<PAGE>

                         SECURITY AND EXCHANGE COMMSSION
                              WASHNGTON, D.C. 20549
                                   FORM 10-QSB

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

        For the quarterly period ended December 31, 2001
                                       -----------------

                                       OR

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

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

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

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


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

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


Indicate by check mark whether the registrant (1) has 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
                                             -

As of February 12, 2002, the Registrant had 528,902 shares of Common Stock, par
value $0.01, issued and outstanding.




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



                                       1

<PAGE>

<TABLE>
<CAPTION>

                      FIRST ROBINSON FINANCIAL CORPORATION
                              Index to Form 10-QSB

PART 1. FINANCIAL INFORMATION                                                                      PAGE

<S>                                                                                                <C>
    Item 1. Financial Statements

        Consolidated Balance Sheet as of December 31, 2001
            And March 31, 2001                                                                       3

        Consolidated Statements of Income for the Three and Nine Month Periods
            Ended December 31, 2001 and December 31, 2000                                            4

        Consolidated Statements of Stockholders' Equity for the Nine Month Periods
             Ended December 31, 2001 and December 31, 2000                                           5

        Consolidated Statements of Cash Flows for the Three and Nine Month Periods
             Ended December 31, 2001 and December 31, 2000                                           6

        Notes to Consolidated Financial Statements                                                   8

    Item 2. Management's Discussion and Analysis of
               Financial Condition and Results of Operations                                         10

PART II OTHER INFORMATION

    Item 1.   Legal Proceedings                                                                      20

    Item 2.   Changes in Securities                                                                  20

    Item 3.   Defaults Upon Senior Securities                                                        20

    Item 4.   Submission of Matters to a Vote of Security Holders                                    20

    Item 5.   Other Information                                                                      20

    Item 6.   Exhibits and Reports on Form 8-K                                                       20



           SIGNATURES                                                                                21


</TABLE>





                                       2
<PAGE>

<TABLE>
<CAPTION>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                  CONSOLIDATED STATEMENT OF FINANCIAL CONDITION


                                                                                                  Unaudited          Audited
                                                                                                   12/31/01          3/31/01
                                                                                                   --------          -------
                                      ASSETS                                                               ($1,000's)
<S>                                                                                              <C>               <C>
Cash and Cash Equivalents:
  Cash and due from banks                                                                          $ 1,285           $   954
  Interest bearing deposits in banks                                                                11,132             5,925
                                                                                                   -------           -------
     Total Cash and Cash Equivalents                                                                12,417             6,879

Securities available for sale, amortized cost of $16,548 and $16,994 at
  Dec. 31, 2001 and March 31, 2001 respectively                                                     16,547            17,065
Securities held to maturity, estimated market value of $50,000 and
  $100,000 at Dec. 31, 2001 and March 31, 2001, respectively                                            50                99
Loans held for sale                                                                                    939                 0
Loans, net of allowance for loan losses of $578,000 and $620,000 at
 Dec. 31, 2001 and March 31, 2001, respectively                                                     59,234            60,812
Foreclosed assets, net                                                                                  73                51
Premises and equipment, net                                                                          2,819             2,891
Accrued interest receivable                                                                            533               646
Prepaid income taxes                                                                                     0               104
Deferred income tax                                                                                     54                 0
Other assets                                                                                           425               318
                                                                                                   -------           -------

     Total Assets                                                                                  $93,091           $88,865
                                                                                                   =======           =======

                      LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
  Non-interest-bearing                                                                             $  5,589        $  5,132
  Interest-bearing                                                                                   72,213          66,473
                                                                                                   --------        --------
     Total Deposits                                                                                  77,802          71,605

Advances from Federal Home Loan Bank                                                                  3,000           3,000
Repurchase agreements                                                                                 2,768           4,528
Advances from Borrowers for taxes and insurance                                                          60              85
Accrued interest payable                                                                                242             345
Accrued income taxes                                                                                      3               0
Deferred income taxes                                                                                     0               6
Accrued expenses                                                                                        240             254
                                                                                                   --------        --------
     Total Liabilities                                                                               84,115          79,823
                                                                                                   ========        ========

Commitments and Contingencies

Stockholders' Equity
Preferred stock, $.01 par value; authorized 500,000 shares,
  No shares issued and outstanding
Common stock, $ .01 par value; authorized 2,000,000 shares
  859,625 shares issued and outstanding                                                                   9               9
Additional paid-in capital                                                                            8,360           8,338
Retained earnings                                                                                     5,863           5,744
Treasury stock, at cost (323,492 shares 12/31/01; 300,366 shares 3/31/01)                            (4,698)         (4,356)
Accumulated other comprehensive income                                                                   (1)             44

Common stock acquired by ESOP/RRP                                                                      (557)           (737)
                                                                                                   --------        --------
     Total Stockholders' Equity                                                                       8,976           9,042
                                                                                                   --------        --------

     Total Liabilities and Stockholders' Equity                                                    $ 93,091        $ 88,865
                                                                                                   ========        ========

The accompanying notes are an integral part of these consolidated financial statements

</TABLE>

                                       3
<PAGE>

<TABLE>
<CAPTION>

                      FIRST ROBINSON FINANCIAL CORPORATION
                      CONSOLIDATED STATEMENTS OF INCOME For
        the Three and Six Month Periods Ended December 31, 2001 and 2000
                                   (Unaudited)
                                                                         Three Month Period                    Nine Month Period
                                                                         ------------------                    -----------------
                                                                                               ($1,000's)
                                                                      2001               2000               2001               2000
                                                                      ----               ----               ----               ----
<S>                                                                  <C>                <C>                <C>                <C>
Interest income:
    Interest on loans, including fees                                $1,278          $1,439          $3,982          $4,292
    Taxable                                                             258             224             770             706
    Tax-exempt                                                           16              19              48              59
    Dividends                                                             9              15              30              38
                                                                     ------          ------          ------          ------
     Total interest income                                            1,561           1,697           4,830           5,095
                                                                     ------          ------          ------          ------

Interest expense:
    Interest on deposits                                                645             771           2,050           2,256
    Interest on FHLB advances                                            42              13             124             142
    Interest on repurchase agreements                                    41              66             133             146
                                                                     ------          ------          ------          ------
     Total interest expense                                             728             850           2,307           2,544
                                                                     ------          ------          ------          ------

