System may be used
to satisfy the liquidity  requirements that are imposed by the OTS. At September
30, 2006, the Bank was in compliance with these requirements.

REGULATION OF ROEBLING FINANCIAL CORP, INC.

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

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

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

     THE USA PATRIOT ACT. In response to the events of September  11, 2001,  the
Uniting and  Strengthening  America by Providing  Appropriate  Tools Required to
Intercept and Obstruct Terrorism Act of 2001, or the USA Patriot Act, was signed
into law on October 26, 2001. The USA Patriot Act gives

                                      -21-

<PAGE>

the federal  government new powers to address terrorist threats through enhanced
domestic security measures,  expanded surveillance powers, increased information
sharing and broadened anti-money laundering  requirements.  By way of amendments
to the Bank  Secrecy  Act,  Title  III of the USA  Patriot  Act  takes  measures
intended to encourage information sharing among bank regulatory agencies and law
enforcement bodies. Further,  certain provisions of Title III impose affirmative
obligations  on a  broad  range  of  financial  institutions,  including  banks,
thrifts,  brokers,  dealers,  credit unions,  money transfer  agents and parties
registered under the Commodity Exchange Act.

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

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

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

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

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

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

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

                                      -22-

<PAGE>

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

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

                                      -23-

<PAGE>

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

     (a)  PROPERTIES.  The  following  table sets forth the location of our main
office and branch offices,  the year the offices were opened, the net book value
of each office and per branch deposits at each office.
<TABLE>
<CAPTION>
                                                                                NET BOOK                  BRANCH
                                      YEAR FACILITY       LEASED OR             VALUE AT                DEPOSITS AT
OFFICE LOCATION                           OPENED            OWNED          SEPTEMBER 30, 2006       SEPTEMBER 30, 2006
---------------                           ------            -----          ------------------       ------------------
                                                                                          (IN THOUSANDS)
<S>                                        <C>              <C>                   <C>                     <C>
MAIN OFFICE
Route 130 South and                        1964             Owned                 $817                    $49,162
   Delaware Avenue
Roebling, NJ 08554

VILLAGE OFFICE
34 Main Street                             1922             Owned                  43                     14,847
Roebling, NJ 08554

NEW EGYPT OFFICE
8 Jacobstown Road                          1998             Owned                 596                     31,629
New Egypt, NJ 08533

WESTAMPTON OFFICE
1934 Rt. 541/Burlington-Mt.
   Holly Road                              2005           Leased (1)              469                      7,383
Westampton, NJ 08060

DELRAN OFFICE
3104 Bridgeboro Road
Delran, NJ 08075                           2006             Owned                1,908                      661

<FN>
--------
(1) Lease has an initial term of five years.
</FN>
</TABLE>

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

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

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

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

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


                                      -24-

<PAGE>

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

     Roebling Financial Corp, Inc. and its subsidiaries,  from time to time, are
a party to routine  litigation,  which arises in the normal  course of business,
such as claims to enforce liens, condemnation proceedings on properties in which
Roebling  Bank  holds  security  interests,  claims  involving  the  making  and
servicing of real property  loans,  and other issues incident to the business of
Roebling  Bank.  There  were no  lawsuits  pending  or known to be  contemplated
against us at  September  30,  2006 that  would  have a  material  effect on our
operations or income.

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

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

                                     PART II

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

     (a) MARKET FOR COMMON EQUITY.  The information  contained under the section
captioned  "Stock  Market   Information"  of  the  Company's  Annual  Report  to
Stockholders  for the fiscal year ended September 30, 2006 (the "Annual Report")
is  incorporated  herein by  reference.  During the  period  under  report,  the
Registrant did not sell any equity securities that were not registered under the
Securities Act of 1933.

     (b) USE OF PROCEEDS. Not applicable.

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


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

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

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

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

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

     Not applicable.

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

     (a)  EVALUATION  OF  DISCLOSURE  CONTROLS  AND  PROCEDURES.  The  Company's
management  evaluated,  with the  participation of the Company's Chief Executive
Officer  and  Chief  Financial  Officer,  the  effectiveness  of  the  Company's
disclosure  controls and  procedures as of the end of the period covered by this
report. Based on this evaluation,  the Company's principal executive officer and
principal  financial  officer  have  concluded  that as of the end of the period
covered by this  Annual  Report on Form  10-KSB  such  disclosure  controls  and
procedures are effective to ensure that information  required to be disclosed by
the Company in reports that it files or submits  under the  Securities  Exchange
Act of 1934 is recorded,

                                      -25-

<PAGE>

processed,  summarized  and  reported  within  the  time  periods  specified  in
Securities and Exchange Commission rules and forms.

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

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

     Not applicable.

