<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 December 31, 2005
                                               -----------------

                         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 the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                        YES             NO   X
                            -----          -----

As of February 13, 2006, the Registrant had 505,312 shares of Common Stock, par
value $0.01, issued and outstanding.


Transitional Small Business Disclosure Format (check one):

                        YES             NO   X
                            -----          -----


                                       1
<PAGE>
<TABLE>
<CAPTION>
                              FIRST ROBINSON FINANCIAL CORPORATION
                                      Index to Form 10-QSB

PART 1.  FINANCIAL INFORMATION                                                             PAGE
<S>                                                                                         <C>
    Item 1.   Financial Statements

        Condensed Consolidated Balance Sheets as of December 31, 2005
           And March 31, 2005                                                                3

        Condensed Consolidated Statements of Income for the Three-Month and Nine-Month
           Periods Ended December 31, 2005 and December 31, 2004                             4

        Condensed Consolidated Statements of Cash Flows for the Nine-Month
           Periods Ended December 31, 2005 and December 31, 2004                             6

        Notes to Condensed Consolidated Financial Statements                                 8

    Item 2.   Management's Discussion and Analysis or Plan of Operation                     13


    Item 3.   Controls and Procedures                                                       25


PART II.  OTHER INFORMATION

    Item 1.   Legal Proceedings                                                             26

    Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds                   26

    Item 3.   Defaults Upon Senior Securities                                               26

    Item 4.   Submission of Matters to a Vote of Security Holders                           26

    Item 5.   Other Information                                                             26

    Item 6.   Exhibits                                                                      26


        SIGNATURES                                                                          27


                                               2
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

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


                                                                         (Unaudited)
                                                                       December 31, 2005      March 31, 2005
                                                                       ------------------      --------------
<S>                                                                         <C>                  <C>
                                                    ASSETS
Cash and cash equivalents                                                     $5,138               $8,848
Available-for-sale securities                                                 31,767               29,922
Loans, net of allowance for loan losses of $729 and $672
   at December 31, 2005 and March 31, 2005, respectively                      65,662               66,815
Federal Reserve and Federal Home Loan Bank stock                                 825                  802
Premises and equipment, net                                                    2,671                2,721
Foreclosed assets held for sale, net                                              11                   14
Interest receivable                                                              579                  657
Deferred income taxes                                                            180                   97
Cash surrender value of life insurance                                         1,278                1,244
Other assets                                                                     386                  325
                                                                                 ---                  ---

     Total Assets                                                           $108,497             $111,445
                                                                            ========             ========

                                     LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                      83,880               88,968
Federal Home Loan Bank advances                                                1,000                1,000
Other borrowings                                                              11,235                9,173
Advances from borrowers for taxes and insurance                                   76                  120
Accrued income taxes                                                             164                   66
Interest payable                                                                 150                  113
Other liabilities                                                                547                  549
                                                                                 ---                  ---
     Total Liabilities                                                        97,052               99,989
                                                                              ------               ------

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 December 31, 2005- 506,713
  shares; March 31, 2005 - 522,223 shares                                          9                    9
Additional paid-in capital                                                     8,702                8,610
Retained earnings                                                              8,642                8,157
Unearned incentive plan shares; 7,231 shares                                    (125)                (125)
Unearned ESOP and incentive compensation                                        (303)                (339)
Treasury stock, at cost                                                       (5,196)              (4,778)
  Common: December 31, 2005 - 345,681 shares; March
    31, 2005 - 330,171 shares
Accumulated other comprehensive income                                          (284)                 (78)
                                                                               -----                 ----
     Total Stockholders' Equity                                               11,445               11,456
                                                                              ------               ------

     Total Liabilities and Stockholders' Equity                             $108,497             $111,445
                                                                            ========             ========

See Notes to Condensed Consolidated Financial Statements.

                                                      3
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                       FIRST ROBINSON FINANCIAL CORPORATION
                                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                       For the Three and Nine Month Periods Ended December 31, 2005 and 2004
                                       (In thousands, except per share data)
                                                    (Unaudited)

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

                                                              2005             2004            2005          2004
                                                              ----             ----            ----          ----
<S>                                                         <C>              <C>             <C>           <C>
Interest and Dividend Income:
  Loans                                                     $1,145           $1,084          $3,379        $3,169
  Securities:
     Taxable                                                   334              273             973           770
     Tax-exempt                                                 24               18              60            55
  Dividends on FRB and FHLB stock                              ---               12              21            34
                                                               ---               --              --            --

       Total Interest and Dividend Income                    1,503            1,387           4,433         4,028
                                                             -----            -----           -----         -----

Interest Expense:
  Deposits                                                     406              296           1,118           874
  Federal Home Loan Bank advances                               17               16              49            48
  Other borrowings                                              70               32             169            63
                                                                --               --             ---            --

   Total Interest Expense                                      493              344           1,336           985
                                                               ---              ---           -----           ---

     Net Interest Income                                     1,010            1,043           3,097         3,043

Provision for Loan Losses                                       45               30             135           120
                                                                --               --             ---           ---

     Net Interest Income After Provision for Loan Losses       965            1,013           2,962         2,923
                                                               ---            -----           -----         -----

Non-interest income:
  Charges and fees on deposit accounts                         183              201             571           590
  Charges and other fees on loans                                6                5              18            14
  Net gain on sale of loans                                     17                8              47            46
  Net gain on sale of foreclosed assets                        ---              ---               5           ---
  Other                                                         58               56             190           184
                                                                --               --             ---           ---

       Total Non-Interest Income                               264              270             831           834
                                                               ---              ---             ---           ---

Non-interest expense:
  Compensation and employee benefits                           458              446           1,465         1,527
  Occupancy and equipment                                      127              137             391           386
  Foreclosed property expense                                  ---                1               2             7
  Data processing                                               45               53             133           144
  Audit, legal and other professional                           45               47             134           141
  Advertising                                                   18               15              79            62
  Telephone and postage                                         21               26              66            69
  Other                                                        139              147             386           402
                                                               ---              ---             ---           ---

       Total Non-Interest Expense                              853              872           2,656         2,738
                                                               ---              ---           -----         -----


See Notes to Condensed Consolidated Financial Statements.


