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 September
      30, 2007











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 Numberof
                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 Securities Exchange Act of 1934 during the preceding 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
      November 13, 2007, the Registrant had 453,569 shares of Common Stock, par value
      $0.01, issued and outstanding.














Transitional
      Small Business Disclosure Format (check one):


YES NO X








1


FIRST
      ROBINSON FINANCIAL CORPORATION


Index
      to
      Form 10-QSB


PART
                1. FINANCIAL INFORMATION
            PAGEItem
                1.
            Financial
              StatementsCondensed
                Consolidated Balance Sheets as of September 30, 2007And
                March 31, 2007
            3Condensed
                Consolidated Statements of Income for the Three-Month and Six-MonthPeriods
                Ended September 30, 2007 and September 30, 2006
            4Condensed
                Consolidated Statements of Cash Flows for the Six-MonthPeriods
                Ended September 30, 2007 and September 30, 2006
            6Notes
                to Condensed Consolidated Financial Statements
            8Item
                2.
            Management’s Discussion
              and Analysis or Plan of Operation
            13Item
                3.
            Controls and
              Procedures
            26PART
                II. OTHER INFORMATIONItem
                1.
            Legal
                Proceedings
            27Item
                2.
            Unregistered
                Sales of Equity Securities and Use of Proceeds
            27Item
                3.
            Defaults
                Upon Senior Securities
            27Item
                4.
            Submission
                of Matters to a Vote of Security Holders
            27Item
                5.
            Other
                Information
            28Item
                6.
            Exhibits
            28SIGNATURES
            29CERTIFICATIONS
            30


















2


Item
      1:


FIRST
      ROBINSON FINANCIAL CORPORATION


CONDENSED
      CONSOLIDATED BALANCE SHEETS


(In
      thousands, except share data)







September
                30, 2007
            
            March
                31, 2007ASSETS
            
            (Unaudited)Cash
                and cash equivalents
            
            $
            8,599
            
            $
            4,049Available-for-sale
                securities
            
            
            28,462
            
            
            31,129Loans,
                net of allowance for loan losses of $732 and $729at
                September 30, 2007 and March 31, 2007, respectively
            
            
            76,060
            
            
            71,070Federal
                Reserve and Federal Home Loan Bank stock
            
            
            805
            
            
            805Premises
                and equipment, net
            
            
            2,388
            
            
            2,482Interest
                receivable
            
            
            834
            
            
            737Deferred
                income taxes
            
            
            231
            
            
            209Cash
                surrender value of life insurance
            
            
            1,368
            
            
            1,341Other
                assets
            
            
            492
            
            
            452Total
                Assets
            
            $
            119,239
            
            $
            112,274LIABILITIES
                AND STOCKHOLDERS’ EQUITY**Liabilities**Deposits
            
            
            91,910
            
            
            86,773Other
                borrowings
            
            
            14,714
            
            
            12,088Advances
                from borrowers for taxes and insurance
            
            
            66
            
            
            129Accrued
                income taxes
            
            
            186
            
            
            154Interest
                payable
            
            
            227
            
            
            203Other
                liabilities
            
            
            970
            
            
            1,037Total
                Liabilities
            
            
            108,073
            
            
            100,384**Commitments
                and Contingencies**
            
            
            ---
            
            
            ---**Stockholders’
                Equity**Preferred
                stock, $.01 par value; authorized 500,000 shares,no
                shares issued and outstandingCommon
                stock, $ .01 par value; authorized 2,000,000 shares; 859,625 shares
                issued;outstanding
                September 30, 2007- 456,708 shares; March 31, 2007 - 484,908
                shares
            
            
            9
            
            
            9Additional
                paid-in capital
            
            
            8,446
            
            
            8,406Retained
                earnings
            
            
            9,708
            
            
            9,459Accumulated
                other comprehensive loss, net of income tax
            
            
            (229
            )
            
            (199
            )Treasury
                stock, at costCommon:
                September 30, 2007 - 395,686 shares; March 31, 2007 - 367,486 shares
            
            
            (6,768
            )
            
            (5,785
            )Total
                Stockholders’ Equity
            
            
            11,166
            
            
            11,890Total
                Liabilities and Stockholders’ Equity
            
            $
            119,239
            
            $
            112,274


























See
      Notes
      to Condensed Consolidated Financial Statements.


3




FIRST
      ROBINSON FINANCIAL CORPORATION


CONDENSED
      CONSOLIDATED STATEMENTS OF INCOME


For
      the
      Three and Six-Month Periods Ended September 30, 2007 and 2006


(In
      thousands, except per share data)


(Unaudited)





Three-Month
                Period
            
            Six-Month
                Period2007
            
            2006
            
            2007
            
            2006Interest
                and Dividend Income:Loans
            
            $
            1,420
            
            $
            1,275
            
            $
            2,792
            
            $
            2,489Securities:Taxable
            
            
            326
            
            
            329
            
            
            664
            
            
            648Tax-exempt
            
            
            25
            
            
            24
            
            
            49
            
            
            48Other
                interest income
            
            
            89
            
            
            72
            
            
            108
            
            
            116Dividends
                on Federal Reserve Bank andFederal
                Home Loan Bank stock
            
            
            7
            
            
            8
            
            
            14
            
            
            15Total
                Interest and Dividend Income
            
            
            1,867
            
            
            1,708
            
            
            3,627
            
            
            3,316Interest
                Expense:Deposits
            
            
            651
            
            
            502
            
            
            1,268
            
            
            956Other
                borrowings
            
            
            157
            
            
            175
            
            
            274
            
            
            273Total
                Interest Expense
            
            
            808
            
            
            677
            
            
            1,542
            
            
            1,229Net
                Interest Income
            
            
            1,059
            
            
            1,031
            
            
            2,085
            
            
            2,087Provision
                for Loan Losses
            
            
            15
            
            
            15
            
            
            30
            
            
            30Net
                Interest Income After Provision for Loan Losses
            
            
            1,044
            
            
            1,016
            
            
            2,055
            
            
            2,057Non-interest
                income:Charges
                and fees on deposit accounts
            
            
            245
            
            
            231
            
            
            462
            
            
            419Charges
                and other fees on loans
            
            
            19
            
            
            7
            
            
            57
            
            
            13Net
                gain on sale of loans
            
            
            24
            
            
            20
            
            
            55
            
            
            47Net
                gain on sale of foreclosed assets
            
            
            3
            
            
            ---
            
            
            3
            
            
            ---Other
            
            
            104
            
            
            72
            
            
            202
            
            
            142Total
                Non-Interest Income
            
            
            395
            
            
            330
            
            
            779
            
            
            621Non-interest
                expense:Compensation
                and employee benefits
            
            
            508
            
            
            482
            
            
            1,100
            
            
            945Occupancy
                and equipment
            
            
            154
            
            
            131
            
            
            304
            
            
            265Foreclosed
                property expense
            
            
            2
            
            
            1
            
            
            2
            
            
            1Data
                processing
            
            
            52
            
            
            49
            
            
            103
            
            
            97Audit,
                legal and other professional
            
            
            52
            
            
            36
            
            
            90
            
            
            70Advertising
            
            
            30
            
            
            29
            
            
            63
            
            
            59Telephone
                and postage
            
            
            22
            
            
            23
            
            
            47
            
            
            46Net
                loss on sale of foreclosed property
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            2Net
                loss on disposal of fixed assets
            
            
            4
            
            
            ---
            
            
            4
            
            
            ---Other
            
            
            173
            
            
            136
            
            
            296
            
            
            268Total
                Non-Interest Expense
            
            
            997
            
            
            887
            
            
            2,009
            
            
            1,753





See
      Notes
      to Condensed Consolidated Financial Statements.


