<PAGE>

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB


       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934


                  For the quarterly period ended June 30, 2006
                                                 -------------



                         Commission File Number: 0-29276
                                                 -------


                      FIRST ROBINSON FINANCIAL CORPORATION
             (Exact name of registrant as specified in its charter)


                  DELAWARE                               36-4145294
     ---------------------------------            -------------------------
        (State or other jurisdiction              I.R.S. Employer ID Number
     of incorporation or organization)


  501 EAST MAIN STREET, ROBINSON. ILLINOIS       62454
  ------------------------------------------------------
   (Address of principal executive offices)   (Zip Code)

Registrant's telephone number, including area code (618) 544-8621
                                                   --------------


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 [ ]


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


As of August 10, 2006, the Issuer had 494,365 shares of Common Stock, par value
$0.01, issued and outstanding.




Transitional Small Business Disclosure Format (check one):
                            YES [ ]     NO [X]

                                       1
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION

                              Index to Form 10-QSB


PART 1. FINANCIAL INFORMATION                                               PAGE

   Item 1. Financial Statements

      Condensed Consolidated Balance Sheets as of June 30, 2006
         And March 31, 2006                                                   3

      Condensed Consolidated Statements of Income for the Quarters Ended
         June 30, 2006 and June 30, 2005                                      4

      Condensed Consolidated Statements of Cash Flows for the Quarters
         Ended June 30, 2006 and June 30, 2005                                6

      Notes to Condensed Consolidated Financial Statements                    8

   Item 2. Management's Discussion and Analysis or Plan of Operations        12


   Item 3. Controls and Procedures                                           23



PART II OTHER INFORMATION

   Item 1.   Legal Proceedings                                               24

   Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds     24

   Item 3.   Defaults Upon Senior Securities                                 24

   Item 4.   Submission of Matters to a Vote of Security-Holders             24

   Item 5.   Other Information                                               24

   Item 6.   Exhibits                                                        24


        SIGNATURES                                                           25


        CERTIFICATIONS                                                       26

                                       2
<PAGE>

Item 1:
                      FIRST ROBINSON FINANCIAL CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                        (In thousands, except share data)

<TABLE>
<CAPTION>
                                                                                      (Unaudited)
                                                                                     June 30, 2006     March 31, 2006
                                                                                     --------------    --------------

                                     ASSETS
<S>                                                                                  <C>               <C>
Cash and cash equivalents                                                            $        9,165    $        7,389
Available-for-sale securities                                                                30,542            30,535
Loans, net of allowance for loan losses of $760 and $753
   at June 30, 2006 and March 31, 2006, respectively                                         66,135            65,506
Federal Reserve and Federal Home Loan Bank stock                                                809               831
Premises and equipment, net                                                                   2,584             2,640
Foreclosed assets held for sale, net                                                             --                11
Interest receivable                                                                             570               645
Deferred income taxes                                                                           428               241
Cash surrender value of life insurance                                                        1,302             1,290
Other assets                                                                                    454               340
                                                                                     --------------    --------------

   Total Assets                                                                      $      111,989    $      109,428
                                                                                     ==============    ==============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                                     86,172            86,202
Other borrowings                                                                             13,581            10,774
Advances from borrowers for taxes and insurance                                                  39               126
Accrued income taxes                                                                            307               168
Interest payable                                                                                158               156
Other liabilities                                                                               594               586
                                                                                     --------------    --------------
   Total Liabilities                                                                        100,851            98,012
                                                                                     --------------    --------------

Commitments and Contingencies

Stockholders' Equity
Preferred stock, $.01 par value; authorized 500,000 shares,
   no shares issued and outstanding
Common stock, $ .01 par value; authorized 2,000,000 shares; 859,625 shares issued;
  outstanding June 30, 2006- 496,250 shares; March 31, 2006 - 498,050 shares                      9                 9
Additional paid-in capital                                                                    8,354             8,722
Retained earnings                                                                             8,921             8,878
Unearned RRP shares                                                                              --              (125)
Unearned ESOP                                                                                   (27)              (41)
Unearned incentive compensation                                                                  --              (262)
Treasury stock, at cost
  Common: June 30, 2006 - 356,144 shares; March 31, 2006 - 354,344 shares                    (5,468)           (5,414)
Accumulated other comprehensive income                                                         (651)             (351)
                                                                                     --------------    --------------
   Total Stockholders' Equity                                                                11,138            11,416
                                                                                     --------------    --------------

   Total Liabilities and Stockholders' Equity                                        $      111,989    $      109,428
                                                                                     ==============    ==============
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                       3
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                  For the Quarters Ended June 30, 2006 and 2005
                      (In thousands, except per share data)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                      2006         2005
                                                                   ----------   ----------
<S>                                                                <C>          <C>
  Interest and Dividend Income:
   Loans                                                           $    1,214   $    1,105
   Securities:
      Taxable                                                             363          324
      Tax-exempt                                                           24           18
   Dividends on Federal Reserve and Federal Home Loan Bank stock            7           11
                                                                   ----------   ----------

      Total Interest and Dividend Income                                1,608        1,458
                                                                   ----------   ----------

  Interest Expense:
   Deposits                                                               454          339
Federal Home Loan Bank advances                                            --           16
Other borrowings                                                           98           44
                                                                   ----------   ----------

     Total Interest Expense                                               552          399
                                                                   ----------   ----------

      Net Interest Income                                               1,056        1,059

  Provision for Loan Losses                                                15           45
                                                                   ----------   ----------

     Net Interest Income After Provision for Loan Losses                1,041        1,014
                                                                   ----------   ----------

  Non-Interest Income:
   Charges and fees on deposit accounts                                   188          185
   Charges and other fees on loans                                          6            5
   Net gain on sale of loans                                               27           16
   Net gain on sale of foreclosed assets                                   --            5
   Other                                                                   70           65
                                                                   ----------   ----------

     Total Non-Interest Income                                            291          276
                                                                   ----------   ----------

  Non-Interest Expense:
   Compensation and employee benefits                                     463          525
   Occupancy and equipment                                                134          131
   Foreclosed property expense                                             --            1
   Data Processing                                                         48           42
   Audit, legal and other professional                                     34           46
   Advertising                                                             30           30
   Telephone and postage                                                   23           20
   Net loss on sale of foreclosed assets                                    2           --
   Other                                                                  132          127
                                                                   ----------   ----------

    Total Non-Interest Expenses                                           866          922
                                                                   ----------   ----------
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                       4
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                  For the Quarters Ended June 30, 2006 and 2005
                      (In thousands, except per share data)
                                   (Unaudited)

                                                          2006          2005
                                                       ----------    ----------

Income before income tax                                      466           368

  Provision for income taxes                                  150           100
                                                       ----------    ----------

      Net Income                                       $      316    $      268
                                                       ==========    ==========

  Basic Earnings Per Share                             $     0.66    $     0.53
  Diluted Earnings Per Share                           $     0.63    $     0.51



Comprehensive Income
--------------------

Net Income                                             $      316    $      268
                                                       ----------    ----------

Other Comprehensive Income (Loss):

  Unrealized gains (losses) on securities                    (480)          191

  Related tax effects                                         180           (72)
                                                       ----------    ----------

  Other Comprehensive Income (Loss)                          (300)          119
                                                       ----------    ----------

Comprehensive Income (Loss)                            $       16    $      387
                                                       ==========    ==========


See Notes to Condensed Consolidated Financial Statements.

