<PAGE>

                                  UNITED STATES

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

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


                For the quarterly period ended December 31, 2004
                                               -----------------


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


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


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


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


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

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

                                  YES X   NO
                                     ---    ---

As of February 8, 2005 the Registrant had 521,749 shares of Common Stock, par
value $0.01, issued and outstanding.


Transitional Small Business Disclosure Format (check one):

                                  YES X   NO
                                     ---    ---


                                        1
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
                              Index to Form 10-QSB

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

    Item 1.     Financial Statements

        Condensed Consolidated Balance Sheets as of December 31, 2004
            And March 31, 2004                                                    3

        Condensed Consolidated Statements of Income for the
            Three-Month and Nine-Month Periods Ended December 31,
            2004 and December 31, 2003                                          4-5

        Condensed Consolidated Statements of Cash Flows for the Nine-Month
            Period Ended December 31, 2004 and December 31, 2003                6-7

        Notes to Condensed Consolidated Financial Statements                    8-12

    Item 2.     Management's Discussion and Analysis or Plan of Operation      13-24


    Item 3.     Controls and Procedures                                           25



PART II OTHER INFORMATION

    Item 1.   Legal Proceedings                                                   26


    Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds         26


    Item 3.   Defaults Upon Senior Securities                                     26


    Item 4.   Submission of Matters to a Vote of Security Holders                 26


    Item 5.   Other Information                                                   26


    Item 6.   Exhibits                                                            26


          SIGNATURES                                                              27


          CERTIFICATIONS                                                       29-31
</TABLE>


                                        2
<PAGE>
<TABLE>
<CAPTION>

Item: 1

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


                                                                                   (Unaudited)
                                                                                 December 31, 2004     March 31, 2004
                                                                                 -----------------     --------------
<S>                                                                                     <C>                 <C>

                                     ASSETS

Cash and cash equivalents                                                               $6,327              $8,485
Available-for-sale securities                                                           26,592              22,747
Loans, net of allowance for loan losses of $686 and $655 at
  December 31, 2004 and March 31, 2004, respectively                                    68,397              64,844
Federal Reserve Bank and Federal Home Loan Bank stock                                      787                 760
Premises and equipment, net                                                              2,725               2,668
Foreclosed assets held for sale, net                                                       ---                 223
Interest receivable                                                                        535                 623
Prepaid income taxes                                                                       ---                  52
Cash surrender value of life insurance                                                   1,234               1,198
Other                                                                                      356                 308
                                                                                           ---                 ---

     Total Assets                                                                     $106,953            $101,908
                                                                                      ========            ========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                                83,484              86,185
Federal Home Loan Bank advances                                                          1,000               1,000
Other borrowings                                                                        10,273               2,902
Advances from borrowers for taxes and insurance                                             65                  95
Accrued income taxes                                                                        80                 ---
Deferred income taxes                                                                       29                 168
Interest payable and other liabilities                                                     595                 615
                                                                                           ---                 ---
     Total Liabilities                                                                  95,526              90,965
                                                                                        ------              ------

Commitments and Contingencies

Stockholders' Equity
Preferred stock, $.01 par value; authorized 500,000 shares,
  no shares issued and outstanding
Common stock, $ .01 par value; authorized 2,000,000 shares; 859,625 shares
  issued; outstanding December 31, 2004 - 521,749 shares; March 31, 2004 -
  517,716 shares                                                                             9                   9
Additional paid-in capital                                                               8,586               8,486
Retained earnings                                                                        7,936               7,522
Unearned incentive plan shares; 7,231 shares                                             (125)               (125)
Unearned ESOP and incentive compensation                                                 (339)               (378)
Treasury stock, at cost                                                                (4,786)             (4,856)
  Common: December 31, 2004 - 330,645 shares; March 31, 2004 - 334,678 shares
Accumulated other comprehensive income                                                     146                 285
                                                                                           ---                 ---
     Total Stockholders' Equity                                                         11,427              10,943
                                                                                        ------              ------

     Total Liabilities and Stockholders' Equity                                       $106,953            $101,908
                                                                                      ========            ========
</TABLE>

See Notes to Condensed Consolidated Financial Statements.