4














FIRST
      ROBINSON FINANCIAL CORPORATION


CONDENSED
      CONSOLIDATED STATEMENTS OF INCOME


For
      the
      Three and Six-Month Periods Ended September 30, 2007 and 2006


(In
      thousands, except per share data)


(Unaudited)













Three-Month
                Period
            
            Six-Month
                Period2007
            
            2006
            
            2007
            
            2006Income
                before income taxes
            
            
            442
            
            
            459
            
            
            825
            
            
            925Provision
                for income taxes
            
            
            150
            
            
            161
            
            
            260
            
            
            311Net
                Income
            
            $
            292
            
            $
            298
            
            $
            565
            
            $
            614Earnings
                Per Share-Basic
            
            $
            0.64
            
            $
            0.63
            
            $
            1.22
            
            $
            1.29Earnings
                Per Share-Diluted
            
            $
            0.61
            
            $
            0.60
            
            $
            1.16
            
            $
            1.23Comprehensive
                IncomeNet
                Income
            
            $
            292
            
            $
            298
            
            $
            565
            
            $
            614Other
                Comprehensive Income (Loss):Unrealized
                gains (losses) on securities
            
            
            421
            
            
            453
            
            
            (48
            )
            
            (27
            )Related
                tax effects
            
            
            (158
            )
            
            (170
            )
            
            18
            
            
            10Other
                Comprehensive Income (Loss)
            
            
            263
            
            
            283
            
            
            (30
            )
            
            (17
            )Comprehensive
                Income
            
            $
            555
            
            $
            581
            
            $
            535
            
            $
            597













See
      Notes
      to Condensed Consolidated Financial Statements.


5








FIRST
      ROBINSON FINANCIAL CORPORATION


CONDENSED
      CONSOLIDATED STATEMENTS OF CASH FLOWS


For
      the
      Six-Month Periods Ended September 30, 2007 and 2006


(In
      thousands)


(Unaudited)





Six-Month
                Period2007
            
            2006Cash
                flows from operating activities:Net
                income
            
            $
            565
            
            $
            614Items
                not requiring (providing) cash:Depreciation
                and amortization
            
            
            148
            
            
            129Provision
                for loan losses
            
            
            30
            
            
            30Amortization
                of premiums and discounts on securities
            
            
            (22
            )
            
            (4
            )Amortization
                of loan servicing rights
            
            
            27
            
            
            24Compensation
                related to ESOP
            
            
            ---
            
            
            68Compensation
                related to the exercise of options
            
            
            69
            
            
            19Deferred
                income taxes
            
            
            (4
            )
            
            (10
            )Originations
                of mortgage loans held for sale
            
            
            (3,527
            )
            
            (2,200
            )Proceeds
                from the sale of mortgage loans
            
            
            3,582
            
            
            2,247Net
                gain on loans sold
            
            
            (55
            )
            
            (47
            )Net
                (gain) loss on sale of foreclosed property
            
            
            (3
            )
            
            2Net
                loss on disposal of fixed assets
            
            
            4
            
            
            ---Changes
                in:Interest
                receivable
            
            
            (97
            )
            
            (128
            )Cash
                surrender value of life insurance
            
            
            (27
            )
            
            (24
            )Other
                assets
            
            
            (84
            )
            
            (54
            )Accrued
                income taxes
            
            
            32
            
            
            22Interest
                payable
            
            
            24
            
            
            38Other
                liabilities
            
            
            (67
            )
            
            (48
            )Net
                cash provided by operating activities
            
            
            595
            
            
            678Cash
                flows from investing activities:Purchases
                of securities available for sale
            
            
            ---
            
            
            (3,738
            )Sale
                of Federal Home Loan Bank Stock
            
            
            ---
            
            
            22Repayments
                of principal on mortgage-backed securities
            
            
            2,641
            
            
            2,458Net
                change in loans
            
            
            (5,044
            )
            
            (3,731
            )Proceeds
                from sale of foreclosed assets
            
            
            27
            
            
            9Purchases
                of premises and equipment
            
            
            (41
            )
            
            (40
            )Net
                cash used in investing activities
            
            
            (2,417
            )
            
            (5,020
            )





See
      Notes
      to Condensed Consolidated Financial Statements.





6


FIRST
      ROBINSON FINANCIAL CORPORATION


CONDENSED
      CONSOLIDATED STATEMENT OF CASH FLOWS


For
      the
      Six-Month Periods Ended September 30, 2007 and 2006


(In
      thousands)


(Unaudited)







Six-Month
                Period2007
            
            2006Cash
                flows from financing activities:Net
                increase (decrease) in deposits
            
            $
            5,137
            
            $
            (1,693
            )Proceeds
                from other borrowings
            
            
            65,451
            
            
            70,754Repayment
                of other borrowings
            
            
            (62,825
            )
            
            (63,442
            )Federal
                funds purchased
            
            
            95,955
            
            
            4,200Repayment
                of federal funds purchased
            
            
            (95,955
            )
            
            (4,200
            )Net
                decrease in advancesfrom
                borrowers for taxes and insurance
            
            
            (63
            )
            
            (64
            )Proceeds
                received from exercise of options
            
            
            32
            
            
            25Dividends
                paid
            
            
            (316
            )
            
            (273
            )Purchase
                of treasury stock
            
            
            (1,034
            )
            
            (322
            )Purchase
                of incentive plan shares
            
            
            (10
            )
            
            (9
            )Net
                cash provided by financing activities
            
            
            6,372
            
            
            4,976Increase
                in cash and cash equivalents
            
            
            4,550
            
            
            634Cash
                and cash equivalents at beginning of period
            
            
            4,049
            
            
            7,389Cash
                and cash equivalents at end of period
            
            $
            8,599
            
            $
            8,023Supplemental
                Cash Flows InformationInterest
                paid
            
            $
            1,517
            
            $
            1,192Income
                taxes paid (net of refunds)
            
            
            232
            
            
            300Real
                estate acquired in settlement of loans
            
            
            24
            
            
            ---













See
      Notes
      to Condensed Consolidated Financial Statements.





7








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 September 30, 2007, the results of its operations for the three month and
      six
      month periods ended September 30, 2007 and 2006 and cash flows for six month
      periods ended September 30, 2007 and 2006. The results of operations for those
      months ended September 30, 2007 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, 2007,
      has
      been derived from the audited Consolidated Balance Sheet for the Company as
      of
      that date.








2.
            Newly
                Adopted Accounting
                Pronouncements





The
      Company adopted the provisions of FASB Interpretation No. 48 ("FIN 48"),
      "Accounting for Uncertainty in Income Taxes," on April 1, 2007. Implementation
      of the new Standard did not have a material impact on the Company’s financial
      statements. The Company files U.S. and State of Illinois income tax returns.
      As
      of November 10, 2007, the open tax years under FIN 48 are 2005, 2006 and
      2007.





On
      April
      1, 2007, the Company adopted the provisions of Statement of Financial Accounting
      Standards No. 156 (“SFAS No. 156”), “Accounting for Servicing of Financial
      Assets”, an amendment of FASB Statement No. 140, “Accounting for Transfers and
      Servicing of Financial Assets and Extinguishments of Liabilities”.
      Implementation of the new standard did not have a material impact on the
      Company’s financial statements.





In
      September 2006, the FASB ratified a consensus opinion by the EITF on EITF Issue
      06-5, “Accounting for Purchases of Life Insurance-Determining the Amount that
      Could be Realized in Accordance with FASB Technical Bulletin No. 85-4.” The
      guidance in EITF 06-5 required policy holders to consider other amounts included
      in the contractual terms of an insurance policy, in addition to cash surrender
      value, for purposes of determining the amount that could be realized under
      the
      terms of the insurance contract. If it is probable that contractual terms would
      limit the amount that could be realized under the insurance contract, those
      contractual limitations should be considered when determining the realizable
      amounts. The amount that could be realized under the insurance contract should
      be determined on an individual policy (or certificate) level and should include
      any amount realized on the assumed surrender of the last individual policy
      or
      certificate in a group policy.





