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 September 30, 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
                                                   --------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                            YES  X           NO
                                ---             ---

As of November 12, 2003, 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
                                ---             ---
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                              Index to Form 10-QSB

PART I.  FINANCIAL INFORMATION                                              PAGE

         Item 1. Financial Statements

                 Consolidated Balance Sheet as of September 30, 2003
                   And March 31, 2003                                         3

                 Consolidated Statements of Income for the Three Month
                   and Six Month Periods Ended September 30, 2003 and
                   September 30, 2002                                         4

                 Consolidated Statements of Stockholders' Equity for the
                   Three Month and Six Month Periods Ended September 30,
                   2003 and September 30, 2002                                5

                 Consolidated Statements of Cash Flows for the Three
                   Month and Six Month Periods Ended September 30,
                   2003 and September 30, 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>

Item: 1

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


<TABLE>
<CAPTION>
                                                                            Unaudited       Audited
                                                                             9/30/03        3/31/03
                                                                            ---------      ---------
                                     ASSETS                                        ($1,000's)

<S>                                                                         <C>            <C>
Cash and Cash Equivalents:
  Cash and due from banks                                                   $   1,265      $   1,235
  Interest bearing deposits in banks                                            2,257         11,786
                                                                            ---------      ---------
      Total Cash and Cash Equivalents                                           3,522         13,021

Securities available for sale, amortized cost of $24,317 and $20,660 at
  September 30, 2003 and March 31, 2003 respectively                           24,639         21,291
Loans, net of allowance for loan losses of $676,000 and $619,000 at
  September 30, 2003 and March 31, 2003, respectively                          66,574         64,268
Foreclosed assets, net                                                              0             81
Premises and equipment, net                                                     2,739          2,589
Accrued interest receivable                                                       694            602
Bank owned life insurance                                                       1,168          1,143
Other assets                                                                      339            283
                                                                            ---------      ---------

      Total Assets                                                          $  99,675      $ 103,278
                                                                            =========      =========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits
  Non-interest-bearing                                                      $   6,898      $   7,984
  Interest-bearing                                                             74,217         74,758
                                                                            ---------      ---------
      Total Deposits                                                           81,115         82,742

Advances from Federal Home Loan Bank                                            4,900          3,000
Repurchase agreements                                                           2,582          6,430
Advances from Borrowers for taxes and insurance                                    51             98
Accrued interest payable                                                          126            149
Accrued income taxes                                                               11             10
Deferred income taxes                                                              94            207
Accrued expenses                                                                  152            271
                                                                            ---------      ---------
      Total Liabilities                                                        89,031         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                                                      8,394          8,397
Retained earnings                                                               7,212          6,776
Treasury stock, at cost (334,708 shares 9/30/03; 334,750
  shares 3/31/03)                                                              (4,856)        (4,857)
Accumulated other comprehensive income                                            201            394
Common stock acquired by ESOP/RRP                                                (316)          (348)
                                                                            ---------      ---------
      Total Stockholders' Equity                                               10,644         10,371
                                                                            ---------      ---------

      Total Liabilities and Stockholders' Equity                            $  99,675      $ 103,278
                                                                            =========      =========
</TABLE>


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


                                       3
<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
               CONSOLIDATED STATEMENTS OF INCOME For the Three and
               Six Month Periods Ended September 30, 2003 and 2002


<TABLE>
<CAPTION>
                                                            (Unaudited)
                                             Three Month Period      Six Month Period
                                             ------------------      ----------------
                                              2003        2002       2003       2002
                                             ------      ------     ------     ------
                                                            ($1,000's)

<S>                                          <C>         <C>        <C>        <C>
Interest and dividend income:
  Interest on loans, including fees          $1,143      $1,223     $2,297     $2,399
  Debt securities:
    Taxable                                     224         294        475        600
    Tax-exempt                                   17          16         32         31
  Dividends                                      12           8         25         17
                                             ------      ------     ------     ------
      Total interest income                   1,396       1,541      2,829      3,047
                                             ------      ------     ------     ------

Interest expense:
  Interest on deposits                          337         535        725      1,118
  Interest on FHLB advances                      42          41         83         82
  Interest on repurchase agreements              19          23         47         44
                                             ------      ------     ------     ------
    Total interest expense                      398         599        855      1,244
                                             ------      ------     ------     ------

      Net interest income                       998         942      1,974      1,803

Provision for loan losses                        30           8         45         23
                                             ------      ------     ------     ------

      Net interest income after provision       968         934      1,929      1,780
                                             ------      ------     ------     ------

Non-interest income:
  Charges and fees on deposit accounts          195         129        357        242
  Charges and other fees on loans                13          33         45         43
  Other non-interest income                      54          65        109        115
  Life insurance proceeds                        11           1         25         98
  Net gain on sale of loans                      44          26        138         32
  Net gain on sale of foreclosed assets          14           0          7          0
                                             ------      ------     ------     ------
    Total other income                          331         254        681        530
                                             ------      ------     ------     ------