      Net interest income                                               833             847           2,523           2,551

Provision for loan losses                                                15             165             225             295
                                                                     ------          ------          ------          ------

      Net interest income after provision                               818             682           2,298           2,256

Non-interest income:
  Charges and fees on deposit accounts                                  115             109             337             320
  Charges and other fees on loans                                        19              14              54              36
  Other non-interest income                                              46              58              91             151
  Net gain on sale of loans                                              19              11              42              16
  Net realized gain on sale of investments                                0               5              10               7
  Net gain on sale of foreclosed property                                 0               6               0               6
                                                                     ------          ------          ------          ------
     Total other income                                                 199             203             534             536

Non-interest expense:
  Compensation and employee benefits                                    430             419           1,336           1,284
  Occupancy and equipment                                               115             147             366             412
  Foreclosed property expense                                             3              12              20              14
  Data Processing                                                        32              25              99              78
  Audit, legal and other professional                                    28              40              98              82
  SAIF deposit insurance                                                  3               3              10              11
  Advertising                                                            23              29              71              84
  Telephone and postage                                                  26              25              80              76
  Loss on sale of foreclosed property                                     0               0              25               0
  Other                                                                 100              99             301             287
                                                                     ------          ------          ------          ------
     Total other expenses                                               760             799           2,406           2,328
                                                                     ------          ------          ------          ------

      Income before income tax                                          257              86             426             464

Provision for income taxes                                               80              32             126             174
                                                                     ------          ------          ------          ------

     Net Income                                                      $  177          $   54          $  300          $  290
                                                                     ======          ======          ======          ======

Earnings Per Share-Basic                                             $ 0.36          $ 0.10          $ 0.59          $ 0.52

Earnings Per Share-Diluted                                           $ 0.36          $ 0.10          $ 0.59          $ 0.52

</TABLE>

The accompanying notes are an integral part of these consolidated statements

                                       4
<PAGE>

<TABLE>
<CAPTION>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                For The Quarters Ended December 31, 2001 and 2000
                                   (Unaudited)


                                                                                      Unallocated   Accumulated
                                                                                          ESOP         Other
                                 Common       Paid-in       Retained       Treasury       and      Comprehensive
                                 Stock        Capital       Earnings       Stock          Rrp          Income      Total
                                 -----------------------------------------------------------------------------------------
                                                                          ($1,000's)

<S>                              <C>        <C>           <C>           <C>           <C>             <C>      <C>
Balance at March 31, 2001           $9         $8,338        $5,744        $(4,356)      $(737)          $44      $9,042
Net Income                                                      300                                                  300

Other Comprehensive Income
   Unrealized gain (loss) on securities                                                                             (62)
   Realized (gain) loss on sale of securities                                                                       (10)
   Related tax effects                                                                                                27
                                                                                                                      --
Total other comprehensive income                                                                        (45)        (45)
                                                                                                                    ----
   Total comprehensive income                                                                                       $255

 Allocation of ESOP shares                         22                                        54                       76
Allocation of RRP shares                                                                    126                      126
Treasury Stock at cost (23,126 shares)                                       (342)                                 (342)
Dividends paid                                                (181)                                                (181)
                               --------------------------------------------------------------------------------------------
Balance at Dec. 31, 2001            $9         $8,360        $5,863       $(4,698)       $(557)         $(1)      $8,976
                                    ==         ======        ======       ========       ======         ====      ======

<CAPTION>

The accompanying notes are an integral part of these consolidated financial
statements.

                                                                                      Unallocated   Accumulated
                                                                                          ESOP         Other
                                 Common       Paid-in       Retained       Treasury       and      Comprehensive
                                 Stock        Capital       Earnings       Stock          Rrp          Income      Total
                                 -----------------------------------------------------------------------------------------
                                                                          ($1,000's)

<S>                              <C>        <C>           <C>          <C>            <C>          <C>         <C>
Balance at March 31, 2000           $9         $8,305        $5,585       $(3,243)       $(936)       $(414)      $9,306
Net Income                                                      290                                                  290

Other Comprehensive Income
   Unrealized gain (loss) on securities                                                                              617

   Realized (gain) loss on sale                                                                                      (7)
   Related tax effects                                                                                             (239)
                                                                                                                   -----
   Total other comprehensive income                                                                      371         371
                                                                                                                     ---
   Total comprehensive income                                                                                       $661

Rounding                                                          1                                                    1
Allocation of ESOP shares                          25                                        57                       82
Allocation of RRP Shares                                                                    124                      124
Treasury Stock (61,306 shares)                                               (892)                                 (892)
Dividends paid                                                (196)                                                (196)
                               ------------------------------------------------------------------------------------------
Balance at Dec. 31, 2000            $9         $8,330        $5,680       $(4,135)       $(755)        $(43)      $9,086
                                    ==         ======        ======       ========       ======        =====      ======

The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>

                                       5
<PAGE>

<TABLE>
<CAPTION>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                    CONSOLIDATED STATEMENTS OF CASH FLOWS For
        the Three and Nine Month Periods Ended December 31, 2001 and 2000
                                   (UNAUDITED)


                                                                            Three Month Period              Nine Month Period
                                                                            ------------------              -----------------
                                                                                                ($1,000's)

                                                                          2001            2000            2001             2000
                                                                          ----            ----            ----             ----
<S>                                                                   <C>             <C>             <C>             <C>
Cash flows from operating activities:
   Net income                                                            $   177         $    54         $   300         $   290
   Adjustments to reconcile net income to net cash
    provided by (used in) operating activities
     Provision for depreciation                                               73              89             219             252
     Provision for loan losses                                                15             165             225             295
     Net amortization and accretion on investments                            16               5              45              11
     ESOP shares allocated                                                    24              28              76              82
     Decrease (increase) in accrued interest receivable                      113              48             113               1
     Decrease (increase) in prepaid income taxes                              41              53             104            (86)
     Decrease (increase) in other assets                                   (126)             323           (107)            (43)
     (Decrease) increase in accrued interest payable                        (29)               2           (103)               3
     (Decrease) increase in accrued income taxes                               3               0               3           (228)
     (Decrease) increase in deferred income taxes                           (16)             111            (33)             111
     (Decrease) increase in accrued expenses                                  42             240            (14)             158
     Stock dividends on FHLB Stock                                           (8)             (9)            (25)            (24)
     (Gain) on sale of loans                                                (19)            (11)            (42)            (16)
     (Gain) on sale of mtg-backed securities and investments                   0             (5)            (10)             (7)
     (Gain) loss on sale of foreclosed property                                0             (6)              25             (6)
                                                                         -------         -------         -------         -------
       Net cash provided by (used in) operating activities                   306           1,087             776             793