                                        3
<PAGE>
<TABLE>
<CAPTION>

                      FIRST ROBINSON FINANCIAL CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
      For the Three and Nine Month Periods Ended December 31, 2004 and 2003
                      (In thousands, except per share data)
                                   (Unaudited)


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

                                                             2004             2003                   2004          2003
                                                             ----             ----                   ----          ----
<S>                                                         <C>              <C>                    <C>           <C>
Interest and Dividend Income:
  Loans                                                     $1,098           $1,137                 $3,187        $3,434
  Securities:
    Taxable                                                    273              224                    770           699
    Tax-exempt                                                  18               17                     55            49
  Dividends on FRB and FHLB stock                               12               14                     34            39
                                                                --               --                     --            --

  Total Interest and Dividend Income                         1,401            1,392                  4,046         4,221
                                                             -----            -----                  -----         -----

Interest Expense:
  Deposits                                                     296              313                    874         1,038
  Federal Home Loan Bank advances                               16               42                     48           125
  Other borrowings                                              32               12                     63            59
                                                                --               --                     --            --

  Total Interest Expense                                       344              367                    985         1,222
                                                               ---              ---                    ---         -----

    Net Interest Income                                      1,057            1,025                  3,061         2,999

Provision for Loan Losses                                       30               30                    120            75
                                                                --               --                    ---            --

    Net Interest Income After Provision for Loan Losses      1,027              995                  2,941         2,924
                                                             -----              ---                  -----         -----

Non-interest income:
  Charges and fees on deposit accounts                         201              190                    590           547
  Charges and other fees on loans                              (9)                1                    (4)            46
  Net gain on sale of loans                                      8               24                     46           162
  Net realized gain on sale of investments                     ---                6                    ---             6
  Other                                                         56               66                    184           200
                                                                --               --                    ---           ---

    Total Non-Interest Income                                  256              287                    816           961
                                                               ---              ---                    ---           ---

Non-interest expense:
  Compensation and employee benefits                           446              498*                 1,527         1,477*
  Occupancy and equipment                                      137              122                    386           365
  Foreclosed property expense                                    1              ---                      7             5
  Data processing                                               53               43                    144           111
  Audit, legal and other professional                           47               33                    141            99
  Advertising                                                   15               27                     62            67
  Telephone and postage                                         26               20                     69            72
  Loss on sale of foreclosed property                          ---               13                    ---             6
  Other                                                        147              127                    402           371
                                                               ---              ---                    ---           ---

    Total Non-Interest Expense                                 872             883*                  2,738          2,573*
                                                               ---             ---                   -----          -----
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

*The information presented above has been restated to give proper treatment to
the unearned Directors Retirement Plan ("DRP") compensation and the exercise of
options under the Company's Incentive Stock Option Plan. See Note 1 of Notes to
Condensed Consolidated Financial Statements.


                                        4
<PAGE>
<TABLE>
<CAPTION>

                      FIRST ROBINSON FINANCIAL CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
     For the Three and Nine Month Periods Ended December 31, 2004 and 2003
                      (In thousands, except per share data)
                                   (Unaudited)


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

                                                    2004             2003                   2004          2003
                                                    ----             ----                   ----          ----

<S>                                                <C>              <C>                  <C>            <C>
Income before income tax                             411              399*                 1,019          1,312*

  Provision for income taxes                         154              149*                   382            494*
                                                     ---              ---                    ---            ---

    Net Income                                      $257             $250*                  $637           $818*
                                                    ====             ====                   ====           ====

  Earnings Per Share-Basic                         $0.52            $0.51*                 $1.29          $1.69*
  Earnings Per Share-Diluted                       $0.49            $0.48*                 $1.23          $1.58*


COMPREHENSIVE INCOME

Net Income                                          $257             $250                   $637          $818
                                                    ----             ----                   ----          ----

Other Comprehensive Income (Loss):

  Unrealized gains (losses) on securities          (147)               45                  (222)         (264)

  Realized (gains) losses on securities              ---              (6)                    ---           (6)

  Related tax effects                                 55             (15)                     83           101
                                                      --             ----                     --           ---

  Other Comprehensive Income (Loss)                 (92)               24                  (139)         (169)
                                                     ---                                   -----         -----

Comprehensive Income                                $165             $274                   $498          $649
                                                    ====             ====                   ====          ====
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

*The information presented above has been restated to give proper treatment to
the unearned Directors Retirement Plan ("DRP") compensation and the exercise of
options under the Company's Incentive Stock Option Plan. See Note 1 of Notes to
Condensed Consolidated Financial Statements.


                                        5
<PAGE>
<TABLE>
<CAPTION>

                      FIRST ROBINSON FINANCIAL CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
           For the Nine Month Periods Ended December 31, 2004 and 2003
                                 (In thousands)
                                   (Unaudited)


                                                                                       Nine Month Period
                                                                                       -----------------