Non-interest expense:
  Compensation and employee benefits            437         412        860        854
  Occupancy and equipment                       129         122        243        242
  Foreclosed property expense                     1           0          5         10
  Data Processing                                35          39         68         72
  Audit, legal and other professional            36          31         66         78
  SAIF deposit insurance                          4           4          7          7
  Advertising                                    22          26         40         41
  Telephone and postage                          27          29         52         56
  Loss on sale of foreclosed property             0           0          0          1
  Other                                         115          93        237        191
                                             ------      ------     ------     ------
    Total other expenses                        806         756      1,578      1,552
                                             ------      ------     ------     ------

      Income before income tax                  493         432      1,032        758

Provision for income taxes                      187         162        389        248
                                             ------      ------     ------     ------

   Net Income                                $  306      $  270     $  643     $  510
                                             ======      ======     ======     ======

Earnings Per Share-Basic                     $ 0.61      $ 0.55     $ 1.29     $ 1.04
Earnings Per Share-Diluted                   $ 0.60      $ 0.55     $ 1.24     $ 1.04
</TABLE>


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


                                       4
<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
               For The Quarters Ended September 30, 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                                                          643                                                643

Other Comprehensive Income
  Unrealized gain (loss) on securities                                                                                (309)
  Related tax effects                                                                                                  116
                                                                                                                   -------
  Total other comprehensive income                                                                         (193)      (193)
                                                                                                                   -------
  Total comprehensive income                                                                                       $   450
                                                                                                                   =======

Options exercised                                        (38)                                                          (38)
Allocation of ESOP shares                                 35                                 32                         67
Treasury Stock at cost (42 shares)                                               1                                       1
Dividends paid                                                     (207)                                              (207)
                                            ------   -------   --------   --------   ----------    -------------   -------
Balance at Sept. 30, 2003                   $    9   $ 8,394   $  7,212   $ (4,856)  $     (316)   $         201   $10,644
                                            ======   =======   ========   ========   ==========    =============   =======



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

Balance at March 31, 2002                   $    9   $ 8,367   $  5,956   $ (4,724)  $      (540)  $         (68)  $ 9,000
Net Income                                                          510                                                510

Other Comprehensive Income
  Unrealized gain (loss) on securities                                                                                 836
  Related tax effects                                                                                                 (314)
                                                                                                                   -------
Total other comprehensive income                                                                            522        522
                                                                                                                   -------
  Total comprehensive income                                                                                       $ 1,032
                                                                                                                   =======

Allocation of ESOP shares                                 13                                 35                         48
Allocation of RRP shares                                                                    124                        124
Treasury Stock at cost (9,428 shares)                                         (133)                                   (133)
Dividends paid                                                     (178)                                              (178)
                                            ------   -------   --------   --------   -----------   -------------   -------
Balance at Sept. 30, 2002                   $    9   $ 8,380   $  6,288   $ (4,857)  $     (381)   $        454    $ 9,893
                                            ======   =======   ========   ========   ==========    ============    =======
</TABLE>


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


                                       5
<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
               CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three
             and Six Month Periods Ended September 30, 2003 and 2002
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                              Three Month Period               Six Month Period
                                                                           ------------------------        ------------------------
                                                                             2003            2002            2003            2002
                                                                           --------        --------        --------        --------
                                                                                                  ($1,000's)
<S>                                                                        <C>             <C>             <C>             <C>
Cash flows from operating activities:
  Net income                                                               $    306        $    270        $    643        $    510
  Adjustments to reconcile net income to net cash
    provided by (used in) operating activities
     Provision for depreciation                                                  74              67             131             135
     Provision for loan losses                                                   30               8              45              23
     Net amortization and accretion on investments                               65              31             114              63
     ESOP shares allocated                                                       35              24              67              48
     RRP shares allocated                                                         0             124               0             124
     (Increase) in accrued interest receivable                                 (103)           (125)            (92)            (93)
     (Increase) in Bank Owned Life Insurance                                    (11)            (50)            (25)           (981)
     (Increase) in other assets                                                (102)           (841)            (79)            (48)
     (Decrease) in accrued interest payable                                     (15)            (20)            (23)            (28)
     (Decrease) increase in accrued income tax                                 (149)            (13)              1              67
     (Decrease) in accrued expenses                                             (67)           (218)           (119)           (189)
     Decrease (increase) in deferred taxes                                        2             (23)              2             (23)
     FHLB Stock dividends                                                        (9)             (7)            (18)            (14)
     Gain on sale of loans                                                      (44)            (26)           (138)            (32)
     Net (gain) loss on sale of foreclosed assets                               (14)              0              (7)              1
                                                                           --------        --------        --------        --------

       Net cash (used in) provided by operating activities                       (2)           (799)            502            (437)
                                                                           --------        --------        --------        --------


Cash flows from investing activities:
  Proceeds from maturities of securities held to matuurity                        0               0               0              20
  Proceeds from maturities of securities available for sale                       0               0              32             500
  Purchase of securities available for sale                                       0               0            (242)         (1,609)
  Purchase of mortgage-backed securities
    available for sale                                                       (2,792)         (2,029)         (9,459)         (3,034)
  Federal Reserve Bank Stock purchased                                            0               0             (11)              0
  Bankers' Bancorp Stock purchased                                                0               0               0             (36)
  Repayment of principal-mortgage-backed securities                           3,293           1,243           5,927           2,364
  (Increase) in loans receivable                                             (4,282)         (4,027)        (11,649)         (8,433)
  Purchased loans or participations                                               0               0            (537)              0
  Proceeds from sale or participation of originated loans                     4,822           3,027          10,072           3,845
  Proceeds from sale of foreclosed assets                                         9               0              13              58
  Purchase of premises and equipment                                           (184)             (9)           (281)             (9)
                                                                           --------        --------        --------        --------
    Net cash provided by (used in) investing activities                         866          (1,795)         (6,135)         (6,334)
                                                                           --------        --------        --------        --------
</TABLE>