                                                         4
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                       FIRST ROBINSON FINANCIAL CORPORATION
                                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                       For the Three and Nine Month Periods Ended December 31, 2005 and 2004
                                       (In thousands, except per share data)
                                                    (Unaudited)

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

                                                              2005             2004            2005          2004
                                                              ----             ----            ----          ----
<S>                                                         <C>              <C>             <C>           <C>
Income before income tax                                       376              411           1,137         1,019

  Provision for income taxes                                   133              154             389           382
                                                               ---              ---             ---           ---

      Net Income                                              $243             $257            $748          $637
                                                              ====             ====            ====          ====

  Earnings Per Share-Basic                                   $0.50            $0.52           $1.52         $1.29
  Earnings Per Share-Diluted                                 $0.48            $0.49           $1.45         $1.23


COMPREHENSIVE INCOME

Net Income                                                    $243             $257            $748          $637
                                                              ----             ----            ----          ----
Other Comprehensive Income (Loss):

  Unrealized (losses) on securities                           (325)            (147)           (330)         (222)

  Related tax effects                                          122               55             124            83
                                                               ---               --             ---            --

  Other Comprehensive Income (Loss)                           (203)             (92)           (206)         (139)
                                                              ----             ----           -----         -----

Comprehensive Income                                           $40             $165            $542          $498
                                                               ===             ====            ====          ====






See Notes to Condensed Consolidated Financial Statements.

                                                        5
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                 FIRST ROBINSON FINANCIAL CORPORATION
                           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                     For the Nine Month Periods Ended December 31, 2005 and 2004
                                            (In thousands)
                                             (Unaudited)

                                                                                Nine Month Period
                                                                                -----------------

                                                                             2005              2004
                                                                             ----              ----
<S>                                                                        <C>               <C>
Cash flows from operating activities:
    Net income                                                               $748              $637
    Items not requiring (providing) cash:
      Depreciation and amortization                                           191               213
      Provision for loan losses                                               135               120
      Amortization of premiums and discounts on securities                     36                74
      Amortization of loan servicing rights                                    23                44
      Compensation related to incentive plans                                 ---                (1)
      Compensation related to ESOP                                            108               113
      Compensation related to the exercise of options                          94               103
      Deferred income taxes                                                    41               (56)
      Federal Home Loan Bank Stock dividends                                  (23)              (27)
      Originations of mortgage loans held for sale                         (2,469)           (2,681)
      Proceeds from the sale of mortgage loans                              2,516             2,727
      Net gain on loans sold                                                  (47)              (46)
      Net gain on sale of foreclosed property                                  (5)               ---
    Changes in:
      Interest receivable                                                      78                88
      Cash surrender value of life insurance                                  (34)              (36)
      Other assets                                                            (84)              (92)
      Prepaid income taxes                                                    ---                52
      Accrued income taxes                                                     98                80
      Interest payable                                                         37                11
      Other liabilities                                                        (2)              (31)
                                                                              ---              ----

       Net cash provided by operating activities                            1,441             1,292
                                                                            -----             -----

Cash flows from investing activities:
    Proceeds from maturities of securities available for sale               1,500             2,500
    Purchase of securities available for sale                              (7,854)          (10,533)
    Repayment of principal on mortgage-backed securities                    4,143             3,892
    Net change in loans                                                     1,007            (3,681)
    Proceeds from sale of foreclosed assets                                    19               231
    Purchase of premises and equipment                                       (141)             (270)
                                                                             -----             -----

       Net cash used in investing activities                               (1,326)           (7,861)
                                                                           -------           -------




See Notes to Condensed Consolidated Financial Statements.

                                                  6
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                 FIRST ROBINSON FINANCIAL CORPORATION
                            CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                     For the Nine Month Periods Ended Decembre 31, 2005 and 2004
                                            (In thousands)
                                             (Unaudited)

                                                                                Nine Month Period
                                                                                -----------------

                                                                             2005              2004
                                                                             ----              ----
<S>                                                                       <C>               <C>
Cash flows from financing activities:
    Net decrease in deposits                                              $(5,088)          $(2,701)
    Advances from Federal Home Loan Bank                                   19,320            15,550
    Repayment of FHLB Advances                                            (19,320)          (15,550)
    Proceeds from other borrowings                                         75,751            52,451
    Repayment of other borrowings                                         (73,689)          (45,080)
    Purchase of incentive plan shares                                          (8)               (6)
    Purchase of treasury stock                                               (484)              ---
    Dividends paid                                                           (263)             (223)
    Net decrease in advances
      from borrowers for taxes and insurance                                  (44)              (30)
                                                                              ----              ----

       Net cash provided by (used in) financing activities                 (3,825)             4,411
                                                                            ------             -----

Decrease in cash and cash equivalents                                      (3,710)            (2,158)

Cash and cash equivalents at beginning of period                            8,848              8,485
                                                                            -----              -----

Cash and cash equivalents at end of period                                 $5,138             $6,327
                                                                           ======             ======


Supplemental Cash Flows Information

       Interest paid                                                       $1,303               $975

       Income taxes paid (net of refunds)                                     249                305

       Sale and financing of foreclosed property                              ---                 14

       Real estate acquired in settlement of loans                             11                 22






See Notes to Condensed Consolidated Financial Statements.

                                                  7
</TABLE>

<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 December 31, 2005 and the results of its operations for the three months and
nine months ended December 31, 2005 and 2004 and cash flows for the nine-month
periods ended December 31, 2005 and 2004. The results of operations for those
months ended December 31, 2005 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, 2005,
has been derived from the audited Consolidated Balance Sheet for the Company as
of that date.

Certain reclassifications have been made to the 2004 financial statements to
conform to the 2005 financial statement presentation. These reclassifications
had no effect on net income.

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 month periods ended December
31, 2005 and 2004 was $36,000 and $38,000 respectively. The expense for the
nine-month periods ended December 31, 2005 and 2004 was $108,000 and $113,000
respectively.

3.      AUTHORIZED SHARE REPURCHASE PROGRAM

On January 18, 2005, 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. This program expired on December
31, 2005 with 19,295 of the authorized 25,000 shares being re-purchased. The
Board of Directors of First Robinson Financial Corporation approved a subsequent
repurchase program on January 17, 2006. The announcement of the program was also
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 progam approved January 17, 2006 will expire the
earlier of December 31, 2006 or when 25,000 of the Company's outstanding shares
are repurchased.