                                                                                  2004                   2003
                                                                                  ----                   ----
<S>                                                                            <C>                    <C>
Cash flows from operating activities:
    Net income                                                                    $637                   $818*
    Items not requiring (providing) cash:
      Depreciation and amortization                                                213                    196
      Provision for loan losses                                                    120                     75
      Amortization of premiums and discounts on securities                          74                    153
      Amortization of loan servicing rights                                         44                     89
      Compensation related to incentive plans                                      (1)                    ---
      Compensation related to ESOP                                                 113                    106
      Compensation related to the exercise of options                              103                      1*
      Deferred income taxes                                                       (56)                   (14)*
      Federal Home Loan Bank Stock dividends                                      (27)                   (29)
      Originations of mortgage loans held for sale                             (2,681)               (10,021)
      Proceeds from the sale of mortgage loans                                   2,727                 10,183
      Net gain on loans sold                                                      (46)                  (162)
      Net loss on sale of foreclosed property                                      ---                      6
      Realized gain on sale of investments                                         ---                    (6)
    Changes in:
      Interest receivable                                                           88                    22
      Cash surrender value of life insurance                                      (36)                   (37)
      Other assets                                                                (92)                  (136)
      Prepaid income taxes                                                          52                    ---*
      Accrued income taxes                                                          80                   (10)*
      Interest payable and other liabilities                                      (20)                    189*
                                                                                  ----                    ---

       Net cash provided by operating activities                                 1,292                  1,423*
                                                                                 -----                  -----

Cash flows from investing activities:
    Proceeds from maturities of securities available for sale                    2,500                    282
    Purchase of securities available for sale                                 (10,533)               (10,160)
    Federal Reserve Bank Stock purchased                                           ---                   (11)
    Independent Bankers Bank Stock purchased                                       ---                  (100)
    Repayment of principal on mortgage-backed securities                         3,892                  7,481
    Net change in loans                                                        (3,681)                (3,220)
    Proceeds from sale of foreclosed assets                                        231                     13
    Purchase of premises and equipment                                           (270)                  (340)
                                                                                 -----                  -----

       Net cash used in investing activities                                   (7,861)                (6,055)
                                                                               -------                -------
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

*The information presented above has been restated to give proper treatment to
the unearned Directors Retirement Plan ("DRP") compensation and the exercise of
options under the Company's Incentive Stock Option Plan. See Note 1 of Notes to
Condensed Consolidated Financial Statements.


                                        6
<PAGE>
<TABLE>
<CAPTION>

                      FIRST ROBINSON FINANCIAL CORPORATION
                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
           For the Nine Month Periods Ended Decembre 31, 2004 and 2003
                                 (In thousands)
                                   (Unaudited)


                                                                                     Nine Month Period
                                                                                     -----------------

                                                                                2004                  2003
                                                                                ----                  ----
<S>                                                                           <C>                    <C>
Cash flows from financing activities:
    Net (decrease) increase in deposits                                       $(2,701)                   $149
    Advances from Federal Home Loan Bank                                        15,550                  6,500
    Repayment of FHLB Advances                                                (15,550)                (6,500)
    Proceeds from other borrowings                                              52,451                 37,619
    Repayment of other borrowings                                             (45,080)               (40,919)
    Purchase of incentive plan shares                                              (6)                  (225)*
    Dividends paid                                                               (223)                  (207)
    Net decrease in advances
      from borrowers for taxes and insurance                                      (30)                   (54)
                                                                                  ----                   ----

       Net cash provided by (used in) financing activities                       4,411                (3,637)*
                                                                                 -----                -------

Decrease in cash and cash equivalents                                          (2,158)                (8,269)

Cash and cash equivalents at beginning of period                                 8,485                 13,021
                                                                                 -----                 ------

Cash and cash equivalents at end of period                                      $6,327                 $4,752
                                                                                ======                 ======


Supplemental Cash Flows Information

        Interest paid                                                             $975                 $1,256

        Income taxes paid (net of refunds)                                         305                    519

        Sale and financing of foreclosed property                                   14                     68

        Real estate acquired in settlement of loans                                 22                     22
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

*The information presented above has been restated to give proper treatment to
the unearned Directors Retirement Plan ("DRP") compensation and the exercise of
options under the Company's Incentive Stock Option Plan. See Note 1 of Notes to
Condensed Consolidated Financial Statements.


                                        7

<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1.      BASIS OF PRESENTATION

The condensed consolidated financial statements include the accounts of First
Robinson Financial Corporation (the Company) and its wholly owned subsidiary,
First Robinson Savings Bank, National Association (the Bank). All significant
intercompany accounts and transactions have been eliminated in consolidation.
The accompanying condensed consolidated financial statements are unaudited and
should be read in conjunction with the condensed consolidated financial
statements and notes thereto included in the Company's Form 10-KSB filed with
the Securities and Exchange Commission. The accompanying unaudited interim
condensed consolidated financial statements have been prepared in accordance
with the rules and regulations for reporting on Form 10-QSB and, therefore, do
not include information or footnotes necessary for a complete presentation of
financial condition, results of operations, and cash flows in conformity with
accounting principles generally accepted in the United States of America. In the
opinion of management of the Company, the unaudited condensed consolidated
financial statements reflect all adjustments (consisting of normal recurring
adjustments) necessary to present fairly the financial position of the Company
at December 31, 2004 and the results of its operations and cash flows for the
three months and nine months ended December 31, 2004 and 2003. The results of
operations for those months ended December 31, 2004 are not necessarily
indicative of the results to be expected for the full year.

