<PAGE>

                         SECURITY AND EXCHANGE COMMSSION

                              WASHNGTON, D.C. 20549

                                   FORM 10-QSB

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


                For the quarterly period ended December 31, 2003
                                               -----------------

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

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

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


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

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


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

As of February 11, 2004, the Registrant had 517,686 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


PART 1. FINANCIAL INFORMATION                                             PAGE

  Item 1. Financial Statements

      Consolidated Balance Sheet as of December 31, 2003
          And March 31, 2003                                                3

      Consolidated Statements of Income for the Three Month
          and Nine Month Periods Ended December 31, 2003 and
          December 31, 2002                                                 4

      Consolidated Statements of Stockholders' Equity for
          the Nine Month Periods Ended December 31, 2003 and
          December 31, 2002                                                 5

      Consolidated Statements of Cash Flows for the Three
          Month and Nine Month Periods Ended December 31, 2003
          and December 31, 2002                                             6

      Notes to Consolidated Financial Statements                            8

  Item 2. Management's Discussion and Analysis of
          Financial Condition and Results of Operations                     12

  Item 3.  Controls and Procedures                                          22


PART II OTHER INFORMATION

  Item 1.   Legal Proceedings                                               23

  Item 2.   Changes in Securities                                           23

  Item 3.   Defaults Upon Senior Securities                                 23

  Item 4.   Submission of Matters to a Vote of Security Holders             23

  Item 5.   Other Information                                               23

  Item 6.   Exhibits and Reports on Form 8-K                                23


        SIGNATURES                                                          24

                                       2

<PAGE>

<TABLE>
<CAPTION>

Item: 1
                           FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                           CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

                                                                               Unaudited         Audited
                                                                                12/31/03          3/31/03
                                                                                --------         --------
                                          ASSETS                                        ($1,000's)
<S>                                                                             <C>              <C>
Cash and Cash Equivalents:
  Cash and due from banks                                                       $    974         $  1,235
  Interest bearing deposits in banks                                               3,778           11,786
                                                                                --------         --------
     Total Cash and Cash Equivalents                                               4,752           13,021

Securities available for sale, amortized cost of $23,049 and $20,660 at
  December 31, 2003 and March 31, 2003 respectively                               23,410           21,291
Loans, net of allowance for loan losses of $680,000 and $619,000 at
 December 31, 2003 and March 31, 2003, respectively                               67,453           64,268
Foreclosed assets, net                                                                22               81
Premises and equipment, net                                                        2,733            2,589
Accrued interest receivable                                                          580              602
Bank owned life insurance                                                          1,180            1,143
Other assets                                                                         330              283
                                                                                --------         --------

     Total Assets                                                               $100,460         $103,278
                                                                                ========         ========
                           LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits
 Non-interest-bearing                                                           $  8,001         $  7,984
 Interest-bearing                                                                 74,890           74,758
                                                                                --------         --------
     Total Deposits                                                               82,891           82,742

Advances from Federal Home Loan Bank                                               3,000            3,000
Repurchase agreements                                                              3,130            6,430
Advances from Borrowers for taxes and insurance                                       44               98
Accrued interest payable                                                             115              149
Accrued income taxes                                                                  30               10
Deferred income taxes                                                                133              207
Accrued expenses                                                                     157              271
                                                                                --------         --------
     Total Liabilities                                                            89,500           92,907
                                                                                --------         --------

Commitments and Contingencies

Stockholders' Equity
Preferred stock, $.01 par value; authorized 500,000 shares,
  No shares issued and outstanding
Common stock, $ .01 par value; authorized 2,000,000 shares
  859,625 shares issued and outstanding                                                9                9
Additional paid-in capital                                                         8,374            8,397
Retained earnings                                                                  7,507            6,776
Treasury stock, at cost (334,708 shares 12/31/03; 334,750 shares 3/31/03)         (4,856)          (4,857)
Accumulated other comprehensive income                                               225              394
Common stock acquired by ESOP/RRP                                                   (299)            (348)
                                                                                --------         --------
     Total Stockholders' Equity                                                   10,960           10,371
                                                                                --------         --------

     Total Liabilities and Stockholders' Equity                                 $100,460         $103,278
                                                                                ========         ========

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

                                                  3
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                  FIRST ROBINSON FINANCIAL CORPORATION
                                    CONSOLIDATED STATEMENTS OF INCOME
                 For the Three and Nine Month Periods Ended December 31, 2003 and 2002


                                                                          (Unaudited)
                                                     Three Month Period                  Nine Month Period
                                                     ------------------                  -----------------
                                                                          ($1,000's)
                                                    2003            2002              2003               2002
                                                    ----            ----              ----               ----
<S>                                                <C>             <C>               <C>                <C>
Interest income:
    Interest on loans, including fees              $1,137          $1,198            $3,434             $3,597
    Debt securities
      Taxable                                         224             264               699                864
      Tax-exempt                                       17              15                49                 46
    Dividends                                          14              11                39                 28
                                                       --              --                --                 --
     Total interest income                          1,392           1,488             4,221              4,535
                                                    -----           -----             -----              -----

  Interest expense:
    Interest on deposits                              313              469            1,038              1,587
    Interest on FHLB advances                          42               42              125                124
    Interest on repurchase agreements                  12               22               59                 66
                                                       --               --               --                 --
     Total interest expense                           367              533            1,222              1,777
                                                      ---              ---            -----              -----

      Net interest income                           1,025              955            2,999              2,758

  Provision for loan losses                            30                7               75                 30
                                                       --                -               --                 --

      Net interest income after provision             995              948            2,924              2,728

  Non-interest income:
    Charges and fees on deposit accounts              190              110              547                352
    Charges and other fees on loans                     1               36               46                 79
    Other non-interest income                          54               61              163                176
    Life insurance proceeds                            12                0               37                 98
    Net gain on sale of loans                          24               54              162                 86
    Net realized gain on sale of investments            6                0                6                  0
                                                        -                -                -                  -
     Total other income                               287              261              961                791
                                                      ---              ---              ---                ---

  Non-interest expense:
    Compensation and employee benefits                425              383            1,285              1,237
    Occupancy and equipment                           122              134              365                376
    Foreclosed property expense                         0                0                5                 10
    Data Processing                                    43               37              111                109
    Audit, legal and other professional                33               37               99                115
    SAIF deposit insurance                              3                3               10                 10
    Advertising                                        27               19               67                 60
    Telephone and postage                              20               22               72                 78
    Loss on sale of foreclosed property                13                1                6                  2
    Other                                             124              110              361                301
                                                      ---              ---              ---                ---
     Total other expenses                             810              746            2,381              2,298
                                                      ---              ---            -----              -----