                                       5
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
             For the Quarters Ended June 30, 2006 and June 30, 2005
                                 (In thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                              2006          2005
                                                           ----------    ----------
<S>                                                        <C>           <C>
Cash flows from operating activities:
   Net income                                              $      316    $      268
   Items not requiring (providing) cash
     Depreciation and amortization                                 65            62
     Provision for loan losses                                     15            45
     Amortization of premiums and discounts on securities          (1)           12
     Amortization of loan servicing rights                          9             7
     Compensation related to ESOP                                  34            35
     Compensation related to the exercise of options               --            61
     Deferred income taxes                                         (7)           56
     Federal Home Loan Bank Stock dividends                        --            (8)
     Originations of mortgage loans held for sale              (1,355)         (666)
     Proceeds from the sale of mortgage loans                   1,382           682
     Net gain on loans sold                                       (27)          (16)
     Net (gain) loss on sale of foreclosed property                 2            (5)
   Changes in:
     Interest receivable                                           75            54
     Cash surrender value of life insurance                       (12)          (11)
     Other assets                                                (123)           (4)
     Accrued income taxes                                         139            44
     Interest payable                                               2            10
     Other liabilities                                              8           (25)
                                                           ----------    ----------

     Net cash provided by operating activities                    522           601
                                                           ----------    ----------


Cash flows from investing activities:
   Purchase of securities available for sale                   (1,858)       (2,577)
   Repayment of principal on mortgage-backed securities         1,372         1,230
   Proceeds from sale of FHLB stock                                22            --
   Net change in loans                                           (644)          829
   Proceeds from sale of foreclosed assets                          9            19
   Purchase of premises and equipment                              (9)          (61)
                                                           ----------    ----------

     Net cash used in investing activities                     (1,108)         (560)
                                                           ----------    ----------
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                       6
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                  For The Quarters Ended June 30, 2006 and 2005
                                 (In thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                  2006          2005
                                                                               ----------    ----------
<S>                                                                            <C>           <C>
Cash flows from financing activities:
  Net decrease in deposits                                                     $      (30)   $   (1,617)
  Advances from Federal Home Loan Bank                                                 --         5,300
  Repayment of FHLB advances                                                           --        (5,300)
  Proceeds from other borrowings                                                   32,531        21,677
  Repayment of other borrowings                                                   (29,724)      (24,088)
  Proceeds from federal funds purchased                                             4,200            --
  Repayment of federal funds purchased                                             (4,200)           --
  Purchase of incentive plan shares                                                    (9)           (8)
  Proceeds received from exercise of stock options                                     25            --
  Purchase of treasury stock                                                          (71)         (187)
  Dividends paid                                                                     (273)         (263)
  Net increase (decrease) in advances from borrowers for taxes and insurance          (87)           49
                                                                               ----------    ----------


    Net cash  provided by (used in) financing activities                            2,362        (4,437)
                                                                               ----------    ----------

Increase (decrease) in cash and cash equivalents                                    1,776        (4,396)

Cash and cash equivalents at beginning of period                                    7,389         8,848
                                                                               ----------    ----------

Cash and cash equivalents at end of period                                     $    9,165    $    4,452
                                                                               ==========    ==========


Supplemental Cash Flows Information

    Interest paid                                                              $      551    $      389

    Income taxes paid (net of refunds)                                                 19            --
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                       7
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1.    Basis of Presentation
      ---------------------

The condensed consolidated financial statements include the accounts of First
Robinson Financial Corporation (the "Company") and its wholly owned subsidiary,
First Robinson Savings Bank, National Association (the "Bank"). All significant
intercompany accounts and transactions have been eliminated in consolidation.
The accompanying condensed consolidated financial statements are unaudited and
should be read in conjunction with the consolidated financial statements and
notes thereto included in the Company's Form 10-KSB filed with the Securities
and Exchange Commission. The accompanying unaudited interim condensed
consolidated financial statements have been prepared in accordance with the
rules and regulations for reporting on Form 10-QSB and, therefore, do not
include information or footnotes necessary for a complete presentation of
financial condition, results of operations, and cash flows in conformity with
accounting principles generally accepted in the United States of America. In the
opinion of management of the Company, the unaudited condensed consolidated
financial statements reflect all adjustments (consisting of normal recurring
adjustments) necessary to present fairly the financial position of the Company
at June 30, 2006 and the results of its operations and cash flows for the three
months ended June 30, 2006 and 2005. The results of operations for those months
ended June 30, 2006 are not necessarily indicative of the results to be expected
for the full year.

The Condensed Consolidated Balance Sheet of the Company, as of March 31, 2006,
has been derived from the audited Consolidated Balance Sheet for the Company as
of that date.


2.    Employee Stock Ownership Plan
      -----------------------------

In connection with the conversion to the stock form of ownership, the Board of
Directors established an employee stock ownership plan (ESOP) for the exclusive
benefit of participating employees. Employees age 21 or older who have completed
one year of service are eligible to participate. Upon the issuance of the common
stock, the ESOP acquired 68,770 shares of $0.01 par value common stock at the
subscription price of $10.00 per share. The Bank makes contributions to the ESOP
equal to the ESOP's debt service less dividends received by the ESOP. Dividends
on the unallocated shares received by the ESOP are used to pay debt service. As
the debt is repaid, shares are released from collateral and allocated to active
employees. Accordingly, the debt of the ESOP is recorded as debt and the shares
pledged as collateral are reported as unearned ESOP shares in the condensed
consolidated balance sheets. As shares are released from collateral, the Bank
reports compensation expense equal to the current market price of the shares,
and the shares become outstanding for earnings-per-share calculations. Dividends
on allocated shares are recorded as a reduction of retained earnings; dividends
on unallocated ESOP shares are recorded as a reduction of debt or accrued
interest. ESOP compensation expense for the three months ended June 30, 2006 and
2005 were $34,000 and $35,000 respectively.


3.    Authorized Share Repurchase Program
      -----------------------------------

On January 17, 2006, the Board of Directors of First Robinson Financial
Corporation approved a repurchase program of its equity stock. The announcement
of the program was filed purusant to Form 8-K. The Company may repurchase up to
25,000 shares of the Company's common stock from time to time, in the open
market, when deemed appropriate by management. The program approved January 17,
2006 will expire the ealier of December 31, 2006 or when 25,000 of the Company's
outstanding shares are re-purchased. A total of 11,463 of the authorized 25,000
shares have been repurchased in the open market as of July 27, 2006.

                                       8
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


4.    Earnings Per Share
      ------------------

Basic earnings per share is calculated by dividing net income by the weighted
average number of common shares outstanding during the period. Diluted earnings
per share gives effect to the increase in the average shares outstanding which
would have resulted from the exercise of dilutive stock options. The components
of basic and diluted earnings per share for the three months ended June 30, 2006
and 2005 were computed as follows (dollar amounts in thousands except per share
data):

<TABLE>
<CAPTION>
                                                               Weighted
                                                               Average       Per Share
                                                 Income        Shares          Amount
                                              ------------------------------------------
<S>                                           <C>                 <C>       <C>
For the Quarter Ended June 30, 2006:

Basic Earnings per Share:
   Income available to common stockholders    $        316        478,244   $       0.66
                                                                            ============

Effect of Dilutive Securities:
  Unearned incentive plan shares                                   15,143
  Stock options                                                     8,897
                                                             ------------

Diluted Earnings per Share:
   Income available to common stockholders    $        316        502,284   $       0.63
                                              ============   ============   ============


For the Quarter Ended June 30, 2005:

Basic Earnings per Share:
   Income available to common stockholders    $        268        500,911   $       0.53
                                                                            ============

Effect of Dilutive Securities:
  Unearned incentive plan shares                                   14,315
  Stock options                                                     9,007
                                                             ------------

Diluted Earnings per Share:
   Income available for common stockholders   $        268        524,233   $       0.51
                                              ============   ============   ============
</TABLE>

5.    Stock-based Compensation
      ------------------------

On July 29, 1998, the stockholders of the Company approved a Stock Option Plan
("SOP") and a Recognition and Retention Plan ("RRP"). Options and restricted
shares were granted to directors, officers and employees at the fair value of
the shares as of that date. The plans were for a period of ten (10) years with a
five year vesting period for both plans from the date of the grant. Prior to
April 1, 2006 the Company accounted for the Plan under the recognition and
measurement provisions of Accounting Principles Board Opinion No. 25,
"Accounting for Stock Issued to Employees," and related Interpretations
Historically, stock-based employee compensation cost was not recognized until
options were exercised. Through the fiscal year ending March 31, 2003,
compensation expense was recognized for restricted shares awards ratably over
the period of service, usually the restricted period, based on the fair value of
the stock on the date of grant.