The Condensed Consolidated Balance Sheet of the Company, as of March 31, 2004,
has been derived from the audited Consolidated Balance Sheet for the Company as
of that date.

Certain reclassifications have been made to the 2003 financial statements to
conform to the 2004 financial statement presentation. These reclassifications
had no effect on net income.

The unaudited interim condensed consolidated financial statements for the June,
September and December 2003 periods did not give proper effect to the unearned
Directors' Retirement Plan ("DRP") compensation and the exercise of options
under the Company's Incentive Stock Option Plan. However, the information
presented in the annual report on Form 10-KSB as of March 31, 2004 gave proper
effect to the DRP and the exercise of options. The information presented above
in the consolidated financial statements for the periods ended December 31, 2004
and 2003 also give proper treatment to the DRP and the exercise of options. The
unaudited corrected amounts and the amounts as reported in the interim reports
on Form 10-QSB for June, September and December 2003 are presented in Exhibit
99.

2.      EMPLOYEE STOCK OWNERSHIP PLAN

In connection with the conversion to the stock form of ownership, the Board of
Directors established an employee stock ownership plan (ESOP) for the exclusive
benefit of participating employees. Employees age 21 or older who have completed
one year of service are eligible to participate. Upon the issuance of the common
stock, the ESOP acquired 68,770 shares of $0.01 par value common stock at the
subscription price of $10.00 per share. The Bank makes contributions to the ESOP
equal to the ESOP's debt service less dividends received by the ESOP. 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.
Accordingly, the debt of the ESOP is recorded as debt and the shares pledged as
collateral are reported as unearned ESOP shares in the Condensed Consolidated
balance sheets. As shares are released from collateral, the Bank reports
compensation expense equal to the current market price of the shares, and the
shares become outstanding for earnings-per-share calculations. Dividends on
allocated shares are recorded as a reduction of retained earnings; dividends on
unallocated ESOP shares are recorded as a reduction of debt or accrued interest.
ESOP compensation expense for the three month periods ended December 31, 2004
and 2003 was $38,000 and $38,000 respectively. The expense for the nine-month
periods ended December 31, 2004 and 2003 was $113,000 and $106,000 respectively.

3.      AUTHORIZED SHARE REPURCHASE PROGRAM

On January 18, 2005, the Board of Directors of First Robinson Financial
Corporation approved a repurchase program of its equity stock. The announcement
of the program was filed purusant to Form 8-K. The Company may repurchase up to
25,000 shares of the Company's common stock from time to time, in the open
market, when deemed appropriate by management. The program approved January 18,
2005 will expire on December 31, 2005 or when 25,000 of the Company's
outstanding shares are re-purchased. A previous program approved July 20, 2004
expired on December 31, 2004 with none of the approved 25,000 shares
re-purchased.


                                        8
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


4.      EARNINGS PER SHARE FOR THE THREE MONTH PERIODS

Basic earnings per share is calculated by dividing net income by the weighted
average number of common shares outstanding during the period. Diluted earnings
per share gives effect to the increase in the average shares outstanding which
would have resulted from the exercise of dilutive stock options. The components
of basic and diluted earnings per share for the three months ended December 31,
2004 and 2003 were computed as follows (dollar amounts in thousands except share
data):

<TABLE>
<CAPTION>
                                                                                         Weighted
                                                                                           Average         Per Share
                                                                       Income               Shares           Amount
                                                                       --------------------------------------------
<S>                                                                     <C>                <C>                <C>
For the Quarter Ended December 31, 2004:

Basic Earnings per Share:
    Income available to common stockholders                             $257               496,322            $0.52
                                                                                                              =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                            13,710
  Stock options                                                                             12,535
                                                                                            ------

Diluted Earnings per Share:
    Income available to common stockholders                             $257               522,567            $0.49
                                                                        ===========================================


For the Quarter Ended December 31, 2003:

Basic Earnings per Share:
    Income available to common stockholders                             $250               485,735            $0.51
                                                                                                              =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                            14,052
  Stock options                                                                             20,235
                                                                                            ------

Diluted Earnings per Share:
    Income available for common stockholders                            $250               520,022            $0.48
                                                                        ===========================================
</TABLE>


                                        9
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


4.      EARNINGS PER SHARE FOR THE NINE MONTH PERIODS

Basic earnings per share is calculated by dividing net income by the weighted
average number of common shares outstanding during the period. Diluted earnings
per share gives effect to the increase in the average shares outstanding which
would have resulted from the exercise of dilutive stock options. The components
of basic and diluted earnings per share for the nine months ended December 31,
2004 and 2003 were computed as follows (dollar amounts in thousands except share
data):