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


                                       6
<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
               CONSOLDIATED STATEMENT OF CASH FLOWS For The Three
             and Six Month Periods Ended September 30, 2003and 2002
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                    Three Month Period                        Six Month Period
                                                                 -------------------------                -------------------------
                                                                   2003             2002                    2003             2002
                                                                 --------         --------                --------         --------
                                                                                              ($1,000's)
<S>                                                              <C>              <C>                     <C>              <C>
Cash flows from financing activities:
  Net (decrease) in deposits                                     $ (2,342)        $   (595)               $ (1,627)        $   (443)
  (Decrease) increase in repurchase agreements                     (3,731)             231                  (3,848)             306
  Advances from Federal Home Loan Bank                              3,800                0                   3,800                0
  Repayment of FHLB advances                                       (1,900)               0                  (1,900)               0
  (Decrease) in advances from borrowers
    for taxes and insurance                                           (83)             (85)                    (47)             (56)
  Dividends paid                                                        0                0                    (207)            (178)
  Options exercised                                                    (8)               0                     (37)               0
  Purchase of treasury stock                                            0              (32)                      0             (133)
                                                                 --------         --------                --------         --------
    Net cash (used in) financing activities                        (4,264)            (481)                 (3,866)            (504)
                                                                 --------         --------                --------         --------

(Decrease) in cash and cash equivalents                            (3,400)          (3,075)                 (9,499)          (7,275)

Cash and cash equivalents at beginning of period                    6,922            8,929                  13,021           13,129
                                                                 --------         --------                --------         --------

Cash and cash equivalents at end of period                       $  3,522         $  5,854                $  3,522         $  5,854
                                                                 ========         ========                ========         ========


Supplemental Disclosures:
  Additional Cash Flows Information:
    Cash paid for:
      Interest on deposits, advances and
        repurchase agreements                                    $    413         $    620                $    878         $  1,272
      Income taxes:
      Federal                                                         290              179                     290              179
      State                                                            45               20                      97               26

Schedule of Non-Cash Investing Activities:
  Transfers to foreclosed real estate                                   0                0                       0                0
  Foreclosed real estate refinanced as loans                           25                0                      68               38


Schedule of Non-cash Financing Activities:
  Options exercised                                                     0                0                       1                0
</TABLE>


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


                                       7
<PAGE>

               FIRST ROBINSON FINANCIAL CORPORATION AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(1)  Basis of Presentation
     ---------------------

The consolidated financial statements include the accounts of First Robinson
Financial Corporation (the Company) and its wholly owned subsidiary, First
Robinson Savings Bank, National Association (the Bank). All significant
intercompany accounts and transactions have been eliminated in consolidation.
The accompanying consolidated financial statements are unaudited and should be
read in conjunction with the consolidated financial statements and notes thereto
included in the Company's annual report on Form 10-KSB for the year ended March
31, 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 September 30, 2003 and the results of its
operations and cash flows for the three month and six month periods ended
September 30, 2003 and 2002. The results of operations for those months ended
September 30, 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 497,888 and 491,965 for the three-month periods and 497,064 and 492,161 for
the six-month periods ending September 30, 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 the diluted earnings per share were 513,002
and 491,965 for the three-month periods and 519,278 and 492,161 for the
six-month periods ending September 30, 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 $35,000 for the three months ended September 30, 2003
and $25,000 for the three months ended September 30, 2002. For the six- month
periods ESOP compensation expense amounted to $67,000 for the period ended
September 30, 2003 and $49,000 for the period ended September 30, 2002.

The ESOP shares at September 30, 2003 and 2002 were as follows:

                                                       2003              2002
                                                       ----              ----
         Allocated shares                            44,901            38,023
         Shares released for allocation               4,885             5,158
         Unallocated shares                          18,984            25,589
                                                     ------            ------
         Total ESOP shares                           68,770            68,770

         Fair value of unallocated shares          $412,902          $365,923


(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 six month periods ended September 30, 2003 and 2002 are as follows:

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

<S>                                <C>          <C>          <C>          <C>
Net Income                         $   306      $   270      $   643      $   510
Other Comprehensive Income
Unrealized gains on securities        (333)         399         (309)         836
Related tax effects                    125         (150)         116         (314)
                                   -------      -------      -------      -------
Other Comprehensive Income            (208)         249         (193)         522
                                   -------      -------      -------      -------

Comprehensive Income               $    98      $   519      $   450      $ 1,032
                                   =======      =======      =======      =======
</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 interm financial statements about the method used on reported
results. The provisions of the statement are effective for annual financial
statements for fiscal years ending after December 15, 2002. The adoption of this
statement will result in more prominent 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.