In December 2004, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 123 (revised 2004),
"Share Based Payment," which established standards for the accounting for
transactions in which an entity exchanges its equity instruments for goods or
services, and focuses primarily on accounting for transactions in which an
entity

                                       9
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

obtains employee services. The SFAS requires a public entity to measure the cost
of employee services received in exchange for its equity instruments based on
the fair value at the grant date (with limited exceptions) and recognize that
cost over the service period. This statement revises SFAS No. 123, "Accounting
for Stock-Based Compensation," and supersedes APB Opinion No. 25, "Accounting
for Stock Issued to Employees." Effective April 1, 2006, the Company adopted the
provisions of SFAS No. 123 (revised 2004). As a result of adopting SFAS No. 123R
on April 1, 2006, the Company did not record any additional compensation
expense, as no stock options had been granted in recent years and options
granted were fully vested prior to adoption. However, on April 1, 2006, the
Company reclassified $125,000 of unearned compensation related to previously
recognized compensation for restricted share awards that had been vested as of
that date to additional paid-in capital as these awards represent equity awards
as defined in SFAS No. 123R. The following table illustrates the effect on net
income earnings per share if the Company had applied the fair value recognition
provisions of SFAS No. 123 on stock-based employee compensation for the three
months ended June 30, 2005. As all options previously granted are vested, there
was no effect on net income for June 30, 2006.

                                                          Three Month Period
                                                       ------------------------

                                                          2006          2005
                                                       ----------    ----------
                                                            (In thousands)

Net income, as reported                                $      316    $      268

Add:  Stock-based employee compensation expense
   included in reported income, net of related tax
   effects                                                      2            42


Deduct:  Total stock-based
   employee compensation expense
   determined under fair value
   based method for all awards,
   net of related tax effects                                  (2)          (43)
                                                       ----------    ----------

   Pro forma net income                                $      316    $      267
                                                       ==========    ==========


Earnings per common share - basic:
   As reported                                         $     0.66    $     0.53

   Pro forma                                           $     0.66    $     0.53


Earnings per common share - diluted:
   As reported                                         $     0.63    $     0.51

   Pro forma                                           $     0.63    $     0.51

                                       10
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


6.    Recent Accounting Pronouncements
      --------------------------------

Generally accepted accounting principals are complex and require management to
apply significant judgements to various accounting, reporting and disclosure
matters. Management of the Company must use assumptions and estimates to apply
these principles where actual measurement is not possible or practical. For a
complete discussion of the Company's significant accounting policies, see "Notes
to the Consolidated Financial Statements" in the Company's 2006 Annual Report.
Certain policies are considered critical because they are highly dependent on
subjective or complex judgements, assumptions and estimates. Changes in such
estimates may have a significant impact on the financial statements. Management
has reviewed the application of these policies with the Audit Committee of the
Company's Board of Directors. For a discussion of applying critical accounting
policies, See "Significant Accounting Policies" in the Company's 2006 Annual
Report.

In December 2004, The Financial Accounting Standards Board (FASB) issued its
Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based
Payment (Statement 123R), which addresses the accounting for employee stock
options. This Statement requires the Company to recognize in the income
statement the grant-date fair value of stock options and other equity-based
compensation issued to employees, but expresses no preference for a type of
valuation model. This Statement was effective for the Company on April 1, 2006.
There was no effect to the Company for the period ended June 30, 2006, as all
outstanding stock options were vested as of September 1, 2005.

In March 2006, the FASB issued Statement of Financial Accounting Standards No.
156 ("SFAS No. 156"), Accounting for Servicing of Financial Assets, an amendment
of FASB Statement No. 140, Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities, which requires that all separately
recognized servicing assets and servicing liabilities be initially measured at
fair value, if practicable and permits the entities to elect either fair value
measurement with changes in fair value reflected in earnings or the amortization
and impairment requirements of Statement 140 for subsequent measurement. The
subsequent measurement of separately recognized servicing assets and servicing
liabilities at fair value eliminates the necessity for entities that manage the
risks inherent in servicing assets and servicing liabilities with deriatives to
qualify for hedge accounting treatment and eliminates the characterization of
declines in fair value as impairments or direct write-downs. Statement No. 156
is effective as of the entity's first fiscal year beginning after September 15,
2006. Earlier adopotion is permitted as of the beginning of an entity's fiscal
year, provided the entity has not yet issued financial statements, including
interim financial statements for any period of that fiscal year. The Company
plans to adopt the statement on April 1, 2007 and is in the process of assessing
the impact, if any, of the adoption of this statement on the financial results.

In July 2006, the FASB issued FASB Interpretation No. 48 (FIN 48), Accounting
for Uncertainity in Income Taxes -an Interpretation of FASB Statement 109, which
provides guidance on the measurement, recognition and disclosure of tax
positions taken or expected to be taken in a tax return. The Interpretation also
provides guidance on derecognition, classification, interest and penalties, and
disclosure. FIN 48 prescribes that a tax position should only be recognized if
it is more-likely-than-not that the position will be sustained upon examination
by the appropriate taxing authority. A tax position that meets this threshold is
measured as the largest amount of benefit that is greater than 50 percent likely
of being realized upon ultimate settlement. The cumulative effect of applying
the provisions of FIN 48 is to be reported as an adjustment to the beginning
balance of retained earnings in the period of adoption. FIN 48 is effective for
fiscal years beginning after December 15, 2006. The Company is currently
assessing the impact, if any, that the adoption of this interpretation will have
on its financial statements.

                                       11
<PAGE>

Item 2:
                      FIRST ROBINSON FINANCIAL CORPORATION
           Management's Discussion and Analysis or Plan of Operations


Forward-Looking Statements

When used in this filing and in future filings by First Robinson Financial
Corporation (the "Company") with the Securities and Exchange Commission, in the
Company's press releases or other public or shareholder communications, or in
oral statements made with the approval of an authorized executive officer, the
words or phrases "would be," "will allow," "intends to," "will likely result,"
"are expected to," "will continue," "is anticipated," "estimate," "project" or
similar expressions are intended to identify "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties, including but not limited to
changes in economic conditions in the Company's market area, changes in policies
by regulatory agencies, changes in accounting principles, policies, or
guidelines, fluctuations in interest rates, demand for loans in the Company's
market area and competition, all or some of which could cause actual results to
differ materially from historical earnings and those presently anticipated or
projected. References in this filing to "we", "us" , and "our" refer to the
Company and/or the Bank, as the content requires.

The Company wishes to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made, and advises
readers that various factors, including regional and national economic
conditions, substantial changes in levels of market interest rates, credit and
other risks of lending and investment activities and competitive and regulatory
factors, could affect our financial performance and could cause our actual
results for future periods to differ materially from those anticipated or
projected.

The Company does not undertake, and specifically disclaims any obligation, to
update any forward-looking statements to reflect occurrences or unanticipated
events or circumstances after the date of such statements.

General

The Company's principal business, through its operating subsidiary, First
Robinson Savings Bank, National Association, (the "Bank") consists of accepting
deposits from the general public and investing these funds primarily in loans,
mortgage-backed securities and other securities. Loans consist primarily of
loans secured by residential real estate located in our market area, consumer
loans, commercial loans, and agricultural loans.