      Income before income tax                        472              463            1,504              1,221

  Provision for income taxes                          177              176              566                424
                                                      ---              ---              ---                ---

     Net Income                                      $295             $287             $938               $797
                                                     ====             ====             ====               ====

  Earnings Per Share-Basic                          $0.59            $0.58            $1.88              $1.62
  Earnings Per Share-Diluted                        $0.57            $0.58            $1.83              $1.62

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

                                                   4
</TABLE>

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
              For The Nine Months Ended December 31, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                               Unallocated    Accumulated
                                                                                   ESOP          Other
                                 Common      Paid-in    Retained   Treasury        and       Comprehensive
                                  Stock      Capital    Earnings     Stock         RRP           Income       Total
                                  ------------------------------------------------------------------------------------
                                                                   ($1,000's)
<S>                                  <C>     <C>         <C>        <C>           <C>             <C>        <C>
Balance at March 31, 2003            $9      $8,397      $6,776     $(4,857)      $(348)          $394       $10,371
Net Income                                                  938                                                  938

Other Comprehensive Income
   Unrealized gain (loss)
     on securities                                                                                              (264)
   Realized (gain) loss on sale
     of securities                                                                                                (6)
   Related tax effects                                                                                           101
                                                                                                             -------
Total other comprehensive income                                                                  (169)         (169)
                                                                                                             -------
   Total comprehensive income                                                                                   $769
                                                                                                             =======

Options exercised                               (80)                                                             (80)
Allocation of ESOP shares                        57                                  49                          106
Treasury Stock at cost
   (42 shares)                                                            1                                        1
Dividends paid                                             (207)                                                (207)
                                  ------------------------------------------------------------------------------------
Balance at Dec. 31, 2003             $9      $8,374      $7,507      $(4,856)     $(299)          $225       $10,960
                                     ==      ======      ======      ========     ======          ====       =======

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

<CAPTION>

                                                                               Unallocated    Accumulated
                                                                                   ESOP          Other
                                 Common      Paid-in    Retained   Treasury        and       Comprehensive
                                  Stock      Capital    Earnings     Stock         RRP           Income       Total
                                  ------------------------------------------------------------------------------------
                                                                   ($1,000's)
<S>                                  <C>     <C>         <C>        <C>           <C>             <C>        <C>
Balance at March 31, 2002            $9      $8,367      $5,956     $(4,724)      $(540)          $(68)       $9,000
Net Income                                                  797                                                  797

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

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

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

                                       5

<PAGE>

<TABLE>
<CAPTION>

                                FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                   For the Three and Nine Month Periods Ended December 31, 2003 and 2002
                                                 (Unaudited)
                                                 -----------


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

                                                               2003              2002           2003             2002
                                                              ------            ------         ------           ------
<S>                                                           <C>               <C>            <C>              <C>
Cash flows from operating activities:
  Net income                                                    $295              $287           $938             $797
  Adjustments to reconcile net income to net cash
   provided by (used in) operating activities
    Provision for depreciation                                    65                81            196              216
    Provision for loan losses                                     30                 7             75               30
    Net amortization and accretion on investments                 39                38            153              101
    ESOP shares allocated                                         39                24            106               72
    Recognition & Retention Plan shares allocated                  0                 0              0              124
    Decrease (increase) in accrued interest receivable           114                87             22               (6)
    Increase in Bank Owned Life Insurance                        (12)              (15)           (37)            (996)
    Decrease (increase) in other assets                            9               (17)           (47)             (65)
    (Decrease) in accrued interest payable                       (11)              (17)           (34)             (45)
    Increase in accrued income taxes                              19                18             20               85
    Decrease (increase) in deferred income taxes                  24                 3             26             (20)
    Increase (decrease) in accrued expenses                        5                 1           (114)            (188)
    Stock dividends on FHLB Stock                                (10)               (7)           (28)             (21)
    (Gain) on sale of loans                                      (24)              (54)          (162)             (86)
    Realized (gain) on sale of investments                        (6)                0             (6)               0
    Net (gain) loss on sale of foreclosed property                13                 1              6                2
                                                              ------            ------         ------           ------
      Net cash provided by (used in) operating activities        589               437          1,114                0
                                                              ------            ------         ------           ------

  Cash flows from investing activities:
    Proceeds from maturities of securities held to maturity        0                30              0               50
    Proceeds from maturities of securities available for sale    250                 0            282              500
    Purchase of securities available for sale                   (459)                0           (701)          (1,609)
    Purchase of mortgage-backed securities
            available for sale                                     0                 0         (9,459)          (3,034)
    Federal Reserve Bank Stock purchased                           0                 0            (11)               0
    Purchase of Independent Bankers Bank Stock                  (100)                0           (100)             (36)
    Repayment of principal- mortgage-backed securities         1,554             1,914          7,481            4,278
    (Increase) in loans receivable                            (4,026)           (4,417)       (15,698)         (12,850)
    Purchased loans or participations                              0                 0           (537)               0
    Proceeds from sale or participation of originated loans    3,106             4,060         13,178            7,905
    Proceeds from sale of foreclosed property                      0                 0             13               58
    Purchase of premises and equipment                           (59)              (31)          (340)             (40)
                                                              ------            ------         ------           ------
      Net cash provided by (used in) investing activities        266             1,556         (5,892)          (4,778)
                                                              ------            ------         ------           ------



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

                                                      6
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                    FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                                        CONSOLDIATED STATEMENT OF CASH FLOWS
                       For The Three and Nine Month Periods Ended December 31, 2003 and 2002
                                                     (Unaudited)


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

                                                                 2003           2002                  2003              2002
                                                                ------         -------              -------           -------
<S>                                                             <C>            <C>                   <C>              <C>
   Cash flows from financing activities:
      Net increase in deposits                                  $1,776          $1,271                 $149              $828
      Increase (decrease) in repurchase agreements                 548             914               (3,300)            1,220
      Advances from Federal Home Loan Bank                       2,700           3,000                6,500             3,000
      Repayment of FHLB advances                                (4,600)         (3,000)              (6,500)           (3,000)
      (Decrease) increase in advances from borrowers
         for taxes and insurance                                    (7)             17                  (54)              (39)
      Options exercised                                            (42)              0                  (79)                0
      Dividends paid                                                 0               0                 (207)             (178)
      Purchase of treasury stock                                     0               0                    0              (133)
                                                                ------         -------              -------           -------
         Net cash provided by (used in) financing activities       375           2,202               (3,491)            1,698
                                                                ------         -------              -------           -------

