<PAGE>

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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


                For the quarterly period ended September 30, 2004
                                               ------------------


                         Commission File Number: 0-29276


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


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


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


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


Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the 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 November 12, 2004, the Registrant had 521,749 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

<S>                                                                                               <C>
PART 1. FINANCIAL INFORMATION                                                                   PAGE

    Item 1.     Financial Statements

        Condensed Consolidated Balance Sheets as of September 30, 2004
            And March 31, 2004                                                                     3

        Condensed Consolidated Statements of Income for the Three Month and Six Month
            Periods Ended September 30, 2004 and September 30, 2003                                4

        Condensed Consolidated Statements of Cash Flows for the Six Month
            Periods Ended September 30, 2004 and September 30, 2003                                6

        Notes to Condensed Consolidated Financial Statements                                       8

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


    Item 3.     Controls and Procedures                                                            23



PART II OTHER INFORMATION

    Item 1.   Legal Proceedings                                                                    24


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


    Item 3.   Defaults Upon Senior Securities                                                      24


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


    Item 5.   Other Information                                                                    25


    Item 6.   Exhibits and Reports on Form 8-K                                                     25



         SIGNATURES                                                                                26
</TABLE>


                                                  2
<PAGE>
<TABLE>
<CAPTION>

Item: 1


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


                                                                                              (Unaudited)         (Audited)
                                                                                          September 30, 2004    March 31, 2004
                                                                                          ------------------    --------------
<S>                                                                                       <C>                   <C>
                                                             ASSETS

         Cash and cash equivalents                                                               $7,717              $8,485
         Available-for-sale securities                                                           27,252              22,747
         Loans, net of allowance for loan losses of $687 and $655 at
           September 30, 2004 and March 31, 2004, respectively                                   65,636              64,844
         Federal Reserve Bank and Federal Home Loan Bank stock                                      778                 760
         Premises and equipment, net                                                              2,574               2,668
         Foreclosed assets held for sale, net                                                       ---                 223
         Interest receivable                                                                        643                 623
         Prepaid income taxes                                                                       ---                  52
         Cash surrender value of life insurance                                                   1,222               1,198
         Other                                                                                      402                 308
                                                                                                    ---                 ---

              Total Assets                                                                     $106,224            $101,908
                                                                                               ========            ========

                                              LIABILITIES AND STOCKHOLDERS' EQUITY

         Deposits                                                                                85,747              86,185
         Federal Home Loan Bank advances                                                          1,000               1,000
         Other borrowings                                                                         7,422               2,902
         Advances from borrowers for taxes and insurance                                             55                  95
         Accrued income taxes                                                                        85                 ---
         Deferred income taxes                                                                       97                 168
         Interest payable and other liabilities                                                     594                 615
                                                                                                    ---                 ---
              Total Liabilities                                                                  95,000              90,965
                                                                                                 ------              ------

         Commitments and Contingencies

         Stockholders' Equity
         Preferred stock, $.01 par value; authorized 500,000 shares,
                  no shares issued and outstanding
         Common stock, $ .01 par value; authorized 2,000,000 shares; 859,625 shares issued;
           outstanding September 30, 2004 - 521,749 shares; March 31, 2004 - 517,716 shares           9                   9
         Additional paid-in capital                                                               8,564               8,486
         Retained earnings                                                                        7,679               7,522
         Unearned incentive plan shares; 7,231 shares                                             (125)               (125)
         Unearned ESOP and incentive compensation                                                 (355)               (378)
         Treasury stock, at cost                                                                (4,786)             (4,856)
           Common: September 30, 2004 - 330,645 shares; March 31, 2004 - 334,678 shares
         Accumulated other comprehensive income                                                     238                 285
                                                                                                    ---                 ---

              Total Stockholders' Equity                                                         11,224              10,943
                                                                                                 ------              ------

              Total Liabilities and Stockholders' Equity                                       $106,224            $101,908
                                                                                               ========            ========
</TABLE>


See Notes to Condensed Consolidated Financial Statements.


                                                               3
<PAGE>
<TABLE>
<CAPTION>

                                            FIRST ROBINSON FINANCIAL CORPORATION
                                         CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                            For the Three and Six Month Periods Ended September 30, 2004 and 2003
                                            (In thousands, except per share data)
                                                         (Unaudited)


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

                                                                 2004             2003                   2004          2003
                                                                 ----             ----                   ----          ----
<S>                                                            <C>              <C>                    <C>           <C>
 Interest and Dividend Income:
     Loans                                                     $1,062           $1,143                 $2,089        $2,297
     Securities:
       Taxable                                                    265              224                    498           475
       Tax-exempt                                                  18               17                     36            32
     Dividends on FRB and FHLB stock                               11               12                     22            25
                                                                   --               --                     --            --

        Total Interest and Dividend Income                      1,356            1,396                  2,645         2,829
                                                                -----            -----                  -----         -----

 Interest Expense:
     Deposits                                                     289              337                    578           725
     Federal Home Loan Bank advances                               18               42                     32            83
     Other borrowings                                              18               19                     31            47
                                                                   --               --                     --            --

        Total Interest Expense                                    325              398                    641           855
                                                                  ---              ---                    ---           ---

        Net Interest Income                                      1,031              998                  2,004         1,974

  Provision for Loan Losses                                        45               30                     90            45
                                                                   --               --                     --            --

        Net Interest Income After Provision for Loan Losses       986              968                  1,914         1,929
                                                                  ---              ---                  -----         -----

  Non-interest income:
     Charges and fees on deposit accounts                         204              195                    389           357
     Charges and other fees on loans                                4               13                      5            45
     Net gain on sale of loans                                     19               44                     38           138
     Net gain on sale of foreclosed assets                          3               14                    ---             7
     Other                                                         60               65                    128           134
                                                                   --               --                    ---           ---

        Total Non-Interest Income                                 290              331                    560           681
                                                                  ---              ---                    ---           ---

  Non-interest expense:
     Compensation and employee benefits                           504              455*                 1,081           979*
     Occupancy and equipment                                      128              129                    249           243
     Foreclosed property expense                                  ---                1                      6             5
     Data processing                                               46               35                     92            68
     Audit, legal and other professional                           56               36                     94            66
     Advertising                                                   30               22                     47            40
     Telephone and postage                                         22               27                     43            52
     Other                                                        141              119                    254           244
                                                                  ---              ---                    ---           ---

      Total Non-Interest Expense                                  927              824*                 1,866          1,697*
                                                                  ---              ---                  -----          -----


See Notes to Condensed Consolidated Financial Statements.

*The information presented above has been restated to give proper treatment to the unearned Directors Retirement Plan
("DRP") compensation and the exercise of options under the Company's Incentive Stock Option Plan. See Note 1 of Notes to
Condensed Consolidated Financial Statements.
</TABLE>


                                                             4
<PAGE>
<TABLE>
<CAPTION>

                                             FIRST ROBINSON FINANCIAL CORPORATION
                                         CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                            For the Three and Six Month Periods Ended September 30, 2004 and 2003
                                            (In thousands, except per share data)
                                                         (Unaudited)


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

                                                                 2004             2003                   2004          2003
                                                                 ----             ----                   ----          ----

<S>                                                               <C>              <C>                    <C>            <C>
Income before income tax                                          349              475*                   608            913*

   Provision for income taxes                                     131              181*                   228            345*
                                                                  ---              ---                    ---            ---

      Net Income                                                 $218             $294*                  $380           $568*
                                                                 ====             ====                   ====           ====

   Earnings Per Share-Basic                                     $0.44            $0.61                  $0.77          $1.18*
   Earnings Per Share-Diluted                                   $0.42            $0.57*                 $0.73          $1.11*


See Notes to Condensed Consolidated Financial Statements.