The Company's results of operations is dependent primarily on net interest
income, which is the difference between interest earned on interest-earning
assets and the interest paid on interest-bearing liabilities. Net interest
income is a function of "interest rate spread," which is the difference between
the average yield earned on interest-earning assets and the average rate paid on
interest-bearing liabilities. The interest rate spread is affected by
regulatory, economic and competitive factors that influence interest rates, loan
demand and deposit flows. To a lesser extent, the results of operations are also
affected by other income, and general, administrative and other expense, the
provision for losses on loans and income tax expense. Other income consists
primarily of service charges and gains (losses) on sales of loans. General,
administrative and other expense consists primarily of salaries and employee
benefits, occupancy and office expenses, advertising, data processing expenses
and the costs associated with being a publicly held company.

Operations are significantly affected by prevailing economic conditions,
competition and the monetary, fiscal and regulatory policies of government
agencies. Lending activities are influenced by the demand for and supply of
housing, competition among lenders, the level of interest rates and the
availability of funds. Deposit flows and costs of funds are influenced by
prevailing market rates of interest, competing investments, account maturities
and the levels of personal income and savings in the Company's market area.

Historically, the company's mission has been to originate loans on a profitable
basis to the communities served. In seeking to accomplish this mission, the
Board of Directors and management have adopted a business strategy designed (i)
to maintain the Bank's capital level in excess of regulatory requirements; (ii)
to maintain asset quality, (iii) to maintain, and if possible, increase our
earnings; and (iv) to manage our exposure to changes in interest rates.

Business Strategy

First Robinson Savings Bank, N.A. is a community-oriented, locally owned
financial institution offering community-banking services to residents and
businesses of Crawford County, Illinois, our primary market area. Periodically,
the Board of Directors and

                                       12
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
           Management's Discussion and Analysis or Plan of Operations

management meet to strategically plan for the future. We review and discuss both
current and new products and services to determine their effect on our
profitability and customer service. We also monitor any and all current events
and economic trends in our local area that could materially impact the Bank's
earnings. At the present time, the employment market has remained stable in
Crawford County and we anticipate no events or economic trends that could
negatively affect the Bank. The recent and foreseen rise in interest rates
should have a positive affect on the Bank, as management will endeavor to slow
the growth of deposit rates in comparison to loan rates.

The strategic plan identifies the most critical issue to our success as
consistent earnings. Net earnings have remained relatively consistent. A
positive factor in maintaining consistent earnings is the Bank's overall asset
quality, which is strong. The Bank continues to offer fixed rate residential
real estate mortgages through programs with the Federal Home Loan Bank of
Chicago and USDA Rural Development. Our Internet banking service, "Netteller" is
very popular and the number of customers actively using the service is
increasing. It has allowed us to offer bill paying and cash management and also
direct deposit and payroll services to our business customers. Currently, we are
in the process of enhancing security authentication of our Internet banking
product for customers. To date there have been no breaches of security on our
Internet banking product. We also provide investment brokerage services to our
customers through PrimeVest Financial Services. The service continues to grow
and is also providing non-interest income. We are continuing to evaluate the
viability of implementing an internal trust department and we hope to reach a
decision by December 2006.

We continue to maintain a strong presence in the community and are pleased to be
the only independent community bank in Robinson, Palestine and Oblong, Illinois.
To visit First Robinson Savings Bank on the web go to www.frsb.net.

Asset Quality

Delinquencies. When a borrower fails to make a required payment on a loan, the
Bank attempts to cure the delinquency by contacting the borrower. In the case of
loans secured by real estate, reminder notices are sent to borrowers. If payment
is late, appropriate late charges are assessed and a notice of late charges is
sent to the borrower. If the loan is in excess of 90 days delinquent, the loan
will generally be referred to the Bank's legal counsel for collection.

When a loan becomes more than 90 days delinquent and collection of principal and
interest is considered doubtful, or is otherwise impaired, the Bank will
generally place the loan on non-accrual status and previously accrued interest
income on the loan is charged against current income.

Delinquent consumer loans are handled in a similar manner as to those described
above. The Bank's procedures for repossession and sale of consumer collateral
are subject to various requirements under applicable consumer protection laws.

The following table sets forth the Bank's loan delinquencies by type, by amount
and by percentage of type at June 30, 2006.

<TABLE>
<CAPTION>
                                                  Loans Delinquent For:
                     ----------------------------------------------------------------------------------
                            30-89 Days(1)            90 Days and Over(1)            Nonaccrual             Total Delinquent Loans
                     --------------------------  -------------------------- ---------------------------  --------------------------
                                       Percent                     Percent                     Percent                     Percent
                                       of Loan                     of Loan                     of Loan                     of Loan
                      Number   Amount  Category   Number   Amount  Category  Number   Amount   Category   Number   Amount  Category
                     -------- -------- --------  -------- -------- -------- -------- --------  --------  -------- -------- --------
                                                                 (Dollars in thousands)
<S>                       <C> <C>          <C>         <C><C>            <C>      <C><C>           <C>         <C><C>          <C>
Real
Estate:
 One- to
 four-family .....          4 $    103     0.29%       -- $     --       --        6 $    204      0.57%       10 $    307     0.86%
Consumer and
 other loans .....          4       10     0.20        --       --       --        1       33      0.67         5       43     0.87
Commercial
  business and
  agricultural
  finance ........          1       27     0.29        --       --       --       --       --        --         1       27     0.29
                     -------- -------- --------  -------- -------- -------- -------- --------  --------  -------- -------- --------

   Total .........          9 $    140     0.21%       -- $     --       --%       7 $    237      0.35%       16 $    377     0.56%
                     ======== ======== ========  ======== ======== ======== ======== ========  ========  ======== ======== ========
</TABLE>

--------------------------------------------------------------------------------
(1)   Loans are still accruing.

                                       13
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
           Management's Discussion and Analysis or Plan of Operations


Non-Performing Assets. The table below sets forth the amounts and categories of
non-performing assets in the Bank's loan portfolio. Loans are placed on
non-accrual status when the collection of principal and/or interest become
doubtful. Foreclosed assets include assets acquired in settlement of loans.

<TABLE>
<CAPTION>
                                                June 30,      March 31,     June 30,
                                                  2006          2006          2005
                                               ----------    ----------    ----------
<S>                                            <C>           <C>           <C>
         Non-accruing loans:
           One- to four-family .............   $      204    $      444    $      284
           Commercial and agricultural
             real estate ...................           --            66            --
           Consumer and other loans ........           33            37             2
           Commercial business and
             agricultural finance ..........           --             1            --
                                               ----------    ----------    ----------
         Total .............................          237           548           286
                                               ----------    ----------    ----------

         Foreclosed assets:
           One- to four-family .............           --            11            --
                                               ----------    ----------    ----------
         Total .............................           --            11            --
                                               ----------    ----------    ----------

         Total non-performing assets .......   $      237    $      559    $      286
                                               ==========    ==========    ==========
         Total as a percentage of total
           assets ..........................         0.21%         0.51%         0.27%
                                               ==========    ==========    ==========
</TABLE>

Gross interest income which would have been recorded had the non-accruing loans
been current in accordance with their original terms amounted to approximately
$5,000 for the three months ended June 30, 2006 and $6,000 for the three months
ended June 30, 2005.

Classified Assets. Federal regulations provide for the classification of loans
and other assets, such as debt and equity securities, considered by the Office
of the Comptroller of the Currency ("OCC") to be of lesser quality, as
"substandard," "doubtful" or "loss." An asset is considered "substandard" if it
is inadequately protected by the current net worth and paying capacity of the
obligor or 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 "substandard"
with the added characteristic that the weaknesses present make "collection or
liquidation in full" on the basis of currently existing facts, conditions and
values, "highly questionable and improbable." Assets classified as "loss" are
those considered "uncollectible" and of such little value that their continuance
as assets without the establishment of a specific loss reserve is not warranted.
It should be noted that the OCC has proposed for comment a rule that would amend
the methodology currently used to assess the credit risk posed by individual
commercial extensions of credit and the level of an institution's aggregate
commercial credit risk. No prediction can be made as to whether the rule will be
finalized, in which final form it will emerge, or whether such rule, if
finalized, will have a material impact on the Bank.

