<PAGE>

                         SECURITY AND EXCHANGE COMMSSION

                              WASHNGTON, D.C. 20549

                                   FORM 10-QSB

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

                  For the quarterly period ended June 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 August 13, 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
                                                -

                                       1

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<TABLE>
<CAPTION>

                                FIRST ROBINSON FINANCIAL CORPORATION

                                        Index to Form 10-QSB

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

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

        Consolidated Statements of Income for the Quarters Ended
            June 30, 2003 and June 30, 2002                                        4

        Consolidated Statements of Stockholders' Equity for the Quarters
            Ended June 30, 2003 and June 30, 2002                                  5

        Consolidated Statements of Cash Flows for the Quarters
             Ended June 30, 2003 and June 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                                               21



PART II OTHER INFORMATION

    Item 1.   Legal Proceedings                                                    22

    Item 2.   Changes in Securities                                                22

    Item 3.   Defaults Upon Senior Securities                                      22

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

    Item 5.   Other Information                                                    22

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


           SIGNATURES                                                              23

                                               2
</TABLE>
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<TABLE>
<CAPTION>
                                   FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                                   CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

                                                                                         Unaudited          Audited
                                                                                          6/30/03           3/31/03
                                                                                          -------           -------
                                           ASSETS                                                ($1,000's)
<S>                                                                                      <C>              <C>
Cash and Cash Equivalents:
  Cash and due from banks                                                                  $1,278           $1,235
  Interest bearing deposits in banks                                                        5,644           11,786
                                                                                            -----           ------
     Total Cash and Cash Equivalents                                                        6,922           13,021

Securities available for sale, amortized cost of $24,874 and $20,660 at
  June 30, 2003 and March 31, 2003 respectively                                            25,529           21,291
Loans, net of allowance for loan losses of $643,000 and $619,000 at
 June 30, 2003 and March 31, 2003, respectively                                            67,041           64,268
Foreclosed assets, net                                                                         31               81
Premises and equipment, net                                                                 2,629            2,589
Accrued interest receivable                                                                   591              602
Bank owned life insurance                                                                   1,157            1,143
Other assets                                                                                  260              283
                                                                                              ---              ---

     Total Assets                                                                        $104,160         $103,278
                                                                                         ========         ========
                           LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits
 Non-interest-bearing                                                                      $9,176           $7,984
 Interest-bearing                                                                          74,281           74,758
                                                                                           ------           ------
     Total Deposits                                                                        83,457           82,742

Advances from Federal Home Loan Bank                                                        3,000            3,000
Repurchase agreements                                                                       6,313            6,430
Advances from Borrowers for taxes and insurance                                               134               98
Accrued interest payable                                                                      141              149
Accrued income taxes                                                                          160               10
Deferred income taxes                                                                         217              207
Accrued expenses                                                                              219              271
                                                                                              ---              ---
     Total Liabilities                                                                     93,641           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                                                                  8,383            8,397
Retained earnings                                                                           6,906            6,776
Treasury stock, at cost (334,708 shares 6/30/03; 334,750 shares 3/31/03)                   (4,856)          (4,857)
Accumulated other comprehensive income                                                        409              394
Common stock acquired by ESOP/RRP                                                            (332)            (348)
                                                                                             ----             ----
     Total Stockholders' Equity                                                            10,519           10,371
                                                                                           ------           ------

     Total Liabilities and Stockholders' Equity                                          $104,160         $103,278
                                                                                         ========         ========


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

                                                            3
</TABLE>

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<TABLE>
<CAPTION>
                                 FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                                       CONSOLIDATED STATEMENTS OF INCOME
                                 For the Quarters Ended June 30, 2003 and 2002
                                                  (Unaudited)
                                                                          2003                2002
                                                                          ----                ----
Interest  and dividend income:                                                    ($1,000's)
<S>                                                                      <C>                  <C>
  Interest on loans, including fees                                      $1,154               1,176
  Debt securities:
     Taxable                                                                251                 306
     Tax-exempt                                                              15                  15
  Dividends                                                                  13                   9
                                                                             --                   -
     Total interest income                                                1,433               1,506
                                                                          -----               -----

Interest expense:
  Interest on deposits                                                      388                 583
  Interest on FHLB advances                                                  41                  41
  Interest on repurchase agreements                                          28                  21
                                                                             --                  --
   Total interest expense                                                   457                 645
                                                                            ---                 ---