*The information presented above has been restated to give proper treatment to the unearned Directors Retirement Plan ("DRP")
compensation and the exercise of options under the Company's Incentive Stock Option Plan. See Note 1 of Notes to Condensed
Consolidated Financial Statements.
</TABLE>


                                                              5
<PAGE>
<TABLE>
<CAPTION>

                                     FIRST ROBINSON FINANCIAL CORPORATION
                                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                          For the Six Month Periods Ended September 30, 2004 and 2003
                                                (In thousands)
                                                  (Unaudited)


                                                                                       Six Month Period
                                                                                       ----------------

                                                                                  2004                   2003
                                                                                  ----                   ----
<S>                                                                               <C>                    <C>
Cash flows from operating activities:
    Net income                                                                    $380                   $568*
    Items not requiring (providing) cash:
      Depreciation and amortization                                                134                    131
      Provision for loan losses                                                     90                     45
      Amortization of premiums and discounts on securities                          55                    114
      Amortization of loan servicing rights                                         25                     74
      Compensation related to incentive plans                                      (1)                    ---
      Compensation related to ESOP                                                  75                     68
      Compensation related to the exercise of options                              103                      1*
      Deferred income taxes                                                       (43)                   (26)*
      Federal Home Loan Bank Stock dividends                                      (18)                   (19)
      Originations of mortgage loans held for sale                             (2,234)                (8,916)
      Proceeds from the sale of mortgage loans                                   2,272                  9,054
      Net gain on loans sold                                                      (38)                  (138)
      Net gain on sale of foreclosed property                                      ---                    (7)
    Changes in:
      Interest receivable                                                         (20)                   (92)
      Cash surrender value of life insurance                                      (24)                   (25)
      Other assets                                                               (119)                  (130)
      Prepaid income taxes                                                          52                    (3)*
      Accrued income taxes                                                          85                   (10)*
      Interest payable and other liabilities                                      (21)                    163*
                                                                                  ----                    ---

       Net cash provided by operating activities                                   753                    852*
                                                                                  ----                    ---

Cash flows from investing activities:
    Proceeds from maturities of securities available for sale                    1,500                     32
    Purchase of securities available for sale                                  (8,802)                (9,701)
    Federal Reserve Bank Stock purchased                                           ---                   (11)
    Repayment of principal on mortgage-backed securities                         2,667                  5,927
    Net change in loans                                                          (890)                (2,276)
    Proceeds from sale of foreclosed assets                                        231                     13
    Purchase of premises and equipment                                            (40)                  (281)
                                                                                  ----                  -----

       Net cash used in investing activities                                   (5,334)                (6,297)
                                                                               -------                -------


See Notes to Condensed Consolidated Financial Statements.

*The information presented above has been restated to give proper treatment to the unearned Directors
Retirement Plan ("DRP") compensation and the exercise of options under the Company's Incentive Stock Option
Plan. See Note 1 of Notes to Condensed Consolidated Financial Statements.
</TABLE>


                                                      6
<PAGE>
<TABLE>
<CAPTION>

                                     FIRST ROBINSON FINANCIAL CORPORATION
                                CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                          For the Six Month Periods Ended September 30, 2004 and 2003
                                                (In thousands)
                                                  (Unaudited)


                                                                                     Six Month Period
                                                                                     ----------------

                                                                                2004                   2003
                                                                                ----                   ----
<S>                                                                        <C>                  <C>
Cash flows from financing activities:
    Net decrease in deposits                                                    $(438)               $(1,627)
    Advances from Federal Home Loan Bank                                         9,650                  3,800
    Repayment of FHLB Advances                                                 (9,650)                (1,900)
    Proceeds from other borrowings                                              30,236                 27,098
    Repayment of other borrowings                                             (25,716)               (30,946)
    Purchase of incentive plan shares                                              (6)                  (225)*
    Dividends paid                                                               (223)                  (207)
    Net decrease in advances
      from borrowers for taxes and insurance                                      (40)                   (47)
                                                                                  ----                   ----

       Net cash provided by (used in) financing activities                       3,813                (4,054)*
                                                                                 -----                -------

Decrease in cash and cash equivalents                                            (768)                (9,499)

Cash and cash equivalents at beginning of period                                 8,485                 13,021
                                                                                 -----                 ------

Cash and cash equivalents at end of period                                      $7,717                 $3,522
                                                                                ======                 ======


Supplemental Cash Flows Information

        Interest paid                                                             $641                   $878

        Income taxes paid (net of refunds)                                         134                    387

        Sale and financing of foreclosed property                                   14                     68

        Real estate acquired in settlement of loans                                 22                    ---



See Notes to Condensed Consolidated Financial Statements.

*The information presented above has been restated to give proper treatment to the unearned Directors
Retirement Plan ("DRP") compensation and the exercise of options under the Company's Incentive Stock Option
Plan. See Note 1 of Notes to Condensed Consolidated Financial Statements.
</TABLE>


                                                      7
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1.   BASIS OF PRESENTATION

The condensed consolidated financial statements include the accounts of First
Robinson Financial Corporation (the Company) and its wholly owned subsidiary,
First Robinson Savings Bank, National Association (the Bank). All significant
intercompany accounts and transactions have been eliminated in consolidation.
The accompanying condensed consolidated financial statements are unaudited and
should be read in conjunction with the condensed consolidated financial
statements and notes thereto included in the Company's Form 10-KSB filed with
the Securities and Exchange Commission. The accompanying unaudited interim
condensed consolidated financial statements have been prepared in accordance
with the rules and regulations for reporting on Form 10-QSB and, therefore, do
not include information or footnotes necessary for a complete presentation of
financial condition, results of operations, and cash flows in conformity with
accounting principles generally accepted in the United States of America. In the
opinion of management of the Company, the unaudited condensed consolidated
financial statements reflect all adjustments (consisting of normal recurring
adjustments) necessary to present fairly the financial position of the Company
at September 30, 2004 and the results of its operations and cash flows for the
three months and six months ended September 30, 2004 and 2003. The results of
operations for those months ended September 30, 2004 are not necessarily
indicative of the results to be expected for the full year.

The Condensed Consolidated Balance Sheet of the Company, as of March 31, 2004,
has been derived from the audited Consolidated Balance Sheet for the Company as
of that date.

Certain reclassifications have been made to the 2003 financial statements to
conform to the 2004 financial statement presentation. These reclassifications
had no effect on net income.

The unaudited interim condensed consolidated financial statements for the June,
September and December 2003 periods did not give proper effect to the unearned
Directors' Retirement Plan ("DRP") compensation and the exercise of options
under the Company's Incentive Stock Option Plan. However, the information
presented in the annual report on Form 10-KSB as of March 31, 2004 gave proper
effect to the DRP and the exercise of options. The information presented above
in the consolidated financial statements for the periods ended September 30,
2004 and 2003 also give proper treatment to the DRP and the exercise of options.
The unaudited corrected amounts and the amounts as reported in the interim
reports on Form 10-QSB for June, September and December 2003 are presented in
Exhibit 99.


