<PAGE>

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

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

   For the quarterly period ended December 31, 2002
                                  -----------------

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

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

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


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

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

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
                            YES  X        NO
                                 -

As of February 12, 2003, the Registrant had 517,644 shares of Common Stock, par
value $0.01, issued and outstanding.



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


                                       1

<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                              Index to Form 10-QSB

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

         Consolidated Balance Sheet as of December 31, 2002
             And March 31, 2002                                                               3

         Consolidated Statements of Income for the Three and Nine Month Periods
             Ended December 31, 2002 and December 31, 2001                                    4

         Consolidated Statements of Stockholders' Equity for the Nine Month Periods
             Ended December 31, 2002 and December 31, 2001                                    5

         Consolidated Statements of Cash Flows for the Three and Nine Month Periods
             Ended December 31, 2002 and December 31, 2001                                    6

         Notes to Consolidated Financial Statements                                           8

     Item 2. Management's Discussion and Analysis of
               Financial Condition and Results of Operations                                 11

     Item 3. Controls and Procedures                                                         21

 PART II OTHER INFORMATION

     Item 1.   Legal Proceedings                                                             22

     Item 2.   Changes in Securities                                                         22

     Item 3.   Defaults Upon Senior Securities                                               22

     Item 4.   Submission of Matters to a Vote of Security Holders                           22

     Item 5.   Other Information                                                             22

     Item 6.   Exhibits and Reports on Form 8-K                                              22

             SIGNATURES                                                                      23
</TABLE>

                                       2
<PAGE>

Item 1.  Financial Statements

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

<TABLE>
<CAPTION>
                                                                                  Unaudited    Audited
                                                                                   12/31/02    3/31/02
                                                                                   --------    -------
                                                                                       ($1,000's)
<S>                                                                               <C>          <C>
                                             ASSETS

   Cash and Cash Equivalents:
     Cash and due from banks                                                      $  1,501     $ 1,227
     Interest bearing deposits in banks                                              8,548      11,902
                                                                                     -----      ------
        Total Cash and Cash Equivalents                                             10,049      13,129

   Securities available for sale, amortized cost of $21,382 and $21,561 at
     Dec. 31, 2002 and March 31, 2002 respectively                                  22,139      21,452
   Securities held to maturity, estimated market value of $0 and
     $50,000 at Dec. 31, 2002 and March 31, 2002, respectively                           0          50
   Loans, net of allowance for loan losses of $585,000 and $534,000 at
    Dec. 31, 2002 and March 31, 2002, respectively                                  64,300      59,274
   Foreclosed assets, net                                                               11          97
   Premises and equipment, net                                                       2,569       2,745
   Accrued interest receivable                                                         569         563
   Deferred income tax                                                                   0          78
   Life insurance-cash value                                                         1,129         133
   Other assets                                                                        268         203
                                                                                       ---         ---

        Total Assets                                                              $101,034     $97,724
                                                                                  ========     =======
                                LIABILITIES AND STOCKHOLDERS' EQUITY

   Deposits
    Non-interest-bearing                                                          $  7,992     $ 5,855
    Interest-bearing                                                                74,981      76,290
                                                                                    ------      ------
        Total Deposits                                                              82,973      82,145

   Advances from Federal Home Loan Bank                                              3,000       3,000
   Repurchase agreements                                                             4,152       2,932
   Advances from Borrowers for taxes and insurance                                      63         102
   Accrued interest payable                                                            163         208
   Accrued income taxes                                                                 93           8
   Deferred income taxes                                                               226           0
   Accrued expenses                                                                    141         329
                                                                                       ---         ---
        Total Liabilities                                                           90,811      88,724
                                                                                    ------      ------

   Commitments and Contingencies

   Stockholders' Equity
   Preferred stock, $.01 par value; authorized 500,000 shares,
        No shares issued and outstanding
   Common stock, $ .01 par value; authorized 2,000,000 shares
        859,625 shares issued and outstanding                                            9           9
   Additional paid-in capital                                                        8,388       8,367
   Retained earnings                                                                 6,575       5,956
   Treasury stock, at cost (334,750 shares 12/31/02; 325,322 shares 3/31/02)       (4,857)     (4,724)
   Accumulated other comprehensive income                                              473        (68)
   Common stock acquired by ESOP/RRP                                                 (365)       (540)
                                                                                     ----        ----
        Total Stockholders' Equity                                                  10,223       9,000
                                                                                    ------       -----

        Total Liabilities and Stockholders' Equity                                $101,034     $97,724
                                                                                  ========     =======

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

                                       3

<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                        CONSOLIDATED STATEMENTS OF INCOME
      For the Three and Nine Month Periods Ended December 31, 2002 and 2001

<TABLE>
<CAPTION>
                                                                         (Unaudited)
                                                       Three Month Period            Nine Month Period
                                                       ------------------            -----------------
                                                                          ($1,000's)
                                                     2002            2001           2002           2001
                                                     ----            ----           ----           ----
<S>                                                 <C>             <C>            <C>            <C>
 Interest income:
     Interest on loans, including fees              $1,198          $1,278         $3,597         $3,982
     Debt securities
       Taxable                                         264             258            864            770
       Tax-exempt                                       15              16             46             48
     Dividends                                          11               9             28             30
                                                        --               -             --             --
      Total interest income                          1,488           1,561          4,535          4,830
                                                     -----           -----          -----          -----

   Interest expense:
     Interest on deposits                              469             645          1,587          2,050
     Interest on FHLB advances                          42              42            124            124
     Interest on repurchase agreements                  22              41             66            133
                                                        --              --             --            ---
      Total interest expense                           533             728          1,777          2,307
                                                       ---             ---          -----          -----

       Net interest income                             955             833          2,758          2,523

   Provision for loan losses                             7              15             30            225
                                                         -              --             --            ---

       Net interest income after provision             948             818          2,728          2,298

   Non-interest income:
     Charges and fees on deposit accounts              110             115            352            337
     Charges and other fees on loans                    36              19             79             54
     Other non-interest income                          61              46            176             91
     Life insurance proceeds                             0               0             98              0
     Net gain on sale of loans                          54              19             86             42
     Net realized gain on sale of investments            0               0              0             10
                                                         -               -              -             --
      Total other income                               261             199            791            534
                                                       ---             ---            ---            ---