                                       8
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


4.      EARNINGS PER SHARE FOR THE THREE MONTH PERIODS

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 December 31,
2005 and 2004 were computed as follows (dollar amounts in thousands except share
data):

<TABLE>
<CAPTION>
                                                                              Weighted
                                                                               Average         Per Share
                                                             Income             Shares           Amount
                                                             ------------------------------------------
<S>                                                           <C>              <C>                <C>
For the Quarter Ended December 31, 2005:

Basic Earnings per Share:
    Income available to common stockholders                   $243             485,560            $0.50
                                                                                                  =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                14,561
  Stock options                                                                  9,096
                                                                                 -----

Diluted Earnings per Share:
    Income available to common stockholders                   $243             509,217            $0.48
                                                              ====             =======            =====


For the Quarter Ended December 31, 2004:

Basic Earnings per Share:
    Income available to common stockholders                   $257             496,322            $0.52
                                                                                                  =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                13,710
  Stock options                                                                 12,535
                                                                                ------

Diluted Earnings per Share:
    Income available for common stockholders                  $257             522,567            $0.49
                                                              ====             =======            =====
</TABLE>


                                       9
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


4.      EARNINGS PER SHARE FOR THE NINE MONTH PERIODS

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 nine months ended December 31,
2005 and 2004 were computed as follows (dollar amounts in thousands except share
data):

<TABLE>
<CAPTION>
                                                                              Weighted
                                                                               Average         Per Share
                                                             Income             Shares           Amount
                                                             ------------------------------------------
<S>                                                           <C>              <C>                <C>

For the Nine Month Period Ended December 31, 2005:

Basic Earnings per Share:
    Income available to common stockholders                   $748             492,930            $1.52
                                                                                                  =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                14,480
  Stock options                                                                  8,848
                                                                                 -----

Diluted Earnings per Share:
    Income available to common stockholders                   $748             516,258            $1.45
                                                              ====             =======            =====


For the Nine Month Period Ended December 31, 2004:

Basic Earnings per Share:
    Income available to common stockholders                   $637             493,577            $1.29
                                                                                                  =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                13,582
  Stock options                                                                 12,476
                                                                                ------

Diluted Earnings per Share:
    Income available for common stockholders                  $637             519,635            $1.23
                                                              ====             =======            =====
</TABLE>



                                       10
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


5.      STOCK-BASED COMPENSATION

In accordance with SFAS No. 148, "Accounting for Stock-Based Compensation -
Transition and Disclosure - an amendment of FASB Statement No. 123" (SFAS 148),
the Company provides disclosures as if the Company had adopted the fair
value-based method of measuring all outstanding employee stock options during
the three and nine month periods ended December 31, 2005 and 2004 as indicated
in the following table. The prospective method of accounting for stock options
that the Company has elected to follow, as allowed by SFAS 148, recognizes the
impact of only newly issued employee stock options. However, on August 16, 2005
the Board of Directors approved a resolution to accelerate the vesting of the
remaining 1,280 unvested options. The notice was filed on Form 8-K on August 19,
2005. The following table presents the effect on net income and earnings per
share had the fair value-based method applied to all outstanding and unvested
awards for the three and nine month periods ended December 31, 2004. For the
three and nine month periods ended December 31, 2005, the table presents the
effect on net income and earnings per share had the fair value-based method been
applied to the acceleration of the vesting of the awards. (In thousands, except
per share data.)

<TABLE>
<CAPTION>
                                                            Three Month Period             Nine Month Period
                                                            ------------------             -----------------

                                                           2005             2004           2005          2004
                                                           ----             ----           ----          ----
<S>                                                       <C>              <C>            <C>           <C>
Net income, as reported                                    $243             $257           $748          $637

Add: Stock-based employee compensation expense
   included in reported income, net of related tax
   effects                                                  ---              ---             54           106


Deduct:  Total stock-based
   employee compensation expense
   determined under fair value
   based method for all awards,
   net of related tax effects                               ---              ---           (59)         (107)
                                                           ----              ---           ----         -----

   Pro forma net income                                    $243             $257           $743          $636
                                                           ====             ====           ====          ====

Earnings per common share - basic:
   As reported                                            $0.50            $0.52          $1.52         $1.29

   Pro forma                                              $0.50            $0.52          $1.51         $1.29

Earnings per common share - diluted:
   As reported                                            $0.48            $0.49          $1.45         $1.23

   Pro forma                                              $0.48            $0.49          $1.44         $1.23
</TABLE>

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 2005 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" beginning on page 32 in the
Company's 2005 Annual Report.

                                       11
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


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 will require 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 is effective for the Company on April 1, 2006.
The effect to the Company in 2006 is estimated to be minimal based on the
unvested current stock options outstanding.

Emerging Issues Task Force (EITF) Issue 03-1, "The Meaning of
Other-Than-Temporary Impairment and Its Application to Certain Investments."
EITF 03-1 provides guidance for determining when an investment is considered
impaired, whether impairment is other-than-temporary, and measurement of an
impairment loss. An investment is considered impaired if the fair value of the
investment is less than its cost. Generally, an impairment is considered
other-than-temporary unless: (i) the investor has the ability and intent to hold
an investment for a reasonable period of time sufficient for an anticipated
recovery of fair value up to (or beyond) the cost of the investment; and
(ii)evidence indicating that the cost of the investment is recoverable within a
reasonable period of time outweighs evidence to the contrary. If impairment is
determined to be other-than-temporary, then an impairment loss should be
recognized equal to the difference between the investment's cost and its fair
value. Certain disclosure requirements of EITF 03-1 were adopted in 2003 and the
Company began presenting the new disclosure requirements in its consolidated
financial statements for the year ended March 31, 2004. The recognition and
measurement provisions were initially effective for other-than-temporary
impairment evaluations in reporting periods beginning after June 15, 2004.
However, in September 2004, the effective date of these provisions was delayed
until the finalization of a FASB Staff Position (FSP) to provide additional
implementation guidance. This Statement is estimated to have no material effect
to the Company.

7.      OTHER-THAN-TEMPORARY IMPAIRMENT OF INVESTMENTS

The following table shows our investments' gross unrealized losses and fair
value, aggregrated by investment catagory and length of time that individual
securities have been in a continuous unrealized loss position at December 31,
2005 and March 31, 2005.

<TABLE>
<CAPTION>

Description of Securities           Less than 12 Months            More Than 12 Months              Total
-------------------------           -------------------            -------------------              -----
                                                    Unrealized                    Unrealized                     Unrealized
                                    Fair Value        Losses       Fair Value       Losses        Fair Value       Losses
                                    ----------------------------   ----------------------------   ----------------------------
<S>                                  <C>              <C>            <C>              <C>          <C>              <C>
As of December 31, 2005
-----------------------
U.S. government agencies              $3,544           $70             $---          $---           $3,544           $70
States and political subdivisions        734             9              232             5              966            14
Mortgage-backed securities            16,321           288            5,741           158           22,062           446
                                      ------           ---            -----           ---           ------           ---

  Total impaired securities          $20,599          $367           $5,973          $163          $26,572          $530
                                     =======          ====           ======          ====          =======          ====

As of March 31, 2005
--------------------
U.S. government agencies              $1,950           $41             $---          $---           $1,950           $41
States and political subdivisions        452             3              227            12              679            15
Mortgage-backed securities            12,702           157            3,153            60           15,855           217
                                      ------           ---            -----            --           ------           ---

  Total impaired securities          $15,104          $201           $3,380           $72          $18,484          $273
                                     =======          ====           ======           ===          =======          ====
</TABLE>


                                       12
<PAGE>

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


FORWARD-LOOKING STATEMENTS

When used in this filing and in future filings by 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, 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 cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made. Various
factors, including regional and national economic conditions; substantial
changes in levels of market interest rates; legislative/regulatory provisions;
monetary and fiscal policies of the U.S. Government, including policies of the
U.S. Treasury and the Federal Reserve Board; credit and other risks of lending
and investment activities; demand for loan products; deposit flows; competition;
and accounting principals, policies and guidelines, could affect financial
performance and could cause actual results for future periods to differ
materially from those anticipated or projected. Further information concerning
the Company and its business, including additional factors that could materially
affect the Company's financial results, is included in the Company's filings
with the Securities and Exchange Commission.