2.   EMPLOYEE STOCK OWNERSHIP PLAN

In connection with the conversion to the stock form of ownership, the Board of
Directors established an employee stock ownership plan (ESOP) for the exclusive
benefit of participating employees. Employees age 21 or older who have completed
one year of service are eligible to participate. Upon the issuance of the common
stock, the ESOP acquired 68,770 shares of $0.01 par value common stock at the
subscription price of $10.00 per share. The Bank makes contributions to the ESOP
equal to the ESOP's debt service less dividends received by the ESOP. 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.
Accordingly, the debt of the ESOP is recorded as debt and the shares pledged as
collateral are reported as unearned ESOP shares in the Condensed Consolidated
balance sheets. As shares are released from collateral, the Bank reports
compensation expense equal to the current market price of the shares, and the
shares become outstanding for earnings-per-share calculations. Dividends on
allocated shares are recorded as a reduction of retained earnings; dividends on
unallocated ESOP shares are recorded as a reduction of debt or accrued interest.
ESOP compensation expense for the three month periods ended September 30, 2004
and 2003 was $38,000 and $35,000 respectively. The expense for the six-month
periods ended September 30, 2004 and 2003 was $75,000 and $68,000 respectively.


3.   AUTHORIZED SHARE REPURCHASE PROGRAM

On January 20, 2004, the Board of Directors authorized and announced the
open-market stock repurchase of up to 25,000 shares of the Company's outstanding
stock for a period of approximately 6 months. The program expired on June 30,
2004 with none of the authorized shares repurchased. On July 20, 2004, the Board
of Directors again authorized the open-market repurchase of up to 25,000 shares
of the Company's outstanding stock with the program to expire December 31, 2004.
As of September 30, 2004, no shares have been repurchased. The number of shares,
as of September 30, 2004, held in Treasury are 330,645.


                                       8
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


4.   EARNINGS PER SHARE FOR THE THREE-MONTH PERIOD

Basic earnings per share is calculated by dividing net income by the weighted
average number of common shares outstanding during the period. Diluted earnings
per share gives effect to the increase in the average shares outstanding which
would have resulted from the exercise of dilutive stock options. The components
of basic and diluted earnings per share for the three months ended September 30,
2004 and 2003 were computed as follows (dollar amounts in thousands except share
data):

<TABLE>
<CAPTION>

                                                                                        Weighted
                                                                                         Average          Per Share
                                                                       Income            Shares            Amount
                                                                       --------------------------------------------
<S>                                                                     <C>                <C>                <C>
For the Quarter Ended September 30, 2004:

Basic Earnings per Share:
    Income available to common stockholders                             $218               494,413            $0.44
                                                                                                              =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                            13,555
  Stock options                                                                             12,559
                                                                                            ------

Diluted Earnings per Share:
    Income available to common stockholders                             $218               520,527            $0.42
                                                                        ===========================================


For the Quarter Ended September 30, 2003:

Basic Earnings per Share:
    Income available to common stockholders                             $294               484,215            $0.61
                                                                                                              =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                            13,938
  Stock options                                                                             16,528
                                                                                            ------

Diluted Earnings per Share:
    Income available for common stockholders                            $294               514,681            $0.57
                                                                        ===========================================
</TABLE>


                                       9
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


4.   EARNINGS PER SHARE FOR THE SIX-MONTH PERIOD

Basic earnings per share is calculated by dividing net income by the weighted
average number of common shares outstanding during the period. Diluted earnings
per share gives effect to the increase in the average shares outstanding which
would have resulted from the exercise of dilutive stock options. The components
of basic and diluted earnings per share for the six months ended September 30,
2004 and 2003 were computed as follows (dollar amounts in thousands except share
data):

<TABLE>
<CAPTION>

                                                                                        Weighted
                                                                                         Average          Per Share
                                                                       Income            Shares            Amount
                                                                       --------------------------------------------
<S>                                                                     <C>                <C>                <C>
For the Six-Month Period Ended September 30, 2004:

Basic Earnings per Share:
    Income available to common stockholders                             $380               492,197            $0.77
                                                                                                              =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                            13,518
  Stock options                                                                             12,452
                                                                                            ------

Diluted Earnings per Share:
    Income available to common stockholders                             $380               518,167            $0.73
                                                                        ===========================================


For the Six-Month Period Ended September 30, 2003:

Basic Earnings per Share:
    Income available to common stockholders                             $568               483,641            $1.18
                                                                                                              =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                            13,695
  Stock options                                                                             13,435
                                                                                            ------

Diluted Earnings per Share:
    Income available for common stockholders                            $568               510,771            $1.11
                                                                        ===========================================
</TABLE>


                                       10
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


5.   STOCK-BASED COMPENSATION

In accordance with SFAS No. 148, "Accounting for Stock-Based Compensation -
Transition and Disclosure - an amendment of FASB Statement No. 123" (SFAS 148),
the Company provides disclosures as if the Company had adopted the fair
value-based method of measuring all outstanding employee stock options during
the three and six month periods ended September 30, 2004 and 2003 as indicated
in the following table. The prospective method of accounting for stock options
that the Company has elected to follow, as allowed by SFAS 148, recognizes the
impact of only newly issued employee stock options. The following table presents
the effect on net income and earnings per share had the fair value-based method
applied to all outstanding and unvested awards for the three and six month
periods ended September 30, 2004 and 2003. (In thousands, except per share
data.)

<TABLE>
<CAPTION>

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

                                                                 2004             2003                   2004          2003
                                                                 ----             ----                   ----          ----
<S>                                                              <C>              <C>                    <C>           <C>
Net income, as reported                                          $218             $294                   $380          $568

Add:  Stock-based employee compensation expense
     included in reported income, net of related tax
     effects                                                       28               12                    106            74


Deduct:  Total stock-based
    employee compensation expense
    determined under fair value
    based method for all awards,
    net of related tax effects                                   (28)             (12)                  (107)          (74)
                                                                 ----             ----                  -----          ----

    Pro forma net income                                         $218             $294                   $379          $568
                                                                 ====             ====                   ====          ====


Earnings per common share - basic:
    As reported                                                 $0.44            $0.61                  $0.77         $1.18

    Pro forma                                                   $0.44            $0.61                  $0.77         $1.18

Earnings per common share - diluted:
    As reported                                                 $0.42            $0.57                  $0.73         $1.11

    Pro forma                                                   $0.42            $0.57                  $0.73         $1.11
</TABLE>

6.   RECENT ACCOUNTING PRONOUNCEMENTS

Generally accepted accounting principals are complex and require management to
apply significant judgements to various accounting, reporting and disclosure
matters. Management of the Company must use assumptions and estimates to apply
these principles where actual measurement is not possible or practical. For a
complete discussion of the Company's significant accounting policies, see "Notes
to the Consolidated Financial Statements" in the Company's 2004 Annual Report.
Certain policies are considered critical because they are highly dependent on
subjective or complex judgements, assumptions and estimates. Changes in such
estimates may have a significant impact on the financial statements. Management
has reviewed the application of these policies with the Audit Committee of the
Company's Board of Directors. For a discussion of applying critical accounting
policies, See "Significant Accounting Policies" beginning on page 30 in the
Company's 2004 Annual Report.