The
      Company holds several life insurance policies, however, the policies do not
      contain any provisions that would restrict or reduce the cash surrender value
      of
      the policies. The consensus in EITF Issue 06-5 is effective for fiscal years
      beginning after December 15, 2006. The application of this guidance did not
      have
      a material adverse effect on the Company’s financial position or results of
      operation.








3.  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


8





FIRST
      ROBINSON FINANCIAL CORPORATION


NOTES
      TO
      CONDENSED CONSOLIDATED FINANCIAL STATEMENTS








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. As all shares were
      allocated in prior periods, there was no ESOP compensation expense for the
      three
      month or six-month periods ended September 30, 2007. ESOP compensation expense
      for the three-month and six-month periods ended September 30, 2006 was $34,000
      and $68,000, respectively.





4.
            Authorized
                Share Repurchase Program





On
      January 16, 2007, 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. Under the program, the Company was
      authorized to repurchase up to 25,000 shares of the Company’s common stock from
      time to time, in the open market, when deemed appropriate by management. The
      program, approved January 16, 2007, expired with the completion of the purchase
      of all 25,000 shares on September 14, 2007. On September 18, 2007, the Board
      of
      Directors of First Robinson Financial Corporation approved another repurchase
      program of its equity stock. The Company may repurchase up to 25,000 shares
      of
      the Company’s outstanding common stock from time to time, in the open market,
      when deemed appropriate by management. The Program, approved September 18,
      2007,
      will expire the earlier of the completion of the repurchase of the 25,000 shares
      or September 17, 2008. A total of 10,439 shares have been repurchased in the
      open market as of October 31, 2007.





5.  Stock-based
      Compensation





On
      July
      29, 1998, the stockholders of the Company approved a Stock Option Plan (“SOP”)
      and a Recognition and Retention Plan (“RRP”). Options and restricted shares were
      granted to directors, officers and employees at the fair value of the shares
      as
      of that date. The plans were for a period of ten (10) years with a five year
      vesting period for both plans from the date of the grant. Prior to April 1,
      2006
      the Company accounted for the Plan under the recognition and measurement
      provisions of Accounting Principles Board Opinion No. 25, "Accounting for Stock
      Issued to Employees," and related Interpretations.





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


obtains
      employee services. The SFAS requires a public entity to measure the cost of
      employee services received in exchange for its equity instruments based on
      the
      fair value at the grant date (with limited exceptions) and recognize that cost
      over the service period. This statement revises SFAS No. 123, "Accounting for
      Stock-Based Compensation," and supersedes APB Opinion No. 25, "Accounting for
      Stock Issued to Employees." Effective April 1, 2006, the Company adopted the
      provisions of SFAS No. 123 (revised 2004). As a result of adopting SFAS No.
      123R
      on April 1, 2006, the Company did not record any additional compensation
      expense, as no stock options had been granted in recent years and options
      granted were fully vested prior to adoption. However, on April 1, 2006, the
      Company reclassified $125,000 of unearned compensation, or 7,231 shares, related
      to previously recognized compensation for restricted share awards that had
      been
      vested as of that date to additional paid-in capital as these awards represent
      equity awards as defined in SFAS No. 123R.


9


FIRST
      ROBINSON FINANCIAL CORPORATION


NOTES
      TO
      CONDENSED CONSOLIDATED FINANCIAL STATEMENTS








6.  Earnings
      Per Share for the Three-Month Period





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 September 30,
      2007 and 2006 were computed as follows (dollar amounts in thousands except
      share
      data):





WeightedAverage
            
            Per
                ShareIncome
            
            Shares
            
            AmountFor
                the Quarter Ended September 30, 2007:Basic
                Earnings per Share:Income
                available to common stockholders
            
            $
            292
            
            
            457,153
            
            $
            0.64Effect
                of Dilutive Securities:Unearned
                incentive plan shares
            
            
            
            
            
            16,287Stock
                options
            
            
            
            
            
            6,426Diluted
                Earnings per Share:Income
                available to common stockholders
            
            $
            292
            
            
            479,866
            
            $
            0.61For
                the Quarter Ended September 30, 2006:Basic
                Earnings per Share:Income
                available to common stockholders
            
            $
            298
            
            
            475,161
            
            $
            0.63Effect
                of Dilutive Securities:Unearned
                incentive plan shares
            
            
            
            
            
            15,442Stock
                options
            
            
            
            
            
            8,068Diluted
                Earnings per Share:Income
                available for common stockholders
            
            $
            298
            
            
            498,671
            
            $
            0.60





10


FIRST
      ROBINSON FINANCIAL CORPORATION


NOTES
      TO
      CONDENSED CONSOLIDATED FINANCIAL STATEMENTS








Earnings
      Per Share for the Six-Month Period





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 six months ended September 30,
      2007
      and 2006 were computed as follows (dollar amounts in thousands except share
      data):





WeightedAverage
            
            Per
                ShareIncome
            
            Shares
            
            AmountFor
                the Six-Month Period Ended September 30, 2007:Basic
                Earnings per Share:Income
                available to common stockholders
            
            $
            565
            
            
            462,677
            
            $
            1.22Effect
                of Dilutive Securities:Unearned
                incentive plan shares
            
            
            
            
            
            16,146Stock
                options
            
            
            
            
            
            6,541Diluted
                Earnings per Share:Income
                available to common stockholders
            
            $
            565
            
            
            485,364
            
            $
            1.16For
                the Six-Month Period Ended September 30, 2006:Basic
                Earnings per Share:Income
                available to common stockholders
            
            $
            614
            
            
            476,695
            
            $
            1.29Effect
                of Dilutive Securities:Unearned
                incentive plan shares
            
            
            
            
            
            15,293Stock
                options
            
            
            
            
            
            8,111Diluted
                Earnings per Share:Income
                available for common stockholders
            
            $
            614
            
            
            500,099
            
            $
            1.23










11


FIRST
      ROBINSON FINANCIAL CORPORATION


NOTES
      TO
      CONDENSED CONSOLIDATED FINANCIAL STATEMENTS











7.  Recent
      Accounting Pronouncements





In
      September, 2006, the Financial Account Standards Board (FASB) issued SFAS No.
      157 "Fair Value Measurements" which defines value, establishes a framework
      for
      measuring fair value in generally accepted accounting principles, and expands
      disclosures about fair value measurements. SFAS 157 will be effective for the
      Company on April 1, 2008, with earlier adoption permitted, and is not expected
      to have a significant impact on the Company's financial statements.





In
      February, 2007, the FASB issued SFAS No. 159, "The Fair Value Option for
      Financial Assets and Financial Liabilities," which permits companies to choose
      to measure many financial instruments and certain other items at fair value.
      The
      objective of the new pronouncement is to improve financial reporting by
      providing companies with the opportunity to mitigate volatility in reported
      earnings caused by measuring assets and liabilities differently without having
      to apply complex hedge accounting provisions. SFAS 159 will be effective for
      the
      Company in 2008, with earlier adoption permitted. The Company has not yet made
      a
      determination as to when it will elect to apply the options available in SFAS
      159. The Company is currently evaluating the effect SFAS 159 may have on the
      Company’s financial statements.