<TABLE>
<CAPTION>

                                                                                          Weighted
                                                                                           Average         Per Share
                                                                       Income               Shares           Amount
                                                                       --------------------------------------------
<S>                                                                     <C>                <C>                <C>
For the Nine Month Period Ended December 31, 2004:

Basic Earnings per Share:
    Income available to common stockholders                             $637               493,577            $1.29
                                                                                                              =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                            13,582
  Stock options                                                                             12,476
                                                                                            ------

Diluted Earnings per Share:
    Income available to common stockholders                             $637               519,635            $1.23
                                                                        ===========================================


For the Nine Month Period Ended December 31, 2003:

Basic Earnings per Share:
    Income available to common stockholders                             $818               484,342            $1.69
                                                                                                              =====

Effect of Dilutive Securities:
  Unearned incentive plan shares                                                            13,815
  Stock options                                                                             19,864
                                                                                            ------

Diluted Earnings per Share:
    Income available for common stockholders                            $818               518,021            $1.58
                                                                        ===========================================
</TABLE>


                                       10
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


5.      STOCK-BASED COMPENSATION

In accordance with SFAS No. 148, "Accounting for Stock-Based Compensation -
Transition and Disclosure - an amendment of FASB Statement No. 123" (SFAS 148),
the Company provides disclosures as if the Company had adopted the fair
value-based method of measuring all outstanding employee stock options during
the three and nine month periods ended December 31, 2004 and 2003 as indicated
in the following table. The prospective method of accounting for stock options
that the Company has elected to follow, as allowed by SFAS 148, recognizes the
impact of only newly issued employee stock options. The following table presents
the effect on net income and earnings per share had the fair value-based method
applied to all outstanding and unvested awards for the three and nine month
periods ended December 31, 2004 and 2003. (In thousands, except per share data.)

<TABLE>
<CAPTION>

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

                                                                 2004             2003                   2004          2003
                                                                 ----             ----                   ----          ----
<S>                                                              <C>              <C>                    <C>           <C>
Net income, as reported                                          $257             $250                   $637          $818

Add:  Stock-based employee compensation expense
     included in reported income, net of related tax
     effects                                                      ---               46                    106           120


Deduct:  Total stock-based
    employee compensation expense
    determined under fair value
    based method for all awards,
    net of related tax effects                                    ---             (47)                  (107)         (121)
                                                                  ---             ----                  -----         -----

    Pro forma net income                                         $257             $249                   $636          $817
                                                                 ====             ====                   ====          ====


Earnings per common share - basic:
    As reported                                                 $0.52            $0.51                  $1.29         $1.69

    Pro forma                                                   $0.52            $0.51                  $1.29         $1.69

Earnings per common share - diluted:
    As reported                                                 $0.49            $0.48                  $1.23         $1.58

    Pro forma                                                   $0.49            $0.48                  $1.23         $1.58
</TABLE>

6.      RECENT ACCOUNTING PRONOUNCEMENTS

Generally accepted accounting principals are complex and require management to
apply significant judgements to various accounting, reporting and disclosure
matters. Management of the Company must use assumptions and estimates to apply
these principles where actual measurement is not possible or practical. For a
complete discussion of the Company's significant accounting policies, see "Notes
to the Consolidated Financial Statements" in the Company's 2004 Annual Report.
Certain policies are considered critical because they are highly dependent on
subjective or complex judgements, assumptions and estimates. Changes in such
estimates may have a significant impact on the financial statements. Management
has reviewed the application of these policies with the Audit Committee of the
Company's Board of Directors. For a discussion of applying critical accounting
policies, See "Significant Accounting Policies" beginning on page 30 in the
Company's 2004 Annual Report.


                                       11
<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Emerging Issues Task Force (EITF) Issue 03-1, "The Meaning of
Other-Than-Temporary Impairment and Its Application to Certain Investments."
EITF 03-1 provides application guidance that should be used to determine when an
investment is considered impaired, whether that impairment is
other-than-temporary, and the recognition of an impairment loss. The guidance
also includes accounting considerations subsequent to the recognition of an
other-than-temporary impairment and requires certain disclosures about
unrealized losses that have not been recognized as other-than-temporary
impairments. In September 2004, the FASB delayed the accounting requirements of
EITF 03-1 until additional implementation guidance is issued and goes into
effect.

In March 2004, the SEC issued Staff Accounting Bulletin No. 105, APPLICATION OF
ACCOUNTING PRINCIPALS TO LOAN COMMITMENTS, or SAB 105, which addresses the
application of generally accepted accounting principles to loan commitments
accounted for as derivative instruments. SAB 105 is effective for all mortgage
loan commitments that are accounted for as derivative instruments that are
entered into after March 31, 2004. The implementation of SAB 105 had no material
effect on the Company's Condensed Consolidated financial position or results of
operations.