   Cash flows from investing activities:
     Proceeds from sale of securities available for sale                       0             500             233           1,002
     Proceeds from sale of mortgage-backed securities
             available for sale                                                0               0             760           1,204

     Proceeds from maturities of securities held to maturity                  29              29              49              49
     Purchase of securities available for sale                                 0               0               0               0
     Purchase of mortgage-backed securities
             available for sale                                          (3,818)         (1,374)         (3,818)         (1,842)
     FHLB Stock purchased                                                      0               0               0            (76)
     Federal Reserve Bank Stock purchased                                      0               0               0           (140)
     Federal Reserve Bank Stock sold                                           0               0             135               0
     Purchase of Independent Bankers Bank Stock                             (60)               0            (60)               0
     Repayment of principal- mortgage-backed securities                    1,427             562           3,176           1,307
     Loans originated to be sold                                           2,883             624           5,203           1,172
     Decrease (increase) in loans receivable                             (3,892)         (1,499)         (9,502)         (4,774)

     Proceeds from sale or participation of originated loans               1,952           1,100           4,696           3,840
     Proceeds from sale of foreclosed property                                 0              59              22              56
     Purchase of premises and equipment                                     (32)            (39)           (147)           (336)
                                                                         -------         -------         -------         -------
       Net cash provided by (used in) investing activities               (1,511)            (38)             747           1,462


The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>

                                       6
<PAGE>

<TABLE>
<CAPTION>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                    CONSOLDIATED STATEMENT OF CASH FLOWS For
        The Three and Nine Month Periods Ended December 31, 2001 and 2000
                                   (Unaudited)


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

                                                                                              ($1,000's)


                                                                        2001             2000             2001             2000
                                                                        ----             ----             ----             ----
<S>                                                                   <C>              <C>              <C>              <C>
Cash flows from financing activities:
   Net increase (decrease) in deposits                                $    707         $    211         $  6,197         $ (1,027)
   Increase (decrease) in repurchase agreements                        (1,629)            2,110          (1,760)             3,804
   Advances from Federal Home Loan Bank                                      0            4,150                0            32,850
   Repayment of FHLB advances                                                0          (7,350)                0          (36,450)
   Increase in advances from borrowers
      for taxes and insurance                                               17             (75)             (25)              (54)
   Dividends paid                                                            0                0            (181)             (196)
   Funding of Recognition & Retention Plan                                   0                0              126               124
   Purchase of treasury stock                                                0            (237)            (342)             (892)
                                                                      --------         --------         --------         ---------
      Net cash provided by (used in) financing activities                (905)          (1,191)            4,015           (1,841)
                                                                      --------         --------         --------         ---------

Increase (decrease) in cash and cash equivalents                       (2,110)            (142)            5,538               414

Cash and cash equivalents at beginning of period                        14,527            3,215            6,879             2,659
                                                                      --------         --------         --------         ---------

Cash and cash equivalents at end of period                            $ 12,417         $  3,073         $ 12,417         $   3,073
                                                                      --------         --------         --------         ---------


Supplemental Disclosures:
 Additional Cash Flows Information:
   Cash paid for:
     Interest on deposits, advances and
       repurchase agreements                                          $    756         $    848         $  2,420         $   2,541

     Income taxes:
       Federal                                                              45               55               45               492
       State                                                                 7               35                7               107

Schedule of Non-Cash Investing Activities:
  Transfers to foreclosed real estate                                        0               97               73               132
  Refinanced other real estate owned                                         0                0                0                43
  Held to maturity securities transferred
     To available for sale                                                   0                0                0               767

The accompanying notes are an integral part of those consolidated financial statements.

</TABLE>

                                       7

<PAGE>

               FIRST ROBINSON FINANCIAL CORPORATION AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(1)  BASIS OF PRESENTATION

The 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 consolidated financial statements are unaudited and should be
read in conjunction with the consolidated financial statements and notes thereto
included in the Company's annual report dated April 27, 2001. The accompanying
unaudited consolidated financial statements have been prepared in accordance
with the instructions for 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 generally accepted
accounting principles. In the opinion of management of the Company, the
unaudited consolidated financial statements reflect all adjustments (consisting
of normal recurring accruals) necessary to present fairly the financial position
of the Company at December 31, 2001 and the results of its operations and cash
flows for the three month and nine month periods ended December 31, 2001 and
2000. The results of operations for those months ended December 31, 2001 are not
necessarily indicative of the results to be expected for the full year.


(2)  STOCK CONVERSION

On June 27, 1997, the predecessor of the Bank, First Robinson Savings and Loan,
F.A. completed its conversion from a Federally chartered mutual savings and loan
to a National Bank and was simultaneously acquired by the Company, which was
formed to act as the holding company of the Bank. At the date of the conversion,
the Company completed the sale of 859,625 shares of common stock $.01 par value,
to its Eligible Account Holders and Employee Stock Ownership Plan (ESOP), at
$10.00 per share. Net proceeds from the above transactions, after deducting
offering expenses, underwriting fees, and amounts retained to fund the ESOP,
totaled $7,504,657.

(3)  EARNINGS PER SHARE

The Company has adopted Statement of Financial Accounting Standards ("SFAS") No.
128, "Earnings per Share," which requires entities with complex capital
structures to present both basic earnings per share ("EPS") and diluted EPS.
Basic EPS excludes dilution and is computed by dividing income available to
common shareholders by the weighted average number of common shares outstanding
for the period. Diluted EPS reflects the potential dilution that could occur if
securities of other contracts to issue common stock (such as stock options) were
exercised or converted into common stock or resulted in the issuance of common
stock that would then share in the earnings of the entity. Diluted EPS is
computed by dividing net income by the weighted average number of common shares
outstanding for the period, plus common-equivalent shares computed using the
treasury stock method. The Company's weighted average common shares outstanding
were 497,250 and 538,867 for the three month periods and 504,536 and 556,218 for
the nine month periods ending December 31, 2001and 2000 respectively. The
Company approved a stock option plan during the quarter ended September 30,
1998. This plan had no dilutive effect on the earnings per share since current
stock price was less than option price.