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

First Robinson Financial Corporation's (the "Company") 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.

Net income 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, net income also is affected by the level of general
and administrative expenses and the level of other income, which primarily
consists of service charges and other fees.

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 our 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
earnings; and (iv) to manage exposure to changes in interest rates.

On August 16, 2005, the Compensation Committee (the "Committee") of the Board of
Directors of First Robinson Financial Corp. (the "Company") approved an
amendment to the terms of unvested options relating to 1,280 shares of common
stock granted under the Company's 1998 Stock Option Plan. The amendment
accelerates the ability to exercise such options. Under the revised vesting
schedule for each individually awarded stock option, all incentive options to
purchase up to 1,280 shares of common stock became vested on September 1, 2005.
Previously, 2,200 options and 1,000 options were scheduled to vest equally over
a five-year period

                                       13
<PAGE>

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


beginning April 22, 2003 and June 17, 2003, respectively. The Committee believed
the change in the vesting schedule would be in the best interests of the Company
and its stockholders. See Note 5 in the Notes to Condensed Consolidated
Financial Statements.

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 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 strong 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
slow the growth of deposit rates in comparison to loan rates.

Management has established advisory boards, consisting of six or seven community
members in Oblong and Palestine. These boards, along with the Board of
Directors, believe we should continue to emphasize our three primary strengths.
Those strengths are 1) our staff, which are local, involved, friendly and
service oriented; 2) our locally owned and operated Bank; and 3) our excellent
reputation and community image. 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 very good. 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. The non-interest
income generated from these programs has declined as a result of the current
interest rate environment. 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, cash management and also direct deposit and
payroll services to our business customers. Currently, we are in the process of
enhancing the security authentication of our Internet banking product for
customers. Such as implementing multifactor authentication, layered security or
other controls to mitigate risk as instructed by recent Federal Financial
Institutions Examination Council ("FFIEC") guidance. We provide investment
brokerage services to our customers through PrimeVest Financial Services. The
service continues to grow and is also providing non-interest income. We have
recently completed a trust referral agreement with Independent Bankers Bank
located in Springfield, Illinois. This will allow us to offer trust services to
our customers while evaluating the viability of implementing an internal trust
department.

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 cause the delinquency to be cured 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 60
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.


                                       14
<PAGE>

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


The following table sets forth the Bank's loan delinquencies by type, by amount
and by percentage of type at December 31, 2005.

<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>
Real Estate:
  One- to
  four-family...      3     $120     0.33%       ---     ---        ---         7       $368    1.02%      10      $488      1.35%
  Commercial and
  business and
  agricultural

  finance.......      1        9     0.11        ---     ---        ---       ---       ---      ---        1         9      0.11
Consumer and
other loans.....      3        8     0.18        ---     ---        ---         1        35     0.77        4        43      0.95
                      -        -     ----        ---     ---        ---         -        --     ----        -        --      ----

     Total......      7     $137     0.21%       ---     ---        ---         8      $403     0.60%      15      $540      0.81%
                      =     ====     =====       ===     ===        ===         =      ====     =====      ==      ====      =====
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1)  Loans are still accruing.

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.

                                       December 31   March 31,    December 31,
                                       ---------------------------------------
                                          2005         2005          2004
                                       ------------ ------------ -------------
Non-accruing loans:
  One- to four-family................         $368         $253          $280
  Commercial and agricultural
     real estate.....................          ---          ---            31
  Consumer...........................           35          ---           ---
                                                --          ---           ---
Total                                          403          253           311
                                               ---          ---           ---

Foreclosed assets:
  One- to four-family................           11           14           ---
                                                --           --           ---
Total                                           11           14           ---
                                                --           --           ---

Total non-performing assets..........         $414         $267          $311
                                       ============ ============ =============
Total as a percentage of total
  assets.............................        0.38%        0.24%         0.29%
                                       ============ ============ =============

Gross interest income which would have been recorded had the non-accruing loans
been current in accordance with their original terms amounted to approximately
$4,000 for the three months and $13,000 for the nine months ended December 31,
2005 and $6,000 for the three months and $15,000 for the nine months ended
December 31, 2004.

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.

                                       15
<PAGE>

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


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 December 31, 2005, the Bank had classified a total of $780,000
of its assets as substandard and $271,000 as doubtful or loss. At December 31,
2005, total classified assets comprised $1.051 million, or 10.0% of the Bank's
capital, and 1.0% of the Bank's total assets.

OTHER LOANS OF CONCERN. As of December 31, 2005, there were $2.915 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 fair market 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 December 31, 2005, the
Bank had one 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 December 31, 2005, the Bank had a total allowance for loan
losses of $729,000, representing 1.11% of the Bank's loans, net. At March 31,
2005, the Bank's total allowance for loan losses to the Bank's loans, net was at
1.01%.


                                       16
<PAGE>

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

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

<TABLE>
<CAPTION>

                                          December 31, 2005                         March 31, 2005
                             --------------------------------------------------------------------------------------
                                              Gross       Percent of                     Gross        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..........       $150       $35,954         53.74%        $122        $36,174        53.51%
Multi-family.................        ---           579           0.86         ---            663          0.98
Commercial and agricultural
  real estate................        347        15,137          22.62         328         15,045         22.25
Construction or development..         13         1,680           2.51           8            900          1.33
Consumer and other loans              30         4,576           6.84          13          4,381          6.48
State and Municipal
Governments..................        ---         1,283           1.92         ---          1,333          1.97
Commercial business
  and agricultural
  finance....................        182         7,700          11.51         161          9,112         13.48
                                                                -----                                    -----
Undisbursed portion of loans.                     (518)                                     (121)
                                                 -----                                     -----
Unallocated..................          7                                       40
                                       -                                       --
     Total...................       $729       $66,391        100.00%        $ 672       $67,487       100.00%
                                    ====       =======        =======        =====       =======       =======
</TABLE>

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

<TABLE>
<CAPTION>
                                                      Three Months Ended       Nine Months Ended
                                                         December 31,             December 31,
                                                    -----------------------------------------------
                                                      2005          2004       2005          2004
                                                    --------      --------   --------      --------
                                                              (Dollars in thousands)
<S>                                                   <C>           <C>        <C>           <C>
Balance at beginning of period...................     $675          $687       $672          $655