Increase (decrease) in cash and cash equivalents                 1,230           4,195               (8,269)           (3,080)

   Cash and cash equivalents at beginning of period              3,522           5,854               13,021            13,129
                                                                ------         -------              -------           -------

   Cash and cash equivalents at end of period                   $4,752         $10,049               $4,752           $10,049
                                                                ======         =======              =======           =======


   Supplemental Disclosures:
    Additional Cash Flows Information:
      Cash paid for:
        Interest on deposits, advances and
          repurchase agreements                                   $378            $550               $1,256            $1,882
        Income taxes:
         Federal                                                   110             145                  400               324
         State                                                      22              10                  119                36

   Schedule of Non-Cash Investing Activities:
     Transfers to foreclosed real estate                            22              11                   22                11
     Foreclosed real estate refinanced as loans                      0               0                   68                 0

Schedule of Non-Cash Financing Activities
     Options exercised                                               0               0                    1                 0




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

                                                          7
</TABLE>

<PAGE>

               FIRST ROBINSON FINANCIAL CORPORATION AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(1)  BASIS OF PRESENTATION

The consolidated financial statements include the accounts of First Robinson
Financial Corporation (the Company) and its wholly owned subsidiary, First
Robinson Savings Bank, National Association (the Bank). All significant
intercompany accounts and transactions have been eliminated in consolidation.
The accompanying consolidated financial statements are unaudited and should be
read in conjunction with the consolidated financial statements and notes thereto
included in the Company's annual report dated April 18, 2003. The accompanying
unaudited consolidated financial statements have been prepared in accordance
with the instructions for Form 10-QSB and, therefore, do not include information
or footnotes necessary for a complete presentation of financial condition,
results of operations, and cash flows in conformity with generally accepted
accounting principles. In the opinion of management of the Company, the
unaudited consolidated financial statements reflect all adjustments (consisting
of normal recurring accruals) necessary to present fairly the financial position
of the Company at December 31, 2003 and the results of its operations and cash
flows for the three month and nine month periods ended December 31, 2003 and
2002. The results of operations for those months ended December 31, 2003 are not
necessarily indicative of the results to be expected for the full year.


(2)  STOCK CONVERSION

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

(3)  EARNINGS PER SHARE

The Company has adopted Statement of Financial Accounting Standards ("SFAS") No.
128, "Earnings per Share," which requires entities with complex capital
structures to present both basic earnings per share ("EPS") and diluted EPS.
Basic EPS excludes dilution and is computed by dividing income available to
common shareholders by the weighted average number of common shares outstanding
for the period. Diluted EPS reflects the potential dilution that could occur if
securities of other contracts to issue common stock (such as stock options) were
exercised or converted into common stock or resulted in the issuance of common
stock that would then share in the earnings of the entity. Diluted EPS is
computed by dividing net income by the weighted average number of common shares
outstanding for the period, plus common-equivalent shares computed using the
treasury stock method. The Company's weighted average common shares outstanding
were 499,516 and 492,916 for the three-month periods and 497,882 and 492,408 for
the nine-month periods ending December 31, 2003 and 2002 respectively. The
Company approved a stock option plan during the quarter ended September 30,
1998. This plan had a dilutive effect on the earnings per share since current
stock price was more than option price. The weighted average common shares
outstanding for the calculation of diluted earnings per share were 518,593 and
492,916 for the three-month periods and 512,339 and 492,408 for the nine-month
periods ending December 31, 2003 and 2002, respectively.

                                       8
<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(4)  EMPLOYEE STOCK OWNERSHIP PLAN

In connection with the conversion to the stock form of ownership, the Board of
Directors established an employee stock ownership plan (ESOP) for the exclusive
benefit of participating employees. Employees age 21 or older who have completed
one year of service are eligible to participate. Upon the issuance of the common
stock, the ESOP acquired 68,770 shares of $0.01 par value common stock at the
subscription price of $10.00 per share. The Bank makes contributions to the ESOP
equal to the ESOP's debt service less dividends received by the ESOP. All
dividends received by the ESOP are used to pay debt service. As the debt is
repaid, shares are released from collateral and allocated to active employees.
The Bank accounts for its ESOP in accordance with Statement of Position 93-6.
Accordingly, the debt of the ESOP is recorded as debt and the shares pledged as
collateral are reported as unearned ESOP shares in the consolidated balance
sheets. As shares are released from collateral, the Bank reports compensation
expense equal to the current market price of the shares, and the shares become
outstanding for earnings-per-share calculations. Dividends on allocated shares
are recorded as a reduction of retained earnings; dividends on unallocated ESOP
shares are recorded as a reduction of debt or accrued interest. ESOP
compensation expense was $29,000 for the three months ended December 31, 2003
and $14,000 for the three months ended December 31, 2002. For the nine-month
periods ESOP compensation expense amounted to $96,000 for the period ended
December 31, 2003 and $63,000 for the period ended December 31, 2002.

The ESOP shares at December 31, 2003 and 2002 were as follows:

                                                          2003          2002
                                                          ----          ----
         Allocated shares                                51,414        44,901
         Shares released for allocation                       0             0
         Unallocated shares                              17,356        23,869
                                                         ------        ------

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

         Fair value of unallocated shares              $416,544      $348,487


(5)  COMPREHENSIVE INCOME

The Company has adopted FASB Statement No. 130, Reporting Comprehensive Income.
The statement establishes standards for reporting and display of comprehensive
income and its components. Comprehensive income includes net income and other
comprehensive income, which for the Company includes unrealized gains and losses
on securities available for sale.
Comprehensive income, unaudited, for the three and nine month periods ended
December 31, 2003 and 2002 are as follows:

<TABLE>
<CAPTION>
                                                  Three Month Period               Nine Month Period
                                                  ------------------               -----------------
                                                2003              2002          2003              2002
                                                ----              ----          ----              ----
                                                                       ($1,000)
                                                                       --------

<S>                                             <C>               <C>           <C>               <C>
Net Income                                      $295              $287          $938            $  797
                                                ----              ----          ----            ------
Other Comprehensive Income
Unrealized gains (losses) on securities           45                29         (264)               865
Realized (gains) losses on securities             (6)                0           (6)                 0
Related tax effects                              (15)              (10)          101              (324)
                                                ----              ----          ----            ------
Other Comprehensive Income (Losses)               24                19         (169)               541
                                                ----              ----          ----            ------
Comprehensive Income                            $319              $306          $769            $1,338
                                                ====              ====          ====            ======
</TABLE>

                                       9
<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(6)  CURRENT ACCOUNTING DEVELOPMENTS

In January 2003, The Financial Accounting Standards Board (FASB) issued
Interpretpretation No. 46 ("FIN 46), "Consolidated Variable Interest Entities."
The objective of this Interpretation is to provide guidance on how to identify a
variable interest entity and determine when the assets, liabilities,
non-controlling interests, and results of operations of a variable interest in
an entity need to be included in a company's consolidated financial statements.
A company that holds variable interests in an entity will need to consolidate
the entity if the company's interst in the variable entity is such that the
company will absorb a majority of the variable interest entity's losses and/or
receive a majority of the entity's expected residual returns, if they occur. FIN
46 also requires additional disclosures by primary beneficiaries and other
significant variable interest holders. The provisions of this interpretation are
effective upon issuance. The Company does not have variable interest entities.

