UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

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

                For the quarterly period ended September 30, 2006
                                               ------------------

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

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

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

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

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

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

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act)

                                 YES |_| NO |X|

As of November 10, 2006, the Registrant had 485,890 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

        Condensed Consolidated Balance Sheets as of September 30, 2006
            And March 31, 2006                                                                       3

        Condensed Consolidated Statements of Income for the Three-Month and Six-Month
            Periods Ended September 30, 2006 and September 30, 2005                                  4

        Condensed Consolidated Statements of Cash Flows for the Six-Month
            Periods Ended September 30, 2006 and September 30, 2005                                  6

        Notes to Condensed Consolidated Financial Statements                                         8

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

    Item 3.     Controls and Procedures                                                              26

PART II. OTHER INFORMATION

    Item 1.   Legal Proceedings                                                                      27

    Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds                            27

    Item 3.   Defaults Upon Senior Securities                                                        27

    Item 4.   Submission of Matters to a Vote of Security Holders                                    27

    Item 5.   Other Information                                                                      28

    Item 6.   Exhibits                                                                               28

           SIGNATURES                                                                                29
</TABLE>


                                       2
<PAGE>


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

<TABLE>
<CAPTION>
                                                                                  (Unaudited)
                                                                                September 30, 2006      March 31, 2006
                                                                                ------------------      --------------
<S>                                                                                  <C>                 <C>
                                     ASSETS

Cash and cash equivalents                                                            $   8,023           $   7,389
Available-for-sale securities                                                           31,792              30,535
Loans, net of allowance for loan losses of $770 and $753
   at September 30, 2006 and March 31, 2006, respectively                               69,207              65,506
Federal Reserve and Federal Home Loan Bank stock                                           809                 831
Premises and equipment, net                                                              2,551               2,640
Foreclosed assets held for sale, net                                                        --                  11
Interest receivable                                                                        773                 645
Deferred income taxes                                                                      261                 241
Cash surrender value of life insurance                                                   1,314               1,290
Other assets                                                                               370                 340
                                                                                     ---------           ---------

     Total Assets                                                                    $ 115,100           $ 109,428
                                                                                     =========           =========

                           LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                                84,509              86,202
Other borrowings                                                                        18,086              10,774
Advances from borrowers for taxes and insurance                                             62                 126
Accrued income taxes                                                                       190                 168
Interest payable                                                                           194                 156
Other liabilities                                                                          538                 586
                                                                                     ---------           ---------
     Total Liabilities                                                                 103,579              98,012
                                                                                     ---------           ---------

Commitments and Contingencies

Stockholders' Equity
Preferred stock, $.01 par value; authorized 500,000 shares,
  no shares issued and outstanding
Common stock, $ .01 par value; authorized 2,000,000 shares; 859,625 shares issued;
  outstanding September 30, 2006- 486,990 shares; March 31, 2006 - 498,050 shares            9                   9
Additional paid-in capital                                                               8,381               8,722
Retained earnings                                                                        9,219               8,878
Unearned RRP shares                                                                         --                (125)
Unearned ESOP                                                                              (14)                (41)
Unearned incentive compensation                                                             --                (262)
Treasury stock, at cost
  Common: September 30, 2006 - 365,404 shares; March 31, 2006 - 354,344 shares          (5,706)             (5,414)
Accumulated other comprehensive income                                                    (368)               (351)
                                                                                     ---------           ---------

     Total Stockholders' Equity                                                         11,521              11,416
                                                                                     ---------           ---------

     Total Liabilities and Stockholders' Equity                                      $ 115,100           $ 109,428
                                                                                     =========           =========
</TABLE>

See Notes to Condensed Consolidated Financial Statements.


                                       3
<PAGE>


                      FIRST ROBINSON FINANCIAL CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                    For the Three and Six-Month Periods Ended
                           September 30, 2006 and 2005
                      (In thousands, except per share data)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                           Three-Month Period  Six-Month Period
                                                           ------------------  ----------------
                                                              2006     2005     2006     2005
                                                             ------   ------   ------   ------
<S>                                                          <C>      <C>      <C>      <C>
 Interest and Dividend Income:
     Loans                                                   $1,275   $1,129   $2,489   $2,234
     Securities:
       Taxable                                                  401      315      763      639
       Tax-exempt                                                24       18       49       36
     Dividends on Federal Reserve Bank and
       Federal Home Loan Bank stock                               8       10       15       21
                                                             ------   ------   ------   ------

        Total Interest and Dividend Income                    1,708    1,472    3,316    2,930
                                                             ------   ------   ------   ------

   Interest Expense:
     Deposits                                                   502      373      956      712
     Federal Home Loan Bank advances                             --       16       --       32
     Other borrowings                                           175       55      273       99
                                                             ------   ------   ------   ------

      Total Interest Expense                                    677      444    1,229      843
                                                             ------   ------   ------   ------

       Net Interest Income                                    1,031    1,028    2,087    2,087

   Provision for Loan Losses                                     15       45       30       90
                                                             ------   ------   ------   ------

       Net Interest Income After Provision for Loan Losses    1,016      983    2,057    1,997
                                                             ------   ------   ------   ------

   Non-interest income:
     Charges and fees on deposit accounts                       231      203      419      388
     Charges and other fees on loans                              7        7       13       12
     Net gain on sale of loans                                   20       14       47       30
     Net gain on sale of foreclosed assets                       --       --       --        5
     Other                                                       72       67      142      132
                                                             ------   ------   ------   ------

       Total Non-Interest Income                                330      291      621      567
                                                             ------   ------   ------   ------

   Non-interest expense:
     Compensation and employee benefits                         482      483      945    1,008
     Occupancy and equipment                                    131      132      265      263
     Foreclosed property expense                                  1        1        1        2
     Data processing                                             49       46       97       88
     Audit, legal and other professional                         36       43       70       89
     Advertising                                                 29       31       59       61
     Telephone and postage                                       23       25       46       45
     Net loss on sale of foreclosed assets                       --       --        2       --
     Other                                                      136      120      268      247
                                                             ------   ------   ------   ------

      Total Non-Interest Expense                                887      881    1,753    1,803
                                                             ------   ------   ------   ------
</TABLE>

   See Notes to Condensed Consolidated Financial Statements.

                                       4
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                    For the Three and Six-Month Periods Ended
                           September 30, 2006 and 2005
                      (In thousands, except per share data)
                                   (Unaudited)

                                            Three-Month Period  Six-Month Period
                                            ------------------  ----------------
                                             2006     2005     2006      2005
                                             -----    -----    -----    -----

Income before income tax                       459      393      925      761

   Provision for income taxes                  161      156      311      256
                                             -----    -----    -----    -----

      Net Income                             $ 298    $ 237    $ 614    $ 505
                                             =====    =====    =====    =====

   Earnings Per Share-Basic                  $0.63    $0.48    $1.29    $1.02

   Earnings Per Share-Diluted                $0.60    $0.46    $1.23    $0.97

Comprehensive Income

Net Income                                   $ 298    $ 237    $ 614    $ 505
                                             -----    -----    -----    -----

Other Comprehensive Income (Loss):

   Unrealized gains (losses) on securities     453     (196)     (27)      (5)

   Related tax effects                        (170)      73       10        2
                                             -----    -----    -----    -----

   Other Comprehensive Income (Loss)           283     (123)     (17)      (3)
                                             -----    -----    -----    -----

Comprehensive Income                         $ 581    $ 114    $ 597    $ 502
                                             =====    =====    =====    =====

See Notes to Condensed Consolidated Financial Statements.