    Net interest income                                                     976                 861

Provision for loan losses                                                    15                  15
                                                                             --                  --

    Net interest income after provision                                     961                 846
                                                                            ---                 ---

Non-interest income:
  Charges and fees on deposit accounts                                      162                 113
  Charges and other fees on loans                                            32                  10
  Gain on sale of loans                                                      94                   6
  Other non-interest income                                                  69                 147
                                                                             --                 ---
   Total other income                                                       357                 276
                                                                            ---                 ---

Non-interest expense:
  Compensation and employee benefits                                        423                 442
  Occupancy and equipment                                                   114                 120
  Foreclosed property expense                                                 4                  10
  Data Processing                                                            33                  33
  Audit, legal and other professional                                        30                  47
  Federal deposit insurance premium                                           3                   3
  Advertising                                                                18                  15
  Telephone and postage                                                      25                  27
  Loss on sale of foreclosed assets                                           7                   1
  Other                                                                     122                  98
                                                                            ---                  --
   Total other expenses                                                     779                 796
                                                                            ---                 ---

    Income before income tax                                                539                 326

Provision for income taxes                                                  202                  86
                                                                            ---                  --

   Net Income                                                              $337                $240
                                                                           ====                ====

Earnings Per Share-Basic                                                  $0.68               $0.49
Earnings Per Share-Diluted                                                $0.67               $0.49

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

                                                       4
</TABLE>

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<TABLE>
<CAPTION>

                                             FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                                            CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                                             For The Quarters Ended June 30, 2003 and 2002
                                                            (Unaudited)


                                                                                     Unallocated   Accumulated
                                                                                        ESOP          Other
                                Common       Paid-in      Retained     Treasury          and       Comprehensive
                                 Stock       Capital      Earnings       Stock           RRP           Income      Total
                                -------------------------------------------------------------------------------------------
                                                                      ($1,000's)
<S>                                 <C>      <C>           <C>          <C>              <C>             <C>      <C>
Balance at March 31, 2003           $9       $8,397        $6,776       $(4,857)         $(348)          $394     $10,371
Net Income                                                    337                                                     337

Other Comprehensive Income
  Unrealized gain (loss) on
    securities                                                                                                         24
  Related tax effects                                                                                                  (9)
  Total other comprehensive
    income                                                                                                 15          15
  Total comprehensive income                                                                                         $352

Options exercised                               (30)                          1                                       (29)
Allocation of ESOP shares                        16                                         16                         32
Dividends paid                                              (207)                                                    (207)
                                -------------------------------------------------------------------------------------------
Balance at June 30, 2003            $9       $8,383        $6,906       $(4,856)         $(332)          $409     $10,519
                                    ==       ======        ======       =======          =====           ====     =======
<CAPTION>

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

                                                                                     Unallocated   Accumulated
                                                                                        ESOP          Other
                                Common       Paid-in      Retained     Treasury          and       Comprehensive
                                 Stock       Capital      Earnings       Stock           RRP           Income      Total
                                -------------------------------------------------------------------------------------------
                                                                      ($1,000's)
<S>                                 <C>      <C>           <C>          <C>             <C>              <C>      <C>
Balance at March 31, 2002           $9       $8,367        $5,956       $(4,724)         $(540)         $(68)      $9,000
Net Income                                                    240                                                     240

Other Comprehensive Income
  Unrealized gain (loss) on
    securities                                                                                                        437
  Related tax effects                                                                                                (164)
  Total other comprehensive
    income                                                                                               273          273
  Total comprehensive income                                                                                         $513

Allocation of ESOP shares                         6                                         18                         24
Treasury Stock at cost
   (7,218 shares)                                                          (101)                                     (101)
Dividends paid                                               (178)                                                   (178)
                                -------------------------------------------------------------------------------------------
Balance at June 30, 2002            $9       $8,373        $6,018       $(4,825)         $(522)          $205      $9,258
                                    ==       ======        ======       =======          =====           ====     =======


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

                                       5

<PAGE>

<TABLE>
<CAPTION>
                                 FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                            For the Quarters Ended June 30, 2003 and June 30, 2002
                                                  (Unaudited)