(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      Six Month Period
                                                September 30           September 30
                                              -----------------     -----------------
                                               2003       2002       2003       2002
                                              ------     ------     ------     ------
                                                              ($1,000's)

<S>                                           <C>        <C>        <C>        <C>
Net income, as reported                       $  306     $  270     $  643     $  510

Deduct:  Total stock-based
  employee compensation expense
  determined under fair value
  based method for all awards,
  net of related tax effects                       0         12          1         24
                                              ------

  Pro forma net income                        $  306     $  258     $  642     $  486
                                              ======     ======     ======     ======


Earnings per common share - basic:
  As reported                                 $ 0.61     $ 0.55     $ 1.29     $ 1.04

  Pro forma                                   $ 0.61     $ 0.52     $ 1.29     $ 0.99

Earnings per common share - diluted:
  As reported                                 $ 0.60     $ 0.55     $ 1.24     $ 1.04

  Pro forma                                   $ 0.60     $ 0.52     $ 1.24     $ 0.99
</TABLE>


                                       11
<PAGE>

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


Forward-Looking Statements

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

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

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


General

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

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

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

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


                                       12
<PAGE>

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


Business Strategy

      We are a community-oriented, locally owned financial institution offering
community-banking services to residents and businesses of Crawford County,
Illinois, our primary market area. We offer all types of loans to our community
but emphasize real estate mortgages. We offer fixed rate mortgage products
through the Federal Home Loan Bank of Chicago and USDA Rural Development. 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 September 30, 2003.

<TABLE>
<CAPTION>
                                                           Loans Delinquent For:
                               -----------------------------------------------------------------------------
                                           60-89 Days(1)                       90 Days and Over(1)
                               -----------------------------------      -----------------------------------
                                                        Percent of                               Percent of
                                                           Loan                                     Loan
                               Number        Amount      Category       Number        Amount      Category
                               ------        ------      --------       ------        ------      --------
                                                          (Dollars in thousands)
<S>                             <C>           <C>           <C>           <C>          <C>           <C>
Real Estate:
  One- to
  four-family........           ---           ---           ---           ---          $---          ---
  Commercial and
  agricultural
  real estate                     1           137          0.91%          ---           ---          ---
Construction, land              ---           ---           ---           ---           ---          ---
Consumer.............             1             2          0.04%          ---           ---          ---
Commercial
  business and
  agricultural
  finance.............          ---           ---           ---%          ---           ---          ---
                               ------       -------      --------       ------        ------      --------

      Total...........            2         $ 139          0.20%            0          $  0         0.00%
                               ======       =======      ========       ======        ======      ========



                                      Loans Delinquent For:
                               -----------------------------------
                                           Nonaccrual                         Total Delinquent Loans
                               -----------------------------------      -----------------------------------
                                                        Percent of                               Percent of
                                                           Loan                                     Loan
                               Number        Amount      Category       Number        Amount      Category
                               ------        ------     ----------      ------        ------     ----------
                                                          (Dollars in thousands)
Real Estate:
  One- to
  four-family........             12         $ 356         1.05%          12          $ 356        1.05%
  Commercial and
  agricultural
  real estate                      1           139         0.93%           2            276        1.84%
Construction, land                 1            19         1.52%           1             19        1.52%
Consumer.............              1            10         0.18%           2             12        0.22%
Commercial
  business and
  agricultural
  finance.............             1             1         0.01%           1              1        0.01%
                               ------        ------     ----------      ------        ------     ----------

      Total...........            16         $ 525         0.78%          18          $ 664        0.98%
                               ======        ======     ==========      ======        ======     ==========
</TABLE>

-----------------
(1) Loans are still accruing.


                                       13
<PAGE>

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


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

<TABLE>
<CAPTION>
                                               September     March      September
                                                  30           31,          30,
                                               ----------------------------------
                                                 2003         2003         2002
                                                 ----         ----         ----

<S>                                              <C>          <C>          <C>
Non-accruing loans:
  One- to four-family ...................        $356         $121         $ 27
  Commercial and agricultural
    real estate .........................         139          140          199
  Construction, land ....................          19
  Consumer ..............................          10            7            7
  Commercial business and
    agricultural finance ................           1           10           50
                                                 ----         ----         ----
      Total .............................         525          278          283
                                                 ----         ----         ----

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

Foreclosed assets:
  One- to four-family ...................          --           54           --
  Commercial and agricultural
    real estate .........................          --           27           --
  Consumer ..............................          --           --           --
                                                 ----         ----         ----
     Total ..............................          --           81           --
                                                 ----         ----         ----

Total non-performing assets .............        $525         $359         $283
                                                 ====         ====         ====
Total as a percentage of total
  assets ................................        0.53%        0.35%        0.29%
                                                 ====         ====         ====
</TABLE>

      Gross interest income which would have been recorded had the non-accruing
loans been current in accordance with their original terms amounted to
approximately $13,000 for the three months and $20,000 for the six months ended
September 30, 2003 and $7,000 for the three months and $11,000 for the six
months ended September 30, 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 Discussion and Analysis of Financial
                       Condition and Results of Operations

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

      In connection with the filing of its periodic reports with the OCC and in
accordance with its classification of assets policy, the Bank regularly reviews
loans in its portfolio to determine whether such assets require classification
in accordance with applicable regulations. On the basis of management's review
of its assets, at September 30, 2003, the Bank had classified a total of
$422,000 of its assets as substandard and $263,000 as doubtful or loss. At
September 30, 2003, total classified assets comprised $685,000, or 6.64% of the
Bank's capital, and 0.69% of the Bank's total assets.