                                       5
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
           For the Six-Month Periods Ended September 30, 2006 and 2005
                                 (In thousands)
                                   (Unaudited)

                                                              Six-Month Period
                                                              ----------------
                                                              2006       2005
                                                             -------    -------

Cash flows from operating activities:
    Net income                                               $   614    $   505
    Items not requiring (providing) cash:
      Depreciation and amortization                              129        127
      Provision for loan losses                                   30         90
      Amortization of premiums and discounts on securities        (4)        30
      Amortization of loan servicing rights                       24         15
      Compensation related to ESOP                                68         72
      Compensation related to the exercise of options             19         77
      Deferred income taxes                                      (10)        64
      Federal Home Loan Bank Stock dividends                      --        (16)
      Originations of mortgage loans held for sale            (2,200)    (1,534)
      Proceeds from the sale of mortgage loans                 2,247      1,564
      Net gain on loans sold                                     (47)       (30)
      Net (gain)/loss on sale of foreclosed property               2         (5)
    Changes in:
      Interest receivable                                       (128)       (48)
      Cash surrender value of life insurance                     (24)       (23)
      Other assets                                               (54)       (98)
      Accrued income taxes                                        22         70
      Interest payable                                            38         18
      Other liabilities                                          (48)       (56)
                                                             -------    -------

       Net cash provided by operating activities                 678        822
                                                             -------    -------

Cash flows from investing activities:
    Purchases of securities available for sale                (3,738)    (2,577)
    Sale of Federal Home Loan Bank Stock                          22         --
    Repayments of principal on mortgage-backed securities      2,458      2,822
    Net change in loans                                       (3,731)     1,709
    Proceeds from sale of foreclosed assets                        9         19
    Purchases of premises and equipment                          (40)      (106)
                                                             -------    -------

       Net cash provided by (used in) investing activities    (5,020)     1,867
                                                             -------    -------

See Notes to Condensed Consolidated Financial Statements.

                                       6
<PAGE>


                      FIRST ROBINSON FINANCIAL CORPORATION
                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
           For the Six-Month Periods Ended September 30, 2006 and 2005
                                 (In thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                               Six-Month Period
                                                               ----------------
                                                               2006        2005
                                                             --------    --------
<S>                                                          <C>         <C>
Cash flows from financing activities:
    Net decrease in deposits                                 $ (1,693)   $ (2,368)
    Advances from Federal Home Loan Bank                           --       9,770
    Repayment of Federal Home Loan Bank Advances                   --      (9,770)
    Proceeds from other borrowings                             70,754      48,332
    Repayment of other borrowings                             (63,442)    (49,296)
    Federal funds purchased                                     4,200          --
    Repayment of federal funds purchased                       (4,200)         --
    Net decrease in advances
       from borrowers for taxes and insurance                     (64)        (52)
    Proceeds received from exercise of options                     25          --
    Dividends paid                                               (273)       (263)
    Purchase of treasury stock                                   (322)       (484)
    Purchase of incentive plan shares                              (9)         (8)
                                                             --------    --------

       Net cash provided by (used in) financing activities      4,976      (4,139)
                                                             --------    --------

Increase (decrease) in cash and cash equivalents                  634      (1,450)

Cash and cash equivalents at beginning of period                7,389       8,848
                                                             --------    --------

Cash and cash equivalents at end of period                   $  8,023    $  7,398
                                                             ========    ========

Supplemental Cash Flows Information

        Interest paid                                        $  1,192    $    824

        Income taxes paid (net of refunds)                        300         122

        Real estate acquired in settlement of loans                --          11
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                       7
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

The condensed  consolidated  financial  statements include the accounts of First
Robinson Financial  Corporation (the "Company") and its wholly owned subsidiary,
First Robinson Savings Bank, National  Association (the "Bank"). All significant
intercompany  accounts and transactions  have been eliminated in  consolidation.
The accompanying  condensed  consolidated financial statements are unaudited and
should be read in conjunction  with the  consolidated  financial  statements and
notes thereto  included in the Company's  Form 10-KSB filed with the  Securities
and  Exchange   Commission.   The  accompanying   unaudited   interim  condensed
consolidated  financial  statements  have been prepared in  accordance  with the
rules and  regulations  for  reporting  on Form  10-QSB and,  therefore,  do not
include  information  or  footnotes  necessary  for a complete  presentation  of
financial  condition,  results of operations,  and cash flows in conformity with
accounting principles generally accepted in the United States of America. In the
opinion of  management  of the Company,  the  unaudited  condensed  consolidated
financial  statements  reflect all adjustments  (consisting of normal  recurring
adjustments)  necessary to present fairly the financial  position of the Company
at September 30, 2006,  the results of its  operations  for the three months and
six month periods ended September 30, 2006 and 2005 and cash flows for six month
periods ended  September 30, 2006 and 2005.  The results of operations for those
months ended September 30, 2006 are not necessarily indicative of the results to
be expected for the full year.

The Condensed  Consolidated  Balance Sheet of the Company, as of March 31, 2006,
has been derived from the audited  Consolidated Balance Sheet for the Company as
of that date.

2. Employee Stock Ownership Plan

In connection  with the conversion to the stock form of ownership,  the Board of
Directors  established an employee stock ownership plan (ESOP) for the exclusive
benefit of participating employees. Employees age 21 or older who have completed
one year of service are eligible to participate. Upon the issuance of the common
stock,  the ESOP  acquired  68,770 shares of $0.01 par value common stock at the
subscription price of $10.00 per share. The Bank makes contributions to the ESOP
equal to the ESOP's debt service less dividends received by the ESOP.  Dividends
on the unallocated shares received by the ESOP are used to pay debt service.  As
the debt is repaid,  shares are released from collateral and allocated to active
employees.  Accordingly, the debt of the ESOP is recorded as debt and the shares
pledged as  collateral  are  reported as unearned  ESOP shares in the  condensed
consolidated  balance sheets.  As shares are released from collateral,  the Bank
reports  compensation  expense equal to the current  market price of the shares,
and the shares become outstanding for earnings-per-share calculations. Dividends
on allocated shares are recorded as a reduction of retained earnings;  dividends
on  unallocated  ESOP  shares are  recorded  as a  reduction  of debt or accrued
interest.  ESOP compensation expense for the three month periods ended September
30,  2006 and 2005 was $34,000  and  $37,000  respectively.  The expense for the
six-month  periods  ended  September  30,  2006 and 2005 was $68,000 and $72,000
respectively.

3. Authorized Share Repurchase Program

On  January  17,  2006,  the  Board of  Directors  of First  Robinson  Financial
Corporation  approved a repurchase program of its equity stock. The announcement
of the program was filed  purusant to Form 8-K. The Company may repurchase up to
25,000  shares of the  Company's  common  stock  from time to time,  in the open
market, when deemed appropriate by management.  The program approved January 17,
2006  will  expire  the  earlier  of  December  31,  2006 or when  25,000 of the
Company's  outstanding  shares  are  re-purchased.  A  total  of  22,563  of the
authorized 25,000 shares have been repurchased in the open market as of November
2, 2006.


                                       8
<PAGE>


                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4. Earnings Per Share for the Three-Month Period

Basic  earnings per share is  calculated  by dividing net income by the weighted
average number of common shares outstanding during the period.  Diluted earnings
per share gives effect to the increase in the average shares  outstanding  which
would have resulted from the exercise of dilutive stock options.  The components
of basic and diluted earnings per share for the three months ended September 30,
2006 and 2005 were computed as follows (dollar amounts in thousands except share
data):

                                                         Weighted
                                                          Average    Per Share
                                               Income     Shares      Amount
                                               -----------------------------

For the Quarter Ended September 30, 2006:

Basic Earnings per Share:
    Income available to common stockholders    $   298   475,161   $   0.63
                                                                   ========

Effect of Dilutive Securities:
  Unearned incentive plan shares                          15,442
  Stock options                                            8,068
                                                         -------

Diluted Earnings per Share:
    Income available to common stockholders    $   298   498,671   $   0.60
                                               =======   =======   ========

For the Quarter Ended September 30, 2005:

Basic Earnings per Share:
    Income available to common stockholders    $   237   492,405   $   0.48
                                                                   ========

Effect of Dilutive Securities:
  Unearned incentive plan shares                          14,561
  Stock options                                            9,384
                                                         -------

Diluted Earnings per Share:
    Income available for common stockholders   $   237   516,350   $   0.46
                                               =======   =======   ========

                                      9
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4. Earnings Per Share for the Six-Month Period

Basic  earnings per share is  calculated  by dividing net income by the weighted
average number of common shares outstanding during the period.  Diluted earnings
per share gives effect to the increase in the average shares  outstanding  which
would have resulted from the exercise of dilutive stock options.  The components
of basic and diluted  earnings per share for the six months ended  September 30,
2006 and 2005 were computed as follows (dollar amounts in thousands except share
data):

                                                             Weighted
                                                              Average  Per Share
                                                     Income    Shares   Amount
                                                     -------------------------

For the Six-Month Period Ended September 30, 2006:

Basic Earnings per Share:
    Income available to common stockholders          $ 614   476,695   $   1.29
                                                                       ========

Effect of Dilutive Securities:
  Unearned incentive plan shares                              15,293
  Stock options                                                8,111
                                                             -------