                                                                                            June 30,
                                                                                            --------
                                                                                  2003                   2002
                                                                                  ----                   ----
                                                                                           ($1,000's)
<S>                                                                                <C>                   <C>
Cash flows from operating activities:
  Net income                                                                       $337                  $240
  Adjustments to reconcile net income to net cash
   provided by (used in) operating activities
    Provision for depreciation                                                       57                    68
    Provision for loan losses                                                        15                    15
    Net amortization and accretion on investments                                    49                    32
    ESOP shares allocated                                                            32                    24
    Decrease in accrued interest receivable                                          11                    32
    (Increase) in Bank Owned Life Insurance                                        (14)                    (1)
    Decrease (increase) in other assets                                              23                  (137)
    (Decrease)  in accrued interest payable                                         (8)                    (8)
    Increase in accrued income taxes                                                150                    80
    (Decrease) increase in accrued expenses                                        (52)                    29
    FHLB stock dividends                                                            (9)                    (7)
    Gain on sale of loans                                                          (94)                    (6)
    Loss on sale of foreclosed assets                                                 7                     1
                                                                                      -                     -
        Net cash provided by operating activities                                   504                   362
                                                                                    ---                   ---

  Cash flows from investing activities:
    Proceeds from maturities of securities held to maturity                           0                    20
    Proceeds from maturities of securities available for sale                        32                   500
    Purchase of securities available for sale                                     (242)                (1,609)
    Purchase of mortgage-backed securities available for sale                   (6,667)                (1,005)
    Federal Reserve Bank Stock purchased                                           (11)                     0
    Bankers' Bancorp, Inc. Stock purchased                                            0                   (36)
    Repayment of principal on mortgage-backed securities                          2,634                 1,121
    (Increase) in loans receivable                                              (7,367)                (4,406)
    Purchase of loans or participations                                           (537)                     0
    Proceeds from sale or participation of originated loans                       5,250                   818
    Proceeds from sale of foreclosed assets                                           4                    58
    Purchase of premises and equipment                                             (97)                     0
                                                                                   ---                      -
      Net cash used in investing activities                                     (7,001)                (4,539)
                                                                                ------                 ------

                                                           6

</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                          FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                              CONSOLDIATED STATEMENT OF CASH FLOWS
                          For The Quarters Ended June 30, 2003 and 2002
                                           (Unaudited)

                                                                                      June 30,
                                                                                      --------
                                                                               2003              2002
                                                                               ----              ----
                                                                                     ($1,000's)
<S>                                                                           <C>              <C>
Cash flows from financing activities:
   Net increase in deposits                                                     $715             $152
   (Decrease) increase in repurchase agreements                                (117)               75
   Advances from Federal Home Loan Bank                                            0                0
   Repayment of FHLB advances                                                      0                0
   Increase in advances from borrowers
      for taxes and insurance                                                     36               29
   Dividends paid                                                              (207)             (178)
   Options exercised                                                            (29)                0
   Purchase of treasury stock                                                      0             (101)
                                                                                   -             ----
      Net cash provided by (used in) provided by financing activities            398              (23)
                                                                                 ---              ---

(Decrease) in cash and cash equivalents                                      (6,099)           (4,200)

Cash and cash equivalents at beginning of period                              13,021           13,129
                                                                              ------           ------

Cash and cash equivalents at end of period                                    $6,922           $8,929
                                                                              ======           ======

Supplemental Disclosures:
 Additional Cash Flows Information:
   Cash paid for:
     Interest on deposits, advances and
       repurchase agreements                                                    $465             $652
     Income taxes:
      Federal                                                                      0                0
      State                                                                       52                6

Non-Cash Investing Activities
     Loans transferred to foreclosed real estate                                   0                0
     Foreclosed real estate refinanced as loans                                   43               38


Non-Cash Financing Activities:
     Options exercised                                                             1                0


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

                                                 7
</TABLE>
<PAGE>

               FIRST ROBINSON FINANCIAL CORPORATION AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.  Basis of Presentation
    ---------------------