12


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





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





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




**General**





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





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





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





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

























13








FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation





**Overview**





First
      Robinson Financial Corporation (the “Company”) is the holding 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 $565,000 for the
      first six months of the fiscal year 2008 versus $614,000 in the same period
      of
      fiscal year 2007, a decrease of 8.0%. Earnings were positively impacted by
      a
      $158,000 increase in non-interest income offset by an increase of $256,000
      in
      non-interest expense, and a $2,000 decrease in net interest income after
      provision. Basic earnings per share for the 2008 six month fiscal period were
      $1.22 per share versus $1.29 per share for the same period of fiscal year 2007.
      Diluted earnings per share reflect the potential dilutive impact of stock
      options granted under the stock option plan. Diluted earnings per share for
      the
      six months of fiscal 2008 were $1.16 per share, versus $1.23 per share for
      the
      six months of fiscal year 2007.





Net
      income for the three month period ending September 30, 2007 was $292,000, versus
      $298,000 in the same period of 2006, a decrease of 2.0%. Earnings were
      positively impacted by a $28,000 increase in net interest income after provision
      and a $65,000 increase in non-interest income offset in part by a $110,000
      increase in non-interest expense. Basic earnings per share for the September
      30,
      2007 three month period were $0.64 per share versus $0.63 per share for the
      same
      period of 2006. Diluted earnings per share reflect the potential dilutive impact
      of stock options granted under the stock option plan. Diluted earnings per
      share
      for the three months ending September 30, 2007 were $0.61 per share, versus
      $0.60 per share for the three months ending September 30, 2006.





**Business
      Strategy**





First
      Robinson Savings Bank, National Association 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 current
      events and economic trends in our local area that could materially impact the
      Bank’s earnings. At the present time, the employment market has remained stable
      in Crawford County and we anticipate no major events or economic trends that
      could negatively affect the Bank. However, in the month of October a super
      department store, that leases space to a commercial bank, opened in the Robinson
      market. The addition of a new bank in the market will increase the competition
      in attracting new and retaining current customers.





The
      strategic plan identifies the most critical issue to our success as consistent
      earnings. Net earnings have remained relatively consistent. A positive factor
      in
      maintaining consistent earnings is the Bank’s overall asset quality, which is
      strong. The Bank continues to offer fixed rate residential real estate mortgages
      through programs with the Federal Home Loan Bank of Chicago and USDA Rural
      Development. Our Internet banking service, “Netteller” is very popular and the
      number of customers actively using the service is increasing. It has allowed
      us
      to offer bill paying, cash management and also direct deposit and payroll
      services to our business customers. In January 2007, we began offering “Reward
      Checking”. The product offers higher-than-market interest rates, which can be
      earned by customers if they meet specific transaction-based criteria. Our
      criteria promote the use of debit cards and our internet-based services and
      technology which in turn will decrease non-interest expenses associated with
      processing paper checks. We also provide investment brokerage services to our
      customers through PrimeVest Financial Services. The service continues to grow
      and is also providing non-interest income. We plan to revisit the viability
      of
      implementing an internal trust department during the fourth quarter of fiscal
      year 2008.





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





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 September 30, 2007.




Loans
                Delinquent For:30-89
                Days(1)
            
            90
                Days and Over(1)
            
            Nonaccrual
            
            Total
                Delinquent LoansNumber
            
            Amount
            
            Percent
                of Loan Category
            
            Number
            
            Amount
            
            Percent
                of Loan Category
            
            Number
            
            Amount
            
            Percent
                of Loan Category
            
            Number
            
            Amount
            
            Percent
                of Loan Category(Dollars
                in thousands)Real
                Estate:One-
                to
              four-family
            
            
            6
            
            $
            274
            
            
            0.72
            %
            
            ---
            
            
            ---
            
            
            ---
            
            
            3
            
            $
            84
            
            
            0.22
            %
            
            9
            
            $
            358
            
            
            0.94
            %Commercial
                and
              agricultural
              real
                estate
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            1
            
            
            224
            
            
            1.43
            
            
            1
            
            
            224
            
            
            1.43
            %Consumer
                and other loans
            
            
            6
            
            
            29
            
            
            0.44
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            2
            
            
            2
            
            
            0.03
            
            
            8
            
            
            31
            
            
            0.47
            %Commercial
              business
                and
              agricultural
              finance
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            ---
            
            
            2
            
            
            67
            
            
            0.68
            
            
            2
            
            
            67
            
            
            0.68
            %Total
            
            
            12
            
            $
            303
            
            
            0.39
            %
            
            ---
            
            
            ---
            
            
            ---
            
            
            8
            
            $
            377
            
            
            0.49
            %
            
            20
            
            $
            680
            
            
            0.88
            %





(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.




September
                  30,
              
              March31,
              
              September
                  30,2007
              
              2007
              
              2006Non-accruing
                  loans:One-
                  to four-family
              
              $
              84
              
              $
              119
              
              $
              197Commercial
                  and agriculturalreal
                  estate
              
              
              224
              
              
              ---
              
              
              ---Consumer
                  and other loans
              
              
              2
              
              
              4
              
              
              32Commercial
                  business and agricultural finance
              
              
              67
              
              
              32
              
              
              ---Total
              
              
              377
              
              
              155
              
              
              229Foreclosed
                  assets:One-
                  to four-family
              
              
              ---
              
              
              ---
              
              
              ---Total
              
              
              ---
              
              
              ---
              
              
              ---Total
                  non-performing assets
              
              $
              377
              
              $
              155
              
              $
              229Total
                  as a percentage of totalassets
              
              
              0.32
              %
              
              0.14
              %
              
              0.20
              %







Gross
      interest income which would have been recorded had the non-accruing loans been
      current in accordance with their original terms amounted to approximately $3,000
      for the three months and $5,000 for the six months ended September 30, 2007
      and
      $3,000 for the three months and $8,000 for the six months ended September 30,
      2006.









15












FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation




***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.




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 September 30, 2007, the Bank had classified a total of
      $541,000 of its assets as substandard and $112,000 as doubtful. At September
      30,
      2007, total classified assets comprised $653,000, or 6.1% of the Bank’s capital,
      and 0.6% of the Bank’s total assets.





***Other
      Loans of Concern*** *.* As of
      September 30, 2007, there were $3.2 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 fair market
      value minus 20% of the fair market 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 fair market value less 10% of the market fair value. If
      fair
      value at the date of foreclosure is lower than the balance of the related loan,
      the difference will be charged-off to the allowance for loan losses at the
      time
      of transfer. Valuations are periodically updated by management and if the value
      declines, a specific provision for losses on such property is established by
      a
      charge to operations. At September 30, 2007, the Bank had no real estate
      properties acquired through foreclosure.





Although
      management believes that it uses the best information available to determine
      the
      allowance, unforeseen market conditions could result in adjustments and net
      earnings could be significantly affected if circumstances differ substantially
      from the assumptions used in making the final determination. Future additions
      to
      the Bank’s allowance for loan losses will be the result of periodic loan,
      property and collateral reviews and thus cannot be predicted in advance. In
      addition, federal regulatory agencies, as an integral part of the examination
      process, periodically review the Bank’s allowance for loan losses. Such agencies
      may require the Bank to increase the allowance based upon their judgment of
      the
      information available to them at the time of their examination. At September
      30,
      2007, the Bank had a total allowance for loan losses of $732,000, representing
      0.96% of the Bank’s loans, net. At March 31, 2007, the Bank’s total allowance
      for loan losses to the Bank’s loans, net was at 1.03%.