Diluted Earnings per Share:
    Income available to common stockholders          $ 614   500,099   $   1.23
                                                     =====   =======   ========

For the Six-Month Period Ended September 30, 2005:

Basic Earnings per Share:
    Income available to common stockholders          $ 505   496,634   $   1.02
                                                                       ========

Effect of Dilutive Securities:
  Unearned incentive plan shares                              14,439
  Stock options                                                8,935
                                                             -------

Diluted Earnings per Share:
    Income available for common stockholders         $ 505   520,008   $   0.97
                                                     =====   =======   ========


                                       10
<PAGE>


                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5. Stock-based Compensation

On July 29, 1998, the  stockholders of the Company  approved a Stock Option Plan
("SOP") and a Recognition  and Retention  Plan ("RRP").  Options and  restricted
shares were granted to  directors,  officers and  employees at the fair value of
the shares as of that date. The plans were for a period of ten (10) years with a
five year  vesting  period for both  plans from the date of the grant.  Prior to
April 1, 2006 the  Company  accounted  for the Plan  under the  recognition  and
measurement   provisions  of  Accounting   Principles   Board  Opinion  No.  25,
"Accounting  for  Stock  Issued  to  Employees,"  and  related   Interpretations
Historically,  stock-based  employee  compensation cost was not recognized until
options  were  exercised.  Through  the  fiscal  year  ending  March  31,  2003,
compensation  expense was recognized  for restricted  shares awards ratably over
the period of service, usually the restricted period, based on the fair value of
the stock on the date of grant.

In December  2004, the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial  Accounting  Standards  ("SFAS") No. 123 (revised  2004),
"Share Based  Payment,"  which  established  standards  for the  accounting  for
transactions  in which an entity  exchanges its equity  instruments for goods or
services,  and focuses  primarily on  accounting  for  transactions  in which an
entity obtains employee  services.  The SFAS requires a public entity to measure
the cost of employee  services  received in exchange for its equity  instruments
based  on the  fair  value at the  grant  date  (with  limited  exceptions)  and
recognize that cost over the service  period.  This  statement  revises SFAS No.
123,  "Accounting for Stock-Based  Compensation," and supersedes APB Opinion No.
25,  "Accounting  for Stock Issued to Employees."  Effective  April 1, 2006, the
Company  adopted the provisions of SFAS No. 123 (revised  2004).  As a result of
adopting  SFAS  No.  123R on April 1,  2006,  the  Company  did not  record  any
additional  compensation expense, as no stock options had been granted in recent
years and options granted were fully vested prior to adoption. However, on April
1, 2006, the Company reclassified  $125,000 of unearned  compensation related to
previously  recognized  compensation  for restricted  share awards that had been
vested as of that date to additional  paid-in capital as these awards  represent
equity awards as defined in SFAS No. 123R. The following  table  illustrates the
effect on net income  earnings  per share if the  Company  had  applied the fair
value   recognition   provisions  of  SFAS  No.  123  on  stock-based   employee
compensation  for the three months and six months ended  September  30, 2005. As
all options previously granted are vested, there was no effect on net income for
the three and six month periods ended September 30, 2006.

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

                                                         2006      2005       2006       2005
                                                       -------    -------    -------    -------

<S>                                                    <C>        <C>        <C>        <C>
Net income, as reported                                $   298    $   237    $   614    $   505

Add:  Stock-based employee compensation expense
     included in reported income, net of related tax
     effects                                                13         12         15         54

Deduct:  Total stock-based
    employee compensation expense
    determined under fair value
    based method for all awards,
    net of related tax effects                             (13)       (16)       (15)       (59)
                                                       -------    -------    -------    -------

    Pro forma net income                               $   298    $   233    $   614    $   500
                                                       =======    =======    =======    =======

Earnings per common share - basic:
    As reported                                        $  0.63    $  0.48    $  1.29    $  1.02

    Pro forma                                          $  0.63    $  0.47    $  1.29    $  1.00

Earnings per common share - diluted:
    As reported                                        $  0.60    $  0.46    $  1.23    $  0.97
    Pro forma                                          $  0.60    $  0.45    $  1.23    $  0.96
</TABLE>

                                       11
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

6. Recent Accounting Pronouncements

Generally accepted  accounting  principals are complex and require management to
apply  significant  judgements to various  accounting,  reporting and disclosure
matters.  Management of the Company must use  assumptions and estimates to apply
these  principles where actual  measurement is not possible or practical.  For a
complete discussion of the Company's significant accounting policies, see "Notes
to the Consolidated  Financial  Statements" in the Company's 2006 Annual Report.
Certain  policies are considered  critical  because they are highly dependent on
subjective or complex  judgements,  assumptions  and estimates.  Changes in such
estimates may have a significant impact on the financial statements.  Management
has reviewed the  application of these policies with the Audit  Committee of the
Company's Board of Directors.  For a discussion of applying critical  accounting
policies,  See  "Significant  Accounting  Policies" in the Company's 2006 Annual
Report.

In December 2004,  The Financial  Accounting  Standards  Board (FASB) issued its
Statement of Financial Accounting Standards No. 123 (revised 2004),  Share-Based
Payment  (Statement  123R),  which  addresses the  accounting for employee stock
options.  This  Statement  requires  the  Company  to  recognize  in the  income
statement  the  grant-date  fair value of stock  options and other  equity-based
compensation  issued to employees,  but  expresses no  preference  for a type of
valuation model.  This Statement was effective for the Company on April 1, 2006.
There was no effect to the Company for the period ended  September  30, 2006, as
all outstanding stock options were vested as of September 1, 2005.

In March 2006, the FASB issued Statement of Financial  Accounting  Standards No.
156 ("SFAS No. 156"), Accounting for Servicing of Financial Assets, an amendment
of FASB  Statement No. 140,  Accounting for Transfers and Servicing of Financial
Assets and  Extinguishments  of Liabilities,  which requires that all separately
recognized  servicing assets and servicing  liabilities be initially measured at
fair value,  if practicable  and permits the entities to elect either fair value
measurement with changes in fair value reflected in earnings or the amortization
and impairment  requirements  of Statement 140 for subsequent  measurement.  The
subsequent  measurement of separately  recognized servicing assets and servicing
liabilities at fair value  eliminates the necessity for entities that manage the
risks inherent in servicing assets and servicing  liabilities with deriatives to
qualify for hedge accounting  treatment and eliminates the  characterization  of
declines in fair value as impairments or direct  write-downs.  Statement No. 156
is effective as of the entity's first fiscal year beginning  after September 15,
2006.  Earlier  adopotion is permitted as of the beginning of an entity's fiscal
year,  provided the entity has not yet issued  financial  statements,  including
interim  financial  statements  for any period of that fiscal year.  The Company
plans to adopt the statement on April 1, 2007 and is in the process of assessing
the impact, if any, of the adoption of this statement on the financial results.

In July 2006, the FASB issued FASB  Interpretation  No. 48 (FIN 48),  Accounting
for Uncertainity in Income Taxes -an Interpretation of FASB Statement 109, which
provides  guidance  on  the  measurement,  recognition  and  disclosure  of  tax
positions taken or expected to be taken in a tax return. The Interpretation also
provides guidance on derecognition,  classification, interest and penalties, and
disclosure.  FIN 48 prescribes  that a tax position should only be recognized if
it is more-likely-than-not  that the position will be sustained upon examination
by the appropriate taxing authority. A tax position that meets this threshold is
measured as the largest amount of benefit that is greater than 50 percent likely
of being realized upon ultimate  settlement.  The cumulative  effect of applying
the  provisions  of FIN 48 is to be reported as an  adjustment  to the beginning
balance of retained earnings in the period of adoption.  FIN 48 is effective for
fiscal  years  beginning  after  December  15,  2006.  The Company is  currently
assessing the impact, if any, that the adoption of this interpretation will have
on its financial statements.


                                       12
<PAGE>


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

Forward-Looking Statements

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

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

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

General

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

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

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

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



                                       13
<PAGE>

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

Business Strategy

First  Robinson  Savings  Bank,  N.A.  is a  community-oriented,  locally  owned
financial  institution  offering  community-banking  services to  residents  and
businesses of Crawford County,  Illinois, our primary market area. Periodically,
the Board of Directors and management meet to strategically plan for the future.
We review and discuss  both  current and new  products and services to determine
their effect on our profitability and customer service.  We also monitor current
events and economic  trends in our local area that could  materially  impact the
Bank's earnings.  At the present time, the employment market has remained stable
in Crawford  County and we  anticipate  no events or economic  trends that could
negatively  affect the Bank.  The recent and  foreseen  rise in  interest  rates
should have a positive  effect on the Bank, as management  will endeavor to slow
the growth of deposit rates in comparison to loan rates.