   Non-interest expense:
     Compensation and employee benefits                383              430         1,237          1,336
     Occupancy and equipment                           134              115           376            366
     Foreclosed property expense                         0                3            10             20
     Data Processing                                    37               32           109             99
     Audit, legal and other professional                37               28           115             98
     SAIF deposit insurance                              3                3            10             10
     Advertising                                        19               23            60             71
     Telephone and postage                              22               26            78             80
     Loss on sale of foreclosed property                 1                0             2             25
     Other                                             110              100           301            301
                                                       ---              ---           ---            ---
      Total other expenses                             746              760         2,298          2,406
                                                       ---              ---         -----          -----

       Income before income tax                        463              257          1,221           426

   Provision for income taxes                          176               80            424           126
                                                       ---               --            ---           ---

      Net Income                                      $287             $177           $797          $300
                                                      ====             ====           ====          ====

   Earnings Per Share-Basic                          $0.58            $0.36          $1.62         $0.59
   Earnings Per Share-Diluted                        $0.58            $0.36          $1.62         $0.59
</TABLE>

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

                                       4

<PAGE>

<TABLE>
<CAPTION>
                                             FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                                            CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                                          For The Nine Months Ended December 31, 2002 and 2001
                                                               (Unaudited)

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

<S>                                 <C>      <C>           <C>          <C>             <C>            <C>          <C>
Balance at March 31, 2002           $9       $8,367        $5,956       $(4,724)        $(540)         $ (68)       $9,000
Net Income                                                    797                                                      797

Other Comprehensive Income
   Unrealized gain (loss) on securities                                                                                865
   Related tax effects                                                                                                (324)
                                                                                                                      ----
    Total other comprehensive income                                                                     541           541
                                                                                                                       ---
   Total comprehensive income                                                                                       $1,338
                                                                                                                    ======

Allocation of ESOP shares                        21                                        51                           72
Allocation of RRP shares                                                                  124                          124
Treasury Stock at cost (9,428 shares)                                      (133)                                      (133)
Dividends paid                                               (178)                                                    (178)
                                 --------------------------------------------------------------------------------------------
Balance at Dec. 31, 2002            $9       $8,388        $6,575       $(4,857)        $(365)          $473       $10,223
                                    ==       ======        ======       =======         =====           ====       =======

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

<CAPTION>

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

<S>                                 <C>      <C>           <C>          <C>             <C>            <C>          <C>

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

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

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

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

                                                               5
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                              FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                                                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  For the Three and Nine Month Periods Ended December 31, 2002 and 2001
                                                              (Unaudited)
                                                              -----------

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

                                                                2002              2001              2002             2001
                                                                ----              ----              ----             ----
<S>                                                            <C>              <C>               <C>                 <C>

Cash flows from operating activities:
   Net income                                                   $287              $177              $797             $300
   Adjustments to reconcile net income to net cash
    provided by (used in) operating activities
     Provision for depreciation                                   81                73               216              219
     Provision for loan losses                                     7                15                30              225
     Net amortization and accretion on investments                38                16               101               45
     ESOP shares allocated                                        24                24                72               76
     Recognition & Retention Plan shares allocated                 0                 0               124              126
     Decrease (increase) in accrued interest receivable           87               113                (6)             113
     Decrease in prepaid income taxes                              0                41                 0              104
     (Increase) in other assets                                  (32)             (126)           (1,061)            (107)
     (Decrease) in accrued interest payable                      (17)              (29)              (45)            (103)
     Increase in accrued income taxes                             18                 3                85                3
     Increase (decrease) in deferred income taxes                  3               (16)              (20)             (33)
     Increase (decrease) in accrued expenses                       1                42              (188)             (14)
     Stock dividends on FHLB Stock                                (7)               (8)              (21)             (25)
     (Gain) on sale of loans                                     (54)              (19)              (86)             (42)
     (Gain) on sale of mtg-backed securities and investments       0                 0                 0              (10)
     (Gain) loss on sale of foreclosed property                    1                 0                 2               25
                                                                   -                 -                 -               --
       Net cash provided by (used in) operating activities       437               306                 0              902
                                                                 ---               ---                 -              ---

   Cash flows from investing activities:
     Proceeds from maturities of securities held to maturity      30                29                50               49
     Proceeds from maturities of securities available for sale     0                 0               500                0
     Proceeds from sale of securities available for sale           0                 0                 0              233
     Proceeds from sale of mortgage-backed securities
             available for sale                                    0                 0                 0              760
     Purchase of securities available for sale                     0                 0            (1,609)               0
     Purchase of mortgage-backed securities
             available for sale                                    0            (3,818)           (3,034)          (3,818)
     Federal Reserve Bank Stock sold                               0                 0                 0              135
     Purchase of Independent Bankers Bank Stock                    0               (60)              (36)             (60)
     Repayment of principal- mortgage-backed securities        1,914             1,427             4,278            3,176
     Decrease (increase) in loans receivable                  (4,417)           (3,892)          (12,850)          (9,502)
     Proceeds from sale or participation of originated loans   4,060             4,835             7,905            9,899
     Proceeds from sale of foreclosed property                     0                 0                58               22
     Purchase of premises and equipment                          (31)              (32)              (40)            (147)
                                                                 ---               ---               ---             ----
       Net cash provided by (used in) investing activities     1,558            (1,511)           (4,778)             747
                                                               -----            ------            ------              ---


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

                                       6

<PAGE>

<TABLE>
<CAPTION>
                                          FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                                                CONSOLDIATED STATEMENT OF CASH FLOWS
                              For The Three and Six Month Periods Ended September 30, 2002 and 2001
                                                              (Unaudited)

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

                                                          2002               2001                 2002              2001
                                                          ----               ----                 ----              ----
<S>                                                      <C>               <C>                  <C>               <C>
   Cash flows from financing activities:
      Net increase (decrease) in deposits                   $1,271              $707               $828           $6,197
      Increase (decrease) in repurchase agreements             914            (1,629)             1,220           (1,760)
      Advances from Federal Home Loan Bank                   3,000                 0              3,000                0
      Repayment of FHLB advances                            (3,000)                0             (3,000)               0
      Increase in advances from borrowers
         for taxes and insurance                                17                17                (39)             (25)
      Dividends paid                                             0                 0               (178)            (181)
      Purchase of treasury stock                                 0                 0               (133)            (342)
                                                                 -                 -               ----             ----
         Net cash provided by (used in) financing activities 2,202              (905)             1,698            3,889
                                                             -----              ----              -----            -----