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

In April 2003, the FASB issued Statement No. 149, "Amendment of Statement No.
133, Accounting for Derivative Instruments and Hedging Activities." This
statement clarifies the definition of a derivative and incorporates certain
decisions made by the Board as part of the Derivatives Implementation Group
process. This statement is effective for contracts entered into or modified, and
for hedging relationships designated after June 30, 2003 and should be applied
prospectively. Adoption of this standard is not expected to have a significant
impact on the Company's financial condition or results of operations.

SFAS 150, Accounting for Certain Financial Instruments with Characteristics of
both Liabilities and Equity, was issued in May of 2003. SFAS establishes
standards in classifying and measurement of financial instruments with
characteristics of both liabilities and equity. This statement is effective for
financial instruments entered into or modified after May 31, 2003 and otherwise
is effective at the beginning of the first interim period beginning after June
15, 2003. The Company does not have financial instruments effected by this
standard.

In December 2003, the FASB issued Summary of Statement 132, Employers'
Disclosures about Pension and Other Postretirement Benefits, which was an
amendment of previously issued FASB Statements. This statement revises
disclosures about pension plans and other postretirement benefit plans. It does
not change the measurement or recognition of those plans. This statement is
effective for financial statements with years ending after December 15, 2003 and
for interim periods beginning after December 15, 2003. The adoption of this
standard will increase disclosures only in the financial statements of the
Company.

(7)  STOCK OPTION PLAN

FASB Statement No. 123, Accounting for Stock-Based Compensation, establishes a
fair value based method for financial accounting and reporting for stock-based
employee compensation plans and for transactions in which an entity issues its
equity instruments to acquire goods and services from nonemployees. However, the
standard allows compensation to continue to be measured by using the intrinsic
value based method of accounting prescribed by APB No. 25, Accounting for Stock
Issued to Employees, but requires expanded disclosures. The Company has elected
to apply this intrisic value based method of accounting for stock options issued
to employees. Accordingly, compensation cost for stock options is measured as
the excess, if any, of the quoted market price of the Company stock at the date
of grant over the amount an employee must pay to acquire the stock.

                                       10
<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


7.   STOCK OPTION PLAN

Had compensation cost for the Plan been determined based on the grant date fair
values of awards (the method described in FASB Statement No. 123), the
approximate reported income and earnings per common share would have been
decreased to the pro forma amounts shown below:

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

                                                     December 31                     December 31
                                                     -----------                     -----------

                                                 2003           2002              2003           2002
                                                 ----           ----              ----           ----
                                                                     ($1,000's)

<S>                                              <C>            <C>               <C>            <C>
Net income, as reported                          $295           $287              $938           $797

Deduct:  Total stock-based
    employee compensation expense
    determined under fair value
    based method for all awards,
    net of related tax effects                      1             12                 2             36
                                                    -             --                 -             --

    Pro forma net income                         $294           $275              $936           $761
                                                 ====           ====              ====           ====


Earnings per common share - basic:
    As reported                                 $0.59          $0.58             $1.88          $1.62

    Pro forma                                   $0.59          $0.56             $1.88          $1.55

Earnings per common share - diluted:
    As reported                                 $0.57          $0.58             $1.83          $1.62

    Pro forma                                   $0.57          $0.56             $1.83          $1.55
</TABLE>






                                       11
<PAGE>

Item 2.
                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

FORWARD-LOOKING STATEMENTS

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

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

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

GENERAL

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

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

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

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

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

                                       12
<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

BUSINESS STRATEGY

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

ASSET QUALITY

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

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

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

     The following table sets forth the Bank's loan delinquencies by type, by
amount and by percentage of type at December 31, 2003.

<TABLE>
<CAPTION>

                                                      Loans Delinquent For:
                         -------------------------------------------------------------------------------
                               60-89 Days(1)           90 Days and Over(1)            Nonaccrual           Total Delinquent Loans
                         ------------------------    -----------------------    ------------------------   -------------------------
                                         Percent                     Percent                    Percent                    Percent
                                         of Loan                     of Loan                    of Loan                    of Loan
                         Number  Amount  Category    Number  Amount  Categoy    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     0.11%       ---    $---       ---       12     $360    1.05%       14     $396    1.16%
   Commercial and
   agricultural
    real estate....       ---      ---       ---         1     137     0.90%        1      139    0.92%        2      276    1.82%
 Construction, land       ---      ---       ---       ---     ---       ---        1       22    1.89%        1       22    1.89%
 Consumer..........         2        4     0.07%       ---     ---       ---        1        1    0.02%        3        5    0.09%
 Commercial
  business and
  agricultural
  finance..........         2       20     0.18%       ---     ---       ---         1       1    0.01%        3       21    0.19%
                            -       --     ----                                      -       -    ----         -        -    ----

     Total.........         6      $60     0.09%         1    $137     0.20%        16    $523    0.77%       23     $720    1.06%
                            =      ===     ====          =    ====     ====         ==    ====    ====        ==     ====    ====

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

                                       13

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

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

                                           December      March      December
                                              31           31,         31,
                                          ----------------------------------
                                            2003         2003         2002
                                          --------     --------     --------
Non-accruing loans:
  One- to four-family................         $360         $121         $94
  Commercial and agricultural
     real estate.....................          139          140          50
   Construction,
land..........................                  22          ---         ---
  Consumer...........................            1            7           2
  Commercial business and
     agricultural finance............            1           10          59
                                          --------     --------    --------
       Total.........................          523          278         205
                                          --------     --------    --------
Accruing loans delinquent more
  than 90 days:
  One- to four-family................          ---          ---         ---
  Commercial and agricultural
     real estate.....................          137          ---         ---
  Consumer...........................          ---          ---         ---
  Commercial business and
     agricultural finance............          ---          ---         ---
                                          --------     --------    --------
       Total.........................          137          ---         ---
                                          --------     --------    --------
Foreclosed assets:
  One- to four-family................           22           54          11
  Commercial and agricultural
     real estate.....................          ---           27         ---
  Consumer...........................          ---          ---         ---
                                          --------     --------    --------
       Total.........................           22           81          11
                                          --------     --------    --------

Total non-performing assets..........         $682         $359        $216
                                          ========     ========    ========
Total as a percentage of total
  assets.............................        0.68%        0.35%       0.21%
                                          ========     ========    ========

     Gross interest income which would have been recorded had the non-accruing
loans been current in accordance with their original terms amounted to
approximately $8,000 for the three months and $25,000 for the nine months ended
December 31, 2003 and $4,000 for the three months and $9,000 nine months ended
December 31, 2002.