The  strategic  plan  identifies  the  most  critical  issue to our  success  as
consistent  earnings.  Net  earnings  have  remained  relatively  consistent.  A
positive factor in maintaining  consistent  earnings is the Bank's overall asset
quality,  which is strong.  The Bank  continues to offer fixed rate  residential
real  estate  mortgages  through  programs  with the  Federal  Home Loan Bank of
Chicago and USDA Rural Development. Our Internet banking service, "Netteller" is
very  popular  and the  number  of  customers  actively  using  the  service  is
increasing. The program allows us to offer bill paying, cash management and also
direct deposit and payroll services to our business customers. Currently, we are
in the process of enhancing the security  authentication of our internet banking
product for  customers.  To date, we are aware of no breaches of security on our
internet banking product.  We also provide investment  brokerage services to our
customers through PrimeVest  Financial  Services.  The service continues to grow
and is also  providing  non-interest  income.  We are continuing to evaluate the
viability of  implementing  an internal trust  department and we hope to reach a
decision by December 2006.

We continue to maintain a strong presence in the community and are pleased to be
the only independent community bank in Robinson, Palestine and Oblong, Illinois.
To visit First Robinson Savings Bank on the web go to www.frsb.net.

Asset Quality

Delinquencies.  When a borrower fails to make a required  payment on a loan, the
Bank attempts to cause the  delinquency  to be cured by contacting the borrower.
In the  case of loans  secured  by real  estate,  reminder  notices  are sent to
borrowers.  If payment is late,  appropriate  late  charges are  assessed  and a
notice of late charges is sent to the  borrower.  If the loan is in excess of 90
days delinquent, the loan will generally be referred to the Bank's legal counsel
for collection.

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

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

                                       14
<PAGE>


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

The following table sets forth the Bank's loan delinquencies by type, by amount
and by percentage of type at September 30, 2006.

<TABLE>
<CAPTION>
                                                          Loans Delinquent For:
                 ------------------------------------------------------------------------------------------------------------
                      30-89 Days(1)            90 Days and Over(1)             Nonaccrual            Total Delinquent Loans
                 --------------------------  -------------------------  -------------------------  ---------------------------
                                   Percent                    Percent                    Percent
                                   of                         of                         of                          Percent
                                   Loan                       Loan                       Loan                         of Loan
                 Number   Amount   Category  Number   Amount  Category  Number   Amount  Category   Number   Amount   Category
                 ------   ------   --------  ------   ------  --------  ------   ------  --------   ------   ------   --------
                                                              (Dollars in thousands)
<S>                  <C> <C>       <C>         <C>       <C>       <C>      <C>   <C>       <C>         <C>   <C>       <C>
Real Estate:
   One- to
   four-family       2   $ 36      0.10%        --        --        --      5     $197      0.53%       7     $233      0.63%
   Commercial
   and
   agricultural
   real estate       1      1      0.01         --        --        --     --       --                  1        1      0.01%

  Construction,
  land              --     --        --         --        --        --     --       --        --       --       --        --
 Consumer and
  other loans        6     15      0.26         --        --        --      1       32      0.56        7       47      0.82%

Commercial          --     --
  business and
  agricultural
  finance            1     25      0.29         --        --        --     --       --        --        1       25      0.29%
                  ----   ----      ----        ---       ---       ---   ----     ----      ----     ----     ----      ----

     Total          10   $ 77      0.11%        --        --        --      6     $229      0.32%      16     $306      0.43%
                  ====   ====      ====        ===       ===       ===   ====     ====      ====     ====     ====      ====
</TABLE>

(1) Loans are still accruing.

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

                                        September      March      September
                                           30,           31,          30,
                                      -----------------------------------------
                                          2006         2006          2005
                                          ----         ----          ----

Non-accruing loans:
  One- to four-family                     $197          $444         $340
  Commercial and agricultural
     real estate                            --            66           --
  Consumer and other
  loans                                     32            37           --
  Commercial business and
  agricultural finance                      --             1           --
                                          ----          ----         ----
       Total                               229           548          340
                                          ----          ----         ----
Foreclosed assets:
  One- to four-family                       --            11           11
                                          ----          ----         ----
       Total                                --            11           11
                                          ----          ----         ----
Total non-performing assets               $229          $559         $351
                                          ====          ====         ====
Total as a percentage of total
  assets                                  0.03%         0.51%        0.33%
                                          ====          ====         ====


Gross interest income which would have been recorded had the non-accruing  loans
been current in accordance  with their original terms amounted to  approximately
$3,000 for the three  months and $8,000 for the six months ended  September  30,
2006 and  $4,000  for the three  months and  $10,000  for the six  months  ended
September 30, 2005.

                                       15
<PAGE>

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

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

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

In  connection  with the  filing  of its  periodic  reports  with the OCC and in
accordance with its  classification of assets policy, the Bank regularly reviews
loans in its portfolio to determine  whether such assets require  classification
in accordance with applicable  regulations.  On the basis of management's review
of its  assets,  at  September  30,  2006,  the Bank had  classified  a total of
$856,000 of its assets as substandard and $203,000 as doubtful. At September 30,
2006,  total  classified  assets  comprised $1.1 million,  or 9.3% of the Bank's
capital, and 0.9% of the Bank's total assets.

Other Loans of Concern.  As of September  30,  2006,  there were $3.8 million in
loans  identified,  but not classified,  by the Bank with respect to which known
information  about the  possible  credit  problems of the  borrowers or the cash
flows of the  business  have  caused  management  to have some  doubts as to the
ability of the borrowers to comply with present loan  repayment  terms and which
may result in the future  inclusion  of such items in the  non-performing  asset
categories.

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

Real estate properties  acquired through  foreclosure are recorded at the market
fair value minus 20% of the market fair value if the  property is  appraised  at
$50,000 or less. If the property is appraised at greater than $50,000,  then the
property is recorded at the market fair value less 10% of the market fair value.
If fair  value  at the date of  foreclosure  is lower  than the  balance  of the
related  loan,  the  difference  will be  charged-off  to the allowance for loan
losses  at  the  time  of  transfer.  Valuations  are  periodically  updated  by
management and if the value  declines,  a specific  provision for losses on such
property is established  by a charge to  operations.  At September 30, 2006, the
Bank had no real estate properties acquired through foreclosure.

Although  management  believes  that it uses the best  information  available to
determine  the  allowance,   unforeseen   market   conditions  could  result  in
adjustments and net earnings could be  significantly  affected if  circumstances
differ   substantially   from  the   assumptions   used  in  making   the  final
determination.  Future additions to the Bank's allowance for loan losses will be
the result of periodic loan,  property and collateral reviews and thus cannot be
predicted in advance. In addition,  federal regulatory agencies,  as an integral
part of the examination  process,  periodically  review the Bank's allowance for
loan losses.  Such agencies may require the Bank to increase the allowance based
upon their  judgment of the  information  available to them at the time of their
examination.  At September  30, 2006,  the Bank had a total  allowance  for loan
losses of $770,000,  representing  1.11% of the Bank's loans,  net. At March 31,
2006, the Bank's total allowance for loan losses to the Bank's loans, net was at
1.15%.