Increase (decrease) in cash and cash equivalents             4,195            (2,110)            (3,080)           5,538

   Cash and cash equivalents at beginning of period          5,854            14,527             13,129            6,879
                                                             -----            ------             ------            -----

   Cash and cash equivalents at end of period              $10,049           $12,417            $10,049          $12,417
                                                           -------           -------            -------          -------


   Supplemental Disclosures:
    Additional Cash Flows Information:
      Cash paid for:
        Interest on deposits, advances and
          repurchase agreements                               $550              $756             $1,822           $2,420
        Income taxes:
         Federal                                               145                45                324               45
         State                                                  10                 7                 36                7

   Schedule of Non-Cash Investing Activities:
     Transfers to foreclosed real estate                        11                 0                 11               73
     Refinanced other real estate owned                          0                 0                  0                0





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



                                       7
</TABLE>

<PAGE>

               FIRST ROBINSON FINANCIAL CORPORATION AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(1)  BASIS OF PRESENTATION

The consolidated financial statements include the accounts of First Robinson
Financial Corporation (the Company) and its wholly owned subsidiary, First
Robinson Savings Bank, National Association (the Bank). All significant
intercompany accounts and transactions have been eliminated in consolidation.
The accompanying consolidated financial statements are unaudited and should be
read in conjunction with the consolidated financial statements and notes thereto
included in the Company's annual report on Form 10-KSB for the fiscal year ended
March 31, 2002. The accompanying unaudited consolidated financial statements
have been prepared in accordance with the instructions for Form 10-QSB and,
therefore, do not include information or footnotes necessary for a complete
presentation of financial condition, results of operations, and cash flows in
conformity with generally accepted accounting principles. In the opinion of
management of the Company, the unaudited consolidated financial statements
reflect all adjustments (consisting of normal recurring accruals) necessary to
present fairly the financial position of the Company at December 31, 2002 and
the results of its operations and cash flows for the three month and nine month
periods ended December 31, 2002 and 2001. The results of operations for those
months ended December 31, 2002 are not necessarily indicative of the results to
be expected for the full year.

(2)  STOCK CONVERSION

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

(3)  EARNINGS PER SHARE

The Company has adopted Statement of Financial Accounting Standards ("SFAS") No.
128, "Earnings per Share," which requires entities with complex capital
structures to present both basic earnings per share ("EPS") and diluted EPS.
Basic EPS excludes dilution and is computed by dividing income available to
common shareholders by the weighted average number of common shares outstanding
for the period. Diluted EPS reflects the potential dilution that could occur if
securities of other contracts to issue common stock (such as stock options) were
exercised or converted into common stock or resulted in the issuance of common
stock that would then share in the earnings of the entity. Diluted EPS is
computed by dividing net income by the weighted average number of common shares
outstanding for the period, plus common-equivalent shares computed using the
treasury stock method. The Company's weighted average common shares outstanding
were 492,916 and 497,250 for the three-month periods and 492,408 and 504,536 for
the nine-month periods ending December 31, 2002 and 2001 respectively. The
Company approved a stock option plan during the quarter ended September 30,
1998. This plan had no dilutive effect on the earnings per share since current
stock price was less than option price.




                                       8

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(4)  EMPLOYEE STOCK OWNERSHIP PLAN

In connection with the conversion to the stock form of ownership, the Board of
Directors established an employee stock ownership plan (ESOP) for the exclusive
benefit of participating employees. Employees age 21 or older who have completed
one year of service are eligible to participate. Upon the issuance of the common
stock, the ESOP acquired 68,770 shares of $0.01 par value common stock at the
subscription price of $10.00 per share. The Bank makes contributions to the ESOP
equal to the ESOP's debt service less dividends received by the ESOP. All
dividends received by the ESOP are used to pay debt service. As the debt is
repaid, shares are released from collateral and allocated to active employees.
The Bank accounts for its ESOP in accordance with Statement of Position 93-6.
Accordingly, the debt of the ESOP is recorded as debt and the shares pledged as
collateral are reported as unearned ESOP shares in the consolidated balance
sheets. As shares are released from collateral, the Bank reports compensation
expense equal to the current market price of the shares, and the shares become
outstanding for earnings-per-share calculations. Dividends on allocated shares
are recorded as a reduction of retained earnings; dividends on unallocated ESOP
shares are recorded as a reduction of debt or accrued interest. ESOP
compensation expense was $14,000 for the three months ended December 31, 2002
and $13,000 for the three months ended December 31, 2001. For the nine-month
periods ESOP compensation expense amounted to $63,000 for the period ended
December 31, 2002 and $65,000 for the period ended December 31, 2001.

The ESOP shares at December 31, 2002 and 2001 were as follows:

                                                      2002              2001
                                                      ----              ----
        Allocated shares                             44,901            38,023
        Shares released for allocation                    0                 0
        Unallocated shares                           23,869            30,747
                                                     ------            ------

        Total ESOP shares                            68,770            68,770
                                                     ======            ======

        Fair value of unallocated shares           $348,487          $422,771
                                                   ========          ========

(5) COMPREHENSIVE INCOME

The Company has adopted FASB Statement No. 130, Reporting Comprehensive Income.
The statement establishes standards for reporting and display of comprehensive
income and its components. Comprehensive income includes net income and other
comprehensive income, which for the Company includes unrealized gains and losses
on securities available for sale. Comprehensive income, unaudited, for the three
and nine month periods ended December 31, 2002 and 2001 are as follows:

<TABLE>
<CAPTION>
                                                   Three Month Period                  Nine Month Period
                                                   ------------------                  -----------------
                                                 2002              2001             2002              2001
                                                 ----              ----             ----              ----
                                                                         ($1,000)
                                                                         --------