     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.

                                       14
<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

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

     In connection with the filing of its periodic reports with the OCC and in
accordance with its classification of assets policy, the Bank regularly reviews
loans in its portfolio to determine whether such assets require classification
in accordance with applicable regulations. On the basis of management's review
of its assets, at December 31, 2003, the Bank had classified a total of $385,000
of its assets as substandard and $295,000 as doubtful or loss. At December 31,
2003, total classified assets comprised $680,000, or 6.4% of the Bank's capital,
and 0.68% of the Bank's total assets compared to total classified assets of
$456,000, or 4.6% of the Bank's capital and 0.4% of the Bank's total assets as
of March 31, 2003.

     OTHER LOANS OF CONCERN. As of December 31, 2003, there were $2.7 million in
loans identified, but not classified, by the Bank with respect to which known
information about the possible credit problems of the borrowers or the cash
flows of the business have caused management to have some doubts as to the
ability of the borrowers to comply with present loan repayment terms and which
may result in the future inclusion of such items in the non-performing asset
categories. Other loans of concern as of March 31, 2003 were $2.4 million.

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

     Real estate properties acquired through foreclosure are recorded at net
realizable value, estimated to be 80% of fair market value. If fair value at the
date of foreclosure is lower than the balance of the related loan, the
difference will be charged-off to the allowance for loan losses at the time of
transfer. Valuations are periodically updated by management and if the value
declines, a specific provision for losses on such property is established by a
charge to operations. At December 31, 2003, the Bank had $22,000 in real estate
properties acquired through foreclosure. The properties are for sale and will be
sold if the offers to purchase are approved by the board.

     Although management believes that it uses the best information available to
determine the allowance, unforeseen market conditions could result in
adjustments and net earnings could be significantly affected if circumstances
differ substantially from the assumptions used in making the final
determination. Future additions to the Bank's allowance for loan losses will be
the result of periodic loan, property and collateral reviews and thus cannot be
predicted in advance. In addition, federal regulatory agencies, as an integral
part of the examination process, periodically review the Bank's allowance for
loan losses. Such agencies may require the Bank to increase the allowance based
upon their judgment of the information available to them at the time of their
examination. At December 31, 2003, the Bank had a total allowance for loan
losses of $680,000, representing 1.01% of the Bank's loans, net.

                                       15
<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

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

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

                                              2003                                       2003
                             -----------------------------------------  -----------------------------------------
                                                          Percent of                                 Percent of
                                                           Loans in                                   Loans in
                               Amount of       Loan          Each        Amount of                      Each
                               Loan Loss    Amounts by    Category to    Loan Loss   Loan Amounts   Category to
                               Allowance     Category     Total Loans    Allowance    by Category   Total Loans
                               ---------     --------     -----------    ---------    -----------   -----------
                                                           (Dollars in thousands)
<S>                                <C>        <C>           <C>              <C>        <C>             <C>
One- to four-family....
                                   $136       $34,243        50.21%          $104       $34,079          52.35%
Multi-family...........             ---           463          0.68           ---           699            1.07
Commercial and
   agricultural real estate         221        15,145         22.21           282        14,414           22.14
Construction, land or
   development.........               8         1,166          1.71           ---         1,201            1.85
Consumer...............              21         5,292          7.76            19         5,216            8.01
State and
Municipal
Governments                         ---         1,121          1.64           ---           759            1.17
Commercial business
  and agricultural
  finance..............             294        10,773         15.79           214         8,728           13.41
Unallocated............             ---           ---           ---           ---           ---             ---

     Total.............            $680       $68,203       100.00%          $619       $65,096         100.00%
                                   ====       =======       =======          ====       =======         =======
</TABLE>

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

<TABLE>
<CAPTION>
                                                              Three Months Ended        Nine Months Ended
                                                                 December 31,             December 31,
                                                            -----------------------------------------------
                                                               2003          2002       2003        2002
                                                            -----------   ---------  ----------  ----------
                                                                           (Dollars in thousands)
<S>                                                              <C>         <C>        <C>       <C>

        Balance at beginning of period...................         $676        $609       $619        $534

        Charge-offs:
          One- to four-family............................            8          35          8          41
          Commercial and agricultural real estate........          ---         ---        ---         ---
          Consumer.......................................           24          14         32          35
          Commercial business and agricultural finance...          ---         ---        ---          20
                                                                   ---         ---        ---          --
                                                                    32          49         40          96
                                                                    --          --         --          --

        Recoveries:
          One- to four-family............................          ---         ---        ---           4
          Commercial and agricultural real estate........          ---         ---        ---         ---
          Consumer.......................................            6           4         18          13
          Commercial business and agricultural finance...          ---          14          8         100
                                                                   ---          --          -         ---
                                                                     6          18         26         117
                                                                     -          --         --         ---

        Net charge-offs..................................           26          31         14        (21)
        Additions charged to operations..................           30           7         75          30
                                                                    --           -         --          --
        Balance at end of year...........................         $680        $585       $680        $585
                                                                  ----        ----       ----        ----

        Ratio of net charge-offs during the period to
         average loans outstanding during the period.....        0.04%       0.05%      0.02%     (0.03)%
                                                                 ====        ====       =====     ======

        Ratio of net charge-offs during the period to
         average non-performing assets...................        4.82%      11.21%      2.94%     (8.27)%
                                                                 ====       =====       =====     ======
</TABLE>

                                       16

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

FINANCIAL CONDITION

COMPARISON AT DECEMBER 31, 2003 AND MARCH 31, 2003

     Our total assets decreased by approximately $2.8 million or 2.7% to $100.5
million at December 31, 2003 from $103.3 million at March 31, 2003. This
decrease in total assets was primarily the result of a $8.3 million or 63.5%
decrease in total cash and cash equivalents partially offset by an increase of
$2.1 million or 10.0% in securities available for sale and an increase of $3.2
million or 5.0% in loans receivable net. The increase in securities available
for sale and loans receivable net were funded by, and were responsible for, the
significant decrease in cash and cash equivalents. Other factors that influenced
the decline in cash and cash equivalents were modest increases in bank owned
life insurance, other assets and premises and equipment, net. This reallocation
of excess funds, those that are sold overnight, indicates that these funds are
now earning higher rates of interest either as loans, securities or bank owned
life insurance. This helps improve net interest income and aligns with our
strategic plan. Management intends to continue to look for ways to loan or
invest our excess funds more efficiently while managing our interest rate risk,
but does not intend to aggressively price our deposit products and repurchase
agreements.