In December 2004, The Financial Accounting Standards Board (FASB) issued its
STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 123 (REVISED 2004), SHARE-BASED
PAYMENT (STATEMENT 123R), which addresses the accounting for employee stock
options. Statement 123R requires that the cost of all employee stock options, as
well as other equity-based compensation arrangements, be reflected in the
financial statements based on the estimated fair value of the awards. Statement
123R is effective, for public entities that file as small business issuers, as
of the beginning of the first interm or annual reporting period that begins
after December 15, 2005. The impact of the statement cannot be fully determined
at this time.

7.      OTHER-THAN-TEMPORARY IMPAIRMENT OF INVESTMENTS

The following table shows our investments' gross unrealized losses and fair
value, aggregrated by investment catagory and length of time that individual
securities have been in a continuous unrealized loss position at December 31,
2004.

<TABLE>
<CAPTION>

Description of Securities            Less than 12 Months            More Than 12 Months                   Total
-------------------------           -------------------------------------------------------------------------------------
                                                 Unrealized                   Unrealized                      Unrealized
                                     Fair Value    Losses          Fair Value   Losses            Fair Value    Losses
-------------------------           -------------------------------------------------------------------------------------
<S>                                     <C>           <C>            <C>           <C>               <C>           <C>
States and political subdivisions         ---        ---               229         10                  229          10
Mortgage-backed securities              5,122         42             3,380         59                8,502         101
                                        -----         --             -----         --                -----         ---

  Total impaired securities            $5,122        $42            $3,609        $69               $8,731        $111
                                       ======        ===            ======        ===               ======        ====
</TABLE>


                                       12
<PAGE>

Item  2:

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


FORWARD-LOOKING STATEMENTS

When used in this filing and in future filings by 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, ("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.

BUSINESS STRATEGY

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


                                       13
<PAGE>

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


Management has established advisory boards, consisting of six or seven community
members in Oblong and Palestine. These boards, along with the Board of
Directors, believe we should continue to emphasize our three primary strengths.
Those strengths are 1) our staff, which are local, involved, friendly and
service oriented; 2) our locally owned and operated Bank; and 3) our excellent
reputation and community image. The strategic plan identifies the most critical
issue to our success as consistent earnings. Net earnings have remained
relatively consistent. A positive factor in maintaining consistent earnings is
the Bank's overall asset quality, which is very good. The Bank continues to
offer fixed rate residential real estate mortgages through programs with the
Federal Home Loan Bank of Chicago and USDA Rural Development. The non-interest
income generated from these programs has declined as a result of the current
interest rate environment. Our Internet banking service is very popular and the
number of customers actively using the service is increasing. The Internet
banking product has allowed us to provide direct deposit and payroll services to
our business customers. It also allows us to offer cash management and bill
paying. We provide investment brokerage services to our customers through
PrimeVest Financial Services. The service continues to grow and is also
providing non-interest income. We continue to maintain a strong presence in the
community and are pleased to be the only independent community bank in Robinson,
Palestine and Oblong, Illinois. To visit First Robinson Savings Bank on the web
go to www.frsb.net.

ASSET QUALITY

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

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

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

The following table sets forth the Bank's loan delinquencies by type, by amount
and by percentage of type at December 31, 2004.

<TABLE>
<CAPTION>
                                                      Loans Delinquent For:
                     -------------------------------------------------------------------------------------------
                           30-89 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......       4       $92      0.26%       ---       ---       ---         12      $280      0.78%
Commercial and
   agricultural
   real estate......       1         5      0.03        ---       ---       ---          1        31      0.20
   Construction,
   land                  ---       ---       ---        ---       ---       ---        ---       ---       ---
Consumer............       7        32      0.70        ---       ---       ---        ---       ---       ---
Commercial
   business and
   agricultural
   finance..........       1         2      0.02        ---       ---       ---        ---       ---       ---
                     --------  --------  --------   --------  --------  --------   --------  --------  --------

     Total..........      13      $131     0.19%        ---       ---       ---         13      $311      0.45%
                     ========  ========  ========   ========  ========  ========   ========  ========  ========

(CONTINUED)

                         Total Delinquent Loans
                     ----------------------------
                                         Percent
                                         of Loan
                      Number    Amount   Category
                     --------  --------  --------
                        (Dollars in thousands)
Real Estate:
   One- to
   four-family......      16      $372      1.04%
Commercial and
   agricultural
   real estate......       2        36      0.23
   Construction,
   land                  ---       ---       ---
Consumer............       7        32      0.70
Commercial
   business and
   agricultural
   finance..........       1         2      0.02
                     --------  --------  --------