<S>                                              <C>                <C>           <C>                 <C>
Net Income                                       $287              $177             $797              $300
                                                 ----              ----             ----              ----
Other Comprehensive Income
Unrealized gains on securities                     29              (248)             865               (62)
Realized (gains) losses on securities               0                 0                0               (10)
Related tax effects                               (10)               93             (324)               27
                                                  ---                --             ----                --
Other Comprehensive Income                         19              (155)             541               (45)
                                                   --              ----              ---               ---
Comprehensive Income                             $306               $22           $1,338              $255
                                                 ====               ===           ======              ====
</TABLE>

                                       9

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(6)  ACCOUNTING FOR STOCK BASED COMPENSATION - TRANSITION AND DISCLOSURE

SFAS 148, relating to the subject above, was issued in December 2002. SFAS
amends 123 to provide alternate methods of a voluntary change to the fair value
based method of accounting for stock-based employee compensation. It also amends
the disclosure requirements of SOFAS 123 to require prominent disclosures in
both annual and interm financial statements about the method used on reported
results. The provisions of the statement are effective for annual financial
statements for fiscal years ending after December 15, 2002. The adoption of this
statement will result in more prominent disclopsure of the Company's stock
option plan.


















                                       10

<PAGE>

Item 2.
                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 Management Discussion and Analysis of Financial
                       Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

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

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

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

GENERAL

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

     Our net income is dependent primarily on our net interest income, which is
the difference between interest earned on interest-eaming assets and the
interest paid on interest-bearing liabilities. Net interest income is a function
of our "interest rate spread," which is the difference between the average yield
earned on interest-earning assets and the average rate paid on interest-bearing
liabilities. The interest rate spread is affected by regulatory, economic and
competitive factors that influence interest rates, loan demand and deposit
flows. To a lesser extent, our net income also is affected by the level of
general and administrative expenses and the level of other income, which
primarily consists of service charges and other fees.

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

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

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

                                       11

<PAGE>

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

BUSINESS STRATEGY

     We are a community-oriented, locally owned financial institution offering
community-banking services to residents and businesses of Crawford County,
Illinois, our primary market area. We offer all types of loans to our community
but emphasize real estate mortgages. We offer fixed rate mortgage products
through the Federal Home Loan Bank of Chicago and USDA Rural Development. These
programs continue to grow and have provided additional non-interest income to
our Bank. We continue to emphasize low or non-interest bearing accounts as part
of our strategy to lower our overall cost of funds. We also provide bill paying
and cash management services through our Internet banking product. PrimeVest
Financial Services provides investment brokerage services to our customers and
provides an excellent source of additional non-interest income. We maintain a
strong presence in the community and are the only independent community bank in
Robinson, Palestine and Oblong, Illinois.

ASSET QUALITY

     DELINQUENCIES. When a borrower fails to make a required payment on a loan,
the Bank attempts to cause the delinquency to be cured by contacting the
borrower. In the case of loans secured by real estate, reminder notices are sent
to borrowers. If payment is late, appropriate late charges are assessed and a
notice of late charges is sent to the borrower. If the loan is in excess of 60
days delinquent, the loan will generally be referred to the Bank's legal counsel
for collection.

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

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

     The following table sets forth the Bank's loan delinquencies by type, by
amount and by percentage of type at December 31, 2002.


<TABLE>
<CAPTION>
                                                           Loans Delinquent For:
                   -----------------------------------------------------------------------------------------
                            60-89 Days(1)            90 Days and Over(1)          Nonaccrual             Total Delinquent Loans
                   --------------------------- -------------------------- --------------------------- ---------------------------
                                     Percent                     Percent                    Percent                    Percent of
                                     of Loan                     of Loan                    of Loan                    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....         2     $76     0.22%       ---    $---      ---         2     $94     0.27%         4    $170    0.49%
 Commercial and
 agricultural
 real estate             1      13     0.09%       ---     ---      ---         2      50     0.36%         3      63    0.45%
Consumer........         3       7     0.12%       ---     ---      ---         1       2     0.04%         4       9    0.16%
Commercial
 business and
 agricultural
 finance........       ---     ---      ---%       ---     ---      ---         2      59     0.68%         2      59    0.68%
                       ---     ---     -----      ----     ---     ----         -      --     -----        --      --    -----

     Total......         6     $96     0.15%         0      $0     0.00%        7    $205     0.31%        13    $301    0.46%
                         =     ===     =====      ====     ===     =====        =    ====     =====        ==    ====    =====
 -----------------
 (1)  Loans are still accruing.
</TABLE>

                                       12

<PAGE>

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

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

<TABLE>
<CAPTION>
                                                     December      March         December
                                                        31,          31,           31,
                                                    -------------------------------------
                                                       2002         2002          2001
                                                    ----------   ----------   -----------
<S>                                                      <C>           <C>           <C>
            Non-accruing loans:
              One- to four-family................          $94           $7           $54
              Commercial and agricultural
                 real estate.....................           50          120            50
              Consumer...........................            2           11            21
              Commercial business and
                 agricultural finance............           59          ---           179
                                                    ----------   ----------   -----------
                   Total.........................          205          207           304
                                                    ----------   ----------   -----------

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

            Foreclosed assets:
              One- to four-family................           11           61            33
              Commercial and agricultural
                 real estate.....................          ---           36            40
              Consumer...........................          ---          ---           ---
                                                    ----------   ----------   -----------
                   Total.........................           11           97            73
                                                    ----------   ----------   -----------
            Total non-performing assets..........         $216         $304          $377
                                                    ==========   ==========   ===========
            Total as a percentage of total
              assets.............................        0.21%        0.31%         0.40%
                                                    ==========   ==========   ===========
</TABLE>

     Gross interest income which would have been recorded had the non-accruing
loans been current in accordance with their original terms amounted to
approximately $9,000 for the nine months ended December 31, 2002 and $25,000 for
the nine months ended December 31, 2001.

     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.

                                       13

<PAGE>

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

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

     In connection with the filing of its periodic reports with the OCC and in
accordance with its classification of assets policy, the Bank regularly reviews
loans in its portfolio to determine whether such assets require classification
in accordance with applicable regulations. On the basis of management's review
of its assets, at December 31, 2002, the Bank had classified a total of $462,000
of its assets as substandard and $304,000 as doubtful or loss. At December 31,
2002, total classified assets comprised $766,000, or 7.5% of the Bank's capital,
and 0.76% of the Bank's total assets compared to total classified assets of $1.2
million, or 14.6% of the Bank's capital and 1.3% of the Bank's total assets as
of March 31, 2002.