     Liabilities decreased $3.4 million or 3.7% to $89.5 million at December 31,
2003 from $92.9 million at March 31, 2003. The primary reason for the decrease
in our liabilities was a decrease of $3.3 million or 51.3% in repurchase
agreements. The significant decline in repurchase agreements resulted from the
use of funds during the construction phase of an ethanol plant being built in
our community. Total deposits remained relatively stable showing a slight
increase of $149,000 or 0.2%. It is management's opinion that in the current low
interest rate environment, customers are putting their funds into deposit
accounts that are quickly accessible, even though the rate of return may be
less. This has allowed management to adjust interest rates more frequently which
subsequently has a positive affect on interest expense.

     Stockholders' equity increased $589,000 or 5.7% to $11.0 million as of
December 31, 2003 from $10.4 million on March 31, 2003. Net income of $938,000
for the nine months ending December 31, 2003, plus the release for allocation of
$49,000 in Employee Stock Ownership Plan shares, increased equity. However, this
increase was offset in part by a dividend of $207,000, a decrease of $169,000 in
other comprehensive income and a decrease of $23,000 in additional paid in
capital due to the exercise of options net of the market value adjustment on the
ESOP allocation.

RESULTS OF OPERATIONS

COMPARISON OF THE THREE-MONTH PERIODS ENDED DECEMBER 31, 2003 AND 2002

PERFORMANCE SUMMARY

     Net income was $295,000 for the third quarter of the fiscal year compared
to net of $287,000 for the third quarter of the prior fiscal year. The $8,000 or
2.8% increase in net income is primarily attributable to an increase of $47,000
or 5.0% in net interest income after provision for loan losses and an increase
of $26,000 or 10.0% in non-interest income offset in part by an increase of
$64,000 or 8.6% in non-interest expense plus a $1,000 or 0.6% increase in
provision for taxes for the three-month period ended December 31, 2003 compared
to the same period in 2002.

NET INTEREST INCOME

     Net interest income increased by $70,000 or 7.3% to $1,025,000 during the
three-month period ended December 31, 2003 as compared to $955,000 during the
same period in the prior fiscal year. Interest income was $1.4 million and
decreased by $96,000 or 6.5% for the quarter ended December 31, 2003 as compared
to the quarter ended December 31, 2002. For the quarter ended December 31, 2003,
interest expense was $367,000, a decrease of $166,000 or 31.1% from the quarter
ended December 31, 2002. The rate on average interest earning assets for the
December 31, 2003 quarter was 5.83% in comparison to 6.45% for the quarter ended
December 31, 2002, a decrease of 62 basis points. The rate on average interest
bearing liabilities for the quarter ended December 31, 2003 was 1.80% compared
to 2.64% for the December 31, 2002 quarter, a decrease of 84 basis points. The
increase in net interest income is a direct result of a 5.0% increase in loans
receivable, a 10.0% increase in securities available for sale from March 2003 to
December 2003 and the continued decline in interest rates on deposits during the
past twelve months. The bank's net interest margin has improved to 4.03% for the
quarter ending December 31,2003 from 3.81% for the quarter ending December 31,
2002, an increase of 22 basis points. Although the average interest rates on the
bank's assets and liabilities have continued to decline, the bank's net interest
margin has increased because large portions of the bank's adjustable rate
mortgages have reached their interest rate floors.

                                       17

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

NON-INTEREST INCOME

     Total non-interest income increased by $26,000 or 10.0% to $287,000 during
the three months ended December 31, 2003, as compared to $261,000 during the
same period in the prior fiscal year. The increase in total non-interest income
was the result of an increase of $80,000 or 72.7% in charges and fees on deposit
accounts, an increase of $12,000 in life insurance proceeds and an increase of
$6,000 in net realized gain on sale of investments. These increases were offset
in part by a $35,000 or 97.2% decrease in charges and other fees on loans, a
$7,000 or 11.5% decrease in other non-interest income and a $30,000 or 55.6%
decrease in net gain on sale of loans. In an effort to improve non-interest
income, the Bank began a bounce protection program in May 2003. The significant
increase in charges and fees on deposit accounts is a direct result of that new
program. Earnings from bank owned life insurance resulted in the increase to
life insurance proceeds. The increase in net realized gain on sale of
investments was the result of an investment being called prior to maturity. In
previous quarters, the bank had significant income from the origination and sale
of fixed rate home mortgages through the Federal Home Loan Bank of Chicago's MPF
(Mortgage Partnership Finance) program. However, since mortgage rates have
remained low for an extended period of time, refinancing of mortgages has
declined substantially. Therefore, the decreases in charges and fees on loans,
other non-interest income and net gain on sale of loans are a direct result in
decline in mortgage refinancing.

NON-INTEREST EXPENSE

     Total non-interest expense increased by $64,000 or 8.6% to $810,000 during
the three months ended December 31, 2003, as compared to $746,000 during the
same period in the prior year. This increase was a result of the following; an
increase of $42,000 or 11.0% in compensation and employee benefits, an increase
of $6,000 or 16.2% in data processing expense, an increase of $8,000 or 42.1% in
advertising expense, an increase of $12,000 on loss of foreclosed property and
an increase of $14,000 or 12.7% in other expenses. These increases were offset
by a decrease of $12,000 or 9.0% in occupancy and equipment expense, a decrease
of $4,000 or 10.8% in audit, legal and other professional expenses and a
decrease of $2,000 or 9.1% in telephone and postage expense. The increase in
compensation and employee benefits was primarily the result of increased costs
in employee benefit plans. The ESOP plan has experienced the largest increase
because of the higher market price for the company's stock, which directly
affects the ESOP contributions. The significant increase in advertising expense
was a timing issue, as two of the bank's marketing programs were expensed during
this quarter. The increase in loss on sale of foreclosed property was the result
of a correcting bookkeeping entry. The original $13,000 entry last quarter
should have been placed in a deferred account. The increase in other expenses
was primarily attributed to increases in check printing supplies, atm/debit card
network expenses and bounce protection program fees. The decrease in occupancy
and equipment costs was caused by an adjustment to the bank's depreciation
schedule. The decrease in audit, legal and other professional fees was the
result of decreased legal fees associated with the collection of delinquent
loans. Management intends to continue to monitor non-interest expense in an
effort to minize overall expenses.