                                       11
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Emerging Issues Task Force (EITF) Issue 03-1, "The Meaning of
Other-Than-Temporary Impairment and Its Application to Certain Investments."
EITF 03-1 provides application guidance that should be used to determine when an
investment is considered impaired, whether that impairment is
other-than-temporary, and the recognition of an impairment loss. The guidance
also includes accounting considerations subsequent to the recognition of an
other-than-temporary impairment and requires certain disclosures about
unrealized losses that have not been recognized as other-than-temporary
impairments. In September 2004, the FASB delayed the accounting requirements of
EITF 03-1 until additional implementation guidance is issued and goes into
effect.

In March 2004, the SEC issued Staff Accounting Bulletin No. 105, APPLICATION OF
ACCOUNTING PRINCIPALS TO LOAN COMMITMENTS, or SAB 105, which addresses the
application of generally accepted accounting principles to loan commitments
accounted for as derivative instruments. SAB 105 is effective for all mortgage
loan commitments that are accounted for as derivative instruments that are
entered into after March 31, 2004. The implementation of SAB 105 had no material
effect on the Company's Condensed Consolidated financial position or results of
operations.


7.   OTHER-THAN-TEMPORARY IMPAIRMENT OF INVESTMENTS

The following table shows our investments' gross unrealized losses and fair
value, aggregrated by investment catagory and length of time that individual
securities have been in a continuous unrealized loss position at September 30,
2004.

<TABLE>
<CAPTION>

Description of Securities            Less Than 12 Months         More Than 12 Months               Total
-------------------------            -------------------         -------------------               -----
                                                   Unrealized                  Unrealized                          Unrealized
                                      Fair Value     Losses       Fair Value     Losses          Fair Value          Losses
                                      ---------------------       ---------------------          --------------------------
<S>                                   <C>          <C>            <C>          <C>               <C>               <C>
  U.S. government agenices               $---         $---           $---         $---              $---              $---
  States and political subdivisions       ---          ---            228           11               228                11
  Mortgage-backed securities            3,668           28          2,932           45             6,600                73
                                        -----           --          -----           --             -----                --

    Total impaired securities          $3,668          $28         $3,160          $56            $6,828               $84
                                       ======          ===         ======          ===            ======               ===
</TABLE>

8.   COMPREHENSIVE INCOME

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, is as follows for the three and six-month
periods ended September 30, 2004 (dollar amounts are reported in thousands):

<TABLE>
<CAPTION>
                                                                           Unaudited
                                                                           ---------

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

                                                  2004             2003                   2004          2003
                                                  ----             ----                   ----          ----

<S>                                               <C>              <C>                    <C>           <C>
Net Income                                        $218             $294                   $380          $568
                                                  ----             ----                   ----          ----
Other Comprehensive Income (Loss):
   Unrealized gains (losses) on securities         352            (333)                  (75)          (309)
   Related tax effects                           (132)              125                    28            116
                                                 -----              ---                    --            ---

   Other Comprehensive Income (Loss)               220            (208)                   (47)         (193)
                                                   ---             ----                   ----         -----

Comprehensive Income                              $438              $86                   $333          $375
                                                  ====              ===                   ====          ====
</TABLE>


                                       12
<PAGE>

Item  2:


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


FORWARD-LOOKING STATEMENTS

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

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, ("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, consumer loans, commercial loans, and agricultural
loans, substantially all of which are located in our market area.

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.

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.

BUSINESS STRATEGY

First Robinson Savings Bank, N.A. is a community-oriented, locally owned
financial institution offering community-banking services to residents and
businesses of Crawford County, Illinois, our primary market area. Periodically,
the Board of Directors and management meet to strategically plan for the future.
We review and discuss both current and new products and services to determine
their effect on our profitability and customer service. Management has
established advisory boards, consisting of six or seven community members in
Oblong and Palestine. These boards, along with the Board of Directors, believe
we should continue to emphasize our three primary strengths. Those strengths are
1) our staff, which are local, involved, friendly and service oriented; 2) our


                                       13
<PAGE>

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


locally owned and operated Bank; and 3) our excellent reputation and community
image. The strategic plan identifies the most critical issue to our success as
consistent earnings. Net earnings have remained relatively consistent. A
positive factor in maintaining consistent earnings is the Bank's overall asset
quality, which is very good. The Bank continues to offer fixed rate residential
real estate mortgages through programs with the Federal Home Loan Bank of
Chicago and USDA Rural Development. The non-interest income generated from these
programs has declined as a result of the current interest rate environment. We
have continued to see an increase in the number of checking and savings
accounts, which has resulted in excellent growth of our core deposits. This
supports our strategic plan as it helps us lower our overall cost of funds.
However, we have experienced a slight decline in our certificates of deposit as
interest rates declined. Our Internet banking service is very popular and the
number of customers actively using the service is increasing. The Internet
banking product has allowed us to provide direct deposit and payroll services to
our business customers. It also allows us to offer cash management and bill
paying. We provide investment brokerage services to our customers through
PrimeVest Financial Services. The service continues to grow and is also
providing non-interest income. We continue to maintain a strong presence in the
community and are pleased to be the only independent community bank in Robinson,
Palestine and Oblong, Illinois.

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 September 30, 2004.

<TABLE>
<CAPTION>

                                                     Loans Delinquent For:
                     -----------------------------------------------------------------------------------
                            30-89 Days(1)             90 Days and Over(1)            Nonaccrual             Total Delinquent Loans
                     --------------------------- --------------------------- --------------------------- ---------------------------
                                       Percent                     Percent                     Percent                     Percent
                                       of Loan                     of Loan                     of Loan                     of Loan
                     Number   Amount   Category  Number   Amount   Category  Number   Amount   Category  Number   Amount   Category
                     ------  -------- ---------- ------  -------- ---------- ------  -------- ---------- ------  -------- ----------
                                                                                 (Dollars in thousands)
<S>                  <C>     <C>      <C>        <C>     <C>      <C>        <C>     <C>      <C>        <C>     <C>      <C>
Real Estate:
  One- to
   four-family....      10     $347       1.0%        1     $65      0.19%      11      $305     0.88%      22      $717     2.07%
  Commercial and
   agricultural
   real estate....      --       --         --       --      --        --        1       160     1.04        1       160     1.04%

  Construction,
   land..........       --       --         --       --      --        --       --        --       --       --        --       --
  Consumer........      11       49       0.99       --      --        --       --        --       --       11        49     0.99%
Commercial
  business and
  agricultural
  finance.........       2       26       0.30       --      --        --       --        --       --        2        26     0.30%
                         -       --       ----      ---     ---       ---      ---        --      ---        -        --     -----

    Total.........      23     $422       0.63%       1     $65      0.10%      12      $465     0.70%      36      $952     1.43%
                        ==     ====       =====       =     ===      ====       ==      ====     =====      ==      ====     =====

------------------------------------------------------------------------------------------------------------------------------------
(1)  Loans are still accruing.
</TABLE>


                                       14
<PAGE>

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


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

                                           September      March       September
                                               30           31,           30,
                                           -------------------------------------
                                              2004         2004          2003
                                           ----------   ----------    ----------