     OTHER LOANS OF CONCERN. As of December 31, 2002, there were $3.2 million in
loans identified, but not classified, by the Bank with respect to which known
information about the possible credit problems of the borrowers or the cash
flows of the business have caused management to have some doubts as to the
ability of the borrowers to comply with present loan repayment terms and which
may result in the future inclusion of such items in the non-performing asset
categories. Other loans of concern as of March 31, 2002 were $3.5 million.

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

     Real estate properties acquired through foreclosure are recorded at net
realizable value, estimated to be 80% of fair market value. If fair value at the
date of foreclosure is lower than the balance of the related loan, the
difference will be charged-off to the allowance for loan losses at the time of
transfer. Valuations are periodically updated by management and if the value
declines, a specific provision for losses on such property is established by a
charge to operations. At December 31, 2002, the Bank had $11,000 in real estate
properties acquired through foreclosure. The properties are for sale and will be
sold if the offers to purchase are approved by the board.

     Although management believes that it uses the best information available to
determine the allowance, unforeseen market conditions could result in
adjustments and net earnings could be significantly affected if circumstances
differ substantially from the assumptions used in making the final
determination. Future additions to the Bank's allowance for loan losses will be
the result of periodic loan, property and collateral reviews and thus cannot be
predicted in advance. In addition, federal regulatory agencies, as an integral
part of the examination process, periodically review the Bank's allowance for
loan losses. Such agencies may require the Bank to increase the allowance based
upon their judgment of the information available to them at the time of their
examination. At December 31, 2002, the Bank had a total allowance for loan
losses of $585,000, representing 0.91% of the Bank's loans, net.




                                       14

<PAGE>

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

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

<TABLE>
<CAPTION>
                                             December 31,                                March 31,
                             ---------------------------------------------------------------------------------------

                                                2002                                        2002
                             -------------------------------------------  ------------------------------------------
                                                            Percent of                                  Percent of
                                                             Loans in                                    Loans in
                               Amount of         Loan          Each        Amount of                       Each
                               Loan Loss      Amounts by    Category to    Loan Loss    Loan Amounts   Category to
                               Allowance       Category     Total Loans    Allowance     by Category   Total Loans
                             ------------   -------------  -------------  -----------  -------------  --------------
                                                              (Dollars in thousands)
<S>                             <C>            <C>             <C>          <C>           <C>              <C>
One- to four-family......       $  135         $34,786         53.27%       $  105        $33,995          56.02%
Multi-family.............          ---             713          1.09           ---            707           1.16
Commercial and
   agricultural real estate        222          14,076         21.55           138         12,251          20.19
Construction or
   development...........          ---           1,298          1.99           ---          1,237           2.04
Consumer.................           35           5,701          8.73            36          5,934           9.78
Commercial business
  and agricultural
  finance................          193           8,729         13.37           255          6,562          10.81
Unallocated..............          ---             ---           ---           ---            ---            ---
                                ------         -------        ------        ------        -------         ------
     Total...............       $  585         $65,303        100.00%       $  534        $60,686         100.00%
                                ======         =======        ======        ======        =======         ======
</TABLE>

The following table sets forth an analysis of the Bank's allowance for loan
losses.
<TABLE>
<CAPTION>
                                                               Three Months Ended      Nine Months Ended
                                                                  December 31,            December 31,
                                                              -------------------------------------------
                                                                2002        2001       2002        2001
                                                              --------    --------   --------    --------
                                                                          (Dollars in thousands)
<S>                                                           <C>        <C>        <C>          <C>
           Balance at beginning of period................       $609        $546       $534        $620

           Charge-offs:
             One- to four-family.........................         35         ---         41          40
             Commercial and agricultural real estate.....        ---         ---        ---          95
             Consumer....................................         14           2         35          23
             Commercial business and agricultural finance        ---         ---         20         141
                                                                 --          ---         --         ---
                                                                  49           2         96         299
                                                                  --           -         --         ---

           Recoveries:
             One- to four-family.........................        ---           2          4           7
             Commercial and agricultural real estate.....        ---         ---        ---         ---
             Consumer....................................          4           5         13          13
             Commercial business and agricultural finance         14          12        100          12
                                                                  --          --        ---          --
                                                                  18          19        117          32
                                                                  --          --        ---          --

           Net charge-offs...............................         31        (17)       (21)         267
           Additions charged to operations...............          7          15         30         225
           Balance at end of year........................       $585        $578       $585        $578
                                                                ----        ----       ----        ----

           Ratio of net charge-offs during the period to
            average loans outstanding during the period..      0.05%     (0.03)%    (0.03)%       0.43%
                                                               ====      =====      =====         ====

           Ratio of net charge-offs during the period to
            average non-performing assets................     11.21%     (4.46)%    (8.27)%      54.60%
                                                              =====      =====      =====        =====
</TABLE>

                                       15

<PAGE>

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

FINANCIAL CONDITION

COMPARISON AT DECEMBER 31, 2002 AND MARCH 31, 2002

     Our total assets increased by approximately $3.3 million, or 3.4%, to
$101.0 million at December 31, 2002 from $97.7 million at March 31, 2002. This
increase in total assets was primarily the result of a $5.0 million, or 8.5%,
increase in loans receivable net and an increase of $996,000 in cash value of
life insurance. A $3.1 million, or 23.5%, decrease in total cash and cash
equivalents partially offset these increases. The increase in loans receivable
net and the purchase of bank owned life insurance resulted in the significant
decrease in cash and cash equivalents from $13.1 million at March 31, 2002 to
$10.0 million at December 31, 2002. This reallocation of excess funds, those
that are sold overnight, indicates that these funds are now earning higher rates
of interest either as loans, securities or bank owned life insurance. This helps
improve net interest income and aligns with our strategic plan. Management
intends to continue to look for ways to loan or invest our excess funds more
efficiently while managing our interest rate risk, but does not intend to
aggressively price our deposit products and repurchase agreements.