16







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:




September
                30, 2007
            
            March
                31, 2007Amount
                of Loan Loss Allowance
            
            Loan
                Amounts by Category
            
            Percent
                of Loans in Each Category to Total Loans
            
            Amount
                of Loan Loss Allowance
            
            Loan
                Amounts by Category
            
            Percent
                of Loans in Each Category to Total Loans(Dollars
                in thousands)One-
                to four-family
            
            $
            107
            
            $
            38,201
            
            
            49.36
            %
            $
            101
            
            $
            36,214
            
            
            49.84
            %Multi-family
            
            
            ---
            
            
            632
            
            
            0.82
            
            
            ---
            
            
            591
            
            
            0.81Commercial
                andagricultural
                real estate
            
            
            328
            
            
            15,651
            
            
            20.22
            
            
            346
            
            
            14,815
            
            
            20.39Construction
                ordevelopment
            
            
            9
            
            
            2,897
            
            
            3.74
            
            
            8
            
            
            2,556
            
            
            3.52Consumer
                and other loans.
            
            
            44
            
            
            6,518
            
            
            8.42
            
            
            41
            
            
            6,168
            
            
            8.49State
                and MunicipalGovernments
            
            
            ---
            
            
            3,581
            
            
            4.63
            
            
            ---
            
            
            3,265
            
            
            4.50Commercial
                businessand
                agricultural
              finance
            
            
            244
            
            
            9,916
            
            
            12.81
            
            
            233
            
            
            9,048
            
            
            12.45Gross
                Loans
            
            
            
            
            
            77,396
            
            
            100.00
            %
            
            
            
            
            72,657
            
            
            100.00
            %Undisbursed
                portion of loans
            
            
            
            
            
            (604
            )
            
            
            
            
            
            
            
            (858
            )Unallocated
            
            
            ---
            
            
            
            
            
            
            
            
            ---Total
            
            $
            732
            
            $
            76,792
            
            
            
            
            $
            729
            
            $
            71,799





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





Three
                  Months Ended
                September
                  30,
              
              Six
                  Months Ended
                September
                  30,2007
              
              2006
              
              2007
              
              2006(Dollars
                  in thousands)Balance
                  at beginning of period
              
              $
              720
              
              $
              760
              
              $
              729
              
              $
              753Charge-offs:One-
                  to four-family
              
              
              ---
              
              
              2
              
              
              4
              
              
              7Consumer
                  and other loans
              
              
              8
              
              
              9
              
              
              12
              
              
              15Total
                  charge-offs
              
              
              8
              
              
              11
              
              
              16
              
              
              22Recoveries:One-
                  to four-family
              
              
              ---
              
              
              3
              
              
              ---
              
              
              3Consumer
                  and other loans
              
              
              4
              
              
              3
              
              
              8
              
              
              6Total
                  recoveries......................................................
              
              
              4
              
              
              6
              
              
              8
              
              
              9Net
                  charge-offs .
              
              
              4
              
              
              5
              
              
              8
              
              
              13Additions
                  charged to operations
              
              
              15
              
              
              15
              
              
              30
              
              
              30Transfer
                  for off-balance sheet credit exposure.......
              
              
              1
              
              
              ---
              
              
              (19
              )
              
              ---Balance
                  at end of period
              
              $
              732
              
              $
              770
              
              $
              732
              
              $
              770Ratio
                  of net charge-offs during the period to
                average
                  loans outstanding during the period
              
              
              0.01
              %
              
              0.01
              %
              
              0.01
              %
              
              0.02
              %Ratio
                  of net charge-offs during the period to
                average
                  non-performing assets
              
              
              1.57
              %
              
              2.25
              %
              
              3.53
              %
              
              3.34
              %


17


FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation








**Results
      of Operations**





**Net
      Interest Income**





For
      the
      three-month period ended September 30, 2007, net interest income totaled
      $1,059,000, an increase of 2.7%, or $28,000, compared to the same period of
      2006. The increase in net interest income is primarily due to an increase of
      $8.4 million in average interest earning assets compared to a $6.2 million
      increase in interest bearing liabilities. For the six-month period ended
      September 30, 2007, net interest income totaled $2.1 million, the same amount
      of
      net interest income for the six-month period ended September 30, 2006.





During
      the September 2007 quarter, total interest and dividend income increased
      $159,000, or 9.3%, to $1.9 million, versus $1.7 million during the same quarter
      of 2006. For the three-month period ended September 30, 2007, the yield on
      average-earning assets increased 8 basis points to 6.56% from the yield of
      6.48%
      for the three-month period ended September 30, 2006. During the first six months
      of fiscal 2008, total interest and dividend income increased by $311,000, or
      9.4%, to $3.6 million, versus $3.3 million during the first six months of fiscal
      2007. The yield on average earning assets increased by 17 basis points to 6.59%
      for the six-month period ended September 30, 2007 versus 6.42% in the same
      period of 2006.





The
      average daily loan balances for the quarter ended September 30, 2007 increased
      $7.2 million, or 10.6%, to $75.1 million, versus $67.9 million for the same
      period of 2006. During the same period, loan interest income increased by
      $145,000, or 11.4%, to $1.4 million versus $1.3 million during the quarter
      ended
      September 30, 2006. The yield on loans increased 5 basis points to 7.56% from
      7.51% for the September 30, 2007 quarter compared to the September 2006 quarter.
      The average daily loan balances for the six-month period ending September 30,
      2007 increased 10.9% to $74.1 million, versus the average daily loan balances
      of
      $66.8 million for the same period of 2006. This increase in average loan
      balances contributed to an increase in loan interest income by $303,000, or
      12.2%, to $2.8 million. The yield on loans, for the six-months ended September
      30, 2007, rose by 9 basis points to 7.54% from 7.45% in the same six-month
      period of 2006.





The
      average daily securities balances, the Company’s interest-earning demand
      deposits and the federal funds sold balances for the second quarter of fiscal
      year 2008 increased $1.2 million, or 3.4%, to $38.0 million, versus $36.8
      million for the same period of fiscal year 2007. During the same period, income
      from these sources increased by $15,000, or 3.5%, to $440,000 versus $425,000
      during the second quarter of fiscal year 2007. The average daily balances of
      securities, interest-earning demand deposits and federal funds sold for the
      first six months of fiscal 2008 decreased $425,000, or 1.2%, to $35.2 million,
      versus $35.6 million for the same period of fiscal year 2007. During the same
      periods, income from securities, interest-earning demand deposits and federal
      funds sold increased by $9,000, or 1.1%, to $821,000 versus $812,000 during
      the
      six months of fiscal 2007. The increase in investment interest income was
      primarily the result of the 11 basis point increase in the yields on
      investments, to 4.67% versus 4.56% in the six months of fiscal year 2007.





Dividends
      received from Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
      stocks decreased by $1,000, or 12.5%, when comparing the September 2007 quarter
      to the September 2006 quarter. The rate of return on the FRB stock remained
      steady at 6.0% for each quarter when comparing September 2007 to 2006. However,
      the rate earned on the FHLB stock decreased by 39 basis points from 3.18% for
      the September 2006 quarter to 2.79% to the September 2007 quarter. For the
      six
      months ended September 2007, dividends received from FHLB and FRB stock also
      decreased. Income from dividends decreased by $1,000, or 6.7% from $15,000
      as of
      September 30, 2006 to $14,000 as of September 30, 2007. The decrease is a result
      of a 34 basis point decrease in the rate of return on the FHLB stock for the
      six-months ended September 30, 2007 to 2.78% from 3.12% for the six-months
      ended
      September 30, 2006. On September 26, 2007, the Company received a letter from
      the FHLB of Chicago regarding a Consent Cease and Desist Order they were issued
      from their regulator, the Federal Housing Finance Board. The Order prohibits
      the
      FHLB of Chicago of repurchasing or redeeming any of its capital stock without
      prior approval from their regulator. The Order also proposes that the
      declaration of a dividend by the FHLB of Chicago on its capital stock would
      also
      be subject to prior written approval. This could result in a decrease, or no
      payment at all, in dividends received from the FHLB on the capital stock
      investment.