Non-accruing loans:
  One- to four-family................           $305         $302          $356
  Commercial and agricultural
     real estate.....................            160          ---           139
  Construction, land.................            ---           58            19
  Consumer...........................            ---            1            10
  Commercial business and
     agricultural finance............            ---          ---             1
                                           ----------   ----------    ----------
       Total.........................            465          361           525
                                           ----------   ----------    ----------

Accruing loans delinquent more
  than 90 days:
  One- to four-family................             65          ---           ---
  Commercial and agricultural
     real estate.....................            ---          ---           ---
  Consumer...........................            ---          ---           ---
  Commercial business and
     agricultural finance............            ---          ---           ---
                                           ----------   ----------    ----------
       Total.........................             65          ---           ---
                                           ----------   ----------    ----------

Foreclosed assets:
  One- to four-family................            ---           88           ---
  Commercial and agricultural
     real estate.....................            ---          135           ---
  Consumer...........................            ---          ---           ---
                                           ----------   ----------    ----------
       Total.........................            ---          223           ---
                                           ----------   ----------    ----------

Total non-performing assets..........           $530         $584          $525
                                           ==========   ==========    ==========
Total as a percentage of total
  assets.............................          0.50%        0.57%         0.53%
                                           ==========   ==========    ==========

Gross interest income which would have been recorded had the non-accruing loans
been current in accordance with their original terms amounted to approximately
$5,000 for the three months and $11,000 for the six months ended September 30,
2004 and $13,000 for the three months and $20,000 for the six months ended
September 30, 2003.

CLASSIFIED ASSETS. Federal regulations provide for the classification of loans
and other assets, such as debt and equity securities, considered by the Office
of the Comptroller of the Currency ("OCC") to be of lesser quality, as
"substandard," "doubtful" or "loss." An asset is considered "substandard" if it
is inadequately protected by the current net worth and paying capacity of the
obligor or the collateral pledged, if any. "Substandard" assets include those
characterized by the "distinct possibility" that the insured institution will
sustain "some loss" if the deficiencies are not corrected. Assets classified as
"doubtful" have all of the weaknesses inherent in those classified "substandard"
with the added characteristic that the weaknesses present make "collection or
liquidation in full" on the basis of currently existing facts, conditions and
values, "highly questionable and improbable." Assets classified as "loss" are
those considered "uncollectible" and of such little value that their continuance
as assets without the establishment of a specific loss reserve is not warranted.


                                       15
<PAGE>

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


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

In connection with the filing of its periodic reports with the OCC and in
accordance with its classification of assets policy, the Bank regularly reviews
loans in its portfolio to determine whether such assets require classification
in accordance with applicable regulations. On the basis of management's review
of its assets, at September 30, 2004, the Bank had classified a total of
$935,000 of its assets as substandard and $261,000 as doubtful or loss. At
September 30, 2004, total classified assets comprised $1.2 million, or 11.3% of
the Bank's capital, and 1.1% of the Bank's total assets.

OTHER LOANS OF CONCERN. As of September 30, 2004, there were $5.2 million in
loans identified, but not classified, by the Bank with respect to which known
information about the possible credit problems of the borrowers or the cash
flows of the business have caused management to have some doubts as to the
ability of the borrowers to comply with present loan repayment terms and which
may result in the future inclusion of such items in the non-performing asset
categories.

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

Real estate properties acquired through foreclosure are recorded at the market
fair value minus 20% of the market fair value if the property is appraised at
$50,000 or less. If the property is appraised at greater than $50,000, then the
property is recorded at the market fair value less 10% of the market fair value.
If fair value at the date of foreclosure is lower than the balance of the
related loan, the difference will be charged-off to the allowance for loan
losses at the time of transfer. Valuations are periodically updated by
management and if the value declines, a specific provision for losses on such
property is established by a charge to operations. At September 30, 2004, the
Bank had no real estate properties acquired through foreclosure.

Although management believes that it uses the best information available to
determine the allowance, unforeseen market conditions could result in
adjustments and net earnings could be significantly affected if circumstances
differ substantially from the assumptions used in making the final
determination. Future additions to the Bank's allowance for loan losses will be
the result of periodic loan, property and collateral reviews and thus cannot be
predicted in advance. In addition, federal regulatory agencies, as an integral
part of the examination process, periodically review the Bank's allowance for
loan losses. Such agencies may require the Bank to increase the allowance based
upon their judgment of the information available to them at the time of their
examination. At September 30, 2004, the Bank had a total allowance for loan
losses of $687,000, representing 1.05% of the Bank's loans, net. At March 31,
2004, the Bank's total allowance for loan losses to the Bank's loans, net was at
1.01%.


                                       16
<PAGE>

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

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

<TABLE>
<CAPTION>

                                         September 30, 2004                            March 31, 2004
                             ----------------------------------------------------------------------------------------
                                                             Percent of                                   Percent of
                               Amount of         Loan      Loans in Each    Amount of         Loan      Loans in Each
                               Loan Loss      Amounts by    Category to     Loan Loss      Amounts by    Category to
                               Allowance       Category     Total Loans     Allowance       Category     Total Loans
                             -------------   ------------  -------------  -------------   ------------  -------------
                                                             (Dollars in thousands)
<S>                          <C>             <C>           <C>            <C>             <C>           <C>
One- to four-family....              $161        $34,577          51.74%          $102        $34,400        52.49%
Multi-family...........               ---            608            0.91           ---            459          0.70
Commercial and
  agricultural real
  estate...............               329         15,355           22.97           237         14,295         21.81
Construction or
  development..........                25          1,290            1.93            27            857          1.31
Consumer and other
  loans................                12          4,966            7.43            12          5,129          7.83
State and Municipal

Governments............               ---          1,239            1.85           ---          1,227          1.87
Commercial business
  and agricultural
  finance..............               160          8,803           13.17           241          9,170         13.99
                                                   -----           -----                        -----         -----
Unallocated............               ---                                          36
                                     ----                                          --
     Total.............              $687        $66,838          100.00%         $655        $65,537       100.00%
                                     ====        =======          =======         ====        =======       =======
</TABLE>

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

<TABLE>
<CAPTION>

                                                      Three Months Ended           Six Months Ended
                                                        September 30,                September 30,
                                                   ----------------------------------------------------
                                                      2004          2003          2004          2003
                                                   ----------    ----------    ----------    ----------
                                                                  (Dollars in thousands)
<S>                                                     <C>           <C>           <C>           <C>
Balance at beginning of period...................       $659          $643          $655          $619

Charge-offs:
  One- to four-family............................         16           ---            16           ---
  Construction, land or development..............        ---           ---            43           ---
  Commercial and agricultural real estate........        ---           ---           ---           ---
  Consumer.......................................          1             7             2             8
  Commercial business and agricultural finance...        ---           ---             2           ---
  Other loans....................................          6           ---            10           ---
                                                           -          ----            --          ----
Total charge-offs                                         23             7            73             8
                                                          --             -            --             -

Recoveries:
  One- to four-family............................        ---           ---             1           ---
  Commercial and agricultural real estate........        ---           ---             2           ---
  Consumer.......................................          3             7             4            12
  Commercial business and agricultural finance...        ---             3             2             8
  Other loans....................................          3           ---             6           ---
                                                           -          ----             -          ----
Total recoveries.................................          6            10            15            20
                                                           -            --            --            --