Charge-offs:
  One- to four-family............................      ---            37        113            54
  Construction, land or development..............      ---           ---        ---            43
  Commercial and agricultural real estate........      ---           ---        ---           ---
  Consumer and other loans.......................        3            10         25            21
  Commercial business and agricultural finance...      ---           ---        ---             2
                                                       ---           ---        ---             -
Total charge-offs                                        3            47        138           120
                                                         -            --        ---           ---

Recoveries:
  One- to four-family............................       10             2         47            3
  Commercial and agricultural real estate........      ---           ---        ---            2
  Consumer and other loans.......................        2             6         13           15
  Commercial business and agricultural finance...      ---             8        ---           11
                                                       ---             -        ---           --
Total recoveries.................................       12            16         60           31
                                                       ---           ---        ---           --

Net charge-offs (recoveries).....................       (9)           31         78           89
Additions charged to operations..................       45            30        135          120
                                                        --            --        ---          ---
Balance at end of period.........................     $729          $686       $729         $686
                                                      ====          ====       ====         ====

Ratio of net charge-offs during the period to
 average loans outstanding during the period.....  (0.01)%         0.05%      0.12%        0.14%
                                                   =======         =====      =====        =====

Ratio of net charge-offs during the period to
 average non-performing assets...................  (2.31)%         6.58%     21.84%       15.82%
                                                   =======         =====     ======       ======
</TABLE>


                                       17
<PAGE>

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


OVERVIEW

First Robinson Financial Corporation is the holding company (the "Company") for
First Robinson Savings Bank, National Association (the "Bank"). The Company is
headquartered in Robinson, Illinois and operates three full service offices and
one drive-up facility in Crawford County. The Company earned $748,000 for the
first nine months of the fiscal year 2006, versus $637,000 in the same period of
fiscal year 2005, an increase of 17.4%. Earnings were positively impacted by a
$54,000 increase in net interest income and an $82,000 decrease in non-interest
expense. Offsetting these positive impacts was an increase of $15,000 in
provision for loan losses, a decrease of $3,000 in non-interest income and an
increase of $7,000 in income tax provision. Basic earnings per share for the
2006 nine month fiscal period were $1.52 per share versus $1.29 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 nine months of fiscal 2006 were $1.45 per share,
versus $1.23 per share for the nine months of fiscal 2005.

Net income for the December 2005 quarter was $243,000, a decrease of 5.4% versus
$257,000 for the comparable period of 2004. The decrease in net earnings was
primarily attributable to an increase in total interest expense of $149,000 from
the third quarter of fiscal 2005 to 2006, which was only partially offset by the
increase in total interest income of $116,000 during the same comparative
periods. Also contributing to the decrease in net earnings for the same
comparitive periods was a $15,000 increase in the provision for loan losses and
a $6,000 decrease in total non-interest income, most of which was offset by a
$19,000 decrease in non-interest expense, as further explained below. Basic
earnings per share for the third quarter of fiscal 2006 were $0.50 per share,
versus $0.52 per share for the third quarter of fiscal 2005. Diluted earnings
per share for the third quarter of fiscal 2006 were $0.48 per share, versus
$0.49 per share for the third quarter of fiscal 2005.

RESULTS OF OPERATIONS

NET INTEREST INCOME

For the three-month period ended December 31, 2005, net interest income totaled
$1.010 million, a decrease of 3.2%, or $33,000, compared to the same period of
2004. The decrease in net interest income is primarily due to an increase of 76
basis points in the yield on interest bearing liabilities compared to only a 41
basis point increase in the yield of interest earning assets. However, for the
nine-month period ended December 31, 2005, net interest income totaled $3.097
million, an increase of 1.8%, or $54,000 versus the same period of fiscal year
2005. Net interest income increased in the nine-month period of fiscal year 2006
versus the comparable period of fiscal year 2005, primarily due to an incease in
average interest earning assets of $3.614 million, or 3.7%.

During the December 2005 quarter, total interest and dividend income increased
$116,000, or 8.4%, to $1.503 million, versus $1.387 million during the same
quarter of 2004. For the three-month period ended December 31, 2005, the yield
on average-earning assets increased 41 basis points to 6.01% from the yield of
5.60% for the three-month period ended December 31, 2004. During the first nine
months of fiscal 2006, total interest and dividend income increased by $405,000,
or 10.1%, to $4.433 million, versus $4.028 million during the first nine months
of fiscal 2005. The yield on average earning assets increased by 33 basis points
to 5.86% for the nine-month period ended December 31, 2005 versus 5.53% in the
same period of 2004.

The average daily loan balances for the quarter ended December 31, 2005
decreased $2.450 million, or 3.7%, to $64.607 million, versus $67.058 million
for the same period of 2004. During the same period, loan interest income
increased by $61,000, or 5.6%, to $1.503 million versus $1.387 million during
the quarter ended December 31, 2005. The yield on loans increased 63 basis
points to 7.09% from 6.46% for the December 2005 quarter compared to the
December 2004 quarter. The average daily loan balances for the nine-month period
ending December 31, 2005 was virtually unchanged from the same period of 2004.
However, loan interest income increased by $210,000, or 6.6%, to $3.379 million.
The increase was the result of a 43 basis point increase in the yield on loans
to 6.88% from 6.45% in the same nine-month period of 2004.

The average daily securities balances and the Company's interest-bearing demand
deposits balances for the third quarter of fiscal year 2006 increased $3.506
million, or 11.0%, to $35.455 million, versus $31.949 million for the same
period of fiscal year 2005. During the same period, income from investments
increased by $55,000, or 18.2%, to $358,000 versus $303,000 during the third
quarter of fiscal year 2005. The increase was primarily the result of the large
increase in securities held and the 25 basis point increase in the yield on
securities and interest-bearing deposits, to 4.04%, versus 3.79% in the third
quarter of fiscal year 2005. The average daily securities balances and
interest-bearing demand deposits balances for the first nine months of fiscal
2006 increased $3.609 million, or 11.4%, to $35.268 million, versus $31.659
million for the same period of fiscal year 2005. During the same periods, income
from investments increased by $195,000, or 22.7%, to $1.054 million versus
$859,000 during the nine months of fiscal 2005. The increase in interest and
dividend income was primarily the result of the $3.609 million increase in
investments held and the 36 basis

                                       18
<PAGE>

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


point increase in the yields on investments, to 3.98% versus 3.62% in the nine
months of fiscal year 2005.

Total interest expense increased $149,000, or 43.3%, to $493,000 for the
three-month period ended December 31, 2005, from $344,000 for the comparable
period in 2004. The increase was primarily the result of a 76 basis point
increase in the Company's daily cost of funds to 2.39%, versus 1.63% for the
same period of 2004. Total interest expense also increased $351,000, or 35.6%,
to $1.336 million for the nine-month period ended December 31, 2005, from
$985,000 for the comparable period in 2004. The increase was primarily the
result of a 55 basis point increase in the Company's daily cost of funds to
2.13%, versus 1.58% for the same period of 2004.