PROVISION FOR LOAN LOSSES

     During the three months ended December 31, 2003, we recorded provision for
loan losses of $30,000 as compared to $ 7,000 for the same period of the prior
year, an increase of $23,000. We recorded such provisions to adjust our
allowance for loan losses to a level deemed appropriate based on an assessment
of the volume of lending presently being conducted by the bank, industry
standards, past due loans, economic conditions in our market area generally and
other factors related to the collectability of the loan portfolio.

     Our non-performing assets as a percentage of total assets was 0.68% at
December 31, 2003, as compared to 0.21% at December 31, 2002. The bank has
adopted strict procedures in its loan policy that helps it assess and monitor
problem loans. Classified loan totals continue to decrease and delinquencies are
well below peer. However, non-performing assets have increased substantially.
Most of these assets are secured by home mortgages and the losses should be
minimal. However, because the assets are secured by real estate, foreclosing and
disposing of these assets takes considerable time.

PROVISION FOR INCOME TAXES

     We recognized a provision for federal and state income taxes of $177,000
for the three months ended December 31, 2003 as compared to a provision for
income taxes of $176,000 for the same period in the prior year. The effective
tax rate during the three months ended December 31, 2003 was 37.5% as compared
to 38.0% during the quarter ended December 31, 2002.

                                       18

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

COMPARISON OF THE NINE-MONTH PERIODS ENDED DECEMBER 31, 2003 AND 2002

PERFORMANCE SUMMARY

     We reported a net income of $938,000 during the nine months ended December
31, 2003 as compared to $797,000 for the same period in the prior year. The
$141,000 or 17.7% increase in net income was primarily attributable to an
increase of $196,000 or 7.2% in net interest income after provision for loan
losses and an increase of $170,000 or 21.5% in non-interest income offset in
part by an increase of $83,000 or 3.6% in non-interest expense and an increase
of $142,000 or 33.5% in provision for income taxes. There do not appear to be
any external threats to the bank's overall performance. Even in today's
uncertain economic environment, the bank's market area has remained relatively
stable. Employment remains steady and though we cannot predict the future there
continue to be positive indicators, locally, for new jobs in the near future.

NET INTEREST INCOME

     Net interest income increased by $241,000 or 8.7% for the nine-month period
ended December 31, 2003 as compared to the same period in the previous fiscal
year. For the nine months ended December 31, 2003, interest income decreased by
$314,000 or 6.9% from the nine months ended December 31, 2002. However, a
decrease in interest expense of $555,000 or 31.2% from the December 31, 2002
period more than offset the decrease in interest income. The interest rate
spread for the nine months ended December 31, 2003 was 3.82% compared to 3.59%
for the same period in the prior year. Management believes that our net interest
margin should continue to increase as the Bank's adjustable rate mortgages
continue to reach their interest rate floors.

NON-INTEREST INCOME

     Our non-interest income increased by $170,000 or 21.5% to $961,000 for the
nine-month period in this fiscal year as compared to $791,000 for the nine-month
period in the prior year. Income from charges and fees on deposit accounts
increased by $195,000 or 55.4%. This increase was primarily the result of the
implementation of a bounce protection program in May 2003, which increased
overdraft fees by 68%. Net gain on sale of loans increased by $76,000 or 88.4%.
Due to customers refinancing their mortgages, this increase was the result of
increased origination and sales of loans through the Federal Home Loan Bank of
Chicago's MPF (Mortgage Partnership Finance) program. The $6,000 increase in net
realized gain on sale of investments was the result of an investment being
called prior to maturity. These increases were offset in part by a decrease of
$33,000 or 41.8% in charges and other fees on loans, a decrease of $13,000 or
7.4% in other non-interest income and a decrease of $61,000 or 62.2% in life
insurance proceeds. The decrease in charges and fees on loans was primarily the
result of a 51.6% decline in mortgage servicing rights. The decrease in other
non-interest income resulted from a 60.7% decline in credit card fees earned.
During the previous fiscal year the bank realized a one-time proceed from a life
insurance policy on a former commercial loan customer of $98,000. Conversely the
bank has booked $37,000 in earnings from bank owned life insurance during this
current year. The net effect of these two events is a decrease of $61,000 in
life insurance proceeds.

NON-INTEREST EXPENSE

     Total non-interest expense increased by $83,000 or 3.6% to $2.4 million
during the nine months ended December 31, 2003, as compared to $2.3 million
during the same period in the prior year. This increase was due primarily from
an increase of $48,000 or 3.9% in compensation and employee benefits, an
increase of $2,000 or 1.8% in data processing expense, an increase of $7,000 or
11.7% in advertising, an increase of $4,000 or 200.0% in loss on sale of
foreclosed property and an increase of $60,000 or 19.9% in other expenses. These
increases were offset in part by a decrease of $11,000 or 2.9% in occupancy and
equipment expense, a decrease of $5,000 or 50.0% in foreclosed property expense,
a decrease of $16,000 or 13.9% in audit, legal and other professional expenses
and a decrease of $6,000 or 7.7% in telephone and postage expense. The increase
in compensation and employee benefits was the result of increased costs in
employee benefit plans and salary increases of approximately 4.0%. The ESOP plan
has experienced the largest increase because of the higher market price for the
company's stock, which directly affects the ESOP contributions. The bank sold
three foreclosed properties during the fiscal year at a loss of $6,000, which is
an increase of $4,000 over the previous fiscal year. The $60,000 increase in
other expenses was primarily attributed to increases in credit card program
expenses (up $16,100), check printing supplies (up $6,400), atm/debit card
network expenses (up $9,300), charitable contributions (up $6,700) and bounce
protection program fees (up $22,300). The decrease in occupancy and equipment
costs was caused by an adjustment to the bank's depreciation

                                       19

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

schedule. Even though the bank had more foreclosures during the fiscal year, the
associated costs with these properties declined. The decrease in audit, legal
and other professional fees is a result of decreased legal costs associated with
the collection of delinquent loans. Postage expense increased by $4,700 or 9.7%
but was offset by a $10,700 or 35.5% decrease in telephone expense. Management
intends to continue to minize the overall level of non-interest expense as part
of its strategic plan.