                                       8

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(4)  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. All
dividends 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.
The Bank accounts for its ESOP in accordance with Statement of Position 93-6.
Accordingly, the debt of the ESOP is recorded as debt and the shares pledged as
collateral are reported as unearned ESOP shares in the consolidated balance
sheets. As shares are released from collateral, the Bank reports compensation
expense equal to the current market price of the shares, and the shares become
outstanding for earnings-per-share calculations. Dividends on allocated shares
are recorded as a reduction of retained earnings; dividends on unallocated ESOP
shares are recorded as a reduction of debt or accrued interest. ESOP
compensation expense was $13,000 for the three months ended December 31, 2001
and $12,000 for the three months ended December 31, 2000. For the nine-month
periods ESOP compensation expense amounted to $65,000 for the period ended
December 31, 2001 and $67,000 for the period ended December 31, 2000.

The ESOP shares at December 31, 2001 and 2000 were as follows:
                                                     2001             2000
                                                     ----             ----
       Allocated shares                             38,023           30,781
       Shares released for allocation                    0                0
       Unallocated shares                           30,747           37,989
                                                    ------           ------
       Total ESOP shares                            68,770           68,770
                                                    ======           ======

       Fair value of unallocated shares           $422,771         $555,443







(5)  COMPREHENSIVE INCOME

The Company has adopted FASB Statement No. 130, Reporting Comprehensive Income.
The statement establishes standards for reporting and display of comprehensive
income and its components. Comprehensive income includes net income and other
comprehensive income, which for the Company includes unrealized gains and losses
on securities available for sale.
Comprehensive income, unaudited, for the three and nine month periods ended
December 31, 2001 and 2000 are as follows:

<TABLE>
<CAPTION>

                                                            Three Month Period                  Nine Month Period
                                                            ------------------                  -----------------
                                                          2001              2000             2001              2000
                                                          ----              ----             ----              ----
                                                                                  ($1,000)

<S>                                                    <C>                <C>             <C>               <C>
Net Income (Loss)                                         $177               $54             $300              $290
                                                          ----               ---             ----              ----
Other Comprehensive Income
Unrealized gains (losses) on securities                  (248)               363             (62)               617
Realized (gains) losses on securities                        0               (5)             (10)               (7)
Related tax effects                                         93             (134)               27             (239)
                                                            --             -----               --             -----
Other Comprehensive Income (Losses)                      (155)               224             (45)               371
                                                         -----               ---              ---               ---
Comprehensive Income                                       $22              $278             $255              $661
                                                           ===              ====             ====              ====
</TABLE>

                                       9

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

     When used in this filing and in future filings by First Robinson Financial
Corporation (the "Company") with the Securities and Exchange Commission, in the
Company's press releases or other public or shareholder communications, or in
oral statements made with the approval of an authorized executive officer, the
words or phrases "would be," "will allow," "intends to," "will likely result,"
"are expected to," "will continue," "is anticipated," "estimate," "project" or
similar expressions are intended to identify "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties, including but not limited to
changes in economic conditions in the Company's market area, changes in policies
by regulatory agencies, 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.

     We wish 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.

     We do 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

     Our principal business, through our 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. Our loans consist primarily of
loans secured by residential real estate located in our market area, consumer
loans, commercial loans, and agricultural loans.

     Our net income is dependent primarily on our net interest income, which is
the difference between interest earned on interest-eaming assets and the
interest paid on interest-bearing liabilities. Net interest income is a function
of our "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, our net income also is affected by the level of
general and administrative expenses and the level of other income, which
primarily consists of service charges and other fees.

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

     It is our Company policy to hire our independent auditors to perform only
our fiscal year-end audit and tax preparation. We hire other audit firms for
consulting work and loan review.

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


                                       10


<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

BUSINESS STRATEGY

     We are a community-oriented, locally owned financial institution offering
community banking services to residents and businesses of Crawford County,
Illinois, our primary market area. We also offer fixed rate mortgage products
through the Federal Home Loan Bank of Chicago and USDA Rural Development. Those
loans held for sale will be periodically adjusted to the fair market value.
These programs continue to grow and have provided additional non-interest income
to our Bank. We have introduced a new preferred checking account as we continue
to see excellent growth in the number of new checking and savings accounts. The
growth and push for new low interest bearing accounts fits well within our
strategic plan of lowering our overall cost of funds. We offer Internet banking
to customers with a cash management package available. PrimeVest Financial
Services provides investment brokerage services to our customers. We continue to
see growth in that service. We maintain a strong presence in the community and
are the only independent community bank in Robinson, Palestine and Oblong,
Illinois.

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.

     The following table sets forth the Bank's loan delinquencies by type, by
amount and by percentage of type at December 31, 2001.

<TABLE>
<CAPTION>

                                                    Loans Delinquent For:
                  ---------------------------------------------------------------------------------------
                         60-89 Days(1)             90 Days and Over(1)                 Nonaccrual            Total Delinquent Loans
                  ------------------------------ --------------------------- ---------------------------- --------------------------
                                       Percent                     Percent                      Percent                     Percent
                                       of Loan                     of Loan                      of Loan                     of Loan
                   Number    Amount    Category   Number   Amount  Category   Number   Amount   Category   Number   Amount  Category
                  --------  --------  ---------- -------- -------- --------- -------- -------- ---------- -------- -------- --------

                                                                         (Dollars in
                                                                         thousands)
Real Estate:
   One- to
<S>                <C>        <C>      <C>        <C>    <C>       <C>         <C>   <C>        <C>         <C>      <C>     <C>
   four-family....   ---       $---       ---       ---    $---       ---        2     $54       0.15%         2      $54     0.15%
   Commercial and
   agricultural
    real estate        1        133     0.99%        --      --        --        1      50       0.37%         2      183     1.36%
Consumer..........   ---        ---       ---       ---     ---       ---        4      21       0.36%         4       21     0.36%
Commercial
   business and
   agricultural
    finance.......    --         --        --        --      --        --        2     179       2.61%         2      179     2.61%
                     ---        ---       ---       ---     ---       ---        -     ---       -----        --     ----     -----

     Total........     1       $133     0.21%         0      $0     0.00%        9    $304       0.49%      $ 10     $437     0.70%
                       =       ====     =====       ===     ===     =====        =    ====       =====      ====     ====     =====
---------------

(1)      Loans are still accruing.