On an average daily basis, total interest-bearing deposits decreased $2.548
million, or 3.4%, to $72.959 million for the three-month period ended December
31, 2005, versus $75.507 million in the same period in 2004. The average cost of
funds increased by 66 basis points to 2.23% for the December 2005 quarter versus
the December 2004 quarter at 1.57%. The average daily balance of
interest-bearing deposits for the nine-month period ended December 2005
decreased by $1.361 million, or 1.8%, to $74.625 million from $75.986 million.
When comparing the average cost of funds for the December 2005 nine-month period
to the same period ending December 31, 2004 there was an increase of 47 basis
points from 1.53% to 2.00%.

Average daily balances of long-term borrowings for the December 2005 quarter had
no change from the December 2004 quarter. The rate on the long-term borrowings
also remained the same at 5.6%. However during the December 2005 quarter, the
average balance for the quarter of overnight borrowings from the FHLB was
$476,000 compared to $323,000 in overnight borrowings for the December 2004
quarter resulting in an increase in interest expense of $1,000. For the nine
months ending December 31, 2005, the average daily balance in overnight
borrowings declined by $174,000, or 38.6%, from $451,000 in average borrowings
for the nine months ending December 31, 2005 to $277,000 for the same period in
2004. Interest expense in overnight borrowings increased by $1,000 when
comparing the nine month periods ending December 31, 2005 and 2004. The increase
was due to the average cost of funds for the overnight borrowings increasing by
148 basis points for the December 31, 2005 period versus the same nine month
period ending December 31, 2004.

For the three-months ended December 31, 2005 versus the same period of 2004, the
average daily balance of other short-term borrowings increased $617,000 or 8.1%,
from $7.574 million to $8.191 million. The average cost of funds also increased
for the December 2005 quarter by 174 basis points from 1.68% to 3.42%. The
average daily balance of other short-term borrowings for the nine-months ended
December 31, 2005 increased by $1.937 million, or 33.8%, to $7.661 million from
$5.724 million for the nine-month period ending December 31, 2005. The average
cost of funds also increased by 148 basis points to 2.93% from 1.45% when
comparing the nine-months of fiscal year 2006 to fiscal year 2005.

PROVISION FOR LOAN LOSSES

Based on management's review of the adequacy of the allowance for loan losses,
provisions for losses on loans of $45,000 and $135,000 were recorded during the
three-month and nine-month periods ended December 31, 2005, versus provisions of
$30,000 and $120,000 recorded during the same periods of 2004. The increase in
the provision for loan losses for the periods ended December 31, 2005 reflected
a number of factors, including the level of charge-offs, management's overall
view on current credit quality, and the amount and status of impaired loans.
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 December 31, 2005, its allowance for loan losses was
adequate.


                                       19
<PAGE>

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


NON-INTEREST INCOME

Non-interest income categories for the three and nine-month periods ended
December 31, 2005 and 2004 are shown in the following table:

<TABLE>
<CAPTION>
                                                                      Three Months Ended
                                                                         December 31,
                                                               -----------------------------------
Non-interest income:                                             2005        2004       % CHANGE
                                                                 ----        ----       --------
                                                                          (In thousands)
<S>                                                               <C>         <C>         <C>
  Charges and fees on deposit accounts                            183         201          (9.0)%
  Charges and other fees on loans                                   6           5          20.0
  Net gain on sale of loans                                        17           8         112.5
  Other                                                            58          56           3.6
                                                                   --          --

    Total Non-Interest Income                                     264         270         (2.2)%
                                                                  ===         ===         =====


                                                                       Nine Months Ended
                                                                         December 31,
                                                               -----------------------------------
Non-interest income:                                             2005        2004       % CHANGE
                                                                 ----        ----       --------
                                                                          (In thousands)
  Charges and fees on deposit accounts                            571         590          (3.2)%
  Charges and other fees on loans                                  18          14          28.6
  Net gain on sale of loans                                        47          46           2.2
  Net gain on sale of foreclosed assets                             5         ---           ---
  Other                                                           190         184           3.3
                                                                  ---         ---

    Total Non-Interest Income                                     831         834         (0.4)%
                                                                  ===         ===         =====
</TABLE>

Charges and fees on deposit accounts decreased $18,000 and $19,000,
respectively, in the three-month and nine-month periods ended December 31, 2005
versus the same periods in 2004. The decrease in fees can be attributed, in
part, to the bounce protection program, started in May 2003, leveling out.

Charges and other fees on loans were up in both the three and nine-month periods
when compared to the same periods in 2004. The increase in loan fees is due, in
part, to the increase in credit life and accident and health insurance
commission received on consumer loans.

The increase of $9,000, or 112.5%, in net gain on the sale of mortgages resulted
primarily from an increase in the volume of mortgages sold during the
three-month period ended December 31, 2005 versus the same period in 2004.
During the third quarter of fiscal 2006, the Company sold $935,000 in mortgages
versus $447,000 in the same quarter of fiscal 2005. When comparing the
nine-months ending December 31, 2005 to the nine-months ending December 31,
2004, the net gain on sale of loans increased by $1,000, or 2.2%. During the
first nine months of fiscal 2006, the Company sold $2.469 million in mortgages
versus $2.681 million in the comparable period of fiscal 2005. The decrease of
mortgage refinance activity is a result of the increase in interest rates.

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 $2,000 and $6,000, respectively, in the
three and nine-month periods ended December 31, 2005 versus the same period of
2004. The primary driver behind the increases in the three and nine-month
periods were attributed to the increase in commissions from the investment
brokerage service.