      Other Loans of Concern. As of September 30, 2003, there were $1.2 million
in loans identified, but not classified, by the Bank with respect to which known
information about the possible credit problems of the borrowers or the cash
flows of the business have caused management to have some doubts as to the
ability of the borrowers to comply with present loan repayment terms and which
may result in the future inclusion of such items in the non-performing asset
categories.

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

      Real estate properties acquired through foreclosure are recorded at 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 September 30, 2003, the Bank had no real estate
properties acquired through foreclosure.

      Although management believes that it uses the best information available
to determine the allowance, unforeseen market conditions could result in
adjustments and net earnings could be significantly affected if circumstances
differ substantially from the assumptions used in making the final
determination. Future additions to the Bank's allowance for loan losses will be
the result of periodic loan, property and collateral reviews and thus cannot be
predicted in advance. In addition, federal regulatory agencies, as an integral
part of the examination process, periodically review the Bank's allowance for
loan losses. Such agencies may require the Bank to increase the allowance based
upon their judgment of the information available to them at the time of their
examination. At September 30, 2003, the Bank had a total allowance for loan
losses of $676,000, representing 1.02% of the Bank's loans, net.


                                       15
<PAGE>

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


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

<TABLE>
<CAPTION>
                                          September 30,                               March 31,
                               -------------------------------------    -------------------------------------
                                             2003                                       2003
                               -------------------------------------    -------------------------------------
                                                         Percent of                               Percent of
                                                          Loans in                                 Loans in
                               Amount of     Loan           Each        Amount of       Loan         Each
                               Loan Loss   Amounts by    Category to    Loan Loss    Amounts by   Category to
                               Allowance    Category     Total Loans    Allowance     Category    Total Loans
                               -------------------------------------    -------------------------------------
                                                            (Dollars in thousands)

<S>                            <C>         <C>              <C>         <C>          <C>             <C>
One- to four-family ......     $   128     $34,019          50.38%      $   104      $ 34,079        52.35%
Multi-family .............          --         464           0.69            --           699         1.07
Commercial and
  agricultural real estate         269      15,015          22.24           282        14,414        22.14
Construction, land or
  development ............           8       1,254           1.86            --         1,201         1.85
Consumer .................          15       5,450           8.07            19         5,216         8.01
State and Municipal
  Governments ............          --       1,169           1.73            --           759         1.17
Commercial business
  and agricultural
  finance ................         256      10,152          15.03           214         8,728        13.41
Unallocated ..............          --          --             --            --            --           --
                               -------     -------         ------       -------      --------       ------
     Total ...............     $   676     $67,523         100.00%      $   619        65,096       100.00%
                               =======     =======         ======       =======        ======       ======
</TABLE>

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

                                         Three Months           Six Months
                                            Ended                 Ended
                                         September 30,         September 30,
                                       ----------------      ----------------
                                        2003       2002       2003       2002
                                       -----      -----      -----      -----
                                              (Dollars in thousands)

Balance at beginning of period ...     $ 643      $ 595      $ 619      $ 534

Charge-offs:
  One- to four-family.............        --         --         --          6
  Commercial and agricultural real
    estate .......................        --         --         --         --
  Consumer .......................         7          4          8         21
  Commercial business and
    agricultural finance .........        --         --         --         20
                                       -----      -----                 -----
                                           7          4          8         47
                                       -----      -----      -----      -----

Recoveries:
  One- to four-family ............        --         --         --          4
  Commercial and agricultural real
    estate .......................                   --         --         --
  Consumer .......................         7          5         12          9
  Commercial business and
    agricultural finance .........         3          5          8         86
                                       -----      -----                 -----
                                          10         10         20         99
                                       -----      -----      -----      -----

Net charge-offs (recoveries) .....        (3)        (6)       (12)       (52)
Additions charged to operations ..        30          8         45         23
                                       -----      -----      -----      -----
Balance at end of period .........     $ 676      $ 609      $ 676      $ 609
                                       -----      -----      -----      -----

Ratio of net charge-offs during
  the period to  average loans
  outstanding during the period ..     (0.00)%    (0.01)%    (0.02)%    (0.08)%
                                       =====      =====      =====      =====

Ratio of net charge-offs during
 the period to average
 non-performing assets ...........     (0.66)%    (2.22)%    (2.71)%    (21.36)%
                                       =====      =====      =====      ======


                                       16
<PAGE>

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


Financial Condition

Comparison at September 30, 2003 and March 31, 2003

      Total assets decreased by approximately $3.6 million, or 3.5%, to $99.7
million at September 30, 2003 from $103.3 million at March 31, 2003. This
decrease in total assets was primarily the result of a $9.5 million, or 73.0%,
decrease in total cash and cash equivalents. The decrease in cash and cash
equivalents was partially offset by increases in loans receivable, net of $2.3
million, or 3.6%, and an increase of $3.3 million, or 15.7%, in securities
available for sale. The 73.0% decrease in total cash and cash equivalents was
primarily the result of the company going from a funds sold position to a funds
borrowing position due to decreases in total deposits and repurchase agreements.