     Total..........      26      $442      0.64%
                     ========  ========  ========
</TABLE>

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


                                       14
<PAGE>

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

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

                                        December       March        December
                                           31,          31,            31,
                                      ----------------------------------------
                                          2004          2004          2003
                                      ------------  ------------  ------------

Non-accruing loans:
  One- to four-family................         $280          $302          $360
  Commercial and agricultural
    real estate......................           31          ---           139
  Construction, land.................          ---           58            22
  Consumer...........................          ---            1             1
  Commercial business and
     agricultural finance............          ---          ---             1
                                      ------------  ------------  ------------
       Total.........................          311          361           523
                                      ------------  ------------  ------------

Accruing loans delinquent more
  than 90 days:
  One- to four-family................          ---          ---           ---
  Commercial and agricultural
     real estate.....................          ---          ---           137
  Consumer...........................          ---          ---           ---
  Commercial business and
     agricultural finance............          ---          ---           ---
                                      ------------  ------------  ------------
       Total.........................          ---          ---           137
                                      ------------  ------------  ------------

Foreclosed assets:
  One- to four-family................          ---           88            22
  Commercial and agricultural
     real estate.....................          ---          135           ---
  Consumer...........................          ---          ---           ---
                                      ------------  ------------  ------------
       Total.........................          ---          223            22
                                      ------------  ------------  ------------

Total non-performing assets..........         $311         $584          $682
                                      ============  ============  ============
Total as a percentage of total
  assets.............................        0.29%        0.57%         0.68%
                                      ============  ============  ============

Gross interest income which would have been recorded had the non-accruing loans
been current in accordance with their original terms amounted to approximately
$6,000 for the three months and $15,000 for the nine months ended December 31,
2004 and $8,000 for the three months and $25,000 for the nine months ended
December 31, 2003.

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.


                                       15
<PAGE>

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

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

In connection with the filing of its periodic reports with the OCC and in
accordance with its classification of assets policy, the Bank regularly reviews
loans in its portfolio to determine whether such assets require classification
in accordance with applicable regulations. On the basis of management's review
of its assets, at December 31, 2004, the Bank had classified a total of $449,000
of its assets as substandard and $445,000 as doubtful or loss. At December 31,
2004, total classified assets comprised $894,000, or 8.3% of the Bank's capital,
and 0.8% of the Bank's total assets.

OTHER LOANS OF CONCERN. As of December 31, 2004, there were $5.2 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 the fair
market value minus 20% of the fair market value if the property is appraised at
$50,000 or less. If the property is appraised at greater than $50,000, then the
property is recorded at the market fair value less 10% of the fair market value.
If fair value at the date of foreclosure is lower than the balance of the
related loan, the difference will be charged-off to the allowance for loan
losses at the time of transfer. Valuations are periodically updated by
management and if the value declines, a specific provision for losses on such
property is established by a charge to operations. At December 31, 2004, 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 December 31, 2004, the Bank had a total allowance for loan
losses of $686,000, representing 1.00% of the Bank's loans, net. At March 31,
2004, the Bank's total allowance for loan losses to the Bank's loans, net was at
1.01%.


                                       16
<PAGE>

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


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

<TABLE>
<CAPTION>
                                           December 31, 2004                              March 31, 2004
                             --------------------------------------------  ---------------------------------------------

                                                              Percent of                                    Percent of
                               Amount of        Loan        Loans in Each     Amount of        Loan        Loans in 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........          $167       $35,954          51.81%            $102        $34,400        52.49%
Multi-family...............           ---           600            0.86             ---            459          0.70
Commercial and
  agricultural real estate.           303        15,890           22.90             237         14,295         21.81
Construction or
  development..............            17         1,308            1.89              27            857          1.31
Consumer and other loans               13         4,655            6.71              12          5,129          7.83
State and Municipal
  Governments..............           ---         1,186            1.71             ---          1,227          1.87
Commercial business
  and agricultural
  finance..................           151         9,798           14.12             241          9,170         13.99
                                                  -----           -----                          -----         -----
Unallocated................            35                                            36
                                       --                                            --
     Total.................          $686       $69,391         100.00%           $ 655        $65,537       100.00%
                                     ====       =======         =======           =====        =======       =======
</TABLE>

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

<TABLE>
<CAPTION>

                                                      Three Months Ended      Nine Months Ended
                                                         December 31,           December 31,
                                                    -----------------------------------------------
                                                       2004        2003         2004        2003
                                                    ----------  ----------   ----------  ----------
                                                                (Dollars in thousands)
<S>                                                       <C>         <C>        <C>         <C>
Balance at beginning of period...............             $687        $676       $655        $619