                                       16
<PAGE>

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

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

<TABLE>
<CAPTION>
                                            September 30, 2006                          March 31, 2006
                             ------------------------------------------- -------------------------------------------
                                                            Percent of                                 Percent of
                               Amount of        Loan       Loans in Each    Amount of                 Loans in 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           $    139        $ 37,430       52.93%          $    171      $ 35,669        53.34%
Multi-family                        --             523        0.74                 --           574         0.86
Commercial and
   agricultural real
estate                             376          13,745       19.44                354        14,127        21.13
Construction or
   development                      22           2,594        3.67                  8         1,776         2.66
Consumer and other loans            35           5,688        8.04                 42         4,453         6.66
State and Municipal

Governments                         --           2,008        2.84                 --         1,299         1.94
Commercial business
  and agricultural
  finance                          198           8,724       12.34                178         8,972        13.41
                                                            ------                                     ---------
Undisbursed potion of
loans                                             (735)                            --          (611)
                                              --------                       --------      --------
     Total                    $    770        $ 69,977      100.00%          $    753      $ 66,259       100.00%
                              ========        ========      ======           ========      ========    =========
</TABLE>


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

<TABLE>
<CAPTION>
                                                      Three Months Ended      Six Months Ended
                                                        September 30,           September 30,
                                                    -----------------------------------------------
                                                          2006       2005       2006         2005
                                                          ----       ----       ----         ----
                                                                 (Dollars in thousands)

<S>                                                       <C>         <C>        <C>         <C>
Balance at beginning of period...................         $760        $715       $753        $672

Charge-offs:
  One- to four-family............................            2         109          7         113
  Consumer and other loans.......................            9          16         15          22
                                                             -          --         --          --
Total charge-offs                                           11         125         22         135
                                                            --         ---         --         ---

Recoveries:
  One- to four-family............................            3          33          3          37
  Consumer and other loans.......................            3           7          6          11
                                                             -           -          -          --
Total
recoveries........................................           6          40          9          48
                                                            --         ---         --         ---
Net charge-offs .................................            5          85         13          87

Additions charged to operations..................           15          45         30          90
                                                            --          --         --          --

Balance at end of period.........................         $770        $675       $770        $675
                                                          ====        ====       ====        ====


Ratio of net charge-offs during the period to
 average loans outstanding during the period.....        0.01%       0.13%      0.02%       0.13%
                                                         =====       =====      =====       =====

Ratio of net charge-offs during the period to
 average non-performing assets...................        2.25%      22.71%      3.34%      26.04%
                                                         =====      ======      =====      ======
</TABLE>


                                       17
<PAGE>


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

Overview

First Robinson Financial Corporation is the holding company for First Robinson
Savings Bank, National Association. The Company is headquartered in Robinson,
Illinois and operates three full service offices and one drive-up facility in
Crawford County. The Company earned $614,000 for the first six months of the
fiscal year 2007 versus $505,000 in the same period of fiscal year 2006, an
increase of 21.6%. Earnings were positively impacted by an $60,000 increase in
net interest income after provision, a $50,000 decrease in non-interest expense,
and a $54,000 increase in non-interest income. Basic earnings per share for the
2007 six month fiscal period were $1.29 per share versus $1.02 per share for the
same period of fiscal year 2006. Diluted earnings per share reflect the
potential dilutive impact of stock options granted under the stock option plan.
Diluted earnings per share for the six months of fiscal 2007 were $1.23 per
share, versus $0.97 per share for the six months of fiscal year 2006.

Net income for the three month period  ending  September  30, 2006 was $298,000,
versus $237,000 in the same period of 2005, an increase of 25.7%.  Earnings were
positively  impacted  by  a  $33,000  increase  in  net  interest  income  after
provision,  and a $39,000  increase in  non-interest  income offset in part by a
$5,000  increase  in  provision  for income  taxes and a $6,000  increase in net
interest  expense.  Basic  earnings per share for the  September  30, 2006 three
month  period were $0.63 per share versus $0.48 per share for the same period of
2005.  Diluted earnings per share reflect the potential dilutive impact of stock
options granted under the stock option plan.  Diluted earnings per share for the
three months ending  September  30, 2006 were $0.60 per share,  versus $0.46 per
share for the three months ending September 30, 2005.

Results of Operations

Net Interest Income

For the three-month period ended September 30, 2006, net interest income totaled
$1.0  million,  an increase of 0.3%,  or $3,000,  compared to the same period of
2005. The increase in net interest  income is primarily due to an increase of 58
basis points in the yield on interest earning assets compared to only a 49 basis
point increase in the yield of interest bearing  liabilities.  For the six-month
period ended September 30, 2006, net interest  income totaled $2.1 million,  the
same amount of net interest income for the six-month  period ended September 30,
2005.

During the September 2006 quarter,  total interest and dividend income increased
$236,000, or 16.0%, to $1.7 million, versus $1.5 million during the same quarter
of 2005.  For the  three-month  period ended  September  30, 2006,  the yield on
average-earning  assets  increased  58 basis  points to 6.48%  from the yield of
5.90% for the three-month  period ended September 30, 2005. During the first six
months of fiscal 2007, total interest and dividend income increased by $386,000,
or 13.2%,  to $3.3 million,  versus $2.9 million  during the first six months of
fiscal 2006. The yield on average earning assets increased by 63 basis points to
6.42% for the six-month period ended September 30, 2006 versus 5.79% in the same
period of 2005.

The  average  daily loan  balances  for the  quarter  ended  September  30, 2006
increased $2.7 million, or 4.2%, to $67.9 million,  versus $65.2 million for the
same period of 2005.  During the same period,  loan interest income increased by
$146,000, or 12.9%, to $1.3 million versus $1.1 million during the quarter ended
September 30, 2005.  The yield on loans  increased 58 basis points to 7.51% from
6.93% for the September 30, 2006 quarter compared to the September 2005 quarter.
The average daily loan balances for the  six-month  period ending  September 30,
2006 increased 1.2% to $66.8 million,  versus the average daily loan balances of
$66.0 million for the same period of 2005. During the same period, loan interest
income  increased by $255,000,  or 11.4%, to $2.5 million.  The increase was the
result of a 68 basis point increase in the yield on loans to 7.45% from 6.77% in
the same six-month period of 2005.

The average daily securities  balances,  the Company's  interest-earning  demand
deposits and the federal  funds sold  balances for the second  quarter of fiscal
year 2007  increased  $2.9  million,  or 8.6%,  to $36.8  million,  versus $33.9
million for the same period of fiscal year 2006. During the same period,  income
from these sources  increased by $92,000,  or 27.6%, to $425,000 versus $333,000
during the second  quarter of fiscal year 2006.  The increase was  primarily the
result of the 69 basis  point  increase in the yield on  investments,  to 4.62%,
versus  3.93% in the second  quarter  of fiscal  year 2006.  The  average  daily
balances of securities,  interest-earning demand deposits and federal funds sold
for the first six months of fiscal 2007  increased  $1.3  million,  or 3.7%,  to
$35.6  million,  versus  $34.4  million for the same period of fiscal year 2006.
During  the  same  periods,  income  from  securities,  interest-earning  demand
deposits and federal  funds sold  increased by $137,000,  or 20.3%,  to $812,000
versus $675,000 during the six months of fiscal 2006. The increase in investment
interest  income was primarily the result of the 63 basis point  increase in the
yields on  investments,  to 4.56%  versus 3.93% in the six months of fiscal year
2006.

                                       18
<PAGE>

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

Dividends received from Federal Home Loan Bank ("FHLB") and Federal Reserve Bank
("FRB") stocks decreased by $2,000,  or 20.0%, when comparing the September 2006
quarter  to the  September  2005  quarter.  The rate of  return on the FRB stock
remained steady at 6.0% for each quarter when comparing  September 2006 to 2005.
However,  the rate earned on the FHLB stock  decreased  by 138 basis points from
4.56% for the September 2005 quarter to 3.18% to the September 2006 quarter. For
the six months ended September 2006,  dividends received from FHLB and FRB stock
also decreased. Income from dividends decreased by $6,000, or 28.6% from $21,000
as of September 30, 2005 to $15,000 as of September 30, 2006.  The decrease is a
result of a 190 basis point decrease in the rate of return on the FHLB stock for
the six-months  ended  September 30, 2006 to 3.12% from 5.02% for the six-months
ended September 30, 2005. The dividends received from the FHLB could continue to
decrease or remain steady due to the capital restructuring plan of the FHLB.

Total  interest  expense  increased  $233,000,  or 52.5%,  to  $677,000  for the
three-month  period ended  September 30, 2006,  from $444,000 for the comparable
period in 2005.  The  increase  was  primarily  the  result of a 49 basis  point
increase in the  Company's  daily cost of funds to 2.64%,  versus  2.15% for the
same period of 2005. Total interest expense also increased  $386,000,  or 45.8%,
to $1.2 million for the six-month period ended September 30, 2006, from $843,000
for the comparable period in 2005. The increase was primarily the result of a 86
basis point increase in the Company's daily cost of funds to 2.86%, versus 2.00%
for the same period of 2005.