      Liabilities decreased approximately $3.9 million, or 4.2%, to $89.0
million at September 30, 2003 from $92.9 million at March 31, 2003. A $3.8
million, or 59.8%, decrease in repurchase agreements and a $1.6 million, or
2.0%, decrease in deposits offset by a $1.9 million, or 63.3%, increase in FHLB
advances were the primary reasons for the decrease in our liabilities. The
decrease in repurchase agreements came from the use of funds during the
construction phase of an ethanol plant being built in our community. The
decrease in deposits was primarily the result of the use of funds designated for
building projects by local school districts.

      Stockholders' equity increased $273,000, or 2.6%, to $10.6 million as of
September 30, 2003 from $10.4 million on March 31, 2003. The primary factors in
the increase in stockholders' equity was an increase of $436,000, or 6.4%, in
retained earnings and a release for allocation of $32,000 in Employee Stock
Ownership Plan shares. These increases were partially offset by an decrease of
$193,000 in accumulated other comprehensive income and the decrease of $3,000 in
additional paid in capital due to the exercise of options.


Results of Operations

Comparison of the Three Month Periods ended September 30, 2003 and 2002

Performance Summary

      Net income was $306,000 for the second quarter of the fiscal year. For the
same quarter in fiscal 2002, we reported net income of $270,000. The $36,000, or
13.3%, increase in net income was primarily due to an increase of $34,000, or
3.6%, in net interest income after provision for loan losses and an increase of
$77,000, or 30.3%, in non-interest income, offset in part by an increase of
$50,000, or 6.6%, in non-interest expense and an increase of $25,000 in
provision for income taxes.


Net Interest Income

      Net interest income increased by $56,000, or 5.9%, to $998,000 during the
three months ended September 30, 2003, as compared to $942,000 during the same
period in the prior year. Interest income decreased by $145,000, or 9.4%,
primarily due to the decline in interest rates. However, interest expense
decreased by $201,000, or 33.6%, from $599,000 for the quarter ended September
30, 2002 to $398,000 for the quarter ended September 30, 2003. The decrease in
interest expense was also primarily due to a reduction in interest rates. During
the past year, we have continued to adjust our rates to reflect the current
interest rate trends in the economy. During the quarter ended September 30,
2003, the average yield on interest earning assets decreased by 86 basis points
as compared to the same quarter the previous year, whereas the average rate paid
on interest-bearing liabilities decreased by 102 basis points.


                                       17
<PAGE>

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


Non-Interest Income

      Total non-interest income increased by $77,000, or 30.3%, to $331,000
during the three months ended September 30, 2003, as compared to $254,000 during
the same period in the prior year. The increase in total non-interest income was
primarily due to an increase of $66,000, or 51.2%, in charges and fees on
deposit accounts, an increase of $10,000 on the return of Bank Owned Life
Insurance, an increase of $18,000, or 69.2%, in net gain on sale of loans and an
increase of $14,000 in net gains on the sale of foreclosed assets. These
increases were offset in part by a decrease of $20,000, or 60.6%, in charges and
other fees on loans and a decrease of $11,000, or 16.9%, in other non-interest
income. The introduction of an overdraft privilege program contributed to the
significant increase in charges and fees on deposit accounts. The demand for our
fixed rate mortgages offered through the Federal Home Loan Bank of Chicago
Mortgage Partnership Finance ("MPF") program contributed significantly to the
increased income in net gain on sale of loans.


Non-Interest Expense

      Total non-interest expense increased by $50,000, or 6.6%, to $806,000
during the three months ended September 30, 2003, as compared to $756,000 during
the same period in the prior year. This increase was due primarily to an
increase of $25,000, or 6.1%, in compensation and employee benefits, an increase
of $7,000, or 5.7%, in occupancy and equipment, an increase of $1,000 in
foreclosed property expense, an increase of $5,000, or 16.1%, in audit, legal
and other professional fees and an increase of $22,000, or 23.7%, in other
expenses. These increases were offset in part by a decrease of $4,000, or 10.3%,
in data processing expense, a $4,000, or 15.4%, decrease in advertising expense
and a decrease of $2,000, or 6.9%, in telephone and postage expense.


Provision for Loan Losses

      During the three months ended September 30, 2003, we recorded provision
for loan losses of $30,000 as compared to $8,000 for the same period of the
prior year. This represents an increase of $22,000, or 275.0%. We recorded such
provisions to adjust our allowance for loan losses to a level deemed appropriate
based on an assessment of the volume and lending presently being conducted by
the bank, industry standards, past due loans, economic conditions in our market
area generally and other factors related to the collectability of the loan
portfolio. The allowance for loan and lease losses as a percentage of total
assets was 0.68% as of September 30, 2003 and 0.60% at March 31, 2003. At those
same dates, the allowance for loan and lease losses as a percentage of total
loans, net was 1.02% and 0.96%, respectively.


Provision for Income Taxes

      The Company recognized a provision for federal and state income taxes of
$187,000 for the three months ended September 30, 2003 as compared to a
provision for income taxes of $162,000 for the same period in the prior year.
The effective tax rate during the three months ended September 30, 2003 was
37.9% as compared to 37.5% during the quarter ended September 30, 2002.