The consolidated financial statements include the accounts of First Robinson
Financial Corporation (the Company) and its wholly owned subsidiary, First
Robinson Savings Bank, National Association (the Bank). All significant
intercompany accounts and transactions have been eliminated in consolidation.
The accompanying consolidated financial statements are unaudited and should be
read in conjunction with the consolidated financial statements and notes thereto
included in the Company's annual report dated April 18, 2003. The accompanying
unaudited consolidated financial statements have been prepared in accordance
with the instructions for Form 10-QSB and, therefore, do not include information
or footnotes necessary for a complete presentation of financial condition,
results of operations, and cash flows in conformity with generally accepted
accounting principles. In the opinion of management of the Company, the
unaudited consolidated financial statements reflect all adjustments (consisting
of normal recurring accruals) necessary to present fairly the financial position
of the Company at June 30, 2003 and the results of its operations and cash flows
for the three months ended June 30, 2003 and 2002. The results of operations for
those months ended June 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 496,240 and 492,380 for the quarters ending June 30, 2003 and 2002 for the
basic earnings per share calculation. 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 for
the quarter ended June 30, 2003. The weighted average common shares outstanding
for the calculation of the diluted earnings per share were 503,106 and 492,380
for June 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 for the three months ended June 30, 2003 and 2002 were
$33,000 and $24,000 respectively.

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

                                                          2003           2002
                                                          ----           ----
       Allocated shares                                  44,901         38,023
       Shares released for allocation                     3,257          3,439
       Unallocated shares                                20,612         27,308
                                                         ------         ------

       Total ESOP shares                                 68,770         68,770

       Fair value of unallocated shares                $427,699       $382,312

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
month period ended June 30, 2003 and 2002 are as follows:

                                                     Three Month Period
                                                     ------------------
                                                   2003               2002
                                                   ----               ----
                                                         ($1,000's)
                                                         ----------

Net Income                                         $337               $240
                                                   ----               ----
Other Comprehensive Income
Unrealized gains (losses) on securities              24                437
Related tax effects                                  (9)              (164)
                                                     --               ----
Other Comprehensive Income (Losses)                  15                273
                                                     --                ---
Comprehensive Income                               $352               $513
                                                   ====               ====

                                       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:

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

                                                           June 30
                                                           -------

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

Net income, as reported                              $337             $240

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

    Pro forma net income                             $336             $228
                                                     ====             ====

Earnings per common share - basic:
    As reported                                     $0.68            $0.49

    Pro forma                                       $0.68            $0.46

Earnings per common share - diluted:
    As reported                                     $0.67            $0.49

    Pro forma                                       $0.67            $0.46


                                       11
<PAGE>

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

FORWARD-LOOKING STATEMENTS

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

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

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

GENERAL

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

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

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

     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. These
programs continue to grow and have provided additional non-interest income to
our Bank. When long-term mortgage rates start to increase, management expects
growth in these programs to slow. In spite of low interest rates, deposits have
remained stable, as we continue to emphasize low or non-interest bearing
accounts as part of our strategy to lower our overall cost of funds. We also
provide bill paying and cash management services through our Internet banking
product. PrimeVest Financial Services provides investment brokerage services to
our customers and provides an excellent source of additional non-interest
income. We maintain a strong presence in the community and are the only
independent community bank in Robinson, Palestine and Oblong, Illinois.

ASSET QUALITY

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

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

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

     The following table sets forth the Bank's loan delinquencies by type, by
amount and by percentage of type at June 30, 2003.

<TABLE>
<CAPTION>

                                                     Loans Delinquent For:
                  --------------------------------------------------------------------------------------------
                         60-89 Days(1)               90 Days and Over(1)                 Nonaccrual
                  ------------------------------ ----------------------------- -------------------------------
                                       Percent                       Percent                        Percent
                                       of Loan                       of Loan                        of Loan
                   Number    Amount    Category   Number    Amount   Category   Number     Amount   Category
                  -------   --------  ---------- --------  -------- ---------- --------  --------- -----------
                                                      (Dollars in thousands)
<S>                     <C>       <C>    <C>         <C>      <C>       <C>         <C>     <C>       <C>
Real Estate:
   One- to
   four-family..        1         $4     0.01%       ---      $---      ---          8      $284      0.85%
   Commercial
   and
   agricultural
    real estate       ---        ---      ---        ---       ---      ---          1       139      0.95%
 Consumer.......        3         14     0.26%       ---       ---      ---        ---       ---       ---
 Commercial
  business and
  agricultural
  finance.......      ---        ---      ---        ---       ---      ---        ---       ---       ---
                      ---        ---     ----        ---       ---     ----        ---      ----      ----