                                       20
<PAGE>

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


NON-INTEREST EXPENSE

Non-interest expense categories for the three and nine-month periods ended
December 31, 2005, and 2004 are shown in the following table:

<TABLE>
<CAPTION>

                                                                     Three Months Ended
                                                                        December 31,
                                                             -------------------------------------
                                                                 2005        2004       % CHANGE
                                                                 ----        ----       --------
<S>                                                               <C>         <C>           <C>
Non-interest expense:                                                   (In thousands)
     Compensation and employee benefits                           458         446           2.7%
     Occupancy and equipment                                      127         137          (7.3)
     Foreclosed property expense                                  ---           1        (100.0)
     Data processing                                               45          53         (15.1)
     Audit, legal and other professional                           45          47          (4.3)
     Advertising                                                   18          15          20.0
     Telephone and postage                                         21          26         (19.2)
     Other                                                        139         147          (5.4)
                                                                  ---         ---

       Total Non-Interest Expense                                 853         872          (2.2)%
                                                                  ===         ===         ======


                                                                      Nine Months Ended
                                                                        December 31,
                                                             -------------------------------------
                                                                 2005        2004       % CHANGE
                                                                 ----        ----       --------
Non-interest expense:                                                   (In thousands)
     Compensation and employee benefits                         1,465       1,527          (4.1)%
     Occupancy and equipment                                      391         386           1.3
     Foreclosed property expense                                    2           7         (71.4)
     Data processing                                              133         144          (7.6)
     Audit, legal and other professional                          134         141          (5.0)
     Advertising                                                   79          62          27.4
     Telephone and postage                                         66          69          (4.3)
     Other                                                        386         402          (4.0)
                                                                  ---         ---

       Total Non-Interest Expense                               2,656       2,738          (3.0)%
                                                                =====       =====         ======
</TABLE>

Compensation and employee benefits increased in the three-month period when
comparing December 2005 and 2004. The increase in the three-month period can be
attributed, in part, to a $5,000 increase in options exercised offset by a
$6,000 decrease in the fair value of the shares held in the Directors Retirement
Plan and an increase of $11,000 in salaries. When comparing the nine-months
ended December 31, 2005 to the same period in 2004, compensation and employee
benefits decreased by $62,000. The decrease in the nine-month period can also be
attributed, in part, to a $93,000 decrease in options exercised offset by a
$11,000 increase in the fair value of the shares held in the Directors
Retirement Plan and an increase of $30,000 in salaries.

The decrease of $10,000 in occupancy and equipment expense for the three-month
period is a result of a decrease in depreciation expense. While the increase of
$5,000 for the nine-month period reflects the costs associated with repairs on
concrete work and landscaping at all of the facilities of the Company offset by
the decrease in depreciation expense.

Foreclosed property expense decreased by $5,000 for the nine-month period ending
December 31, 2005 due to averaging one property in foreclosed assets compared to
an average of three properties during the nine-month period ending December 31,
2004.

Audit, legal and other professional fees decreased primarily due to a decrease
in legal expense for both the three-month and nine-month periods.


                                       21
<PAGE>

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


The increase of $17,000 in advertising expense is primarily associated with the
cancellation fee related to a software program purchased for marketing
additional products to existing customers and increased sponsorship of community
groups to promote name recognition.

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.
When comparing the December 31, 2005 quarter to the December 31, 2004 quarter,
the decrease of $8,000 in other expenses can be attributed, in part, to
decreases ATM/Debit card expenses, stationary and printing costs, and charitable
donations. The decrease of $16,000 in other expenses in the nine-month period
ending December 31, 2005 verses the same period in 2004 is primarily the result
of decreases in stationary and printing costs, ATM/Debit card expenses, and the
loss from a $9,800 fraudulent cashiers check in the first nine-months of fiscal
year 2005. These decreases are offset by increases in the amount of waived check
order charges and increases in training seminars and conferences.

INCOME TAX EXPENSE

Income tax expense decreased $21,000, or 13.6%, for the three-month ending
December 31, 2005, compared to the same period in 2004. Income tax expense for
the nine-moth period increased $7,000, or 1.8%, compared to the same period of
2004. The combined state and federal income tax expense as a percentage of
income before income tax expense decreased to 35.3% during the three-month
period of 2005 compared to 37.5% during the same period in 2004. It decreased to
34.2% for the nine-month period ending December 31, 2005, versus 37.5% for the
same period of 2004.

FINANCIAL CONDITION

Total assets of the Company were $108.497 million as of December 31, 2005, a
decrease of $2.948 million, or 2.6%, when compared to $111.445 million as of
March 31, 2005. The decrease in assets was primarily due to a decrease of $3.710
million, or 41.9%, in cash and cash equivalents and a decrease of $1.153
million, or 1.7%, in loans, net offset by an increase of $1.845 million in
available for sale securities.

The Company's interest-bearing demand deposits decreased by $3.727 million, or
49.4%, to $3.818 million at December 31, 2005 from $7.545 million at March 31,
2005. Cash and due from banks of the Company increased by $17,000, or 1.3%, from
$1.303 million at March 31, 2005 to $1.320 million at December 31, 2005. The
total decrease in cash and cash equivalents of $3.710 million was primarily a
result of a decrease in deposits from customers and other borrowings.

Available-for-sale investment securities amounted to $31.767 million at December
31, 2005 compared to $29.922 million at March 31, 2005, a $1.845 million
increase. The increase resulted from $7.854 million in investment purchases
partially offset by $4.143 million in repayments on mortgage-backed securities,
the maturity of $1.5 million in agencies, a $330,000 decrease in the market
valuation of the available-for-sale portfolio and the amorization of $36,000 of
premiums and discounts on investments. 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 decreased by $1.153 million to $65.662 million
at December 31, 2005 from $66.815 million at March 31, 2005. Gross loans
decreased by $699,000 while undisbursed loan proceeds of closed-end lines of
credit increased by $397,000 and the allowance for loan losses increased by
$57,000. Commercial business and agricultural finance loans decreased by $1.412
million, or 15.5% and one to-four family residential loans decreased $220,000,
or 0.6%. These decreases were offset, in part, by an increase of $780,000, or
86.8%, in construction and development loans and an increase of $195,000, or
4.4%, in consumer and other loans.

At December 31, 2005, the allowance for loan losses was $729,000 or 1.11% of the
net loan portfolio which increased $57,000 from the allowance for loan losses at
March 31, 2005 at $672,000 or 1.01% of the net loan portfolio. During the first
nine-months of fiscal 2006, the Company charged off $138,000 of loan losses,
$11,000 of which in consumer loans, $14,000 in other loans, which are primarily
checking accounts under the bounce protection program and $113,000 pertained to
six loans secured by 1-4 family residential properties. The chargeoffs of
$138,000 were partially offset by $60,000 in recoveries, consisting of $3,000 in
consumer loans, $10,000 in other loans, and $47,000 in 1-4 family residential
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.


                                       22
<PAGE>

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


As of December 31, 2005, the Company had one real estate property held for sale
at $11,000. At March 31, 2005, the Company had one property at $14,000 which was
sold for a net gain of $5,000. Foreclosed assets are carried at lower of cost or
net realizable value.

Total deposits decreased by $5.088 million to $83.880 million at December 31,
2005 from $88.968 million at March 31, 2005. The 5.7% decrease in total deposits
was due to decreases of $4.071 million in savings, NOW, and money market
accounts and $1.612 million in certificates of deposit. Offsetting these
decreases was an increase of $595,000 in non-interest bearing demand deposits.