</TABLE>




                                       11

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

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

                                                  December       March
                                                     31,          31,
                                                ---------------------------
                                                    2001          2001
                                                ------------- -------------
                                                  (Dollars in thousands)

          Non-accruing loans:
            One- to four-family................          $54          $188
            Commercial and agricultural
               real estate.....................           50           190
            Consumer...........................           21            13
            Commercial business and
               agricultural finance............          179           320
                                                ------------- -------------
                 Total.........................          304           711
                                                ------------- -------------

          Accruing loans delinquent more
            than 90 days:
            One- to four-family................          ---           ---
            Commercial and agricultural
               real estate.....................          ---           ---
            Consumer...........................          ---             8
            Commercial business and
               agricultural finance............          ---           ---
                                                ------------- -------------
                 Total.........................          ---             8
                                                ------------- -------------

          Foreclosed assets:
            One- to four-family................           33            29
            Commercial and agricultural
               real estate.....................           40            22
            Consumer...........................          ---            39
                                                ------------- -------------
                 Total.........................           73            90
                                                ------------- -------------

          Total non-performing assets..........         $377          $809
                                                ============= =============
          Total as a percentage of total
            assets.............................        0.40%         0.91%
                                                ============= =============

     Gross interest income which would have been recorded had the non-accruing
loans been current in accordance with their original terms amounted to
approximately $25,000 for the nine months ended December 31, 2001 and $7,000 for
the three months ended December 31, 2001. There was $114,000 that would have
been included in interest income on such loans for the nine months ended
December 31, 2000 and $29,000 for the three months ended December 31, 2000.

     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.


                                       12

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

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

     In connection with the filing of its periodic reports with the OCC and in
accordance with its classification of assets policy, the Bank regularly reviews
loans in its portfolio to determine whether such assets require classification
in accordance with applicable regulations. On the basis of management's review
of its assets, at December 31, 2001, the Bank had classified a total of $813,000
of its assets as substandard and $69,000 as doubtful or loss. At December 31,
2001, total classified assets comprised $882,000, or 10.4% of the Bank's
capital, and 0.95% of the Bank's total assets.

     OTHER LOANS OF CONCERN. As of December 31, 2001, there were $3.9 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 net
realizable value, estimated to be 80% of fair market value. If fair value at the
date of foreclosure is lower than the balance of the related loan, the
difference will be charged-off to the allowance for loan losses at the time of
transfer. Valuations are periodically updated by management and if the value
declines, a specific provision for losses on such property is established by a
charge to operations. At December 31, 2001, the Bank had $73,000 in real estate
properties acquired through foreclosure. The properties are for sale and will be
sold if the offers to purchase are approved by the board.

     Although management believes that it uses the best information available to
determine the allowance, unforeseen market conditions could result in
adjustments and net earnings could be significantly affected if circumstances
differ substantially from the assumptions used in making the final
determination. Future additions to the Bank's allowance for loan losses will be
the result of periodic loan, property and collateral reviews and thus cannot be
predicted in advance. In addition, federal regulatory agencies, as an integral
part of the examination process, periodically review the Bank's allowance for
loan losses. Such agencies may require the Bank to increase the allowance based
upon their judgment of the information available to them at the time of their
examination. At December 31, 2001, the Bank had a total allowance for loan
losses of $578,000, representing 0.96% of the Bank's loans.




                                       13

<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

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

<TABLE>
<CAPTION>

                                            December 31,                                 March 31,
                             ---------------------------------------------------------------------------------------

                                                2001                                        2001
                             --------------------------------------------  -----------------------------------------
                                                             Percent of                                 Percent of
                                                              Loans in                                   Loans in
                             Amount of          Loan            Each       Amount of        Loan           Each
                             Loan Loss       Amounts by      Category to   Loan Loss     Amounts by     Category to
                             Allowance        Category       Total Loans   Allowance      Category      Total Loans
                             ---------        --------       -----------   ---------      --------      -----------

                                               (Dollars in thousands)

<S>                          <C>              <C>             <C>          <C>              <C>              <C>
One- to four-family....      $     132        $34,431         55.43%       $     247        $34,347          55.53%
Multi-family...........            ---            718          1.16              ---            560           0.91
Commercial and
   agricultural real estate        140         13,482         21.70              161         12,790          20.68
Construction or
   development.........            ---            716          1.15              ---            738           1.19
Consumer...............             57          5,898          9.50               52          6,207          10.03
Commercial business
  and agricultural
  finance..............            171          6,869         11.06              160          7,211          11.66
Unallocated............             78            ---           ---              ---            ---            ---
     Total.............      $     578        $62,114        100.00%       $     620        $61,853        100.00%
                             =========        =======        =======       =========        =======        =======

<CAPTION>

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

                                                      Three Months Ended      Nine Months Ended
                                                         December 31,           December 31,
                                                    -----------------------------------------------
                                                      2001          2000       2001          2000
                                                    --------      --------   --------      --------
                                                                (Dollars in thousands)

<S>                                                 <C>           <C>        <C>           <C>
Balance at beginning of period...................      $546          $724       $620          $630

Charge-offs:
  One- to four-family............................       ---            40         40            51
  Commercial and agricultural real estate........       ---             2         95             2
  Consumer.......................................         2            14         23            28
  Commercial business and agricultural finance...       ---           150        141           187
                                                       ----          ----       ----          ----
                                                          2           206        299           268
                                                       ----          ----       ----          ----

Recoveries:
  One- to four-family............................         2           ---          7             4
  Commercial and agricultural real estate........       ---           ---        ---           ---
  Consumer.......................................         5             2         13            24
  Commercial business and agricultural finance...        12             3         12             3
                                                       ----          ----       ----          ----
                                                         19             5         32            31
                                                       ----          ----       ----          ----

Net charge-offs..................................       (17)          201        267           237
Additions charged to operations..................        15           165        225           295
                                                       ----          ----       ----          ----
Balance at end of year...........................      $578          $688       $578          $688
                                                       ----          ----       ----          ----

Ratio of net charge-offs during the period to
 average loans outstanding during the period.....     (0.03)%        0.31%      0.43%         0.37%
                                                      ======         ====       ====          ====