PROVISION FOR LOAN LOSSES

     The provision for loan losses for the nine-month period ending December 31,
2003 increased by $45,000 or 150.0% from the nine months ended December 31,
2002. We recorded a provision for loan losses of $75,000 for this nine-month
period in comparison to $30,000 for the nine months in the previous year. We
adjusted our provision for loan losses to an appropriate level. We recorded such
provisions to adjust our allowance for loan losses to a level deemed appropriate
based an assessment of the volume of lending presently being conducted by the
bank, industry standards, past due loans, economic conditions in our market area
generally and any other factors related to the collection of our loan portfolio.

     Our non-performing assets as a percentage of total assets was 0.68% at
December 31, 2003, as compared to 0.35% at March 31, 2003. The bank has adopted
strict procedures in its loan policy that helps it assess and monitor problem
loans. Classified loan totals continue to decrease and delinquencies are well
below peer. However, non-performing assets have increased substantially. Most of
these assets are secured by home mortgages and the losses should be minimal.
However, because the assets are secured by real estate, foreclosing and
disposing of these assets takes considerable time.

PROVISION FOR INCOME TAXES

     We recognized provision for income taxes of $566,000 for the nine months
ended December 31, 2003 as compared to $424,000 for the nine months in the prior
year. The effective tax rate for this nine-month period was 37.6% and 34.7% for
the nine months ended December 31, 2002.

LIQUIDITY AND CAPITAL RESOURCES

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

     At December 31, 2003 we had $3.0 million in fixed-rate fixed-term advances
from the FHLB of Chicago outstanding resulting in no change from March 31, 2003.
We use our liquidity resources principally to meet outstanding commitments on
loans, to fund maturing certificates of deposit and deposit withdrawals and to
meet operating expenses. We anticipate no foreseeable problems in meeting
current loan commitments. At December 31, 2003, we had outstanding commitments
to extend credit, which amounted to $5.7 million (including $3.1 million, in
available revolving commercial and agricultural lines of credit). We also have
$1.5 million outstanding in Financial Stand-by Letters of Credit issued to local
commercial contractors. However, no actual advances have been conveyed. Prior to
the December 2003 quarter end, the largest dollar amount outstanding in Letters
of Credit was less than $50,000. Management believes that loan repayments and
other sources of funds will be adequate to meet any foreseeable liquidity needs.

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

                                       20

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      Management's Discussion and Analysis

REGULATORY CAPITAL

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

At December 31, 2003, the Bank was in compliance with all of the aforementioned
capital requirements as summarized below:

<TABLE>
<CAPTION>
                                                                                  December 31, 2003
                                                                                  -----------------
                                                                                    (In thousands)
<S>                                                                                     <C>
Tier I Capital:
         Common stockholders' equity                                                    $10,708
         Unrealized loss (gain) on securities available for sale                           (225)
         Less disallowed intangible assets                                                   17

           Total Tier I Capital                                                          10,466

Tier II Capital:
         Total Tier I capital                                                            10,466
         Qualifying allowance for loan losses                                               680

           Total Risk-Based Capital                                                      11,146

Risk-Weighted Assets                                                                     63,991
Quarter Average Assets                                                                  100,487

<CAPTION>
                                                                                            To be Well Capitalized
                                                                                                Under the Prompt
                                                                         For Capital            Corrective Action
                                                Actual                Adequacy Purposes             Provisions
                                                ------                -----------------             ----------
                                         Amount         Ratio       Amount          Ratio      Amount          Ratio
                                         ------         -----       ------          -----      ------          -----
<S>                                     <C>             <C>         <C>             <C>        <C>             <C>
As of December 31, 2003:
     Total Risk-Based Capital
      (to Risk-Weighted Assets)         $11,146         17.42%      $5,119          8.00%      $6,399          10.00%
     Tier I Capital
      (to Risk-Weighted Assets)          10,466         16.36        2,560          4.00        3,839           6.00
     Tier I Capital
      (to Average Assets)                10,466         10.42        4,019          4.00        5,024           5.00
</TABLE>

     At the time of the conversion of the Bank to a stock organization, a
special liquidation account was established for the benefit of eligible account
holders and the supplemental account holders in an amount equal to the net worth
of the Bank. This special liquidation account will be maintained for the benefit
of eligible account holders and the supplemental account holders who continue to
maintain their accounts in the Bank after June 27, 1997. This special
liquidation account was $5,070,000 as of that date. In the unlikely event of a
complete liquidation, each eligible and the supplemental eligible account
holders will be entitled to receive a liquidation distribution from the
liquidation account in an amount proportionate to the current adjusted
qualifying balances for accounts then held. The Bank may not declare or pay cash
dividends on or repurchase any of its common stock if stockholders' equity would
be reduced below applicable regulatory capital requirements or below the special
liquidation account.

                                       21
<PAGE>

Item:  3
                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                             CONTROLS AND PROCEDURES


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

DISCLOSURE CONTROLS AND PROCEDURES

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

INTERNAL CONTROL OVER FINANCIAL REPORTING

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








                                       22
<PAGE>

                            PART II OTHER INFORMATION

Item 1.     Legal Proceedings
            -----------------
              None

Item 2.     Changes in Securities
            ---------------------
             None

Item 3.     Defaults Upon Senior Executives
            -------------------------------
              None

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

Item 5.     Other Information
            -----------------
             None

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

a)  Exhibits

               1.   Exhibit 11: Statement Regarding Computation of Earnings

               2.   Exhibit 31: Section 302 Certifications

               3.   Exhibit 32: Section 906 Certification



b) Reports on Forms 8-K:

               None


                                       23

<PAGE>

                                   SIGNATURES

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

                                                FIRST ROBINSON FINANCIAL
                                                CORPORATION



Date: February 17, 2004                         /s/ Rick L. Catt
      -----------------                         ----------------
                                                Rick L. Catt
                                                President and Chief Executive
                                                Officer

Date: February 17, 2004                         /s/ Jamie E. McReynolds
      -----------------                         -----------------------
                                                Jamie E. McReynolds
                                                Chief Financial Officer and Vice
                                                President







                                       24
<PAGE>

                                  EXHIBIT INDEX



Exhibit No.

11     Statement regarding computation of earnings

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










                                       25