On an average daily basis, total  interest-bearing  deposits decreased $518,000,
or 0.7%, to $73.0 million for the  three-month  period ended September 30, 2006,
versus  $73.5  million in the same  period in 2005.  The  average  cost of funds
increased by 42 basis points to 2.45% for the September  2006 quarter versus the
September 2005 quarter at 2.03%.  The average daily balance of  interest-bearing
deposits for the six-month  period ended  September  2006 also decreased by $1.4
million,  or 1.9%,  to $74.1  million from $75.5  million.  When  comparing  the
average cost of funds for the September 2006 six-month period to the same period
ending September 30, 2005 there was an increase of 71 basis points from 1.89% to
2.60%.

Average daily  balances of long-term  borrowings  for the September 2006 quarter
decreased by $1.0 million from the September 2005 quarter. The $1.0 million FHLB
advance matured February 28, 2006. Therefore,  there was no interest expense for
long term  borrowings  for the quarter nor the  six-months  ended  September 30,
2006.  There were also no overnight  borrowings  utilized during the quarter nor
six-months  ended  September 30, 2006.  Advance  interest  expense  decreased by
$16,000,  or 100.0%, for the quarter ended September 30, 2006 and by $31,000, or
100.0% for the six-months ended September 30, 2006.

For the  three-months  ended  September 30, 2006 versus the same period of 2005,
the average daily balance of short-term  borrowings  increased $7.8 million,  or
100.2%,  from $7.7  million to $15.5  million.  The  average  cost of funds also
increased  for the  September  2006  quarter by 168 basis  points  from 2.84% to
4.52%.  The average daily balance of short-term  borrowings  for the  six-months
ended  September 30, 2006 increased by $2.1 million,  or 28.8%,  to $9.5 million
from $7.4 million for the  six-month  period  ending  September  30,  2005.  The
average  cost of funds also  increased  by 168 basis  points to 4.35% from 2.67%
when comparing the six-months of fiscal year 2007 to fiscal year 2006.

Provision for Loan Losses

The  provision  for loan losses for the  quarter  ended  September  30, 2006 was
$15,000.  This was 66.7% less than the provision for loan losses for the quarter
ended September 30, 2005 at $45,000.  The six-month  period ending September 30,
2006  also  reflects  a 66.7%  decrease  in  provision  when  compairing  to the
six-months  ending  September 30, 2005.  The loan loss provision was $30,000 for
the  six-months  ending  September 30, 2006 compared to $90,000 at September 30,
2005.  The  provision  for all  periods  reflects  management's  analysis of the
Company's loan  portfolio  based on the  information  which was available to the
Company.  Management  meets on a quarterly  basis to review the  adequacy of the
allowance  for loan losses  based on Company  guidelines.  Classified  loans are
reviewed by the loan  officers to arrive at  specific  reserve  levels for those
loans.  Once the  specific  reserve  for  each  loan is  calculated,  management
calculates  general  reserves for each loan category  based on a combination  of
loss history adjusted for current national and local economic conditions, trends
in delinquencies and charge-offs, trends in volume and term of loans, changes in
underwriting standards, and industry conditions. While the Company cannot assure
that future chargeoffs  and/or  provisions will not be necessary,  the Company's
management  believes  that,  as of September  30, 2006,  its  allowance for loan
losses was adequate.


                                       19
<PAGE>


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

Non-interest Income

Non-interest  income  categories  for the  three  and  six-month  periods  ended
September 30, 2006 and 2005 are shown in the following table:

                                                        Three Months Ended
                                                          September 30,
                                                  ------------------------------
   Non-interest income:                           2006        2005      % Change
                                                  ----        ----      --------
                                                         (In thousands)
     Charges and fees on deposit accounts         $231        $203        13.8%
     Charges and other fees on loans                 7           7        ----
     Net gain on sale of loans                      20          14        42.9
     Other                                          72          67         7.5
                                                  ----        ----        ----

       Total Non-Interest Income                  $330        $291         13.4%
                                                  ====        ====        =====

                                                         Six Months Ended
                                                          September 30,
                                                  ------------------------------
   Non-interest income:                           2006        2005      % Change
                                                  ----        ----      --------
                                                         (In thousands)
     Charges and fees on deposit accounts         $419        $388         8.0%
     Charges and other fees on loans                13          12         8.3
     Net gain on sale of loans                      47          30        56.7
     Net gain on sale of foreclosed property       ---           5      (100.0)
     Other                                         142         132         7.6
                                                  ----        ----        ----

       Total Non-Interest Income                  $621        $567          9.5%
                                                  ====        ====        =====

Charges and fees on deposit accounts  increased  $28,000 for the three-month and
$31,000  for the  six-month  periods  ended  September  30, 2006 versus the same
periods in 2005.  In June of 2006,  the Company  increased  the amount they will
allow customers to overdraw their accounts. This has led to increased fee income
in overdrawn fees.

Charges  and other  fees on loans were  relatively  steady in both the three and
six-month periods when compared to the same periods in 2005.

The increase in gains on the sale of loans  resulted  primarily from an increase
in the amount  earned on each loan sold  during  the  three-month  period  ended
September 30, 2006 versus the same period in 2005. During the September 30, 2006
quarter,  the Company negotiated a new contract on the sale of the rural housing
loans and was able to increase the amount  earned on those sales from an average
of approximately  $300 per loan to an average of approximately  $1,000 per loan.
This new contract was also a factor in the increased  income for the  six-months
ended September 30, 2006 compared to 2005. The Company also sold $2.2 million in
mortgage loans versus $1.5 million in the comparable period of fiscal year 2006.
The increased volume also attributed to the increased income.

Other income  consists of normal  recurring fee income such as commissions  from
PrimeVest Investment Services,  our investment brokerage service, the cash value
of life insurance,  ATM/Debit card interchange income and fees, and safe deposit
box rent, as well as other income that management  classifies as  non-recurring.
Other  income  increased  $5,000  and  $10,000,  respectively,  in the three and
six-month  periods ended  September 30, 2006 versus the same period of 2005. The
primary  driver behind the  increases in the three and six-month  periods can be
attributed to the increase in ATM/Debit card fees received.

                                       20
<PAGE>


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

Non-interest Expense

Non-interest  expense  categories  for the three  and  six-month  periods  ended
September 30, 2006, and 2005 are shown in the following table:

                                                        Three Months Ended
                                                          September 30,
                                                  ------------------------------
                                                  2006        2005      % Change
                                                  ----        ----      --------
Non-interest expense:                                     (In thousands)
     Compensation and employee benefits           $482        $483       (0.2)%
     Occupancy and equipment                       131         132       (0.8)
     Foreclosed property expense                     1           1         ---
     Data processing                                49          46         6.5
     Audit, legal and other professional            36          43       (16.3)
     Advertising                                    29          31         6.5
     Telephone and postage                          23          25        (8.0)
     Other                                         136         120        13.3
                                                  ----        ----        ----

       Total Non-Interest Expense                 $887        $881        0.7%
                                                   ===         ===        ====

                                                        Six Months Ended
                                                         September 30,
                                                  ------------------------------
                                                  2006        2005      % Change
                                                  ----        ----      --------
Non-interest expense:                                     (In thousands)
     Compensation and employee benefits           $945      $1,008        (6.3)%
     Occupancy and equipment                       265         263         0.8
     Foreclosed property expense                     1           2       (50.0)
     Data processing                                97          88         10.2
     Audit, legal and other professional            70          89       (21.3)
     Advertising                                    59          61        (3.3)
     Telephone and postage                          46          45         2.2
     Net loss on sale of foreclosed property         2         ---         ---
     Other                                         268         247         8.5
                                                  ----        ----        ----

       Total Non-Interest Expense               $1,753      $1,803        (2.8)%
                                                ======      ======        ======

Compensation and employee benefits was virtually unchanged from the three-months
ended September 30, 2006 compared to the three-months  ended September 30, 2005.
However,  compensation  and  employee  benefits  did decrease by $63,000 for the
six-month  period  ending  September  2006  compared  to  the  six-months  ended
September 30, 2005. There was a decrease in the three-month  period of $8,000 in
life and health  insurance,  but this decrease was offset by increases of $3,000
each in  director's  fees and  salaries  and an  increase  of $2,000 in  expense
related to options  exercised.  The decrease in the six-month period can also be
attributed,  in part,  to a $50,000  decrease  in  expense  related  to  options
exercised,  a  decrease  of $17,000  in life and  health  insurance  costs and a
$14,000  decrease  in  the  fair  value  of the  shares  held  in the  Directors
Retirement  Plan.  These  decreases  were  offset by an  increase  of $16,000 in
salaries.