Federal Home Loan Bank advances remained constant at $1.0 million at December
31, 2005 and March 31, 2005. However, other borrowings consisting entirely of
repurchase agreements, increased $2.062 million, or 22.5%. The obligations are
secured by mortgage-backed securities and US government agencies held in
safekeeping at the Federal Home Loan Bank of Chicago. At December 31, 2005, the
average rate on the repurchase agreements was 3.60% compared to 2.29% at March
31, 2005. These agreements mature periodically within 24 months.

Advances from borrowers for taxes and insurance decreased by $44,000 from
$120,000 at March 31, 2005 to $76,000 at December 31, 2005. Accrued income taxes
payable increased $98,000. Accrued interest payable increased by $37,000 due to
the rise in interest rates on variable rate deposit accounts.

Stockholders' equity at December 31, 2005 was $11.445 million compared to
$11.456 million at March 31, 2005, a decrease of $11,000. The decrease in
stockholders' equity can be attributed to the decrease of $206,000 in
accumulated comprehensive income due to the decrease in the fair value of
securities available for sale, net of related tax effect and the purchase of
Treasury shares of First Robinson Financial stock in the amount of $484,000,
offset by $66,000 in Treasury shares distributed for options exercised. These
decreases were offset, in part, by increases in retained earnings of $748,000 in
net income offset by $263,000 in dividends declared and paid, an increase in
additional paid-in-capital of $92,000 consisting of $64,000 in the valuation of
shares in the employee stock ownership plan ("ESOP") and $28,000 in options
exercised, and the $36,000 increase for the allocation of ESOP shares.

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
$1.639 million. The letters of credit are collateralized and underwritten, as
currently required by 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 December 31, 2005, outstanding commitments
to extend credit amounted to $10.580 million (including $5.068 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 $23.824 million line of credit with the FHLB, of which
$1.0 million was utilized as of December 31, 2005. 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 December 31, 2005, $4.1 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 $1.090 million for the
credit enhancement reserve established as a result of the participation in the
FHLB Mortgage Partnership Finance ("MPF") program. The Company also maintains a
$2.0 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.
The Company adjusts their investments in liquid assets based upon management's
assessment of (i) expected loan demand, (ii) expected deposit flows, (iii)
yields available on interest-


                                       23
<PAGE>

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


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.

At December 31, 2005, the Bank was in compliance with all of the aforementioned
capital requirements as summarized below:

<TABLE>
<CAPTION>
                                                                                December 31, 2005
                                                                                -----------------
                                                                                 (In thousands)
                                                                                 --------------
<S>                                                                              <C>
Tier I Capital:
         Common stockholders' equity                                                 $10,514
         Unrealized loss on securities available for sale                                284
         Less disallowed intangible assets                                              (14)

           Total Tier I capital                                                       10,784

Tier II Capital:
         Total Tier I capital                                                         10,784
         Qualifying allowance for loan losses                                            729

           Total risk-based capital                                                   11,513

Risk-weighted assets                                                                  63,957
Quarter average assets                                                               106,511


                                                                                                         To be Well Capitalized
                                                                                                             Under the Prompt
                                                                               For Capital                  Corrective Action
                                                Actual                      Adequacy Purposes                  Provisions
                                                ------                      -----------------                  ----------
                                         Amount         Ratio             Amount          Ratio           Amount          Ratio
                                         ------         -----             ------          -----           ------          -----
As of December 31, 2005:
     Total Risk-Based Capital
       (to Risk-Weighted Assets)        $11,513         18.00%            $5,117           8.00%          $6,396          10.00%
    Tier I Capital
      (to Risk-Weighted Assets)          10,784         16.86              2,558           4.00            3,837           6.00
    Tier I Capital
      (to Average Assets)                10,784         10.12              4,260           4.00            5,326           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.


                                       24
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION


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 Securities Exchange Act of 1934
(Exchange Act)) as of the end of the period covered by this report. Based upon
that evaluation, our Chief Executive Officer and Chief Financial Officer
concluded that as of December 31, 2005 our disclosure controls and procedures
were effective to provide reasonable assurance that (i) the information required
to be disclosed by us in this Report was recorded, processed, summarized and
reported within the time periods specified in the SEC's rules and forms, and
(ii) information required to be disclosed by us in our reports that we file or
submit under the Exchange Act is accumulated and communicated to our management,
including our principal executive and principal financial officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding
required 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. Unless the SEC further amends its regulations, the Company will begin
the process of evaluating, documenting and testing their system of internal
control over financial reporting to provide the basis for a report that will,
for the first time, be a required part of the annual report on Form 10-KSB for
the fiscal year ending March 31, 2008. Due to the ongoing evaluation and testing
of 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.


                                       25
<PAGE>

                            PART II OTHER INFORMATION


Item 1.         LEGAL PROCEEDINGS

                None

Item 2.         UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

                The following table provides information about purchases by the
                Company for the quarter ended December 31, 2005 regarding the
                Company's common stock.

<TABLE>
<CAPTION>

PURCHASES OF EQUITY SECURITIES BY COMPANY (1)
------------------------ ------------------ ---------------------- ------------------------ -------------------------
Period                   Total Number of    Average Price Paid     Total Number of Shares   Maximum Number of
                         Shares Purchased   per Share              Purchased as Part of     Shares that May Yet Be
                                                                   Publicly Announced       Purchased Under the
                                                                   Plans or Programs        Plans or Programs
------------------------ ------------------ ---------------------- ------------------------ -------------------------
<S>                      <C>                <C>                    <C>                      <C>
10/1/2005 - 10/31/2005   ---                --                     ---                      5,705
------------------------ ------------------ ---------------------- ------------------------ -------------------------
11/1/2005 - 11/30/2005   ---                --                     ---                      5,705
------------------------ ------------------ ---------------------- ------------------------ -------------------------
12/1/2005 - 12/31/2005   ---                --                     ---                      5,705
------------------------ ------------------ ---------------------- ------------------------ -------------------------
Total                    ---                --                     ---                      5,705
------------------------ ------------------ ---------------------- ------------------------ -------------------------
</TABLE>

                (1) On January 18, 2005, 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. This program expired on December 31, 2005
                with 19,295 of the authorized 25,000 shares being re-purchased.
                The Board of Directors of First Robinson Financial Corporation
                approved a subsequent repurchase program on January 17, 2006.
                The announcement of the program was also 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 progam approved
                January 17, 2006 will expire the earlier of December 31, 2006 or
                when 25,000 of the Company's outstanding shares are repurchased.


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

                a.      Exhibit 31: Section 302 Certifications

                b.      Exhibit 32: Section 906 Certification


                                       26
<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:   February 14, 2006             /s/ Rick L. Catt
        -----------------             ----------------
                                      Rick L. Catt
                                      President and Chief Executive Officer


Date:   February 14, 2006             /s/ Jamie E. McReynolds
        -----------------             -----------------------
                                      Jamie E. McReynolds
                                      Chief Financial Officer and Vice President


                                       27
<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


                                       28