Total
      interest expense increased $131,000, or 19.4%, to $808,000 for the three-month
      period ended September 30, 2007, from $677,000 for the comparable period in
      2006. The increase resulted from a 35 basis point increase in the Company's
      daily cost of funds to 3.41%, versus 3.06% for the same period of 2006 and
      the
      increase of $6.2 million in the average balance of interest bearing liabilities
      from $88.5 million at September 30, 2006 to $94.7 million at September 30,
      2007.
      Total interest expense also increased $313,000, or 25.5%, to $1.5 million for
      the six-month period ended September 30, 2007, from $1.2 million for the
      comparable period in 2006. The increase was primarily the result of a $5.6
      million, or 6.5%, increase in the Company's average balance in interest bearing


18





FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation








liabilities
      to $91.7 million at September 30, 2007 from $86.1 million as of September 30,
      2006 and a 50 basis point increase in the daily cost of funds to 3.36%, versus
      2.86% for the same period of 2006.





On
      an
      average daily basis, total interest-bearing deposits increased $5.2 million,
      or
      7.1%, to $78.2 million for the three-month period ended September 30, 2007,
      versus $73.0 million in the same period in 2006. The average cost of funds
      increased by 58 basis points to 3.33% for the September 2007 quarter versus
      the
      September 2006 quarter at 2.75%. The average daily balance of interest-bearing
      deposits for the six-month period ended September 2007 also increased by $4.4
      million, or 5.9%, to $77.9 million from $73.5 million. When comparing the
      average cost of funds for the September 2007 six-month period to the same period
      ending September 30, 2006 there was an increase of 66 basis points from 2.60%
      to
      3.26%.





For
      the
      three-months ended September 30, 2007 versus the same period of 2006, the
      average daily balance of short-term borrowings and federal funds purchased
      increased $979,000, or 6.3%, from $15.5 million to $16.5 million. The average
      cost of funds decreased for the September 2007 quarter by 72 basis points from
      4.52% to 3.80%. The average daily balance of short-term borrowings for the
      six-months ended September 30, 2007 increased by $1.2 million, or 9.5%, to
      $13.8
      million from $12.6 million for the six-month period ending September 30, 2006
      while the average cost of funds decreased by 38 basis points to 3.97% from
      4.35%
      when comparing the six-months of fiscal year 2008 to fiscal year 2007.





**Provision
      for Loan Losses**





The
      provision for loan losses for the quarter ended September 30, 2007 was $15,000
      with no change from the quarter ended September 30, 2006. The loan loss
      provision for the six-month periods ending September 30, 2007 and 2006 was
      $30,000. The provision for all periods reflects management's analysis of the
      Company's loan portfolio based on the information which was available to the
      Company. Management meets on a quarterly basis to review the adequacy of the
      allowance for loan losses based on Company guidelines. Classified loans are
      reviewed by the loan officers to arrive at specific reserve levels for those
      loans. Once the specific reserve for each loan is calculated, management
      calculates general reserves for each loan category based on a combination of
      loss history adjusted for current national and local economic conditions, trends
      in delinquencies and charge-offs, trends in volume and term of loans, changes
      in
      underwriting standards, and industry conditions. While the Company cannot assure
      that future chargeoffs and/or provisions will not be necessary, the Company's
      management believes that, as of September 30, 2007, its allowance for loan
      losses was adequate.








19


FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation











**Non-interest
      Income**





Non-interest
      income categories for the three and six-month periods ended September 30, 2007
      and 2006 are shown in the following table:





Three
                Months EndedSeptember
                30,Non-interest
                income:
            
            2007
            
            2006
            
            %
                Change(In
                thousands)Charges
                and fees on deposit accounts
            
            $
            245
            
            $
            231
            
            
            6.1
            %Charges
                and other fees on loans
            
            
            19
            
            
            7
            
            
            171.4Net
                gain on sale of loans
            
            
            24
            
            
            20
            
            
            20.0Net
                gain on sale of foreclosed property
            
            
            3
            
            
            ---
            
            
            ---Other
            
            
            104
            
            
            72
            
            
            44.4Total
                Non-Interest Income
            
            $
            395
            
            $
            330
            
            
            19.7
            %





Six
                Months EndedSeptember
                30,Non-interest
                income:
            
            2007
            
            2006
            
            %
                Change(In
                thousands)Charges
                and fees on deposit accounts
            
            $
            462
            
            $
            419
            
            
            10.3
            %Charges
                and other fees on loans
            
            
            57
            
            
            13
            
            
            338.5Net
                gain on sale of loans
            
            
            55
            
            
            47
            
            
            17.0Net
                gain on sale of foreclosed property
            
            
            3
            
            
            ---
            
            
            ---Other
            
            
            202
            
            
            142
            
            
            7.6Total
                Non-Interest Income
            
            $
            779
            
            $
            621
            
            
            25.4
            %





Charges
      and fees on deposit accounts increased $14,000 for the three-month and $43,000
      for the six-month periods ended September 30, 2007 versus the same periods
      in
      2006. This increase is primarily from overdraft and insufficient funds fees.
      Charges and other fees on loans increased in both the three and six-month
      periods ending September 30, 2007, by $12,000 and $44,000, respectivley, when
      compared to the same periods in 2006 due to an increase in the commissions
      received on the sale of credit life and accident and health insurance.





The
      increase of $4,000 for the quarter ended September 30, 2007 and $8,000 for
      the
      six-months ended September 30, 2007, in gains on the sale of loans, resulted
      primarily from an increase in the amount of loans sold when comparing 2007
      to
      2006. For the three-months ended September 30, 2007, the Company sold $1.6
      million in mortgage loans versus $607,000 in the comparable period of 2006.
      The
      Company sold $1.3 million, or 60.3%, more in loans for the six-month period
      ending Septmeber 30, 2007 when compared to the same period in 2006.





Other
      income consists of normal recurring fee income such as commissions from
      PrimeVest Investment Services, our investment brokerage service, the cash value
      of life insurance, 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 $32,000 and $60,000, respectively, in the three and
      six-month periods ended September 30, 2007 versus the same period of 2006.
      The
      primary driver behind the increases in the three and six-month periods can
      be
      attributed to the increase in commission received from the sale of annuities
      and
      other investments by our PrimeVest bokerage service.





20


FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation








**Non-interest
      Expense**





Non-interest
      expense categories for the three and six-month periods ended September 30,
      2007,
      and 2006 are shown in the following table:





Three
                Months EndedSeptember
                30,2007
            
            2006
            
            %
                ChangeNon-interest
                expense:
            
            (In
                thousands)Compensation
                and employee benefits
            
            $
            508
            
            $
            482
            
            
            5.4
            %Occupancy
                and equipment
            
            
            154
            
            
            131
            
            
            17.6Foreclosed
                property expense
            
            
            2
            
            
            1
            
            
            100.0Data
                processing
            
            
            52
            
            
            49
            
            
            6.1Audit,
                legal and other professional
            
            
            52
            
            
            36
            
            
            44.4Advertising
            
            
            30
            
            
            29
            
            
            3.4Telephone
                and postage
            
            
            22
            
            
            23
            
            
            (4.3
            )Net
                loss on disposal of fixed assets
            
            
            4
            
            
            ---
            
            
            ---Other
            
            
            173
            
            
            136
            
            
            27.2Total
                Non-Interest Expense
            
            $
            997
            
            $
            887
            
            
            12.4
            %





Six
                Months EndedSeptember
                30,2007
            
            2006
            
            %
                ChangeNon-interest
                expense:
            