     Liabilities increased $2.1 million, or 2.4%, to $90.8 million at December
31, 2002 from $88.7 million at March 31, 2002. The primary reason for the
increase in our liabilities was an increase of $828,000, or 1.0%, in deposits
and an increase of $1.2 million or 41.6% in repurchase agreements. The increase
in deposits was accomplished by a $2.1 million, or 36.5%, increase in
non-interest bearing deposits offset by a decrease of $1.3 million, or 1.7%, in
interest bearing deposits. This shift in deposits from interest bearing to
non-interest bearing supports the strategic plan of reducing our interest
expense on deposits. Even though management has not aggressively priced
repurchase agreements, a large deposit ($1.4 million) was made into an existing
repurchase agreement during the month of December. The interest rate on this
repurchase agreement adjust's daily; thus the increase does not adversely affect
interest expense. It is management's opinion that in the current economic rate
environment, customers are continuing to move their money out of mutual funds
and the stock market and putting their funds into accounts that are easily
accessible, even though the rate of return may be less. Management believes that
when the market strengthens there will be some decline in the savings deposits.

     Stockholders' equity increased $1.2 million, or 13.6%, to $10.2 million as
of December 31, 2002 from $9.0 million on March 31, 2002. Net income of $797,000
for the nine months ending December 31, 2002 plus the allocation of $124,000 in
Recognition and Retention Plan shares, the release for allocation of $72,000 in
Employee Stock Ownership Plan shares and an increase of $541,000 in accumulated
other comprehensive income increased equity. However, this increase was offset
in part by the purchase of an additional $133,000 of treasury stock and a
dividend of $178,000. The company purchased 9,428 shares during the period,
bringing the total amount of treasury stock to 334,750 shares as of December 31,
2002. All shares were purchased at market prices below our book value per share.

RESULTS OF OPERATIONS

COMPARISON OF THE THREE-MONTH PERIODS ENDED DECEMBER 31, 2002 AND 2001

PERFORMANCE SUMMARY

     We are reporting net income of $287,000 for the third quarter of the fiscal
year. For the quarter ended December 31, 2001, we reported net income of
$177,000. The $110,000, or 62.1%, increase in net income is primarily
attributable to an increase of $130,000 or 15.9% in net interest income after
provision for loan losses, an increase of $62,000, or 31.2%, in non-interest
income and a decrease of $14,000, or 1.8%, in non-interest expense offset by a
$96,000, or 120.0%, increase in provision for taxes for the three-month period
ended December 31, 2002 compared to the same period in 2001.


                                       16

<PAGE>

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

NET INTEREST INCOME

     Net interest income increased by $122,000, or 14.6%, to $955,000 during the
three-month period ended December 31, 2002, as compared to $833,000 during the
same period in the prior year. Interest income was $1.5 million and decreased by
$73,000, or 4.7%, for the quarter ended December 31, 2002 as compared to the
quarter ended December 31, 2001. For the quarter ended December 31, 2002,
interest expense was $533,000, a decrease of $195,000, or 26.8%, from the
quarter ended December 31, 2001. The rate on average interest earning assets for
the December 31, 2002 quarter was 6.45% in comparison to 7.03% for the quarter
ended December 31, 2001, a decrease of 58 basis points, or 0.58%. The rate on
average interest bearing liabilities for the quarter ended December 31, 2002 was
2.64% compared to 3.69% for the December 31, 2001 quarter, a decrease of 105
basis points, 1.05%. The bank's average interest rate spread for the three
months ending December 31, 2002 was 3.81% compared to 3.34% for the three month
period ended December 31, 2001. The average interest rate margin was 4.14% for
the quarter ended December 31, 2002 and 3.75% for the same quarter of the
previous year. Net interest margin is calculated by dividing net interest income
by average interest-earning assets.

NON-INTEREST INCOME

     Total non-interest income increased by $62,000, or 31.2%, to $261,000
during the three months ended December 31, 2002, as compared to $199,000 during
the same period in the prior year. The increase in total non-interest income was
the result of an increase of $35,000, or 184.2%, in net gain on sale of loans,
an increase of $17,000, or 89.5%, in charges and other fees on loans and an
increase of $15,000, or 32.6%, in other non-interest income offset in part by a
decrease of $5,000, or 4.3%, in charges and fees on deposit accounts. During the
quarter ended December 31, 2002, the bank had a significant increase in income
from the origination and sale of fixed rate home mortgages through the Federal
Home Loan Bank of Chicago's Mortgage Partnership Finance (MPF) program compared
to the same quarter last year. The increase in net gain on sale of loans and the
increase in income from other loan fees are direct results of the significant
number of loans being written in the MPF program. Since we also service these
loans, we have booked the Mortgage Servicing Rights as an asset. The value is
adjusted quarterly based on new volume and paydowns on current loans. The lower
rate environment has encouraged customers to refinance their home loans into
fixed rate products. Management expects this income to remain steady as long as
interest rates remain low. Income on charges and fees on deposit accounts
declined slightly, however management is reviewing a product to increase income
in this area.

NON-INTEREST EXPENSE

     Total non-interest expense decreased by $14,000, or 1.8%, to $746,000
during the three months ended December 31, 2002, as compared to $760,000 during
the same period in the prior year. This decrease was a result of the following:
a decrease of $47,000, or 10.9%, in compensation and employee benefits, a
decrease of $3,000, or 100.0%, in foreclosed property expense, a decrease of
$4,000, or 17.4%, in advertising expense, and a decrease of $4,000, or 15.4%, in
telephone and postage expense. These decreases were offset in part by increases
of $19,000, or 16.5%, in occupancy and equipment, $5,000, or 15.6%, in data
processing expense, $9,000, or 32.1%, in audit, legal and other professional
services expense, a $1,000 loss on sale of foreclosed property and $10,000, or
10.0%, in other non-interest expense. The decrease in compensation and employee
benefits is the result of attrition among the staff and management's decision to
not hire replacements. The decrease in advertising expense is a direct result of
management's commitment to better utilize its marketing budget. The increase in
occupancy and equipment costs was caused by an adjustment of $17,000 made to
accelerate the depreciation of a computer program being used by the bank. The
increase in audit, legal and other professional fees was the result of an
increase in legal fees associated with the collection of delinquent loans.
Management intends to continue to monitor non-interest expense in an effort to
control overall expenses.