Comparison of the Six Month Periods ended September 30, 2003 and 2002

Net Income

      Net income was $643,000 during the six months ended September 30, 2003 as
compared to $510,000 for the same period in the prior year. The $133,000, or
26.1%, increase in net income was primarily attributable to an increase in net
interest income after provision for loan losses of $149,000, or 8.4%, an
increase of $151,000, or 28.5%, in non-interest income offset in part by an
increase of $26,000, or 1.7%, in non-interest expense and an increase of
$141,000, or 56.9%, in provision for income taxes.


Net Interest Income

      Net interest income increased by $171,000, or 9.5%, for the six-month
period ended September 30, 2003 as compared to the same period in the previous
year. For the six-months ended September 30, 2003, interest income decreased by
$218,000, or 7.2%, from the six months ended September 30, 2002. However, for
the same period, the decrease in interest income was more than offset by the
decrease in interest expense of $389,000, or 31.3%. Due primarily to a reduction
in rates, the average yield on interest earning assets decreased by 82 basis
points for the six months ended September 30, 2003 as compared to the same
six-month period during the previous year, whereas, for the six-month period
ended September 30, 2003, the average rate on interest bearing liabilities
decreased by 101 basis points. The increase in net interest income can primarily
be attributed to an improved interest rate spread during the six-month period.


                                       18
<PAGE>

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


Non-Interest Income

      Our non-interest income increased by $151,000, or 28.5%, to $681,000 for
the six month period in this fiscal year as compared to $530,000 for the same
period in the prior year. The increase was a result of increases in charges and
fees on deposit accounts of $115,000, or 47.5%, an increase in charges and other
fees on loans of $2,000, or 4.7%, an increase of $106,000, or 331.3%, in net
gain on sale of loans and an increase of $7,000 in net gain on sale of
foreclosed assets offset in part by a decrease of $6,000, or 5.2%, in other
non-interest income and a $73,000, or 74.5%, decrease in life insurance proceeds
on net realized gain on sale of investments. The large decrease in life
insurance proceeds was the result of a previous benefit of a life insurance
policy carried on a commercial loan customer. The significant increase in
charges and fees on deposit accounts is primarily the result of the
implementation of an overdraft privilege program. The increase in net gain on
sale of loans is primarily the result of increased income from the origination
and sales of fixed rate mortgage loans through the Federal Home Loan Bank MPF
program.


Non-Interest Expense

      Non-interest expense increased by $26,000, or 1.7%, for the six-month
period ending September 30, 2003 as compared to the same period ending September
30, 2002. The increase in non-interest expense is primarily from a $6,000, or
0.7%, increase in compensation and employee benefits, a $1,000, or 0.4%,
increase in occupancy and equipment and an increase of $46,000, or 24.1%, in
other non-interest expenses offset in part by a $5,000, or 50.0%, decrease in
foreclosed property expense, a $4,000, or 5.6%, decrease in data processing
expense, a $12,000, or 15.4%, decrease in audit, legal and other professional
expenses, a $1,000, or 2.4%, decrease in advertising expense, a $4,000, or 7.1%,
decrease in telephone or postage expense and a $1,000, or 100.0%, decrease in
loss on sale of foreclosed property.


Provision for Loan Losses

      The provision for loan losses for the six-month period ending September
30, 2003 increased by $45,000, or 95.7%, from the six months ended September 30,
2002. We recorded a provision for loan losses of $45,000 for this six-month
period in comparison to $23,000 for the six months in the previous year. We
believe that improved underwriting and credit administration has helped us
significantly lower our loan losses. Our asset quality has improved as a result
of improved policies and procedures. Economic conditions in our market area,
industry standards, past due loans and any other factors related to the
collection of our loan portfolio continue to affect the level of provisions.


Provision for Income Taxes

      We recognized provision for income taxes of $389,000 for the six months
ended September 30, 2003 as compared to $248,000 for the six months in the prior
year. The effective tax rate for this six-month period was 37.7% as compared to
32.7% for the six months ended September 30, 2002. The effective tax rate for
the six months ending September 30, 2002 was slightly less than this current
period due to the receipt of non-taxable life insurance proceeds in the prior
year.


                                       19
<PAGE>

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


Liquidity and Capital Resources

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

      At September 30, 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 also had $1.9 million in overnight advances as of September 30,
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 September 30, 2003, we had outstanding commitments
to extend credit, which amounted to $6.6 million (including $3.8 million, in
available revolving commercial and agricultural lines of credit). Management
believes that loan repayments and other sources of funds will be adequate to
meet any foreseeable liquidity needs.

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


Regulatory Capital

      The Company and the Bank are subject to capital requirements of the
federal bank regulatory agencies which requires the Bank to maintain minimum
ratios of Tier I capital to total risk-weighted assets and total capital to
risk-weighted assets of 4% and 8% respectively. Tier I capital consists of total
stockholders' equity calculated in accordance with generally accepted accounting
principals less intangible assets, and total capital is comprised of Tier I
capital plus certain adjustments, the only one of which is applicable to the
Bank is the allowance for loan losses. Risk-weighted assets refer to the on- and
off-balance sheet exposures of the Bank adjusted for relative risk levels using
formulas set forth by 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.