Net charge-offs (recoveries).....................         17            (3)           58           (12)
Additions charged to operations..................         45            30            90            45
                                                          --            --            --            --
Balance at end of period.........................       $687          $676          $687          $676
                                                        ====          ====          ====          ====

Ratio of net charge-offs during the period to
 average loans outstanding during the period.....      0.03%       (0.01)%         0.09%       (0.02)%
                                                       =====       =======         =====       =======

Ratio of net charge-offs during the period to
 average non-performing assets...................      3.00%       (0.66)%         9.65%       (2.71)%
                                                       =====       =======         =====       =======
</TABLE>


                                       17
<PAGE>

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


FINANCIAL CONDITION

COMPARISON AT SEPTEMBER 30, 2004 AND MARCH 31, 2004

Total assets increased by approximately $4.3 million, or 4.2%, to $106.2 million
at September 30, 2004 from $101.9 million at March 31, 2004. This increase in
total assets was primarily the result of a $4.5 million, or 19.8%, increase in
securities available for sale and an increase of $792,000, or 1.2% in loans
receivable. The increase was partially offset by decreases in cash and cash
equivalents of $768,000, or 9.1% and a decrease of $223,000, or 100.0% in
foreclosed assets held for sale. As growth in loans receivable was minimal at
1.2%, management sought to improve earnings by increasing securities available
for sale by 19.8% rather than leaving available funds in cash and cash
equivalents. The securities purchased were primarily adjustable rate mortgage
backed securities. It is the desire of management to increase growth rates for
loans, while slightly decreasing the growth rates for securities. We had no
foreclosed assets held for sale at September 30, 2004, as foreclosed assets held
for sale at March 31, 2004 totaling $223,000 were liquidated.

Liabilities increased approximately $4.0 million, or 4.4%, to $95.0 million at
September 30, 2004 from $91.0 million at March 31, 2004. A $4.5 million, or
155.8%, increase in other borrowings offset by a $438,000, or 0.5%, decrease in
deposits were the primary reasons for the increase in our liabilities. Other
borrowings, which consist entirely of repurchase agreements, increased primarily
as the result of an influx of federal and state funds in the form of grants and
loans to a newly constructed ethanol plant in our community. Of the slight
decrease in total deposits, time deposits decreased by approximately $900,000,
or 2.7%, to $32.7 million at September 30, 2004 from $33.6 million at March 31,
2004. However, non-interest bearing deposits, which consist of demand, savings,
NOW and money market deposits, increased by $500,000, or 1.0%, to $53.0 million
at September 30, 2004 from $52.5 million at March 31, 2004.

Stockholders' equity increased $281,000, or 2.6%, to $11.2 million as of
September 30, 2004 from $10.9 million on March 31, 2004. The primary factors in
the increase in stockholders' equity was an increase of $157,000, or 2.1%, in
retained earnings and a combined increase of $171,000 in additional paid-in
capital, unearned ESOP and incentive compensation and treasury stock. The
increase in retained earnings was the result of net income of $380,000 offset by
$223,000 in dividends paid. The combined increase was the result of the
allocation of Employee Stock Ownership Plan shares; the exercising of stock
options under the Company's Incentive Stock Option Plan and the purchase of
shares for the Directors' Retirement Plan. These increases were partially offset
by a decrease of $47,000, or 16.5% in accumulated other comprehensive income.
The decrease in accumulated other comprehensive income was the result of a
decrease in the valuation of the Company's available for sale securities.

RESULTS OF OPERATIONS

COMPARISON OF THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2004 AND 2003

PERFORMANCE SUMMARY

Net income was $218,000 for the second quarter of the 2005 fiscal year. For the
same quarter in fiscal 2004, we reported net income of $294,000. The $76,000, or
25.9%, decrease in net income was primarily due to a decrease of $41,000, or
10.8%, in non-interest income and an increase of $103,000, or 12.5% in
non-interest expense. This was offset by an increase of $18,000, or 1.9%, in net
interest income after provision for loan losses and a decrease of $50,000, or
27.6%, in provision for income taxes.

NET INTEREST INCOME

Net interest income increased by $33,000, or 3.3%, to $1,031,000 during the
three months ended September 30, 2004, as compared to $998,000 during the same
period in the prior year. Interest income decreased by $40,000, or 2.9%,
primarily due to interest rates being lower than rates during the previous
period. Interest income on loans declined by $81,000, however interest income on
securities increased by $42,000. The increase in interest income on securities
was the result of a $4.5 million increase in securities available for sale.
Though interest income declined by $40,000 between the two comparable periods,
interest expense decreased by an even greater $73,000, or 18.3%, from $398,000
for the quarter ended September 30, 2003 to $325,000 for the quarter ended
September 30, 2004. The decrease in interest expense was also primarily due to
lower interest rates. However, we continue to adjust our rates to reflect the
current interest rate trends in the economy and as rates have begun to rise it
is anticipated that both interest income and interest expense will increase in
coming months. Management intends to adjust our pricing of interest rates so
that net interest income may be maximized.


                                       18
<PAGE>

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


NON-INTEREST INCOME

Total non-interest income decreased by $41,000, or 12.4%, to $290,000 during the
three months ended September 30, 2004, as compared to $331,000 during the same
period in the prior year. The decrease in total non-interest income was
primarily due to a decrease of $25,000, or 56.8%, in net gain on sale of loans
and a decrease of $11,000, or 78.6%, in net gain on sale of foreclosed assets.
These and other decreases were offset in part by a $9,000, or 4.6%, increase in
charges and fees on deposit accounts. The decreases in the non-interest income
accounts that pertain to loans are the direct result of a decline in the demand
for our fixed rate mortgages offered through the Federal Home Loan Bank of
Chicago Mortgage Partnership Finance ("MPF") program. It is anticipated by
management, that as interest rates rise, demand for fixed rate mortgages will
moderate resulting in the probability that non-interest income associated with
the "MPF" program will remain approximately at current levels. The decrease in
net gain on sale of foreclosed assets reflects the liquidation of foreclosed
assets during the period resulting in the Company having no foreclosed assets at
September 30, 2004. The overdraft privilege program contributed to the increase
in charges and fees on deposit accounts.

NON-INTEREST EXPENSE

Total non-interest expense increased by $103,000, or 12.5%, to $927,000 during
the three months ended September 30, 2004, as compared to $824,000 during the
same period in the prior year. This increase was due primarily to an increase of
$49,000, or 10.8%, in compensation and employee benefits, an increase of
$11,000, or 31.4%, in data processing expense, an increase of $20,000, or 55.6%,
in audit, legal and other professional expenses, and a $22,000, or 18.5%,
increase in other expenses. These increases were offset in part by modest
decreases in other catagories.