PROVISION FOR LOAN LOSSES

     During the three months ended December 31, 2002, we recorded provision for
loan losses of $7,000 as compared to $15,000 for the same period of the prior
year, a decrease of $8,000, or 53.3%. We recorded such provisions to adjust our
allowance for loan losses to a level deemed appropriate based on an assessment
of the volume of lending presently being conducted by the bank, industry
standards, past due loans, economic conditions in our market area generally and
other factors related to the collectability of the loan portfolio.

     Our non-performing assets as a percentage of total assets was 0.21% at
December 31, 2002, as compared to 0.40% at December 31, 2001. The bank has
adopted further enhancements to its loan policy that helps it assess and monitor
problem loans. Classified loan totals are decreasing and delinquencies are well
below peer levels. Non-performing assets have been reduced substantially. Asset
quality continues to improve therefore allowing the provision for loan losses to
reduce significantly.

                                       17

<PAGE>

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

PROVISION FOR INCOME TAXES

     We recognized a provision for federal and state income taxes of $176,000
for the three months ended December 31, 2002 as compared to a provision for
income taxes of $80,000 for the same period in the prior year due to increased
profitability. The effective tax rate during the three months ended December 31,
2002 was 38.0% as compared to 31.1% during the quarter ended December 31, 2001.

Comparison of the Nine-Month Periods ended December 31, 2002 and 2001

PERFORMANCE SUMMARY

     We reported a net income of $797,000 during the nine months ended December
31, 2002 as compared to $300,000 for the same period in the prior year. The
$497,000, or 165.7%, increase in net income was primarily attributed to an
increase of $430,000, or 18.7%, in net interest income after provision for loan
losses, an increase of $257,000, or 48.1%, in non-interest income and a decrease
of $108,000, or 4.5%, in non-interest expense offset by an increase of $298,000,
or 236.5%, in provision for income taxes. There do not appear to be any external
threats to the bank's overall performance. Even in today's uncertain interest
rate environment, the bank's market area has remained relatively stable.
Unemployment is unchanged and though we cannot predict the future there are
positive indicators, locally, for new jobs in the near future.

NET INTEREST INCOME

     Net interest income increased by $235,000, or 9.3%, for the nine-month
period ended December 31, 2002 as compared to the same period in the previous
year. For the nine months ended December 31, 2002, interest income decreased by
$295,000, or 6.1%, from the nine months ended December 31, 2001. However, a
decrease in interest expense of $530,000, or 23.0%, from the December 31, 2001
period offset the decrease in interest income. The interest rate spread for the
nine months ended December 31, 2002 was 3.59% compared to 3.47% for the same
period in the prior year. The average interest rate margin was 3.95% for the
nine-months ended December 31, 2002 and 3.96% for the nine months ending
December 31, 2001. Net interest margin is calculated by dividing net interest
income by average interest-earning assets. Management believes that our net
interest margin should increase as the Bank's adjustable rate mortgages continue
to reach their interest rate floors. The interest rate spread should also
increase as management implements methods to increase loans and investments
while decreasing the amount of cash and cash equivalents.

NON-INTEREST INCOME

     Our non-interest income increased by $257,000, or 48.1%, to $791,000 for
the nine-month period in this fiscal year as compared to $534,000 for the
nine-month period in the prior year. Income from life insurance proceeds was
$98,000 for the nine-month period. This income was the result of proceeds from a
life insurance policy on a former commercial loan customer. Net gain on sale of
loans increased by $44,000, or 104.8%. Due to customers refinancing their
mortgages, this increase was the result of increased origination and sales of
loans through the Federal Home Loan Bank of Chicago's MPF program. This program
was also the primary reason other non-interest income increased by $85,000, or
93.4%, and income from charges and other fees on loans increased by $25,000, or
46.3%. Income from charges and fees on deposit accounts increased by $15,000, or
4.5%. Management intends to implement a program within the next six months to
further enhance income from deposit accounts. These increases were offset by a
$10,000, or 100.0%, decrease in net realized gain on sale of investments.

NON-INTEREST EXPENSE

     Total non-interest expense decreased by $108,000, or 4.5%, to $2.3 million
during the nine months ended December 31, 2002, as compared to $2.4 million
during the same period in the prior year. This decrease was due primarily from a
decrease of $99,000, or 7.4%, in compensation and employee benefits, a decrease
of $10,000, or 50.0%, in foreclosed property expense, a decrease of $11,000, or
15.5%, in advertising expense, a decrease of $2,000, or 2.5%, in telephone and
postage expense and a decrease of $23,000, or 92.0%, in loss on sale of
foreclosed property. These decreases were partially offset by an increase of
$10,000, or 2.7%, in occupancy and equipment expense, an increase of $10,000, or
10.1%, in data processing expense, and an increase of $17,000, or 17.3%, in
audit, legal and other professional fees. The decrease in compensation and
employee benefits is due to a decrease in the number of full-time equivalent
employees (FTE) from 48 FTE at December 31, 2001 to 43 FTE at December 31, 2002.
This decrease was the result of attrition and management's decision to not hire
replacements. Additionally, the recognition and retention plan funded by the
company expired in July 2002 and resulted in savings of approximately $40,000
per quarter in compensation and employee

                                       18

<PAGE>

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

     benefits expense. The reductions in expenses associated with foreclosed
property were the result of a decrease in the number of foreclosed properties
handled by the bank. Management continued to explore ways to better utilize the
bank's marketing and advertising dollars and was able to further reduce
advertising expenses. The increase in audit, legal and other professional fees
is a result of increased legal costs associated with the collection of
delinquent loans and an audit performed on the network security of our operating
system. The increase in data processing was the result of costs to upgrade our
ATM network and expenses associated with providing updated anti-virus software
to our data processing system. Management intends to continue to reduce the
overall level of non-interest expense as part of its strategic plan.