                                       20
<PAGE>

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


      At September 30, 2003, both the Bank and the Company were in compliance
with the capital requirements and were considered "well-capitalized" under
federal regulatory guidelines. The Bank's requirements are summarized below:

<TABLE>
<CAPTION>
                                                                  September 30, 2003
                                                                  ------------------
                                                                       (1,000's)
                                                                       ---------
<S>                                                                     <C>
Tier I Capital:
      Common stockholders' equity                                       10,311
      Unrealized loss (gain) on securities available for sale            (201)
      Less disallowed intangible assets                                   (18)

        Total Tier I capital                                            10,092

Tier II Capital:
      Total Tier I capital                                              10,092
      Qualifying allowance for loan losses                                 676

        Total risk-based capital                                        10,768

Risk-weighted assets                                                    61,634
Quarter average assets                                                 103,792


                                                                             To be Well Capitalized
                                                                                Under the Prompt
                                                            For Capital        Corrective Action
                                        Actual           Adequacy Purposes         Provisions
                                  -----------------      ------------------  ----------------------
                                  Amount      Ratio      Amount       Ratio   Amount         Ratio
                                  ------      -----      ------       -----   ------         -----

As of September 30, 2003:
  Total Risk-Based Capital
  (to Risk-Weighted Assets)       10,768      17.47%      4,931        8.00%  6,163          10.00%
  Tier I Capital
    (to Risk-Weighted Assets)     10,092      16.37%      2,465        4.00%  3,698           6.00%
  Tier I Capital
    (to Average Assets)           10,092       9.72%      4,152        4.00%  5,190           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. The 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
         ---------------------------------------------------

         (a)   On July 24, 2003, the Company held its Annual Meeting of
               Stockholders.

         (b)   At the meeting, J. Douglas Goodwine and Robin E. Guyer were
               elected as directors for terms to expire in 2006.

         (c)   Stockholders voted on the following matters:

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

<TABLE>
<CAPTION>
                                                                              BROKER
            VOTES:                  FOR         WITHHELD        ABSTAIN      NON-VOTES
            ------                  ---         --------        -------      ---------

<S>                               <C>            <C>               <C>           <C>
            J. Douglas Goodwine   319,000        1,677             0             0

            Robin E. Guyer        317,595        3,082             0             0

</TABLE>
               (ii) The ratification of the appointment of Larsson, Woodyard &
                    Henson, LLP as auditors for the Company for the fiscal year
                    ending March 31, 2004.

<TABLE>
<CAPTION>
                                                                              BROKER
            VOTES:                  FOR          AGAINST        ABSTAIN      NON-VOTES
            ------                  ---          -------        -------      ---------

<S>                               <C>             <C>            <C>              <C>
                                  318,327         1,000          1,350            0
</TABLE>

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:

               A report of Form 8-K was furnished August 11, 2003 announcing
               first quarter earnings as of June 30, 2003 and the commencement
               of a stock repurchase program of First Robinson Financial
               Corporation shares.


                                       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:    November 13, 2003            /s/ Rick L. Catt
         -----------------            ------------------------------------------
                                      Rick L. Catt
                                      President and Chief Executive Officer

Date:    November 13, 2003            /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
<PAGE>

                                   Exhibit 11

              Statement Regarding Computation of Earnings per Share

                        As of September 30, 2003 and 2002


<TABLE>
<CAPTION>
                                                                      Three Month Period             Six Month Period
                                                                   ------------------------      ------------------------
                                                                    2003(3)       2002(1)(2)      2003(3)       2002(1)(2)
                                                                   ---------      ---------      ---------      ---------

<S>                                                                <C>            <C>            <C>            <C>
Net Earnings (in thousands)                                        $     306      $     270      $     643      $     510

 Basic earnings per share:
   Weighted average shares outstanding                               859,625        859,625        859,625        859,625

   Less unearned employee stock ownership plan shares                (19,798)       (26,448)       (20,612)       (27,308)

   Less shares repurchased                                          (341,939)      (341,212)      (341,949)      (340,156)

   Average option shares granted                                           0              0              0              0

   Less assumed purchase of shares using treasury method                   0              0              0              0
                                                                   ---------      ---------      ---------      ---------

 Common and common equivalent shares outstanding                     497,888        491,965        497,064        492,161
                                                                   =========      =========      =========      =========

 Earnings per common share - basic                                 $    0.61      $    0.55      $    1.29      $    1.04
                                                                   =========      =========      =========      =========

 Diluted earnings per share:
   Weighted average shares outstanding                               859,625        859,625        859,625        859,625

   Less unearned employee stock ownership plan shares                (19,798)       (26,448)       (20,612)       (27,308)

   Less shares repurchased                                          (341,939)      (341,212)      (341,949)      (340,156)

   Average option shares granted(2)                                   76,794         87,688         76,156         87,688

   Less assumed purchase of shares using treasury method             (61,680)       (87,688)       (53,942)       (87,688)
                                                                   ---------      ---------      ---------      ---------

 Common and common equivalent shares outstanding                     513,002        491,965        519,278        492,161
                                                                   =========      =========      =========      =========

 Earnings per common share - diluted                               $    0.60      $    0.55      $    1.24      $    1.04
                                                                   =========      =========      =========      =========
</TABLE>


(1) See Note 3 for Earnings per Share
(2) Option price exceeds market price
(3) Market price exceeds option price


                                       26