            (In
                thousands)Compensation
                and employee benefits
            
            $
            1,100
            
            $
            945
            
            
            16.4
            %Occupancy
                and equipment
            
            
            304
            
            
            265
            
            
            14.7Foreclosed
                property expense
            
            
            2
            
            
            1
            
            
            100.0Data
                processing
            
            
            103
            
            
            97
            
            
            6.2Audit,
                legal and other professional
            
            
            90
            
            
            70
            
            
            28.6Advertising
            
            
            63
            
            
            59
            
            
            6.8Telephone
                and postage
            
            
            47
            
            
            46
            
            
            2.2Net
                loss on sale of foreclosed property
            
            
            ---
            
            
            2
            
            
            ---Net
                loss on disposal of fixed assets
            
            
            4
            
            
            ---
            
            
            ---Other
            
            
            296
            
            
            268
            
            
            10.4Total
                Non-Interest Expense
            
            $
            2,009
            
            $
            1,753
            
            
            14.6
            %











Compensation
      and employee benefits increased by $26,000 when comparing the September 2007
      and
      2006 quarters primarily due to a $39,000 increase in salaries and a $33,000
      increase in contributions to the 401(k) plan offset by a $34,000 decrease
      relating to the Employee Stock Ownership Plan (“ESOP”) and an $18,000 decrease
      in options exercised. When comparing the six months ended September 30, 2007
      to
      the same period in 2006, there was a $155,000 increase in compensation and
      employee benefits. The largest contributing factors were a $74,000, or 10.8%,
      increase in salaries, a $58,000 increase in expense related to options
      exercised, and a $66,000 increase in contributions to the 401(k) plan. These
      increases are offset, in part, by a $68,000 decrease in expense related to
      the
      ESOP. As all shares are allocated, the expense related to the ESOP will be
      minimal in the future. The increase in salaries can be attributed to an increase
      in the base pay of the PrimeVest representative.





Occupancy
      and equipment expense increased by $23,000 for the three-month period ending
      September 30, 2007 compared to September 30, 2006 and increased by $39,000
      when
      comparing the six-month periods ending September 30, 2007 to September 30,


21





FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation








2006.
      The
      largest contributing factor to the increase in occupancy and equipment expense
      is an increase in depreciation expense of $10,000 for the three-month period
      and
      $16,000 for the six-month period.





Audit,
      legal and other professional fees increased primarily due to an increases in
      audit expense of $23,000 for the three-month period and $25,000 for the
      six-month period. The previous three year engagement with the auditors expired
      and a new engagement letter was negotiated with a 28.2% annual increase plus
      charges for travel and other items not covered under the engagement.





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 September 30, 2007 quarter to the September 30, 2006 quarter,
      the increase of $37,000 in other expenses can be attributed, in part, to
      increases in expenses related to check processing costs, business entertainment
      expense and expenses associated with the new checking program, Reward Checking.
      The increase of $28,000 in other expenses in the six-month period ending
      September 30, 2007 verses the same period in 2006 is, in part, the result of
      increases in expenses associated with the new checking program, Reward Checking,
      check processing costs, bounce protection program expenses and business
      entertainment expense.





**Income
      Tax Expense**





Income
      tax expense decreased $11,000, or 6.8%, for the three-month ending September
      30,
      2007, compared to the same period in 2006. Income tax expense for the six-moth
      period decreased $51,000, or 16.4%, compared to the same period of 2006. Both
      decreases were attributed in part to decreased profitability. The combined
      state
      and federal income tax expense as a percentage of income before income tax
      expense decreased to 33.9% during the three-month period of 2007 compared to
      35.1% during the same period in 2006. It also decreased to 31.5% for the
      six-months ended September 30, 2007 compared to 33.6% for the six-month period
      ending September 30, 2006.








**Financial
      Condition**





Total
      assets of the Company increased by $7.0 million, or 6.2%, to $119.2 million
      at
      September 30, 2007 from $112.3 million at March 31, 2007. The increase in assets
      was primarily due to an increase of $5.0 million, or 7.0%, in loans, net, and
      an
      increase of $4.6 million, or 112.4%, in cash and cash equivalents offset, in
      part by a $2.7 million, or 8.6%, decrease in available for sale
      securities.





The
      total
      increase in cash and cash equivalents was derived substantially from federal
      funds sold increasing by $4.4 million, or 396.0%, to $5.5 million at September
      30, 2007 from $1.1 million at March 31, 2007. This increase was primarily funded
      from increases in deposits and other borrowings.





Available-for-sale
      investment securities amounted to $28.4 million at September 30, 2007 compared
      to $31.1 million at March 31, 2007, a $2.7 million decrease. The decrease
      resulted from $2.6 million in repayments on mortgage-backed securities and
      a
      $48,000 decrease in the market valuation of the available-for-sale portfolio
      partially offset by the amortization of $22,000 of premiums and discounts on
      investments. The investment portfolio is managed to limit the Company's exposure
      to risk by containing primarily mortgage-backed securities and other securities
      which are either directly or indirectly backed by the federal government or
      a
      local municipal government.





The
      Company's net loan portfolio increased by $5.0 million to $76.1 million at
      September 30, 2007 from $71.1 million at March 31, 2007. Gross loans increased
      by $4.7 million while undisbursed loan proceeds of closed-end lines of credit
      decreased by $254,000 and the allowance for loan losses increased by $3,000.
      Balances in all catagories of loans increased. Loans on one to four-family
      real
      estate increased by $2.0 million, or 5.5%; commercial business and agricultural
      finance loans increased $868,000, or 9.6%; commercial nonresidential real estate
      and farmland loans increased $836,000, or 5.6%; consumer and other loans
      increased $350,000, or 5.7%; construction and development loans increased
      $341,000, or 13.3%; loans to state and municpal governments increased $316,000,
      or 9.7%, and loans on multi-family properties increased $41,000, or 6.9%.

















22








FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation








At
      September 30, 2007 the allowance for loan losses was $732,000, or 0.96%, of
      the
      net loan portfolio, which increased $3,000 from the allowance for loan losses
      at
      March 31, 2007 at $729,000, or 1.03%, of the net loan portfolio. During the
      first six-months of fiscal 2008, the Company charged off $16,000 of loan losses,
      $12,000 of which were in consumer and other loans, and $4,000 pertained to
      one
      loan secured by a 1-4 family residential property. The chargeoffs of $16,000
      were partially offset by $8,000 in recoveries, all in consumer and other loans.
      Management reviews the adequacy of the allowance for loan losses quarterly,
      and
      believes that its allowance is adequate; however, the Company cannot assure
      that
      future chargeoffs and/or provisions will not be necessary. See “Asset Quality”
for further information on delinquencies.





The
      Company had no real estate properties held for sale as of September 30, 2007
      nor
      March 31, 2007. Foreclosed assets are carried at lower of cost or net realizable
      value.





Total
      deposits increased by $5.1 million to $91.9 million at September 30, 2007 from
      $86.8 million at March 31, 2007. The increase in total deposits was due to
      an
      increase of $4.1 million in savings, NOW, and money market accounts, an increase
      of $1.6 million in certificates of deposit offset by a decrease of $519,000
      in
      non-interest bearing demand deposits. The increase in savings, NOW, and money
      markets can be primarily attributed to the popularity of the Company’s new
      checking account product “Reward Checking”. See “Business Strategy” for further
      information on “Reward Checking”.




Other
      borrowings consisting entirely of repurchase agreements, increased $2.6 million,
      or 21.7%. The obligations are secured by mortgage-backed securities and US
      Government agency obligations held in safekeeping at Independent Bankers Bank
      in
      Springfield, Illinois. At September 30, 2007, the average rate on the repurchase
      agreements was 3.86% compared to 4.34% at March 31, 2007. These agreements
      mature periodically within 24 months.