     Total......        4        $18     0.03%         0        $0     0.00%         9      $423      0.62%
                        =        ===     ====          =        ==     ====          =      ====      ====

<CAPTION>

                  ------------------------------
                       Total Delinquent Loans
                  ------------------------------
                                       Percent
                                       of Loan
                   Number    Amount    Category
                  -------   --------  ----------
<S>                     <C>     <C>      <C>
Real Estate:
   One- to
   four-family..        9       $288     0.86%
   Commercial
   and
   agricultural
    real estate         1        139     0.95%
 Consumer.......        3         14     0.26%
Commercial
  business and
  agricultural
  finance.......      ---        ---      ---
                      ---       ----     ----

     Total......       13       $441     0.65%
                       ==       ====     ====
--------------------------------------------------------------------------------------------------------------
(1)  Loans are still accruing.
</TABLE>
                                       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>
                                                       June 30,   March  31,  June 30,
                                                      --------------------------------
                                                         2003       2003       2002
                                                      ---------- ----------- ---------
<S>                                                        <C>         <C>        <C>
           Non-accruing loans:
             One- to four-family................           $284        $121       ---
             Commercial and agricultural
                real estate.....................            139         140        93
             Consumer...........................            ---           7         2
             Commercial business and                        ---          10        50
                agricultural finance............
                                                      ---------- ----------- ---------
                  Total.........................            423         278       145
                                                      ---------- ----------- ---------
           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................              6          54       ---
             Commercial and agricultural
                real estate.....................             25          27       ---
             Consumer...........................            ---         ---       ---
                                                      ---------- ----------- ---------
                  Total.........................             31          81       ---
                                                      ---------- ----------- ---------

           Total non-performing assets..........           $454        $359      $145
                                                      ========== =========== =========
           Total as a percentage of total
             assets.............................           0.44%       0.35%     0.15%
                                                      ========== =========== =========
</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 $7,000 for the three months ended June 30, 2003 and $4,000 for the
three months ended June 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 June 30, 2003, the Bank had classified a total of $401,000 of
its assets as substandard and $283,000 as doubtful or loss. At June 30, 2003,
total classified assets comprised $684,000, or 6.7% of the Bank's capital, and
0.66% of the Bank's total assets.

     OTHER LOANS OF CONCERN. As of June 30, 2003, there were $2.0 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 June 30, 2003, the Bank had $31,000 in real estate
properties acquired through foreclosure. The properties were sold in July 2003
with a gain of approximately $14,000.

     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 June 30, 2003, the Bank had a total allowance for loan losses of
$643,000, representing 0.96% of the Bank's loans, net. At March 31, 2003, the
Bank's total allowance for loan losses to the Bank's loans, net was also at
0.96%.


                                       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>
                             ----------------------------------------- -------------------------------------------
                                             June 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....            $139       $33,349         49.07%          $104        $34,079        52.35%
Multi-family...........             ---           685           1.01           ---            699          1.07
Commercial and
   agricultural real estate         292        14,642          21.54           282         14,414         22.14
Construction or
   development.........             ---         1,515           2.23           ---          1,201          1.85
Consumer...............              14         5,348           7.87            19          5,216          8.01
State and Municipal
  Governments                       ---         2,147           3.16           ---            759          1.17
Commercial business
  and agricultural
  finance..............             198        10,275          15.12           214          8,728         13.41
                                    ---        ------          -----           ---          -----         -----
     Total.............            $643       $67,961        100.00%         $ 619        $65,096       100.00%
                                   ====       =======        ======          =====        =======       ======

</TABLE>

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

<TABLE>
<CAPTION>
                                                                 Three Months Ended
                                                                      June 30,
                                                              ------------------------
                                                                 2003          2002
                                                              -----------   ----------
                                                               (Dollars in thousands)
<S>                                                                <C>         <C>
         Balance at beginning of period...................         $619        $534

         Charge-offs:
           One- to four-family............................          ---           6
           Consumer.......................................            1          17
           Commercial business and agricultural finance...          ---          20
                                                                    ---          --
                                                                      1          43
                                                                      -          --

         Recoveries:
           One- to four-family............................          ---           4
           Consumer.......................................            5           4
           Commercial business and agricultural finance...            5          81
                                                                      -          --
                                                                     10          89