Ratio of net charge-offs during the period to
 average non-performing assets...................     (4.46)%       14.28%     54.60%        16.99%
                                                      ======        =====      =====         =====

</TABLE>

                                       14

<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations


FINANCIAL CONDITION

COMPARISON AT DECEMBER 31, 2001 AND MARCH 31, 2001

     Our total assets increased by approximately $4.2 million or 4.8% to $93.1
million at December 31, 2001 from $88.9 million at March 31, 2001. This increase
in total assets was primarily the result of a $5.5 million or 80.5% increase in
total cash and cash equivalents and an increase of $939,000 in loans held for
sale. A $1.6 million or 2.6% decrease in loans receivable net and a decrease of
$518,000 or 3.0% in securities available for sale offset these increases in
part. The increase in deposits discussed in the following paragraph coupled with
a decrease in loan demand and the maturing of investment securities has resulted
in a large increase in cash and cash equivalents. Excess funds are sold
overnight, however at a yield substantially below that of loans or investments.
Management is actively looking at ways to increase loan demand in order to more
effectively use our excess funds, however the economy has many customers
reluctant to borrow. Investments in securities provide some additional yield if
management is willing to commit to longer maturities. Since the longest maturity
offered to depositors is four years, any investment longer than three to four
years provides an additional element of interest rate risk to the bank.
Management intends to continue to look for ways to loan or invest our excess
funds more efficiently but does not intend to aggressively price our deposit
products and repurchase agreements.

     Liabilities increased $4.3 million or 5.4% to $84.1 million at December 31,
2001 from $79.8 million at March 31, 2001. The primary reason for the increase
in our liabilities was the increase of $6.2 million or 8.7% in deposits offset
by a $1.8 million or 38.9% decrease in repurchase agreements. The increase in
deposits has been in passbook savings ($3.6 million), checking accounts
($400,000) and NOW accounts ($2.3 million), while certificates of deposits have
declined slightly. It is management's opinion that in the current economic rate
environment, customers are moving their money out of mutual funds and the stock
market and putting their funds into accounts that are quickly accessible, even
though the rate of return may be less. Due to the liquidity gained from the
increase in deposit accounts, management has been less aggressive in the pricing
of repurchase agreements. This has caused a decrease in the balances held in
repurchase agreements, which are typically higher priced than savings and
checking accounts. Management believes that when the market strengthens there
will be some decline in the savings deposits.

     Stockholders' equity decreased $66,000 or 0.7% to $9.0 million as of
December 31, 2001 from $9.0 million on March 31, 2001. Net income of $300,000
for the nine months ending December 31, 2001 plus the allocation of $126,000 in
Recognition and Retention Plan shares and the release for allocation of $76,000
in Employee Stock Ownership Plan shares increased equity by $502,000. However,
this increase was offset by the purchase of an additional $342,000 of treasury
stock, a dividend of $181,000 and a decrease of $45,000 in accumulated other
comprehensive income. The company purchased 23,126 shares during the period,
bringing the total amount of treasury stock to 323,492 shares as of December 31,
2001. All shares were purchased at market prices below our book value per share.

RESULTS OF OPERATIONS

COMPARISON OF THE THREE-MONTH PERIODS ENDED DECEMBER 31, 2001 AND 2000

PERFORMANCE SUMMARY

     We are reporting net income of $177,000 for the third quarter of the fiscal
year. For the quarter ended December 31, 2000, we reported net income of
$54,000. The $123,000 or 227.8% increase in net income is attributable to an
increase partially of $136,000 or 19.9% in net interest income after provision
for loan losses and a decrease of $39,000 or 4.9% in non-interest expense offset
by a $4,000 or 2.0% decrease in non-interest income and an $48,000 or 150.0%
increase in provision for taxes for the three-month period ended December 31,
2001 compared to the same period in 2000.




                                       15

<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

 NET INTEREST INCOME

     Net interest income decreased by $14,000 or 1.7% to $833,000 during the
three-month period ended December 31, 2001, as compared to $847,000 during the
same period in the prior year. Interest income was $1.6 million a decrease of
$136,000 or 8.0% for the quarter ended December 31, 2001 as compared to the
quarter ended December 31, 2000. For the quarter ended December 31, 2001,
interest expense was $728,000 a decrease of $122,000 or 14.4% from the quarter
ended December 31, 2000. The rate on average interest earning assets for the
December 31, 2001 quarter was 7.03% in comparison to 8.44% for the quarter ended
December 31, 2000, a decrease of 1.41%. The rate on average interest bearing
liabilities for the quarter ended December 31, 2001 was 3.69% compared to 4.85%
for the December 31, 2000 quarter, a decrease of 1.16%. The decline in net
interest income is a direct result of the significant decline in interest rates
during the past twelve months. Another contributing factor in the decline is the
2.6% decrease in loans plus the 8.6% increase in interest bearing deposits. The
bank's net interest margin has declined 0.23% from 4.10% for the quarter ending
December 31, 2000 to 3.87% for the quarter ending December 31, 2001. Although
the bank's net interest margin has declined as a result of the falling interest
rate environment, management believes the margin should become stable as a large
portion of the bank's adjustable rate mortgages reach their interest rate
floors.

NON-INTEREST INCOME

     Total non-interest income decreased by $4,000 or 2.0% to $199,000 during
the three months ended December 31, 2001, as compared to $203,000 during the
same period in the prior year. The decrease in total non-interest income was the
result of a decrease of $11,000 or 100% in net realized gain on sale of
investments and foreclosed property and a decrease of $12,000 or 20.7% in income
from other sources. During the quarter ended December 31, 2001, the bank had no
sales of investments or foreclosed property, thus the decline in those earnings.
The decrease in income from other sources is a result of the loss of income from
the Internet service, which the bank sold in March 2001. These earnings were
offset by an increase of $6,000 or 5.5% in service charges on deposit accounts,
an increase of $5,000 or 35.7% in charges and other fees on loans and an
increase of $8,000 or 72.7% gain on loans sold. Service charges on deposit
accounts have increased due to our increased number of checking accounts. The
lower rate environment has encouraged customers to refinance their home loans
into fixed rate products. The bank uses the Federal Home Loan Bank of Chicago
MPF (Mortgage Partnership Finance) program for its fixed rate home loans, which
provides the bank income not only from the sale of loans but also from the
servicing of those loans. The increased activity in refinancing has increased
our income on charges and fees on loans in addition to the increase in gains on
loans sold. Management expects this increase to continue as long as interest
rates remain low.