Occupancy and equipment expense decreased by $1,000 for the three-month  periods
ending September 30, 2006 compared to September 30, 2005 and increased by $2,000
when comparing the six-month  periods ending September 30, 2006 to September 30,
2005.  Heating and electric  expense could  increase in the coming months due to
the  de-regulation  of  electricity  and the open  market  auction  held for the
utility companies to purchase electricity.

                                       21
<PAGE>

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

Audit, legal and other professional fees decreased primarily due to decreases in
legal and audit expense for both the three-month and six-month periods.

Other expense includes miscellaneous operating expenses such as office supplies,
ATM/Debit card interchange  fees, check processing fees, loan expenses,  federal
deposit insurance  premiums and assessments by the bank regulators among others.
When comparing the September 30, 2006 quarter to the September 30, 2005 quarter,
the  increase  of $16,000  in other  expenses  can be  attributed,  in part,  to
increases in expenses  related to our bounce  protection  program and stationary
and printing  costs.  The increase of $21,000 in other expenses in the six-month
period ending September 30, 2006 verses the same period in 2005 is, in part, the
result of increases in stationary and printing costs,  bounce protection program
expenses and loan expenses.

Income Tax Expense

Income  tax  expense  increased  $5,000,  or 3.2%,  for the  three-month  ending
September 30, 2006,  compared to the same period in 2005. Income tax expense for
the six-moth period increased $55,000, or 21.6%,  compared to the same period of
2005. Both increases were primarily attributable to increased profitability. The
combined  state and federal  income tax expense as a percentage of income before
income tax expense  decreased  to 35.1%  during the  three-month  period of 2006
compared to 39.7%  during the same period in 2005.  It remained  steady at 33.6%
for both the six-month periods ending September 30, 2006 and 2005.

Financial Condition

Total  assets of the  Company  increased  by $5.7  million,  or 5.2%,  to $115.1
million  at  September  30,  2006 from  $109.4  million at March 31,  2006.  The
increase in assets was primarily due to an increase of $3.7 million, or 5.7%, in
loans,  net,  an  increase  of $1.3  million , or 4.1%,  in  available  for sale
securities, and an increase of $634,000, or 8.6%, in cash and cash equivalents.

The Company's  federal funds sold increased by $1.4 million,  or 39.5%,  to $4.9
million at September 30, 2006 from $3.5 million at March 31, 2006.  The increase
in federal funds sold was offset, in part, by a decrease of $656,000,  or 19.7%,
in cash and due from banks.  The total increase in cash and cash  equivalents of
$634,000 was primarily a result of the increase in other borrowings.

Available-for-sale  investment securities amounted to $31.8 million at September
30, 2006 compared to $30.5  million at March 31, 2006, a $1.3 million  increase.
The  increase  resulted  from  $3.7  million  in  investment  purchases  and the
amortization of $4,000 of premiums and discounts on investments partially offset
by $2.5  million  in  repayments  on  mortgage-backed  securities  and a $27,000
increase  in the  market  valuation  of the  available-for-sale  portfolio.  The
investment  portfolio  is managed  to limit the  Company's  exposure  to risk by
containing  mostly  mortgage-backed  securities and other  securities  which are
either  directly  or  indirectly  backed by the  federal  government  or a local
municipal government.

The Company's net loan  portfolio  increased by $3.7 million to $69.2 million at
September 30, 2006 from $65.5 million at March 31, 2006.  Gross loans  increased
by $3.8 million while  undisbursed  loan proceeds of closed-end  lines of credit
increased by $124,000 and the  allowance  for loan losses  increased by $17,000.
Loans on one to  four-family  real estate  increased by $1.8  million,  or 4.9%,
consumer and other loans increased $1.2 million,  or 27.7% and  construction and
development loans increased  $818,000,  or 46.1%. These increases are offset, in
part, by decreases in commercial  nonresidential  real estate and farmland loans
of $382,000,  or 2.7%, and a decrease of $248,000,  or 2.8%. commercial business
and agricultural finance loans.

At September 30, 2006 the allowance for loan losses was $770,000,  or 1.11%,  of
the net loan  portfolio,  which  increased  $17,000 from the  allowance for loan
losses at March 31,  2006 at  $753,000,  or  1.15%,  of the net loan  portfolio.
During the first  six-months of fiscal 2007, the Company  charged off $22,000 of
loan  losses,  $15,000 of which were in  consumer  and other  loans,  and $7,000
pertained  to  one  loan  secured  by a 1-4  family  residential  property.  The
chargeoffs of $22,000 were partially offset by $9,000 in recoveries,  consisting
of $6,000 in  consumer  and other  loans and  $3,000 in 1-4  family  residential
loans.  Management  reviews  the  adequacy  of the  allowance  for  loan  losses
quarterly,  and believes  that its allowance is adequate;  however,  the Company
cannot assure that future  chargeoffs  and/or  provisions will not be necessary.
See "Asset Quality" for further information on delinquencies.

                                       22
<PAGE>


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

As of September  30, 2006,  the Company had no real estate  properties  held for
sale. At March 31, 2006,  the Company had one property at $11,000 which was sold
for a net loss of $2,000.  Foreclosed assets are carried at lower of cost or net
realizable value.

Adjustments  to  deferred  income  taxes for the tax effect of the  decrease  in
market value of investment  securities available for sale resulted in a deferred
tax asset of $221,000 at September  30, 2006 compared to a deferred tax asset of
$211,000 at March 31, 2006.

Total deposits  decreased by $1.7 million to $84.5 million at September 30, 2006
from $86.2 million at March 31, 2006.  The 2.0%  decrease in total  deposits was
due to decreases  of $1.9 million in savings and money market  accounts and $1.4
million in non-interest bearing demand deposits.  Offsetting these decreases was
an increase of $979,000 in  certificates  of deposit and an increase of $587,000
in NOW  accounts.  The  decrease in savings and money  markets can be  partially
attributed to a local school district, that keeps the majority of their funds in
a  savings  account,  using  those  funds  for the  completion  of a new  school
building. Also, since rates have been on the rise, customers may be moving funds
into certificate of deposits from low or non-interest bearing accounts.

Federal  Home  Loan Bank  advances  remained  unchanged  with no  borrowings  at
September  30, 2006 and March 31, 2006.  However,  other  borrowings  consisting
entirely  of  repurchase  agreements,  increased  $7.3  million,  or 67.9%.  The
obligations are secured by  mortgage-backed  securities and US Government agency
obligations  held in  safekeeping  at the Federal Home Loan Bank of Chicago.  At
September  30, 2006,  the average rate on the  repurchase  agreements  was 4.57%
compared to 4.10% at March 31, 2006. These agreements mature periodically within
24 months.

Advances  from  borrowers  for taxes and  insurance  decreased  by $64,000  from
$126,000 at March 31, 2006 to $62,000 at  September  30,  2006.  Accrued  income
taxes payable increased  $22,000.  Accrued interest payable increased by $38,000
due to the rise in  interest  rates on variable  rate  deposit  accounts.  Other
liabilities  decreased  $48,000  from  $586,000 at March 31, 2006 to $538,000 at
September 30, 2006, primarily due to the payment of real estate taxes due on the
Company's facilities.

Stockholders'  equity at September 30, 2006 was $11.5 million  compared to $11.4
million  at  March  31,  2006,   an  increase  of  $105,000.   The  increase  in
stockholders'  equity can be attributed to the increases in retained earnings of
$614,000 in net income offset by $273,000 in dividends declared and paid, and an
increase in additional  paid-in-capital  of $55,000 consisting of $41,000 in the
valuation of shares in the employee stock  ownership plan and $14,000 in options
exercised.  These increases were offset,  in part, by the decrease of $17,000 in
accumulated  comprehensive  income  due to the  decrease  in the  fair  value of
securities  available  for sale,  net of related tax effect and the  purchase of
Treasury  shares of First  Robinson  Financial  stock in the amount of $322,000,
offset by $30,000 in Treasury shares distributed for options exercised.

Off-Balance Sheet Arrangements

The Company has entered into performance  standby and financial  standby letters
of credit with various local  commercial  businesses in the aggregate  amount of
$419,000.  The  letters  of  credit  are  collateralized  and  underwritten,  as
currently  required by loan policy,  in the same manner as any commercial  loan.
The advancement of any funds on these letters of credit is not anticipated.