         Net charge-offs..................................           (9)        (46)
         Additions charged to operations..................           15          15
                                                                     --          --
         Balance at end of period.........................         $643        $595
                                                                   ----        ----

         Ratio of net charge-offs during the period to
          average loans outstanding during the period.....        (0.01)%     (0.07)%
                                                                  =====       =====

         Ratio of net charge-offs during the period to
          average non-performing assets...................        (2.08)%    (21.20)%
                                                                  =====      ======
</TABLE>

                                       16
<PAGE>

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

FINANCIAL CONDITION

COMPARISON AT JUNE 30, 2003 AND MARCH 31, 2003

     Our total assets increased by approximately $882,000, or 0.9%, to $104.2
million at June 30, 2003 from $103.3 million at March 31, 2003. This increase in
total assets was primarily from increases in securities available for sale and
loans. Securities available for sale increased by $4.2 million, or 19.9%, to
$25.5 million as of June 30, 2003 from $21.3 million at March 31, 2003. Loans,
net of allowance for loan losses, increased by $2.8 million, or 4.3%, to $67.0
million as of June 30, 2003 from $64.3 million at March 31, 2003. Premises and
equipment increased by $40,000, or 1.5%, and Bank owned life insurance increased
by $14,000, or 1.2%, for the June 30, 2003 quarter as compared to March 31,
2003. These increases were offset primarily by significant decreases in cash and
cash equivalents and foreclosed assets along with minor decreases in accrued
interest receivable and other assets. Total cash and cash equivalents decreased
by $6.1 million, or 46.8%, from $13.0 million at March 31, 2003 to $6.9 million
as of June 30, 2003. Foreclosed assets decreased by $50,000, or 61.7%, from
$81,000 at March 31, 2003 to $31,000 as of June 30, 2003. Accrued interest
receivable decreased by $11,000, or 1.8%, from $602,000 at March 31, 2003 to
$591,000 as of June 30, 2003. Other assets decreased by $23,000, or 8.1%, to
$260,000 at June 30, 2003 from $283,000 at March 31, 2003.

     Liabilities increased approximately $734,000, or 0.8%, to $93.6 million at
June 30, 2003 from $92.9 million at March 31, 2003. The primary reason for the
increase in our liabilities was the increase in non-interest bearing deposits.
Total deposits increased by $715,000, or 0.9%, from $82.7 million as of March
31, 2003 to $83.5 million as of June 30, 2003. Of that increase, non-interest
bearing deposits increased by $1.2 million, or 14.9%, from $8.0 million at March
31, 2003 to $9.2 million as of June 30, 2003 while interest bearing deposits
declined by $477,000, or 0.6%, to $74.3 million as of June 30, 2003 from $74.8
million at March 31, 2003. Advances from borrowers for taxes and insurance
increased $36,000, or 36.7%, accrued income taxes increased from $10,000 as of
March 31, 2003 to $160,000 at June 30, 2003 an increase of $150,000 and deferred
income taxes increased $10,000, or 4.8%. These increases were offset by a
$117,000, or 1.8%, decrease in repurchase agreements, an $8,000, or 5.4%,
decrease in accrued interest payable and a $52,000, or 19.2%, decrease in
accrued expenses.

     Stockholders' equity increased $148,000, or 1.4%, to $10.5 million as of
June 30, 2003 from $10.4 million on March 31, 2003. A $0.40 per share dividend
paid on June 16, 2003 to stockholders of record as of June 2, 2003 amounted to a
total of $207,000 being paid from retained earnings. The overall increase in
retained earnings was $130,000 due to the addition of $337,000 in quarterly
earnings. Accumulated other comprehensive income increased by $15,000, or 3.8%,
to $409,000 at June 30, 2003. Other increases were a $1,000 decrease in treasury
stock and a $16,000, or 4.6%, increase in allocation of ESOP shares. A $14,000,
or 0.2%, decrease in additional paid-in capital offset these increases.

RESULTS OF OPERATION

COMPARISON OF THE QUARTERS ENDED JUNE 30, 2003 AND 2002

PERFORMANCE SUMMARY

     Our net earnings were $337,000 for the first quarter of the 2004 fiscal
year while earnings for the same period in the prior year were $240,000. The
$97,000, or 40.4% increase in net income was primarily the result of an increase
of $115,000, or 13.6%, in net interest income after provision, an increase of
$81,000, or 29.3%, in non-interest income and a decrease of $17,000, or 2.1%, in
non-interest expenses, offset by an increase of $116,000, or 134.9%, in
provision for income taxes.