NON-INTEREST EXPENSE

     Total non-interest expense decreased by $39,000 or 4.9% to $760,000 during
the three months ended December 31, 2001, as compared to $799,000 during the
same period in the prior year. This decrease was a result of the following; a
decrease of $32,000 or 21.8% in occupancy and equipment costs, which was caused
by a significant reduction in depreciation expense due to the sale of the
internet service; a $12,000 or 30.0% decrease in audit, legal and other
professional fees which were the result of a decrease in legal fees associated
with the collection of delinquent loans, a $9,000 or 75.0% decrease in
foreclosed real estate expenses, and a $6,000 or 20.7% decrease in advertising
as a result of a cutback in print media advertising. These decreases were offset
by increases of $11,000 or 2.6% in compensation and employee benefits, $7,000 or
28.0% in data processing related expenses, $1,000 or 4.0% in telephone and
postage, and $1,000 or 1.0% in other miscellaneous expenses. Management intends
to continue to monitor non-interest expense in an effort to reduce overall
expenses.

PROVISION FOR LOAN LOSSES

     During the three months ended December 31, 2001, we recorded provision for
loan losses of $15,000 as compared to $165,000 for the same period of the prior
year, a decrease of $150,000 or 90.9%. We recorded such provisions to adjust our
allowance for loan losses to a level deemed appropriate based on an assessment
of the volume of lending presently being conducted by the bank, industry
standards, past due loans, economic conditions in our market area generally and
other factors related to the collectability of the loan portfolio. Our
non-performing assets as a percentage of total assets was 0.40% at December 31,
2001, as compared to 1.50% at December 31, 2000. The bank has adopted further
enhancements to its loan policy that helps it assess and monitor problem loans.
Classified loan totals are decreasing and delinquencies are well below peer.
Non-performing assets have been reduced substantially. The large agricultural
credit that has negatively affected earnings for the past twelve months has been
charged off. Asset quality continues to improve therefore allowing the provision
for loan losses to reduce significantly.

                                       16
<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

PROVISION FOR INCOME TAXES

     We recognized a provision for federal and state income taxes of $80,000 for
the three months ended December 31, 2001 as compared to a provision for income
taxes of $32,000 for the same period in the prior year due to increased
profitability. The effective tax rate during the three months ended December 31,
2001 was 31.1% as compared to 37.2% during the quarter ended December 31, 2000.

COMPARISON OF THE NINE-MONTH PERIODS ENDED DECEMBER 31, 2001 AND 2000

PERFORMANCE SUMMARY

     We reported a net income of $300,000 during the nine months ended December
31, 2001 as compared to $290,000 for the same period in the prior year. The
$10,000 or 3.4% increase in net income was primarily attributed to an increase
of $42,000 or 1.9% in net interest income after provision for loan losses and a
decrease of $48,000 or 27.6% in provision for income taxes offset in part by an
increase of $78,000 or 3.4% in non-interest expense and a decrease of $2,000 or
0.4% in non-interest income. There does not appear to be any external threats to
the bank's overall performance. Even in today's uncertain interest rate
environment, the bank's market area has remained relatively stable. Unemployment
is unchanged and though we cannot predict the future there are positive
indicators, locally, for new jobs in the near future.

NET INTEREST INCOME

     Net interest income decreased by $28,000 or 1.1% for the nine-month period
ended December 31, 2001 as compared to the same period in the previous year. For
the nine months ended December 31, 2001, interest income decreased by $265,000
or 5.2% from the nine months ended December 31, 2000. However, the decrease in
interest income was partially offset by a decrease in interest expense of
$237,000 or 9.3% from the December 31, 2000 period. The interest rate spread for
the nine months ended December 31, 2001 was 3.47% compared to 3.55% for the same
period in the prior year. Based on total interest income of $4.8 million and
total interest expense of $2.3 million, the change in net interest income is
minor. The significant decline in interest rates has prevented an increase in
net interest income. Management believes that our net interest margin should
increase as the Bank's $28.0 million of adjustable rate mortgages reach their
interest rate floors. The interest rate spread should also increase as
management implements methods to increase loans and investments while decreasing
the amount of cash and cash equivalents.

NON-INTEREST INCOME

     Our non-interest income decreased by $2,000 or 0.4% to $534,000 for the
nine-month period in this fiscal year as compared to $536,000 for the nine-month
period in the prior year. Income from other sources decreased by $60,000 or
39.7%. This was attributable to the loss of income after the sale of our
Internet service in March 2001. Also during the nine months ended December 31,
2001, we recorded no gains on sale of foreclosed property resulting in a
decrease of $6,000 or 100% from the nine months ending December 31, 2000. These
decreases were offset by service charges on deposit accounts increasing $17,000
or 5.3% and non-interest income from charges and other fees on loans increasing
$18,000 or 50.0% over the same period in the prior year. This increase in
charges and fees is a result of customers refinancing their mortgages. With the
MPF (Mortgage Partnership Finance) program that we have through the Federal Home
Loan Bank of Chicago, we have had a net gain on sale of loans of $42,000 an
increase of $26,000 or 162.5% over the nine-month period in the prior year. We
have also had a $3,000 or 42.9% increase in the net gain on the sale of
investments.