When an insured institution classifies problem assets as either substandard or
doubtful, it may establish general allowances for 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 for losses
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
regulatory authorities, who may order the establishment of additional general or
specific loss allowances.

In connection with the filing of its periodic reports with the OCC and in
accordance with its classification of assets policy, the Bank regularly reviews
loans in its portfolio to determine whether such assets require classification
in accordance with applicable regulations. On the basis of management's review
of its assets, at June 30, 2006, the Bank had classified a total of $946,000 of
its

                                       14
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
           Management's Discussion and Analysis or Plan of Operations

assets as substandard and $195,000 as doubtful or loss. At June 30, 2006, total
classified assets comprised $1.1 million, or 10.6% of the Bank's capital, and
1.0% of the Bank's total assets.

Other Loans of Concern. As of June 30, 2006, there were $3.4 million in loans
identified, but not classified, by the Bank with respect to which known
information about the possible credit problems of the borrowers or the cash
flows of the business have caused management to have some doubts as to the
ability of the borrowers to comply with present loan repayment terms and which
may result in the future inclusion of such items in the non-performing asset
categories.

Allowance for Loan Losses. The allowance for loan losses is maintained at a
level which, in management's judgment, is adequate to absorb credit losses
inherent in the loan portfolio. The amount of the allowance is based on
management's evaluation of the collectibility of the loan portfolio, including
the nature of the portfolio, credit concentrations, trends in historical loss
experience, specific impaired loans and economic conditions. Allowances for
impaired loans are generally determined based on collateral values. The
allowance is increased by a provision for loan losses, which is charged to
expense and reduced by charge-offs, net of recoveries.

Real estate properties acquired through foreclosure are recorded at the market
fair value minus 20% of the market fair value if the property is appraised at
$50,000 or less. If the property is appraised at greater than $50,000, then the
property is recorded at the market fair value less 10% of the market fair value.
If fair value at the date of foreclosure is lower than the balance of the
related loan, the difference will be charged-off to the allowance for loan
losses at the time of transfer. Valuations are periodically updated by
management and if the value declines, a specific provision for losses on such
property is established by a charge to operations. At June 30, 2006, the Bank
had no real estate properties acquired through foreclosure.

Although management believes that it uses the best information available to
determine the allowance, unforeseen market conditions could result in
adjustments and net earnings could be significantly affected if circumstances
differ substantially from the assumptions used in making the final
determination. Future additions to the Bank's allowance for loan losses will be
the result of periodic loan, property and collateral reviews and thus cannot be
predicted in advance. In addition, federal regulatory agencies, as an integral
part of the examination process, periodically review the Bank's allowance for
loan losses. Such agencies may require the Bank to increase the allowance based
upon their judgment of the information available to them at the time of their
examination. At June 30, 2006, the Bank had a total allowance for loan losses of
$760,000, representing 1.15% of the Bank's loans, net. At March 31, 2006, the
Bank's total allowance for loan losses to the Bank's loans, net was at 1.15%.

                                       15
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
           Management's Discussion and Analysis or Plan of Operations

     The distribution of the Bank's allowance for losses on loans at the dates
indicated is summarized as follows:

<TABLE>
<CAPTION>
                                               June 30, 2006                               March 31, 2006
                                   ----------------------------------------    ----------------------------------------
                                                                Percent of                                  Percent of
                                    Amount of       Loan       Loans in Each    Amount of       Loan       Loans in Each
                                    Loan Loss    Amounts by     Category to     Loan Loss    Amounts by     Category to
                                    Allowance     Category      Total Loans     Allowance     Category      Total Loans
                                   -----------   -----------    -----------    -----------   -----------    -----------
                                                                   (Dollars in thousands)
<S>                                <C>           <C>                 <C>       <C>           <C>                 <C>
One- to four-family ............   $       133   $    35,976          53.16%   $       171   $    35,669          53.34%
Multi-family ...................            --           528           0.78             --           574           0.86
Commercial and
  agricultural real estate .....           389        13,053          19.29            354        14,127          21.13
Construction and
  development ..................            13         2,485           3.67              8         1,776           2.66
Consumer and other loans .......            32         4,943           7.30             42         4,453           6.66
State and Municipal
  Governments ..................            --         1,430           2.12             --         1,299           1.94
Commercial business
  and agricultural
  finance ......................           193         9,258          13.68            178         8,972          13.41
                                                                -----------                                 -----------
Undisbursed portion of
loans ..........................                        (778)                                       (611)
                                                 -----------                                 -----------
Unallocated ....................            --                                          --
                                   -----------                                 -----------
     Total .....................   $       760   $    66,895         100.00%   $       753   $    66,259         100.00%
                                   ===========   ===========    ===========    ===========   ===========    ===========

     The following table sets forth an analysis of the Bank's allowance for loan
losses.

<CAPTION>
                                                                Three Months Ended
                                                                      June 30,
                                                              ------------------------
                                                                 2006          2005
                                                              ----------    ----------
<S>                                                           <C>           <C>
         Balance at beginning of period ...................   $      753    $      672

         Charge-offs:
           One- to four-family ............................            5             4
           Consumer and other loans .......................            6             6
                                                              ----------    ----------
         Total ............................................           11            10
                                                              ----------    ----------

         Recoveries:
           One- to four-family ............................           --             4
           Consumer and other loans .......................            3             4
                                                              ----------    ----------
         Total ............................................            3             8
                                                              ----------    ----------

         Net charge-offs ..................................            8             2
         Additions charged to operations ..................           15            45
                                                              ----------    ----------
         Balance at end of period .........................   $      760    $      715
                                                              ==========    ==========

         Ratio of net charge-offs during the period to
          average loans outstanding during the period .....         0.01%        0.003%
                                                              ==========    ==========

         Ratio of net charge-offs during the period to
          average non-performing assets ...................         0.70%         0.62%
                                                              ==========    ==========
</TABLE>

                                       16
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
           Management's Discussion and Analysis or Plan of Operations

Overview

First Robinson Financial Corporation is the holding company for First Robinson
Savings Bank, National Association. The Company is headquartered in Robinson,
Illinois and operates three full service offices and one drive-up facility in
Crawford County. The Company earned $316,000 for the three month period ending
June 30, 2006, versus $268,000 in the same period of 2005, an increase of 17.9%.
Earnings were positively impacted by a $27,000 increase in net interest income
after provision for loan losses, a $15,000 increase in non-interest income and a
decrease of $56,000 in non-interest expense. Basic earnings per share for the
June 30, 2006 three month period were $0.66 per share versus $0.53 per share for
the same period of 2005. Diluted earnings per share reflect the potential
dilutive impact of stock options granted under the stock option plan. Diluted
earnings per share for the three months ending June 30, 2006 were $0.63 per
share, versus $0.51 per share for the three months ending June 30, 2005,
resulting primarily from the increase in net income, and also reflecting, to a
lesser extent, the decrease in issued and outstanding shares period to period.

Results of Operations

Net Interest Income

For the three-month period ended June 30, 2006, net interest income totaled
$1.056 million, a decrease of 0.3%, or $3,000, from the same period of 2005. Net
interest income decreased in the three-month period ended June 30, 2006 versus
the comparable period of 2005 primarily due to a $1.5 million, or 1.5%, decrease
in average-earning assets and an increase of 78 basis points in the average cost
of interest-bearing liabilities. For the three-month period ended June 30, 2006,
the net interest spread decreased 10 basis points to 3.73%, versus the
comparable period of 2005

During the June 2006 quarter, total interest and dividend income increased
$150,000, or 10.3%, to $1.6 million, versus $1.5 million during the same quarter
of 2005. For the three-month period ended June 30, 2006, the yield on average
interest-earning assets increased 68 basis points to 6.37% from the yield of
5.69% for the three-month period ended June 30, 2005.