The increase in compensation and employee benefits was primarily the result of
an increase of $31,000 in compensation related to stock options exercised, plus
increased costs associated with insurance benefits and normal pay increases. The
$11,000, or 31.4%, increase in data processing expense was the result of
increased costs associated with the implementation of check and document
imaging. The increase in audit, legal and other professional expenses was
primarily the result of increased audit and legal expenses as the Company
complies with the Sarbanes Oxley legislation and as a result of the Company
correcting its interim statements for fiscal 2003. The increase in advertising
expense was the result of promotional give-aways and a heavier marketing
emphasis in the summer months. Advertising expenses are expected to decline
slightly in the next two quarters. The increase in other expenses was partially
the result of a loss incurred from a $9,800 fraudulent cashier's check. This was
part of a nation-wide scam, which is currently under investigation by the FBI,
however management does not expect any recovery. Management has implemented
increased training of Bank personnel regarding fraudulent activities and has
assisted local media in alerting the general public.

PROVISION FOR LOAN LOSSES

During the three months ended September 30, 2004, we recorded provision for loan
losses of $45,000 as compared to $30,000 for the same period of the prior year.
This represents an increase of $15,000, or 50.0%. We recorded such provisions to
adjust our allowance for loan losses to a level deemed appropriate based on an
assessment of the volume and 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.
The allowance for loan and lease losses as a percentage of total assets was
0.65% as of September 30, 2004 and 0.64% at March 31, 2004. At those same dates,
the allowance for loan and lease losses as a percentage of total loans, net was
1.05% and 1.01%, respectively.

PROVISION FOR INCOME TAXES

We recognized a provision for federal and state income taxes of $131,000 for the
three months ended September 30, 2004 as compared to a provision for income
taxes of $181,000 for the same period in the prior year. The effective tax rate
during the three months ended September 30, 2004 was 37.5% as compared to 38.1%
during the quarter ended September 30, 2003.


                                       19
<PAGE>

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


COMPARISON OF THE SIX MONTH PERIODS ENDED SEPTEMBER 30, 2004 AND 2003

NET INCOME

Net income was $380,000 during the six months ended September 30, 2004 as
compared to $568,000 for the same period in the prior year. The $188,000, or
33.1%, decrease in net income was primarily attributable to a decrease in net
interest income after provision for loan losses of $15,000, or 0.8%, a decrease
of $121,000, or 17.8%, in non-interest income and an increase of $169,000, or
10.0% in non-interest expense offset a decrease of $117,000, or 33.9%, in
provision for income taxes.

NET INTEREST INCOME

Net interest income increased by $30,000, or 1.5%, for the six-month period
ended September 30, 2004 as compared to the same period in the previous year.
Interest income decreased by $184,000, or 6.5%, primarily due to interest rates
being lower than rates during the previous period. Interest income on loans
declined by $208,000, however interest income on securities increased by
$27,000. The increase in interest income on securities was the result of a $4.5
million increase in securities available for sale. Though interest income
declined by $184,000 between the two comparable periods, interest expense
decreased by an even greater $214,000, or 25.0%, from $855,000 for the six-month
period ended September 30, 2004 to $641,000 for the six-month period ended
September 30, 2003. The decrease in interest expense was also primarily due to
lower interest rates. It is management's intention to continue to adjust our
rates to reflect the current interest rate trends in the economy and as rates
have begun to rise it is anticipated that both interest income and interest
expense will increase in coming months. Management intends to adjust our pricing
of interest rates so that net interest income may be maximized. The Company's
interest rate spread for the six-month period ending September 30, 2004 was
3.94% an increase of 0.26% from 3.68% for the same six-month period ending
September 30, 2003.

NON-INTEREST INCOME

Our non-interest income decreased by $121,000, or 17.8%, to $560,000 for the
six-month period in this fiscal year as compared to $681,000 for the same period
in the prior year. The decrease in total non-interest income was primarily due
to a decrease of $40,000, or 88.9%, in charges and other fees on loans and a
decrease of $100,000, or 72.5%, in net gain on sale of loans. These and other
decreases were offset in part by a $32,000, or 9.0%, increase in charges and
fees on deposit accounts. The decreases in the non-interest income accounts that
pertain to loans are the direct result of a decline in the demand for our fixed
rate mortgages offered through the Federal Home Loan Bank of Chicago Mortgage
Partnership Finance ("MPF") program. It is anticipated by management, that as
interest rates rise, demand for fixed rate mortgages will moderate resulting in
the probability that non-interest income associated with the "MPF" program will
remain approximately at current levels. The decrease in net gain on sale of
foreclosed assets reflects the liquidation of foreclosed assets during the
period resulting in the Company having no foreclosed assets at September 30,
2004. The overdraft privilege program contributed to the increase in charges and
fees on deposit accounts.

NON-INTEREST EXPENSE

Non-interest expense increased by $169,000, or 10.0%, for the six-month period
ending September 30, 2004 as compared to the same period ending September 30,
2003. The increase in non-interest expense is primarily attributable to a
$102,000, or 10.4%, increase in compensation and employee benefits, an increase
of $24,000, or 35.3%, in data processing expense, an increase of $28,000, or
42.4%, in audit, legal and other professional expenses, and an increase of
$10,000, or 4.1%, in other expenses. These and other increases were partially
offset by a $9,000, or 17.3%, decrease in telephone and postage expense.

The increase in compensation and employee benefits was primarily the result of
an increase of $56,000 in compensation related to stock options exercised,
increased costs of insurance benefits and normal pay increases. The $24,000, or
35.3%, increase in data processing expense was the result of increased costs
associated with the implementation of check and document imaging. The increase
in audit, legal and other professional expenses was primarily the result of
increased audit and legal expenses as the Company complies with the Sarbanes
Oxley legislation and as a result of the Company correcting its interim
statements for fiscal 2003. The increase in advertising expense was the result
of promotional give-aways and a heavier marketing emphasis in the summer months.
Advertising expenses are expected to decline slightly in the next two quarters.
The decrease of telephone and postage expense by 17.3% is primarily the result
of mailing images of checks to our customers in place of the actual documents.


                                       20
<PAGE>

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


PROVISION FOR LOAN LOSSES

The provision for loan losses for the six-month period ending September 30, 2004
increased by $45,000, or 100.0%, from the six months ended September 30, 2003.
We recorded a provision for loan losses of $90,000 for this six-month period in
comparison to $45,000 for the six months in the previous year. We increased our
provision primarily as a result of a 74.6% increase in classified assets at
September 30, 2004 compared to September 30, 2003 and having net charge offs of
$58,000 for the first six-months of this fiscal year compared to a net recovery
position of $12,000 in the first six months of fiscal 2003. Economic conditions
in our market area, industry standards, past due loans and any other factors
related to the collection of our loan portfolio continue to affect the level of
provisions.

PROVISION FOR INCOME TAXES

We recognized provision for income taxes of $228,000 for the six months ended
September 30, 2004 as compared to $345,000 for the six months in the prior year,
a decrease of $117,000, or 33.9%. The effective tax rate for this six-month
period was 37.5% as compared to 37.8% for the six months ended September 30,
2003.

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, Independent Bankers Bank located in Springfield, Illinois, 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 September 30, 2004 we had $1.0 million in fixed-rate fixed-term advances from
the FHLB of Chicago outstanding resulting in no change from March 31, 2004. 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 September 30, 2004, we had outstanding commitments
to extend credit, which amounted to $8.4 million (including $5.6 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.

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 OCC regulations. The Bank is also subject to an OCC leverage capital
requirement, which calls for a minimum ratio of Tier I capital to quarterly
average total assets of 3% to 5%, depending on the institution's composite
ratings as determined by its regulators. Both the Bank and the Company are
considered well-capitalized under federal regulations.