NET INTEREST INCOME

     Net interest income increased by $115,000, or 13.4%, to $976,000 during the
three months ended June 30, 2003, as compared to $861,000 during the same period
in the prior year. Interest income decreased by $73,000, or 4.8%, to $1.4
million for the quarter ended June 30, 2003 down from $1.5 million for the same
period last year. However, management has continued to lower interest

                                       17
<PAGE>

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

rates on deposits to more than offset the decline in interest income. We have
made a conscious effort to move deposit funds into savings and checking
accounts, which are traditionally lower cost than certificates of deposit.
Management has continued to avoid aggressively bidding on jumbo certificates of
deposit. As a result, interest expense for the June 30, 2003 quarter decreased
by $188,000, or 29.1%, to $457,000 as compared to $645,000 for the same three
months ending June 30, 2002.

NON-INTEREST INCOME

     Total non-interest income increased by $81,000, or 29.3%, to $357,000
during the three months ended June 30, 2003, as compared to $276,000 during the
same period in the prior year. The increase in total non-interest income was
from an increase of $49,000, or 43.4%, in charges and fees on deposit accounts,
an increase of $22,000, or 220.0%, in charges and other fees on loans and an
increase of $88,000, or 1466.7%, in gain on sale of loans. These increases were
offset by a decrease in other non-interest income of $78,000, or 53.1%. The
43.4% increase in charges and fees on deposit accounts was primarily the result
of the implementation of a bounce protection program on our checking accounts.
The increase in charges and other fees on loans and the increase in gain on sale
of loans were the results of increased activity in the rewriting of real estate
mortgage loans. The Bank sells real estate loans on a per loan basis and retains
the servicing, for which we receive income, in connection with the Mortgage
Partnership Finance ("MPF") program of the Federal Home Loan Bank of Chicago. If
rates rise, it is anticipated that the number of loans being written in the
program will decrease which will in turn decrease our non-interest income. The
significant decrease in other non-interest income resulted from a $97,000
one-time payment from the proceeds of a life insurance policy owned by the Bank
on a commercial loan customer during the quarter ended June 30, 2002.

NON-INTEREST EXPENSE

     Total non-interest expense decreased by $17,000, or 2.1%, to $779,000
during the three months ended June 30, 2003, as compared to $796,000 during the
same period in the prior year. This decrease was due primarily from a decrease
of $19,000, or 4.3%, in compensation and employee benefits, a decrease of
$6,000, or 5.0%, in occupancy and equipment expense, a decrease of $6,000, or
60.0%, in foreclosed property expense, a decrease of $17,000, or 36.2%, in
audit, legal and other professional expenses and a decrease of $2,000, or 7.4%,
in telephone and postage expense. These decreases were offset by a $3,000, or
20.0%, increase in advertising expense, a $6,000, or 600.0%, increase in loss on
sale of foreclosed assets and a $24,000, or 24.5%, increase in other expenses.
The recognition and retention program concluded in July 2002, which resulted in
the reduction of compensation and employee benefits for the quarter ended June
30, 2003. Legal fees decreased due the completion of collection efforts on a
large agricultural credit. The decrease in occupancy and equipment expense was
primarily the result of a reduction in depreciation expense. The increase in
loss on sale of foreclosed assets was the result of losses incurred on the sales
of three foreclosed properties, however as a result of those sales foreclosed
property expenses decreased by $6,000. The increase in other expenses was
primarily the result of expenses associated with loan closings.

PROVISION FOR LOAN LOSSES

     During the three months ended June 30, 2003, we recorded provision for loan
losses of $15,000 as compared to the same amount for the June 30, 2002 quarter.
We recorded such provisions to adjust our allowance for loan losses to a level
deemed appropriate based on an assessment of the volume of lending presently
being conducted by the bank, industry standards, past due loans, economic
conditions in our market area generally and other factors related to the
collectiblity of the loan portfolio. Our non-performing assets as a percentage
of total assets was 0.44% at June 30, 2003 as compared to 0.15% at June 30,
2002.