The average daily loan balances for the quarter ended June 30, 2006 decreased
$1.1 million, or 1.7%, to $65.7 million, versus $66.8 million for the same
period of 2005. During the same period, loan interest income increased by
$109,000, or 9.9%, to $1.2 million versus $1.1 million during the quarter ended
June 30, 2005. The yield on loans increased 77 basis points to 7.39% from 6.62%
when comparing the June 30, 2006 quarter to the June 2005 quarter.

Income from investment securities and interest-earning deposits increased
$45,000, or 13.2%, from $342,000 in the first quarter of fiscal year 2006 to
$387,000 in the first quarter of fiscal year 2007. The increase was from a 57
basis point increase in the yield on investment securities and interest-earning
deposits from 3.92% in the June 2005 quarter to 4.49% in the June 2006 quarter.

Dividends received from Federal Home Loan Bank ("FHLB") and Federal Reserve Bank
("FRB") stocks decreased by $4,000, or 36.4%, when comparing the June 2006
quarter to the June 2005 quarter. The rate of return on the FRB stock increased
7 basis points and the average balance increased $6,000, or 4.0%. Offsetting
this increase was a 242 basis point decrease in the average rate earned on the
FHLB stock from 5.49% for the June 2005 quarter to 3.07% to the June 2006
quarter.

Total interest expense increased $153,000, or 38.3%, to $552,000 for the
three-month period ended June 30, 2006, from $399,000 for the comparable period
in 2005. The increase was primarily the result of a 78 basis point increase in
the Company's daily cost of funds to 2.64%, versus 1.86% for the same period of
2005.

On an average daily basis, total interest-bearing deposits decreased $3.4
million, or 4.4%, to $74.1 million for the three-month period ended June 30,
2006, versus $77.5 million in the same period in 2005. However, the average cost
of funds increased 70 basis points to 2.45% for the June 2006 quarter versus the
June 2005 quarter at 1.75%.

There were no long-term nor overnight Federal Home Loan Bank ("FHLB") borrowings
for the June 2006 quarter. During the June 2005 quarter, the average balance for
the quarter of long-term and overnight borrowings from the FHLB was $1.2
million. Having no FHLB borrowings during the June 2006 quarter resulted in a
decrease of $16,000 in interest expense. Offsetting this decrease was an
increase of $54,000, or 122.7%, in short-term borrowings interest expense from
$44,000 during the June 2005 quarter to $98,000 in the June 2006 quarter. The
short-term borrowings consist of securities sold under agreements to repurchase.
These agreements mature

                                       17
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
            Management's Discussion and Analysis or Plan of Operation

periodically within 36 months. The average daily balance of short-term
borrowings increased $2.5 million, or 35.2%, to $9.5 million during the June
2006 quarter from $7.0 million during the June 2005 quarter. The average cost of
funds increased by 161 basis points to 4.09% for the June 2006 quarter from
2.48% for the June 2005 quarter.


Provision for Loan Losses

The provision for loan losses for the quarter ended June 30, 2006 was $15,000
compared to $45,000 for the quarter ended June 30, 2005. The provision for both
periods reflects management's analysis of the Company's loan portfolio based on
the information which was available to the Company. Management meets on a
quarterly basis to review the adequacy of the allowance for loan losses based on
Company guidelines. Classified loans are reviewed by the loan officers to arrive
at specific reserve levels for those loans. Once the specific reserve for each
loan is calculated, management calculates general reserves for each loan
category based on a combination of loss history adjusted for current national
and local economic conditions, trends in delinquencies and charge-offs, trends
in volume and term of loans, changes in underwriting standards, and industry
conditions. While the Company cannot assure that future chargeoffs and/or
provisions will not be necessary, the Company's management believes that, as of
June 30, 2006, its allowance for loan losses was adequate.

Non-interest Income

Non-interest income categories for the three-month periods ended June 30, 2006
and 2005 are shown in the following table:

<TABLE>
<CAPTION>
                                                            Three Months Ended
                                                                 June 30,
                                                   ------------------------------------
 Non-interest income:                                 2006         2005       % Change
                                                   ----------   ----------   ----------
                                                             (In thousands)
<S>                                                <C>          <C>                 <C>
   Charges and fees on deposit accounts            $      188   $      185          1.6%
   Charges and other fees on loans                          6            5         20.0
   Net gain on sale of loans                               27           16         68.8
   Net gain on sale of foreclosed property                 --            5       (100.0)
   Other                                                   70           65          7.7
                                                   ----------   ----------   ----------

     Total Non-Interest Income                     $      291   $      276          5.4%
                                                   ==========   ==========   ==========
</TABLE>

The increase in charges and fees on deposit accounts, when comparing the two
June quarters of 2006 and 2005, is primarily from overdraft and insufficient
funds fees. Charges and other fees on loans were up in the three-month period
ending June 2006 when compared to the same period in 2005 due to an increase in
the commissions received on the sale of credit life and accident and health
insurance.

The increase in gains on the sale of mortgages resulted primarily from an
increase in the dollar volume of mortgages sold during the three-month period
ended June 30, 2006 versus the same period in 2005. During the first quarter of
fiscal year 2007, the Company sold $1.4 million in mortgages versus $682,000 in
the same quarter of fiscal year 2006.

Other income consists of normal recurring fee income such as commissions from
PrimeVest Investment Services, our investment brokerage service, the cash value
of life insurance recognized, ATM/Debit card interchange income and fees, and
safe deposit box rent, as well as other income that management classifies as
non-recurring. Other income increased $5,000 in the three-month period ended
June 30, 2006 versus the same period of 2005. The primary driver behind the
increase can be attributed to the increase in commissions received from the
investment brokerage service.

                                       18
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
            Management's Discussion and Analysis or Plan of Operation


Non-interest Expense

Non-interest expense categories for the three-month periods ended June 30, 2006,
and 2005 are shown in the following table:

<TABLE>
<CAPTION>
                                                      Three Months Ended
                                                           June 30,
                                             ------------------------------------
                                                2006         2005       % Change
                                             ----------   ----------   ----------
Non-interest expense:                                    (In thousands)
<S>                                          <C>          <C>              <C>
   Compensation and employee benefits        $      463   $      525        (11.8)%
   Occupancy and equipment                          134          131          2.3
   Foreclosed property expense                       --            1       (100.0)
   Data processing                                   48           42         14.3
   Audit, legal and other professional               34           46        (26.1)
   Advertising                                       30           30           --
   Telephone and postage                             23           20         15.0
   Loss on sale of foreclosed property                2           --           --
   Other                                            132          127          3.9
                                             ----------   ----------   ----------

     Total Non-Interest Expense              $      866   $      922         (6.1)%
                                             ==========   ==========   ==========
</TABLE>

Salaries and employee benefits decreased when comparing the June 2006 and 2005
quarters primarily due to a $56,000 decrease in options exercised, a $12,000
decrease in the fair value of the shares held in the Directors Retirement Plan,
and a $9,000 decrease in life and health insurance offset by a $13,000 increase
salaries.

The increase of $3,000 in occupancy and equipment expense for the three-month
period reflects the costs associated with updating the office buildings.

Data processing expenses increased $6,000 due to the cost of keeping up with
advances in technology.

Audit, legal and other professional fees decreased primarily due to a decrease
of $11,000 in legal expense.

Other expense includes miscellaneous operating expenses such as office supplies,
ATM/Debit card interchange fees, check processing fees, loan expenses, federal
deposit insurance premiums and assessments by the bank regulators among others.
The increase of $5,000 in other expenses is primarily the result of increases in
the cost of stationary, printing and office supplies.