NON-INTEREST EXPENSE

     Total non-interest expense increased by $78,000 or 3.4% to $2.4 million
during the nine months ended December 31, 2001, as compared to $2.3 million
during the same period in the prior year. This increase was due primarily from
an increase of $52,000 or 4.0% in compensation and employee benefits, an
increase of $21,000 or 26.9% in data processing expense, an increase of $16,000
or 19.5% in audit, legal and other professional fees, an increase of $25,000
from $0 in the loss on the sale of foreclosed property, an increase of $14,000
or 4.9% in other operating expenses, an increase of $6,000 or 42.9% in
foreclosed property expenses and an increase of $4,000 or 5.3% in telephone and
postage expenses. These increases are offset by decreases of $46,000 or 11.2% in



                                       17
<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

occupancy and equipment expenses, $13,000 or 15.5% decrease in advertising and a
decrease of $1,000 or 9.1% in Savings Association Insurance Fund deposit
insurance premiums. The increase in compensation and employee benefits is due to
a 26% increase in group medical costs plus cost of living adjustments to current
staff. The data processing expense increase is primarily from increased access
costs to high-speed telephone lines that had been a part of our Internet
service. The increase in audit, legal and other professional fees is a result of
increased legal costs associated with the collection of delinquent loans. The
bank lost $18,000 in the sale of commercial equipment, plus a loss of $7,000 on
the sale of a repossessed house. The increase in other operating expenses is
primarily the result of an increase of $5,000 in training and conferences plus
an increase of $9,000 in ATM/debit card network expenses. The growth in
ATM/debit cards is a reflection of the increase in savings, checking and NOW
accounts. The decrease in occupancy and equipment expense is largely due to the
decrease in depreciation expense attributed to the Internet service prior to
March 2001. The decrease in advertising was the result of management's efforts
to reduce print media advertising. Management intends to reduce the overall
level of non-interest expense as part of its strategic plan.

PROVISION FOR LOAN LOSSES

     The provision for loan losses for the nine-month period ending December 31,
2001 decreased by $70,000 or 23.7% from the nine months ended December 31, 2000.
We recorded a provision for loan losses of $225,000 for this nine-month period
in comparison to $295,000 for the nine months in the previous year. We adjusted
our provision for loan losses to an appropriate level after assessing the
situation involving one large agricultural borrower who had filed bankruptcy and
been placed on non-accrual. We recorded such provisions to adjust our allowance
for loan losses to a level deemed appropriate based an assessment of the volume
of lending presently being conducted by the bank, industry standards, past due
loans, economic conditions in our market area generally and any other factors
related to the collection of our loan portfolio. Our non-performing assets as a
percentage of total assets was 0.40% at December 31, 2001 as compared to 0.91%
at March 31, 2001. The bank has adopted further enhancements to its loan policy
that helps it assess and monitor problem loans. Classified loan totals are
decreasing and delinquencies are well below peer. Non-performing assets have
been reduced substantially. The large agricultural credit that has negatively
affected earnings for the past twelve months has been charged off. Asset quality
continues to improve therefore allowing the provision for loan losses to reduce
significantly.

 PROVISION FOR INCOME TAXES

     We recognized provision for income taxes of $126,000 for the nine months
ended December 31, 2001 as compared to $174,000 for the nine months in the prior
year. The effective tax rate for this nine-month period was 29.6% and 37.5% for
the nine months ended December 31, 2000.

LIQUIDITY AND CAPITAL RESOURCES

     Our 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. Additionally, we may borrow funds from the
FHLB of Chicago, our correspondent banks, Cole Taylor Bank located in Chicago
and Independent Bankers Bank located in Springfield, Illinois and the Discount
Window of the Federal Reserve of St. Louis or utilize other borrowings of funds
based on need, comparative costs and availability at the time.

     At December 31, 2001 we had $3.0 million in fixed-rate fixed-term advances
from the FHLB of Chicago outstanding resulting in no change from March 31, 2001.
We use our liquidity resources principally to meet outstanding commitments on
loans, to fund maturing certificates of deposit and deposit withdrawals and to
meet operating expenses. We anticipate no foreseeable problems in meeting
current loan commitments. At December 31, 2001, we had outstanding commitments
to extend credit, which amounted to $4.7 million (including $2.7 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.

     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.


                                       18
<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

REGULATORY CAPITAL

     The Company and the Bank are subject to capital requirements of the federal
bank regulatory agencies which requires 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 federal regulations. The Bank is also subject to a 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.

     At December 31, 2001, the Bank was in compliance with all of the
aforementioned capital requirements as summarized below:

                                                               December 31, 2001
                                                               -----------------
                                                                   (1,000'S)
                                                                   ---------
Tier I Capital:
         Common stockholders' equity                                    8,495
         Unrealized loss (gain) on securities available for sale            1
         Less disallowed intangible assets                                  6

           Total Tier I Capital                                         8,490

Tier II Capital:
         Total Tier I capital                                           8,490
         Qualifying allowance for loan losses                             578

           Total Risk-Based Capital                                     9,068

Risk-Weighted Assets                                                   56,523
Quarter Average Assets                                                 93,651


<TABLE>
<CAPTION>

                                                                                                        To be Well Capitalized
                                                                                                           Under the Prompt
                                                                               For Capital                 Corrective Action
                                                Actual                      Adequacy Purposes                 Provisions
                                                ------                      -----------------                 ----------
                                         Amount         Ratio             Amount          Ratio           Amount          Ratio
                                         ------         -----             ------          -----           ------          -----
<S>                                    <C>          <C>                 <C>            <C>               <C>          <C>
  As of December 31, 2001:
     Total Risk-Based Capital
       (to Risk-Weighted Assets)          9,068        16.04%              4,522          8.00%             5,652        10.00%
     Tier I Capital
      (to Risk-Weighted Assets)           8,490        15.02%              2,261          4.00%             3,391         6.00%
     Tier I Capital
      (to Average Assets)                 8,490         9.07%              3,746          4.00%             4,683         5.00%
</TABLE>

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

                                       19
<PAGE>


                            PART II OTHER INFORMATION


Item 1.           LEGAL PROCEEDINGS
                   None

Item 2.           CHANGES IN SECURITIES
                   None.

Item 3.           DEFAULTS UPON SENIOR EXECUTIVES
                    None.

Item 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
                    None

Item 5.           OTHER INFORMATION
                   None

Item 6.           EXHIBITS AND REPORTS ON FORM 8-K

                    (a) The following exhibits are filed herewith:

                        Exhibit 11: Statement Regarding Computation of Earnings.



                    (b) Reports Form 8-K:

                        No reports on Form 8-K were filed during the quarter
                        ended December 31, 2001.










                                       20

<PAGE>



                                   SIGNATURES

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

                                      FIRST ROBINSON FINANCIAL
                                      CORPORATION



Date:    February 13, 2002            /s/ Rick L. Catt
         -----------------            ----------------
                                      Rick L. Catt
                                      President and Chief Executive Officer

Date:    February 13, 2002            /s/ Jamie E. Mcreynolds
         -----------------            -----------------------
                                      Jamie E. McReynolds
                                      Chief Financial Officer and Vice President












                                       21