                                    PART III

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

     The  information  required  under  this  item  is  incorporated  herein  by
reference  to the  Proxy  Statement  for the 2007  Annual  Meeting  (the  "Proxy
Statement")  contained under the sections  captioned  "Section 16(a)  Beneficial
Ownership  Reporting  Compliance,"  "Proposal I - Election of Directors," and "-
Biographical Information." The Company has adopted a Code of Ethics that applies
to its principal  executive officer and principal  financial  officer. A copy of
the Company's Code of Ethics will be furnished,  without  charge,  to any person
who requests such copy by writing to the  Secretary,  Roebling  Financial  Corp,
Inc., Route 130 South and Delaware Avenue, Roebling, New Jersey 08554.

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

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

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

     (a)  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS

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

     (b)  SECURITY OWNERSHIP OF MANAGEMENT

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

     (c)  CHANGES IN CONTROL

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

                                      -26-

<PAGE>

     (d)  SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

          Set forth below is  information  as of September 30, 2006 with respect
          to compensation  plans under which equity securities of the Registrant
          are authorized for issuance.

                      EQUITY COMPENSATION PLAN INFORMATION
<TABLE>
<CAPTION>
                                                 (a)                   (b)                              (c)
                                                                                               NUMBER OF SECURITIES
                                        NUMBER OF SECURITIES        WEIGHTED-AVERAGE         REMAINING AVAILABLE FOR
                                          TO BE ISSUED UPON         EXERCISE PRICE OF      FUTURE ISSUANCE UNDER EQUITY
                                             EXERCISE OF               OUTSTANDING              COMPENSATION PLANS
                                        OUTSTANDING OPTIONS,        OPTIONS, WARRANTS          (EXCLUDING SECURITIES
                                        WARRANTS AND RIGHTS            AND RIGHTS            REFLECTED IN COLUMN (A))
                                        --------------------           ----------            ------------------------
<S>                                             <C>                      <C>                           <C>
Equity compensation plans
approved by shareholders:
   1999 Stock Option Plan............           51,228                   $10.510                       1,586
   2006 Stock Option Plan............           74,642                    10.730                      16,434
   1999 Restricted Stock Plan........            2,564                        --                       9,124
   2006 Restricted Stock Plan........           13,110                        --                      23,320
Equity compensation plans
not approved by shareholders (1).....               --                        --                          --
                                               -------                   -------                      ------
     TOTAL..........................           141,544                   $10.641                      50,464
                                               =======                   =======                      ======
<FN>
_______
(1) Not applicable.
</FN>
</TABLE>

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

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

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

     <S>      <C>
      3.1     Certificate of Incorporation*
      3.2     Bylaws**
      4.0     Form of Stock Certificate***
     10.1+    Directors' Consultation and Retirement Plan***
     10.2+    Roebling Bank Stock Option Plan****
     10.4+    Roebling Bank Restricted Stock Plan****
     10.5+    Employment Agreement between Janice A. Summers and Roebling Bank***
     10.6+    Employment Agreement between Frank. J. Travea, III and Roebling Bank***
     10.7+    Roebling Financial Corp, Inc. 2006 Stock Option Plan*****
     10.8+    Roebling Bank 2006 Restricted Stock Plan*****
     13       2006 Annual Report to Shareholders
     21       Subsidiaries
     23       Consent of Independent Auditors
     31.1     Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
     31.2     Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

                                      -27-

<PAGE>

     32       Section 1350 Certification
<FN>
__________
+    Management contract or compensatory plan or arrangement.

*    Incorporated  herein  by  reference  to the  Company's  Form 8-A  (File No.
     0-50969) filed with the Commission on September 30, 2004.

**   Incorporated by reference to the Company's  Quarterly Report on Form 10-QSB
     for the quarter ended March 31, 2005.

***  Incorporated herein by reference to the Company's Registration Statement on
     Form SB-2 (File No. 333-116312) filed with the Commission on June 9, 2004.

**** Incorporated herein by reference to the Company's Registration Statement on
     Form S-8 (File No.  333-119839)  filed with the  Commission  on October 20,
     2004.

***** Incorporated herein by reference to the Company's  Registration  Statement
      on Form S-8  (File No. 333-132059) filed with the Commission on February 2
      7, 2006.
</FN>
</TABLE>

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

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


                                      -28-

<PAGE>

                                   SIGNATURES

     In accordance  with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized as of December 28, 2006.


                                       ROEBLING FINANCIAL CORP, INC.


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

     In  accordance  with the Exchange Act, this report has been signed below by
the  following  persons  on  behalf  of the  Registrant  and  in the  capacities
indicated as of December 28, 2006.
<TABLE>
<CAPTION>


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


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


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


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