Income Tax Expense

Income tax expense increased $50,000, or 50.0%, for the three-months ending June
30, 2006, compared to the same period in 2005. The combined state and federal
income tax expense as a percentage of income before income tax expense increased
to 32.2% during the three-month period of 2006 compared to 27.2% during the same
period in 2005. The increase in the effective tax rate can be associated with
certain adjustments related to timing differences during the June 2005 quarter.
Most of the increase, however, was attributable to higher earnings during the
quarter compared to the comparable quarter last year.

                                       19
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
            Management's Discussion and Analysis or Plan of Operation


Financial Condition

Total assets of the Company increased by $2.6 million, or 2.3%, to $112.0
million at June 30, 2006 from $109.4 million at March 31, 2006. The increase in
assets was primarily due to an increase of $1.8 million, or 53.0%, in federal
funds sold and an increase of $629,000, or 1.0%, in loans, net, partially offset
by an 11.6%, or $75,000, decrease in interest receivable.

Available-for-sale investment securities amounted to $30.5 million at June 30,
2006 compared to $30.5 million at March 31, 2006, resulting in virtually no
change. The activity in securities amounted to $1.9 million in investment
purchases and a $480,000 decrease in the market valuation of the
available-for-sale portfolio partially offset by $1.4 million in repayments on
mortgage-backed securities. The investment portfolio is managed to limit the
Company's exposure to risk by containing mostly mortgage-backed securities and
other securities which are either directly or indirectly backed by the federal
government or a local municipal government.

The Company's net loan portfolio increased by $629,000 to $66.1 million at June
30, 2006 from $65.5 million at March 31, 2006. Gross loans increased by $636,000
while the allowance for loan losses increased by $7,000. Loans secured by 1-4
family residences increased by $307,000, primarily due to an increase in
conventional home loans. Other increases were in construction and development
property loans of $709,000, consumer and other loans of $490,000 and $286,000 in
commercial business and agriculture finance loans, offset by a $1.1 million
decrease in commercial nonresidential real estate and farmland loans.

At June 30, 2006, the allowance for loan losses was $760,000 or 1.15% of the net
loan portfolio which was up from the allowance for loan losses at March 31, 2006
at $753,000 or 1.15% of the net loan portfolio. During the first quarter of
fiscal year 2007, the Company charged off $11,000 of loan losses, $6,000 of
which were in consumer and other loans and $5,000 pertained to one loan secured
by a 1-4 family residential property. The chargeoffs of $11,000 were partially
offset by $3,000 in recoveries all in consumer and other loans. Management
reviews the adequacy of the allowance for loan losses quarterly, and believes
that its allowance is adequate; however, the Company cannot assure that future
chargeoffs and/or provisions will not be necessary. See "Asset Quality" for
further information on delinquencies.

As of June 30, 2006, the Company had no real estate properties held for sale. At
March 31, 2006, the Company had one property at $11,000 which was sold for a net
loss of $2,000. Foreclosed assets are carried at lower of cost or net realizable
value.

Total deposits decreased by $30,000 to $86.2 million at June 30, 2006 from $86.2
million at March 31, 2006. The decrease in total deposits was due to decrease of
$1.1 million in savings, NOW, and money market accounts offset by increases of
$839,000 in certificates of deposit and $207,000 in non-interest bearing demand
deposits.

Other borrowings consisting entirely of repurchase agreements, increased $2.8
million, or 26.1%. The obligations are secured by mortgage-backed securities and
US Government Agencies held in safekeeping at the Federal Home Loan Bank of
Chicago. At June 30, 2006, the average rate on the repurchase agreements was
4.35% compared to 4.10% at March 31, 2006. These agreements mature periodically
within 24 months.

Accrued income taxes payable increased $139,000. Accrued interest payable
increased by $2,000 due to the rise in interest rates on variable rate deposit
accounts. Other liabilities increased $8,000 from $586,000 at March 31, 2006 to
$594,000 at June 30, 2006. Advances from borrowers for taxes and insurance
decreased by $87,000 from $126,000 at March 31, 2006 to $39,000 at June 30, 2006
primarily due to the payment of real estate taxes due.

Stockholders' equity at June 30, 2006 was $11.1 million compared to $11.4
million at March 31, 2006, a decrease of $278,000, or 2.4%. Accumulated
comprehensive income decreased by $300,000 due to a decrease in the fair value
of securities available for sale, net of related tax effect. Another factor in
the reduction in stockholders equity was the purchase of Treasury shares of
First Robinson Financial stock in the amount of $71,000 offset by the re-issue
of $17,000 in shares upon the exercise of stock options. These decreases were
offset, in part, by an increase in retained earnings by the amount of net income
of $316,000, which in turn was largely offset by $273,000 in dividends declared
and paid and the increase in additional paid-in-capital of $28,000 due to the
valuation of shares in the employee stock ownership plan.

                                       20
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
           Management's Discussion and Analysis or Plan of Operations


Off-Balance Sheet Arrangements

The Company has entered into performance standby and financial standby letters
of credit with various local commercial businesses in the aggregate amount of
$419,000. The letters of credit are collateralized and underwritten, as required
by the loan policy, in the same manner as any commercial loan. The advancement
of any funds on these letters of credit is not anticipated.

Liquidity and Capital Resources

The Company's principal sources of funds are deposits and principal and interest
payments collected on loans, investments and related securities. While scheduled
loan repayments and maturing investments are relatively predictable, deposit
flows and early loan prepayments are more influenced by interest rates, general
economic conditions and competition.

Liquidity resources are used principally to meet outstanding commitments on
loans, to fund maturing certificates of deposit and deposit withdrawals and to
meet operating expenses. The Company anticipates no foreseeable problems in
meeting current loan commitments. At June 30, 2006, outstanding commitments to
extend credit, amounted to $13.9 million (including $7.3 million, in available
revolving commercial and agricultural lines of credit). Management believes that
loan repayments and other sources of funds will be adequate to meet any
foreseeable liquidity needs.

The Company maintains a $24.1 million line of credit with the FHLB, of which
there were no borrowings at June 30, 2006. This line can be accessed
immediately. The Company regularly uses FHLB Letters of Credit as security for
public unit deposits. The available line of credit with the FHLB is reduced by
the amount of these letters of credit. As of June 30, 2006, $3.9 million in FHLB
letters of credit were pledged. In addition to the Letters of Credit, the
available line of credit with the FHLB is also reduced by $1.2 million for the
credit enhancement reserve established as a result of the participation in the
FHLB MPF program. The Company also maintains a $5.0 million revolving line of
credit and a $600,000 revolving line of credit with Independent Banker's Bank
located in Springfield, Illinois. The Company has also established borrowing
capabilities at the discount window with the Federal Reserve Bank of St. Louis.

Liquidity management is both a daily and long-term responsibility of management.
We adjust our investments in liquid assets based upon management's assessment of
(i) expected loan demand, (ii) expected deposit flows, (iii) yields available on
interest-bearing investments and (iv) the objectives of its asset/liability
management program. Excess liquidity generally is invested in interest-earning
overnight deposits and other short-term government and agency obligations.

The Company and the Bank are subject to capital requirements of the federal bank
regulatory agencies which require the Bank to maintain minimum ratios of Tier I
capital to total risk-weighted assets and total capital to risk-weighted assets
of 4% and 8% respectively. Tier I capital consists of total stockholders' equity
calculated in accordance with generally accepted accounting principals less
intangible assets, and total capital is comprised of Tier I capital plus certain
adjustments, the only one of which is applicable to the Bank is the allowance
for loan losses. Risk-weighted assets refer to the on- and off-balance sheet
exposures of the Bank adjusted for relative risk levels using formulas set forth
by OCC regulations. The Bank is also subject to an OCC leverage capital
requirement, which calls for a minimum ratio of Tier I capital to quarterly
average total assets of 3% to 5%, depending on the institution's composite
ratings as determined by its regulators. Both the Bank and the Company are
considered well-capitalized under federal regulations.