Advances
      from borrowers for taxes and insurance decreased by $63,000 from $129,000 at
      March 31, 2007 to $66,000 at September 30, 2007. Accrued income taxes payable
      increased $32,000. Accrued interest payable increased by $24,000 due to the
      rise
      in the outstanding balances of deposit accounts. Other liabilities decreased
      $67,000 from $1.0 million at March 31, 2007 to $970,000 at September 30, 2007,
      primarily due to the payment of real estate taxes due on the Company’s
      facilities and the payment of a bonus to all employees based on profit of the
      fiscal year ended March 31, 2007.





Stockholders'
      equity at September 30, 2007 was $11.2 million compared to $11.9 million at
      March 31, 2007, a decrease of $724,000, or 6.1%. Factors relating to the
      reduction in stockholders equity are the repurchase of shares of First Robinson
      Financial stock in the amount of $1.0 million offset by the issuance of $51,000
      in shares due to the exercise of stock options and a decrease of $30,000 in
      accumulated other comprehensive income due to a decrease in the fair value
      of
      securities available for sale. These decreases were offset, in part, by the
      increase of $249,000 in retained earnings relating to the addition of $565,000
      in net income, offset by $316,000 in dividends declared and paid and an increase
      in additional paid-in-capital of $40,000 relating to the options exercised
      during the quarter.





**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
      $357,000. 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
      September 30, 2007, outstanding commitments to extend credit, amounted to $14.4
      million (including $7.1 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.





23








FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation








The
      Company maintains a $25.7 million line of credit with the FHLB, which was not
      utilized except as described below as of September 30, 2007. 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 September 30, 2007,
      $5.9
      million in FHLB letters of credit were pledged. In addition to the Letters
      of
      Credit, the available line of credit with the FHLB is also reduced by $1.3
      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 $5.0 million revolving line of credit and a $600,000 revolving
      line of credit with Independent Banker’s Bank located in Springfield, Illinois.
      The Company has also established borrowing capabilities at the discount window
      with the Federal Reserve Bank of St. Louis.





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





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


24


FIRST
      ROBINSON FINANCIAL CORPORATION


Management’s
      Discussion and Analysis or Plan of Operation








**Regulatory
      Capital**





At
      September 30, 2007, the Bank was in compliance with all of the aforementioned
      capital requirements as summarized below:





September
                30, 2007(In
                thousands)Tier
                I Capital:Common
                stockholders’ equity
            
            $
            10,756Unrealized
                loss (gain) on securities available for sale
            
            
            229Less
                disallowed intangible assets
            
            
            (16
            )Total
                Tier I Capital
            
            
            10,969Tier
                II Capital:Total
                Tier I Capital
            
            
            10,969Qualifying
                allowance for loan losses and off-balance sheet credit
                exposure
            
            
            751Total
                Risk-Based Capital
            
            
            11,720Risk-weighted
                assets
            
            
            72,869Quarter
                average assets
            
            
            119,743




To
                be Well CapitalizedUnder
                the PromptCorrective
                ActionFor
                CapitalActual
            
            Adequacy
                Purposes
            
            ProvisionsAmount
            
            Ratio
            
            Amount
            
            Ratio
            
            Amount
            
            RatioAs
                of September 30, 2007:Total
                Risk-Based Capital(to
                Risk-Weighted Assets)
            
            $
            11,720
            
            
            16.08
            %
            $
            5,829
            
            
            8.00
            %
            $
            7,287
            
            
            10.00
            %Tier
                I Capital(to
                Risk-Weighted Assets)
            
            
            10,969
            
            
            15.05
            
            
            2,915
            
            
            4.00
            
            
            4,372
            
            
            6.00Tier
                I Capital(to
                Average Assets)
            
            
            10,969
            
            
            9.16
            
            
            4,790
            
            
            4.00
            
            
            5,987
            
            
            5.00





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.







25





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 Exchange Act as of the end of the period
      covered by this report. Based upon that evaluation, the Company’s Chief
      Executive Officer and Chief Financial Officer have concluded that, as of
      September 30, 2007, the Company’s disclosure controls and procedures were
      effective to provide reasonable assurance that (i) the information required
      to
      be disclosed 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 the Company in the reports that it
      files
      or submits under the Exchange Act is accumulated and communicated to Company’s
      management, including its principal executive and principal financial officers,
      or persons performing similar functions, as appropriate to allow timely
      decisions regarding disclosure.








**Internal
      Control Over Financial Reporting**





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





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






26





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


September
      30, 2007 regarding the Company’s common stock.





PURCHASES
      OF EQUITY SECURITIES BY COMPANY (1)


Period
              
              Total
                  Number of Shares Purchased
              
              Average
                  Price Paid per Share
              
              Total
                  Number of Shares Purchased as Part of Publicly Announced Plans
                  or
                  Programs
              
              Maximum
                  Number of Shares that May Yet Be Purchased Under the Plans or
                  Programs7/1/2007
                  - 7/31/2007
              
              
              160
              
              $
              33.07
              
              
              160
              
              
              10,6288/1/2007
                  - 8/31/2007
              
              
              1,620
              
              
              32.69
              
              
              1,620
              
              
              9,0089/1/2007-
                  9/30/2007
              
              
              18,708
              
              
              33.52
              
              
              18,708
              
              
              15,300Total
              
              
              20,488
              
              $
              33.45
              
              
              20,488
              
              
              15,300


(1)
      On
      January 16, 2007, 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. Under the program, the Company was
      authorized to repurchase up to 25,000 shares of the Company’s common stock from
      time to time, in the open market, when deemed appropriate by management. The
      program approved January 16, 2007 expired with the completion of the purchase
      of
      all 25,000 shares on September 14, 2007. On September 18, 2007, the Board of
      Directors of First Robinson Financial Corporation approved another repurchase
      program of its equity stock. The Company may repurchase up to 25,000 shares
      of
      the Company’s outstanding common stock from time to time, in the open market,
      when deemed appropriate by management. The Program, approved September 18,
      2007,
      will expire the earlier of the completion of the repurchase of the 25,000 shares
      or September 17, 2008. A total of 10,439 shares have been repurchased in the
      open market as of October 31, 2007.





Item
                3.
            Defaults
                Upon Senior Executives


None





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





(a)
            On
                July 26, 2007, the Company held its Annual Meeting of
                Stockholders.





(b)
            At
                the meeting, Scott F. Pulliam and William K. Thomas were elected
                as
                directors for terms to expire in 2010. Those directors continuing
                in
                office are Donald K. Inboden, Rick L. Catt, Steven E. Neeley, J.
                Douglas
                Goodwine and Robin E. Guyer.





(c)
            Stockholders
                voted on the following matters:


(i)
            The
                election of the following two directors of the Corporation:


BROKER**VOTES:**
            
            FOR
            
            WITHHELD
            
            ABSTAIN
            
            NON-VOTESScott
                F. Pulliam
            
            
            390,435
            
            
            17,607
            
            
            ---
            
            
            ---William
                K. Thomas
            
            
            399,784
            
            
            8,258
            
            
            ---
            
            
            ---








(ii)
            The
                ratification of the appointment of BKD, LLP as auditors for the Company
                for the fiscal year ending March 31,
                2007:




BROKER**VOTES:**
            
            FOR
            
            WITHHELD
            
            ABSTAIN
            
            NON-VOTES397,824
            
            
            9,330
            
            
            888
            
            
            ---


27


PART
      II
      OTHER INFORMATION








Item
                5.
            Other
                Information


None








Item
                6.
            Exhibits








1.
            Exhibit
                31: Section 302 Certifications





2.
            Exhibit
                32: Section 906 Certification



















28


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 FINANCIALCORPORATIONDate:November
                14, 2007
            /s/
                Rick L. CattRick
                L. CattPresident
                and Chief Executive OfficerDate:November
                14, 2007
            /s/
                Jamie E. McReynoldsJamie
                E. McReynoldsChief****Financial
                Officer and Vice President





























29


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































30