Liquidity and Capital Resources

The Company's principal sources of funds are deposits and principal and interest
payments collected on loans, investments and related securities. While scheduled
loan  repayments and maturing  investments are relatively  predictable,  deposit
flows and early loan prepayments are more influenced by interest rates,  general
economic conditions and competition.

Liquidity  resources are used  principally  to meet  outstanding  commitments on
loans, to fund maturing  certificates of deposit and deposit  withdrawals and to
meet operating  expenses.  The Company  anticipates  no foreseeable  problems in
meeting current loan commitments. At September 30, 2006, outstanding commitments
to  extend  credit,  amounted  to $16.8  million  (including  $6.0  million,  in
available  revolving  commercial and agricultural  lines of credit).  Management
believes  that loan  repayments  and other  sources of funds will be adequate to
meet any foreseeable liquidity needs.

The Company  maintains a $25.0  million line of credit with the FHLB,  which was
not utilized  except as described  below as of September 30, 2006. This line can
be accessed  immediately.  The Company  regularly uses FHLB Letters of Credit as
security for public unit deposits. The available line of credit with the FHLB is
reduced by the amount of these letters of credit. As of September 30, 2006, $4.2
million in FHLB  letters of credit were  pledged.  In addition to the Letters of
Credit,  the  available  line of credit  with the FHLB is also  reduced  by $1.2
million  for the  credit  enhancement  reserve  established  as a result  of the
participation  in the FHLB Mortgage  Partnership  Finance ("MPF")  program.  The
Company also  maintains a $5.0 million  revolving  line of credit and a $600,000
revolving line of credit with Independent  Banker's Bank located in Springfield,
Illinois.  The  Company  has  also  established  borrowing  capabilities  at the
discount window with the Federal Reserve Bank of St. Louis.

                                       23
<PAGE>

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

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

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

                                       24
<PAGE>


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

Regulatory Capital

At September 30, 2006, the Bank was in compliance with all of the aforementioned
capital requirements as summarized below:

<TABLE>
<CAPTION>
                                                                                                      September 30, 2006
                                                                                                      ------------------
                                                                                                        (In thousands)
                                                                                                        --------------
<S>                                                                                                         <C>
Tier I Capital:
         Common stockholders' equity                                                                        $11,349
         Unrealized loss (gain) on securities available for sale                                                368
         Less disallowed intangible assets                                                                     (13)

           Total tier I capital                                                                              11,704

Tier II Capital:
         Total tier I capital                                                                                11,704
         Qualifying allowance for loan losses                                                                   770

           Total risk-based capital                                                                          12,474

Risk-weighted assets                                                                                         67,837
Quarter average assets                                                                                      113,584
</TABLE>

<TABLE>
<CAPTION>
                                                                                                       To be Well Capitalized
                                                                                                           Under the Prompt
                                                                               For Capital                 Corrective Action
                                                Actual                      Adequacy Purposes                 Provisions
                                                ------                      -----------------                 ----------
                                         Amount         Ratio             Amount          Ratio           Amount          Ratio
                                         ------         -----             ------          -----           ------          -----
<S>                                     <C>            <C>                <C>             <C>              <C>           <C>
  As of September 30, 2006:
     Total Risk-Based Capital
       (to Risk-Weighted Assets)        $12,474        18.39%             $5,427          8.00%            $6,784        10.00%
    Tier I Capital
      (to Risk-Weighted Assets)          11,704        17.25               2,713          4.00              4,070         6.00
    Tier I Capital
      (to Average Assets)                11,704        10.30               4,543          4.00              5,679         5.00
</TABLE>

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

                                       25
<PAGE>


                      FIRST ROBINSON FINANCIAL CORPORATION

Item: 3 Controls and Procedures

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

Disclosure Controls and Procedures

The  Company's  management,  with  the  participation  of  the  Company's  Chief
Executive Officer and Chief Financial  Officer,  has evaluated the effectiveness
of the Company's  disclosure controls and procedures (as such term is defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period
covered by this report. Based on such evaluation,  the Company's Chief Executive
Officer and Chief  Financial  Officer have concluded that, as of the end of such
period,  the  Company's  disclosure  controls and  procedures  are  effective in
recording, processing, summarizing and reporting, on a timely basis, information
required to be  disclosed by the Company in the reports that it files or submits
under the  Exchange  Act, and that  information  required to be disclosed by the
Company in the reports it files or submits under the Exchange Act is accumulated
and communicated to Company's management,  including its principal executive and
financial officers,  or persons performing similar functions,  as appropriate to
allow timely decisions regarding disclosure.

Internal Control Over Financial Reporting

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

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

                                       26
<PAGE>

                            PART II OTHER INFORMATION

Item 1.           Legal Proceedings
                   None

Item 2.           Unregistered Sales of Equity Securities and Use of Proceeds
                   The following table provides information about purchases by
                   the Company for the quarter ended September 30, 2006
                   regarding the Company's common stock.

<TABLE>
<CAPTION>
PURCHASES OF EQUITY SECURITIES BY COMPANY (1)
----------------------- ------------------- ---------------------- ------------------------ -------------------------
Period                  Total Number of     Average Price Paid     Total Number of Shares   Maximum Number of
                        Shares Purchased    per Share              Purchased as Part of     Shares that May Yet Be
                                                                   Publicly Announced       Purchased Under the
                                                                   Plans or Programs        Plans or Programs
----------------------- ------------------- ---------------------- ------------------------ -------------------------
<S>                     <C>                 <C>                    <C>                      <C>
7/1/2006 - 7/31/2006     ---                $---                   ---                      13,537
------------------------ ------------------ ---------------------- ------------------------ -------------------------
8/1/2006 - 8/31/2006      9,000              25.11                  9,000                    4,537
------------------------ ------------------ ---------------------- ------------------------ -------------------------
9/1/2006 - 9/30/2006      1,000              25.00                  1,000                    3,537
------------------------ ------------------ ---------------------- ------------------------ -------------------------
Total                    10,000             $25.10                 10,000                    3,537
------------------------ ------------------ ---------------------- ------------------------ -------------------------
</TABLE>

(1) On January 17,  2006,  the Board of Directors  of First  Robinson  Financial
Corporation  approved a repurchase  program of its equity stock. The Company may
repurchase up to 25,000 shares of the Company's  common stock from time to time,
in the open market, when deemed appropriate by management.  The program approved
January  17,  2006  will  expire  on  December  31,  2006 or when  25,000 of the
Company's outstanding shares are purchased. As of September 30, 2006, the number
of shares held in Treasury were 365,404.

Item 3.           Defaults Upon Senior Executives
                    None

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

(a)               On July 27,  2006,  the  Company  held its  Annual  Meeting of
                  Stockholders.

(b)               At the meeting,  J.  Douglas  Goodwine and Robin E. Guyer were
                  elected  as  directors  for  terms to  expire  in 2009.  Those
                  directors continuing in office are Donald K. Inboden,  Rick L.
                  Catt,  Steven E.  Neeley,  Scott F.  Pulliam  and  William  K.
                  Thomas.

(c)               Stockholders voted on the following matters:

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

                                                                      BROKER
VOTES:                     FOR           WITHHELD       ABSTAIN      NON-VOTES
------                     ---           --------       -------      ---------

J. Douglas Goodwine      312,119              200           ---            ---

Robin E. Guyer           309,915            2,404           ---            ---

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

                                                                      BROKER
VOTES:                     FOR           WITHHELD       ABSTAIN      NON-VOTES
------                     ---           --------       -------      ---------

                        311,319             1,000           ---            ---

                                       27
<PAGE>

                            PART II OTHER INFORMATION

Item 5.           Other Information
                   None

Item 6.           Exhibits

1.                     Exhibit 31: Section 302 Certifications

2.                     Exhibit 32: Section 906 Certification

                                       28
<PAGE>


                                   SIGNATURES

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

                                     FIRST ROBINSON FINANCIAL
                                     CORPORATION

Date:    November 13, 2006            /s/ Rick L. Catt
                                      ----------------
                                     Rick L. Catt
                                     President and Chief Executive Officer

Date:    November 13, 2006           /s/ Jamie E. McReynolds
                                     -----------------------
                                     Jamie E. McReynolds
                                     Chief Financial Officer and Vice President


                                       29
<PAGE>


                                  EXHIBIT INDEX

Exhibit No.

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

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

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

                                       30