                                       21
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
           Management's Discussion and Analysis or Plan of Operations


Regulatory Capital

At June 30, 2006, the Bank was in compliance with all of the aforementioned
capital requirements as summarized below:

                                                                June 30, 2006
                                                                -------------
                                                                (In thousands)
                                                                -------------

Tier I Capital:
      Common stockholders' equity                               $      10,735
      Unrealized loss (gain) on securities available for sale             651
      Disallowed intangible assets                                        (14)
                                                                -------------

        Total Tier I capital                                           11,372
                                                                -------------

Tier II Capital:
      Total Tier I capital                                             11,372
      Qualifying allowance for loan losses                                760
                                                                -------------

        Total risk-based capital                                       12,132
                                                                =============

Risk-weighted assets                                                   64,635
Quarter average assets                                                108,923


<TABLE>
<CAPTION>
                                                                                        To be Well Capitalized
                                                                                           Under the Prompt
                                                                    For Capital           Corrective Action
                                            Actual               Adequacy Purposes            Provisions
                                            ------               -----------------            ----------
                                     Amount         Ratio      Amount          Ratio      Amount         Ratio
                                     ------         -----      ------          -----      ------         -----
<S>                                <C>               <C>      <C>                <C>     <C>               <C>
As of June 30, 2006:
   Total Risk-Based Capital
    (to Risk-Weighted Assets)      $   12,132        18.77%   $    5,171         8.00%   $    6,464        10.00%
   Tier I Capital
    (to Risk-Weighted Assets)          11,372        17.59         2,585         4.00         3,878         6.00
   Tier I Capital
    (to Average Assets)                11,372        10.44         4,357         4.00         5,446         5.00
</TABLE>

At the time of the conversion of the Bank to a stock organization, a special
liquidation account was established for the benefit of eligible account holders
and the supplemental account holders in an amount equal to the net worth of the
Bank. This special liquidation account will be maintained for the benefit of
eligible account holders and the supplemental account holders who continue to
maintain their accounts in the Bank after June 27, 1997. In the unlikely event
of a complete liquidation, each eligible and the supplemental eligible account
holders will be entitled to receive a liquidation distribution from the
liquidation account in an amount proportionate to the current adjusted
qualifying balances for accounts then held. The Bank may not declare or pay cash
dividends on or repurchase any of its common stock if stockholders' equity would
be reduced below applicable regulatory capital requirements or below the special
liquidation account.

                                       22
<PAGE>

Item 3.  Controls and Procedures
         -----------------------

Any control system, no matter how well designed and operated, can provide only
reasonable (not absolute) assurance that its objectives will be met.
Furthermore, no evaluation of controls can provide absolute assurance that all
control issues and instances of fraud, if any, have been detected.


Disclosure Controls and Procedures
----------------------------------

The Company's management, with the participation of the Company's Chief
Executive Officer and Chief Financial Officer, has evaluated the effectiveness
of the Company's disclosure controls and procedures (as such term is defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period
covered by this report. Based on such evaluation, the Company's Chief Executive
Officer and Chief Financial Officer have concluded that, as of the end of such
period, the Company's disclosure controls and procedures are effective in
recording, processing, summarizing and reporting, on a timely basis, information
required to be disclosed by the Company in the reports that it files or submits
under the Exchange Act, and that information required to be disclosed by the
Company in the reports it files or submits under the Exchange Act is accumulated
and communicated to Company's management, including its principal executive and
financial officers, or persons performing similar functions, as appropriate to
allow timely decisions regarding disclosure.


Internal Control Over Financial Reporting
-----------------------------------------

There have not been any changes in the Company's internal control over financial
reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Exchange Act) during the fiscal quarter to which this report relates that have
materially affected, or are reasonably likely to materially affect, the
Company's internal control over financial reporting.

Section 404 of the Sarbanes-Oxley Act of 2002 requires that companies evaluate
and annually report on their systems of internal control over financial
reporting. The Company will begin the process of evaluating, documenting and
testing their system of internal control over financial reporting to provide the
basis for its report that we anticipate, for the first time, will be a required
part of our annual report on Form 10-KSB for the fiscal year ending March 31,
2008. Due to the ongoing evaluation and testing of our internal controls, there
can be no assurance that if any control deficiencies are identified they will be
corrected before the end of the 2008 fiscal year, or that there may not be
significant deficiencies or material weaknesses that would be required to be
reported. In addition, the Company expects the evaluation process and any
required remediation, if applicable, to increase accounting, legal and other
costs and divert management resources from core business operations.

                                       23
<PAGE>

                            PART II OTHER INFORMATION


Item 1.   Legal Proceedings
          -----------------
           None

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds
          -----------------------------------------------------------

<TABLE>
<CAPTION>
PURCHASES OF EQUITY SECURITIES BY COMPANY (1) (2)
-------------------------------------------------------------------------------------------------------
Period          Total Number of     Average Price Paid   Total Number of          Maximum Number of
                Shares Purchased    per Share            Shares Purchased as      Shares that May Yet
                                                         Part of Publicly         Be Purchased Under
                                                         Announced Plans or       the Plans or Programs
                                                         Programs
-------------------------------------------------------------------------------------------------------
<S>             <C>                 <C>                  <C>                      <C>
4/1/2006 -      2,000               $25.25               2,000                    14,337
4/30/2006
-------------------------------------------------------------------------------------------------------
5/1/2006 -        800                25.25                 800                    13,537
5/31/2006
-------------------------------------------------------------------------------------------------------
6/1/2006 -        328                25.20                  --                    13,537
6/30/2006
-------------------------------------------------------------------------------------------------------
Total           7,588                24.60               2,800                    13,537
-------------------------------------------------------------------------------------------------------
</TABLE>
(1) On January 17, 2006, the Board of Directors of First Robinson Financial
Corporation approved a repurchase program of its equity stock. The Company may
repurchase up to 25,000 shares of the Company's common stock from time to time,
in the open market, when deemed appropriate by management. The program approved
January 17, 2006 will expire on December 31, 2006 or when 25,000 of the
Company's outstanding shares are purchased. As of June 30, 2006, the number of
shares held in Treasury were 356,144.
(2) The trustees of the First Robinson Savings & Loan Directors' Retirement Plan
purchased 328 shares of the Company's common stock. The stock is allocated to
the Directors' accounts and will be distributed upon retirement.


Item 3.   Defaults Upon Senior Executives
          -------------------------------
           None.

Item 4.   Submission of Matters to a Vote of Security Holders
          ---------------------------------------------------
           None

Item 5.   Other Information
          -----------------
           None

Item 6.   Exhibits
          --------

                1.  Exhibit 31: Section 302 Certifications

                2.  Exhibit 32: Section 906 Certification

                                       24
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                      FIRST ROBINSON FINANCIAL
                                      CORPORATION



Date:    August 11, 2006              /s/ RICK L. CATT
         ---------------              ------------------------------------------
                                      Rick L. Catt
                                      President and Chief Executive Officer

Date:    August 11, 2006              /s/ JAMIE E. MCREYNOLDS
         ---------------              ------------------------------------------
                                      Jamie E. McReynolds
                                      Chief Financial Officer and Vice President

                                       25
<PAGE>

                                  EXHIBIT INDEX



Exhibit No.
-----------

31.1      Certification by the CEO pursuant to Section 302 of the Sarbanes-Oxley
          Act of 2002

31.2      Certification by the CFO pursuant to Section 302 of the Sarbanes-Oxley
          Act of 2002

32        Certifications of the CEO and CFO pursuant to Section 906 of the
          Sarbanes-Oxley Act of 2002

                                       26