PROVISION FOR LOAN LOSSES

     The provision for loan losses for the nine-month period ending December 31,
2002 decreased by $195,000, or 86.7%, from the nine months ended December 31,
2001. We recorded a provision for loan losses of $30,000 for this nine-month
period in comparison to $225,000 for the nine months in the previous year. We
recorded such provisions to adjust our allowance for loan losses to a level
deemed appropriate based an assessment of the volume of lending presently being
conducted by the bank, industry standards, past due loans, economic conditions
in our market area generally and any other factors related to the collection of
our loan portfolio. Our non-performing assets as a percentage of total assets
was 0.21% at December 31, 2002 as compared to 0.31% at March 31, 2002 and 0.40%
at December 31, 2001. The bank has adopted further enhancements to its loan
policy that helps it assess and monitor problem loans. Classified loan totals
are decreasing and delinquencies are well below peer levels. Non-performing
assets have been reduced substantially. Asset quality continues to improve
therefore allowing the provision for loan losses to reduce significantly.

 PROVISION FOR INCOME TAXES

     We recognized provision for income taxes of $424,000 for the nine months
ended December 31, 2002 as compared to $126,000 for the nine months in the prior
year. The effective tax rate for this nine-month period was 34.7% and 29.6% for
the nine months ended December 31, 2001.

LIQUIDITY AND CAPITAL RESOURCES

     Our principal sources of funds are deposits and principal and interest
payments collected on loans, investments and related securities. While scheduled
loan repayments and maturing investments are relatively predictable, deposit
flows and early loan prepayments are more influenced by interest rates, general
economic conditions and competition. Additionally, we may borrow funds from the
FHLB of Chicago, our correspondent banks, Cole Taylor Bank located in Chicago
and Independent Bankers Bank located in Springfield, Illinois and the Discount
Window of the Federal Reserve of St. Louis, or we may utilize other borrowings
based on need, comparative costs and availability at the time.

     At December 31, 2002 we had $3.0 million in fixed-rate fixed-term advances
from the FHLB of Chicago outstanding resulting in no change from March 31, 2002.
We use our liquidity resources principally to meet outstanding commitments on
loans, to fund maturing certificates of deposit and deposit withdrawals and to
meet operating expenses. We anticipate no foreseeable problems in meeting
current loan commitments. At December 31, 2002, we had outstanding commitments
to extend credit, which amounted to $6.1 million (including $2.7 million, in
available revolving commercial and agricultural lines of credit). Management
believes that loan repayments and other sources of funds will be adequate to
meet any foreseeable liquidity needs.

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


                                       19

<PAGE>

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

REGULATORY CAPITAL

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

At December 31, 2002, the Bank was in compliance with all of the aforementioned
capital requirements as summarized below:

<TABLE>
<CAPTION>
                                                                                            December 31, 2002
                                                                                            -----------------
                                                                                                 (1,000's)
                                                                                                 ---------
<S>                                                                                                   <C>
Tier I Capital:
      Common stockholders' equity                                                                     10,171
      Unrealized loss (gain) on securities available for sale                                           (473)
      Less disallowed intangible assets                                                                   13

        Total Tier I capital                                                                           9,685

Tier II Capital:
      Total Tier I capital                                                                             9,685
      Qualifying allowance for loan losses                                                               585

        Total risk-based capital                                                                      10,270

Risk-weighted assets                                                                                  65,431
Quarter average assets                                                                                98,213

<CAPTION>

                                                                                             To be Well Capitalized
                                                                                                 Under the Prompt
                                                                       For Capital               Corrective Action
                                            Actual                  Adequacy Purposes               Provisions
                                            ------                  -----------------               ----------
                                     Amount         Ratio         Amount          Ratio         Amount          Ratio
                                     ------         -----         ------          -----         ------          -----
<S>                                   <C>          <C>             <C>            <C>             <C>          <C>
As of December 31, 2002:
     Total Risk-Based Capital
       (to Risk-Weighted Assets)     10,270         15.70%         5,234          8.00%          6,543         10.00%
    Tier I Capital
      (to Risk-Weighted Assets)       9,685         14.80%         2,617          4.00%          3,926          6.00%
    Tier I Capital
      (to Average Assets)             9,685          9.86%         3,929          4.00%          4,911          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. This special
liquidation account was $5.1 million as of that date. 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.

                                       20

<PAGE>

Item 3.
                             CONTROLS AND PROCEDURES

     With the participation and under the supervision of the Company's
management, including the Company's Chief Executive Officer and Chief Financial
Officer, and within 90 days of the filing date of this quarterly report, the
Company's Chief Executive Officer and Chief Financial Officer have evaluated the
effectiveness of the design and operation of the Company's disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14(c) and 15(d)-14(c)) and,
based on their evaluation, have concluded that the disclosure controls and
procedures are effective. There were no significant changes in the Company's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
action with regard to significant deficiencies and material weaknesses.



















                                       21

<PAGE>

                            PART II OTHER INFORMATION

Item 1.     LEGAL PROCEEDINGS
             None

Item 2.     CHANGES IN SECURITIES
             None

Item 3.     DEFAULTS UPON SENIOR EXECUTIVES
              None

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

Item 5.     OTHER INFORMATION
              None

Item 6.     EXHIBITS AND REPORTS ON FORM 8-K

               (a)  The following exhibits are filed herewith:

                    1.   Exhibit 11: Statement Regarding Computation of
                         Earnings.

                    2.   Exhibit 99: Certifications

               (b)  Reports Form 8-K:

                    A report on form 8-K was filed November 8, 2002 stating the
                    Company's earnings for the second quarter of the fiscal
                    year.






                                       22

<PAGE>

                                   SIGNATURES

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

                                      FIRST ROBINSON FINANCIAL
                                      CORPORATION



Date: February 12, 2003               /s/ Rick L. Catt
                                      ----------------
                                      Rick L. Catt
                                      President and Chief Executive Officer

Date: February 12, 2003               /s/ Jamie E. McReynolds
                                      -----------------------
                                      Jamie E. McReynolds
                                      Chief Financial Officer and Vice President











                                       23

<PAGE>

                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Rick L. Catt, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of First Robinson
Financial Corporation (the "registrant");

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14(c) and 15d-14(c)) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: February 12, 2003               /s/ Rick L. Catt
                                      ----------------
                                      Rick L. Catt
                                      President and Chief Executive Officer

                                       24

<PAGE>

                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jamie E. McReynolds, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of First Robinson
Financial Corporation (the "registrant");

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14(c) and 15d-14(c)) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: February 12, 2003              /s/ Jamie E. McReynolds
                                     -----------------------
                                     Jamie E. McReynolds
                                     Chief Financial Officer and Vice President

                                       25