                                       21
<PAGE>

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


REGULATORY CAPITAL

At September 30, 2004, the Bank was in compliance with all of the aforementioned
capital requirements as summarized below:

<TABLE>
<CAPTION>
                                                                         September 30, 2004
                                                                         ------------------
                                                                           (In Thousands)
                                                                           --------------
<S>                                                                            <C>
Tier I Capital:
         Common stockholders' equity                                           10,544
         Unrealized loss (gain) on securities available for sale                (238)
         Less disallowed intangible assets                                       (17)

           Total Tier I capital                                                10,289

Tier II Capital:
         Total Tier I capital                                                  10,289
         Qualifying allowance for loan losses                                     687

           Total risk-based capital                                            10,976

Risk-weighted assets                                                           62,520
Quarter average assets                                                        103,140


                                                                                                       To be Well Capitalized
                                                                                                          Under the Prompt
                                                                             For Capital                  Corrective Action
                                              Actual                      Adequacy Purposes                   Provisions
                                              ------                      -----------------                   ----------
                                       Amount         Ratio             Amount          Ratio           Amount          Ratio
                                       ------         -----             ------          -----           ------          -----
As of September 30, 2004:
   Total Risk-Based Capital
     (to Risk-Weighted Assets)         10,976        17.56%              5,002          8.00%             6,252        10.00%
  Tier I Capital
    (to Risk-Weighted Assets)          10,289        16.46%              2,501          4.00%             3,751         6.00%
  Tier I Capital
    (to Average Assets)                10,289         9.98%              4,126          4.00%             5,157         5.00%
</TABLE>

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


                                       22
<PAGE>

Item:  3


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                             CONTROLS AND PROCEDURES


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

DISCLOSURE CONTROLS AND PROCEDURES

The Company's management, with the participation of the Company's Chief
Executive Officer and Chief Financial Officer, has evaluated the effectiveness
of the Company's disclosure controls and procedures (as such term is defined in
Rules 13a-15(e) and 15d-15(e) under Securities Exchange Act of 1934 (Exchange
Act)) as of the end of the period covered by this report. Based on such
evaluation, the Company's Chief Executive Officer and Chief Financial Officer
have concluded that, as of the end of such period, the Company's disclosure
controls and procedures are effective in recording, processing, summarizing and
reporting, on a timely basis, information required to be disclosed by the
Company in the reports that it files or submits under the Exchange Act.

INTERNAL CONTROL OVER FINANCIAL REPORTING

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



                                       23
<PAGE>

                            PART II OTHER INFORMATION

Item 1.         LEGAL PROCEEDINGS

                None

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

                The following table provides information about purchases by the
                Company for the quarter ended September 30, 2004 regarding the
                Company's common stock.

<TABLE>
<CAPTION>

PURCHASES OF EQUITY SECURITIES BY COMPANY (1)
----------------------- ------------------- ---------------------- ------------------------ -------------------------
Period                   Total Number of     Average Price Paid     Total Number of Shares   Maximum Number of
                         Shares Purchased    per Share              Purchased as Part of     Shares that May Yet Be
                                                                    Publicly Announced       Purchased Under the
                                                                    Plans or Programs        Plans or Programs
----------------------- ------------------- ---------------------- ------------------------ -------------------------
<S>                     <C>                 <C>                    <C>                      <C>
7/1/2004 - 7/31/2004     ---                 --                     ---                      25,000
----------------------- ------------------- ---------------------- ------------------------ -------------------------
8/1/2004 - 8/31/2004     ---                 --                     ---                      25,000
----------------------- ------------------- ---------------------- ------------------------ -------------------------
9/1/2004 - 9/30/2004     ---                 --                     ---                      25,000
----------------------- ------------------- ---------------------- ------------------------ -------------------------
Total                    ---                 --                     ---                      25,000
----------------------- ------------------- ---------------------- ------------------------ -------------------------
</TABLE>

(1)  On January 20, 2004, the Board of Directors authorized and announced the
     open-market stock repurchase of up to 25,000 shares of the Company's
     outstanding stock for a period of approximately 6 months. The program
     expired on June 30, 2004 with none of the authorized shares repurchased. On
     July 20, 2004, the Board of Directors again authorized the open-market
     repurchase of up to 25,000 shares of the Company's outstanding stock with
     the program to expire December 31, 2004. As of September 30, 2004, no
     shares have been repurchased. The number of shares, as of September 30,
     2004, held in Treasury are 330,645.

Item 3.         DEFAULTS UPON SENIOR EXECUTIVES

                None


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

               (a)  On July 22, 2004, the Company held its Annual Meeting of
                    Stockholders.

               (b)  At the meeting, Scott F. Pulliam and William K. Thomas were
                    elected as directors for terms to expire in 2007. Those
                    directors continuing in office are Rick L. Catt, Steven E.
                    Neeley, Donald K.. Inboden, J. Douglas Goodwine and Robin E.
                    Guyer.

               (c)  Stockholders voted on the following matters:

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

<TABLE>
<CAPTION>

                                                                                      BROKER
                VOTES:                    FOR          WITHHELD        ABSTAIN       NON-VOTES
                ------                    ---          --------        -------       ---------
<S>                                     <C>             <C>           <C>            <C>
                Scott F. Pulliam        424,259         14,376           ---            ---

                William K. Thomas       432,815          5,820           ---            ---
</TABLE>

                    (ii) The ratification of the appointment of BKD, LLP as
                         auditors for the Company for the fiscal year ending
                         March 31, 2005.

<TABLE>
<CAPTION>

                                                                                      BROKER
                VOTES:                    FOR          WITHHELD        ABSTAIN       NON-VOTES
                ------                    ---          --------        -------       ---------
<S>                                     <C>             <C>           <C>            <C>
                                        431,663          6,972           ---            ---
</TABLE>


                                       24
<PAGE>

                            PART II OTHER INFORMATION


Item 5.         OTHER INFORMATION

                None


Item 6.         EXHIBITS AND REPORTS ON FORM 8-K

                a)   Exhibits

                     1.   Exhibit 31: Section 302 Certifications

                     2.   Exhibit 32: Section 906 Certification

                     3.   Exhibit 99: Condensed Consolidated Balance Sheets,
                          Condensed Consolidated Statements of Income and
                          Condensed Consolidated Statements of Cash Flows for
                          the periods ended June 2003, September 2003, December
                          2003.

                b)   Reports on Forms 8-K:

                     A report on Form 8-K was furnished July 23, 2004 related to
                     a news release to report first quarter earnings and
                     financial results along with the announcement of a
                     repurchase program.


                                       25
<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:    November 12, 2004             /s/ Rick L. Catt
         -----------------             ----------------
                                      Rick L. Catt
                                      President and Chief Executive Officer


Date:    November 12, 2004            /s/ Jamie E. McReynolds
         -----------------            -----------------------
                                      Jamie E. McReynolds
                                      Chief Financial Officer and Vice President




                                       26
<PAGE>

                                  EXHIBIT INDEX



EXHIBIT NO.
-----------


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

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

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

99      Condensed Consolidated Balance Sheets, Condensed Consolidated Statements
        of Income and Condensed Consolidated Statements of Cash Flows for the
        periods ended June 2003, September 2003 and December 2003



                                       27