PROVISION FOR INCOME TAXES

     The Company recognized a provision for federal and state income taxes of
$202,000 for the three months ended June 30, 2003 as compared to a provision for
income taxes of $86,000 for the same period in the prior year. The effective tax
rate during the three months ended June 30, 2003 was 37.5% as compared to 26.4%
during the quarter ended June 30, 2002. The tax rate for the quarter ended June
30, 2002 was lower than normal because of income from the $97,000 one-time
proceeds of a life insurance policy.

                                       18
<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, our correspondent bank, 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 June 30, 2003 we had $3.0 million in advances from the FHLB of Chicago
outstanding with no change from the amount of advances as of March 31, 2003. We
use our liquidity resources principally to meet outstanding commitments on
loans, to fund maturing certificates of deposit and deposit withdrawals and to
meet operating expenses. We anticipate no foreseeable problems in meeting
current loan commitments. At June 30, 2003, we had outstanding commitments to
extend credit, which amounted to $7.4 million (including $4.3 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.

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

REGULATORY CAPITAL

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



                                       19
<PAGE>

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

REGULATORY CAPITAL

     At June 30, 2003, the Bank was in compliance with all of the aforementioned
capital requirements as summarized below:

<TABLE>
<CAPTION>
                                                                                             June 30, 2003
                                                                                             -------------
                                                                                                (1,000's)
                                                                                                ---------
<S>                                                                                              <C>
Tier I Capital:
         Common stockholders' equity                                                             $10,197
         Unrealized loss (gain) on securities available for sale                                    (410)
         Less disallowed intangible assets                                                           (17)

           Total Tier I capital                                                                    9,770

Tier II Capital:
         Total Tier I capital                                                                      9,770
         Qualifying allowance for loan losses                                                        643

           Total risk-based capital                                                               10,413

Risk-weighted assets                                                                              62,474
Quarter average assets                                                                           107,247

<CAPTION>

                                                                                             To be Well Capitalized
                                                                                                Under the Prompt
                                                                         For Capital            Corrective Action
                                                Actual                Adequacy Purposes            Provisions
                                                ------                -----------------            ----------
                                         Amount         Ratio       Amount          Ratio      Amount          Ratio
                                         ------         -----       ------          -----      ------          -----
<S>                                     <C>            <C>          <C>             <C>         <C>           <C>
As of June 30, 2003:
      Total Risk-Based Capital
       (to Risk-Weighted Assets)        $10,413        16.67%       $4,998          8.00%       $6,247        10.00%
    Tier I Capital
      (to Risk-Weighted Assets)           9,770        15.64%        2,499          4.00%        3,748         6.00%
    Tier I Capital
      (to Average Assets)                 9,770         9.11%        4,290          4.00%        5,362         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.



                                       20
<PAGE>

Item 3.
                             CONTROLS AND PROCEDURES

     With the participation and under the supervision of the Company's
management, including the Company's Chief Executive Officer and Chief Financial
Officer, as of the end of the period covered by the report, the Company's Chief
Executive Officer and Chief Financial Officer have evaluated the effectiveness
of the design and operation of the Company's disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and, based on their
evaluation, have concluded that the disclosure controls and procedures are
effective.




















                                       21
<PAGE>

                            PART II OTHER INFORMATION


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

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

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

Item 4.        Submission of Matters to a Vote of Security Holders
               ---------------------------------------------------
                 None

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

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

               a)   Exhibits

                    1.   Exhibit 11: Statement Regarding Computation of
                         Earnings*

                    2.   Exhibit 31: Section 302 Certifications*

                    3.   Exhibit 32: Section 906 Certification**

               *Filed herewith

               **Furnshed herewith

               b)   Reports on Forms 8-K:

               A report of Form 8-K was furnished May 6, 2003 announcing
               year-end earnings as of March 31, 2003 and the declaration of a
               cash dividend to First Robinson Financial Corporation
               shareholders of record as of June 10, 2003.




                                       22
<PAGE>

                                   SIGNATURES

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

                                    FIRST ROBINSON FINANCIAL
                                    CORPORATION



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

Date: August 13, 2003               /s/ Jamie E. McReynolds
                                    -----------------------
                                    Jamie E. McReynolds
                                    Chief Financial Officer and Vice President












                                       23
<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




 *  Filed herewith

**  Furnished herewith













                                       24