Charge-offs:
  One- to four-family........................               37           8         54           8
  Construction, land or
    development..............................              ---         ---         43         ---
  Commercial and agricultural real estate....              ---         ---        ---         ---
  Consumer...................................                3          24          5          32
  Commercial business and agricultural
    finance..................................              ---         ---          2         ---
  Other loans................................                7         ---         16         ---
                                                    ----------  ----------   ----------  ----------
Total charge-offs                                           47          32        120          40
                                                    ----------  ----------   ----------  ----------

Recoveries:
  One- to four-family........................                2         ---          3         ---
  Commercial and agricultural real estate....              ---         ---          2         ---
  Consumer...................................                1           6          5          18
  Commercial business and agricultural
    finance..................................                8         ---         11           8
  Other loans................................                5         ---         10         ---
                                                    ----------  ----------   ----------  ----------
Total recoveries.............................               16           6         31          26
                                                    ----------  ----------   ----------  ----------

Net charge-offs (recoveries).................               31          26         89          14
Additions charged to operations..............               30          30        120          75
                                                    ----------  ----------   ----------  ----------
Balance at end of period.....................             $686        $680       $686        $680
                                                    ==========  ==========   ==========  ==========

Ratio of net charge-offs during the period
  to average loans outstanding during the
  period.....................................            0.05%       0.04%      0.14%       0.02%
                                                    ==========  ==========   ==========  ==========

Ratio of net charge-offs during the period
  to average non-performing assets...........            6.58%       4.82%     15.82%       2.94%
                                                    ==========  ==========   ==========  ==========
</TABLE>


                                       17

<PAGE>

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


OVERVIEW

First Robinson Financial Corporation is the holding company for Fist Robinson
Savings Bank, National Association. The Company is headquartered in Robinson,
Illinois and operates three full service offices and one drive-up facility in
Crawford County. The Company earned $637,000 for the first nine months of the
fiscal year 2004, versus $818,000 in the same period of 2003, a decrease of
22.1%. Earnings were negatively impacted by a $145,000 decrease in non-interest
income, a $165,000 increase in non-interest expense and a $45,000 increase in
the provision for loan losses. Offsetting these negative impacts was an increase
of $62,000 in net interest income. Basic earnings per share for the 2004 nine
month fiscal period were $1.29 per share versus $1.69 per share for the same
period of 2003. Diluted earnings per share reflect the potential dilutive impact
of stock options granted under the stock option plan. Diluted earnings per share
for the nine months of fiscal 2004 were $1.23 per share, versus $1.58 per share
for the nine months of fiscal 2003.

Net income for the December 2004 quarter was $257,000, an increase of 2.8%
versus $250,000 for the comparable period of 2003. Basic earnings per share for
the third quarter of fiscal 2004 were $0.52 per share, versus $0.51 per share
for the third quarter of fiscal 2003. Diluted earnings per share for the third
quarter of fiscal 2004 were $0.49 per share, versus $0.48 per share for the
third quarter of fiscal 2003.

RESULTS OF OPERATIONS

NET INTEREST INCOME

For the three-month period ended December 31, 2004, net interest income totaled
$1.057 million, an increase of 3.1%, or $32,000 over the same period of 2003.
Net interest income increased in the three-month period ended December 31, 2004
versus the comparable period of 2003 primarily due to a $4.880 million, or 5.2%,
increase of average-earning assets. For the three-month period ended December
31, 2004, the net interest margin declined 9 basis points to 4.27%, versus the
comparable period of 2003. For the nine-month period ended December 31, 2004,
net interest income totaled $3.061 million, an increase of 2.1%, or $62,000
versus the same period of 2003. Net interest income increased in the nine-month
period of 2004 versus the comparable period of 2003, primarily due to an 11
basis point raise in the net interest margin from 4.09% to 4.20%.

During the December 2004 quarter, total interest and dividend income increased
$9,000, or 0.6%, to $1.401 million, versus $1.392 million during the same
quarter of 2003. For the three-month period ended December 31, 2004, the yield
on average-earning assets decreased 25 basis points to 5.66% from the yield of
5.91% for the three-month period ended December 31, 2003. During the first nine
months of fiscal 2005, total interest and dividend income decreased by $175,000,
or 4.1%, to $4.046 million, versus $4.221 million during the first nine months
of fiscal 2004. The yield on average earning assets decreased by 21 basis points
to 5.55% for the nine-month period ended December 31, 2004 versus 5.76% in the
same period of 2003.

The average daily loan balances for the quarter ended December 31, 2004
increased $359,000, or 0.5%, to $67.058 million, versus $66.699 million for the
same period of 2003. During the same period, loan interest income decreased by
$39,000, or 3.4%, to $1.098 million versus $1.137 million during the quarter
ended December 31, 2003. The yield on loans decreased 27 basis points to 6.55%
from 6.82% for the December 31, 2004 quarter compared to the December 2003
quarter. The average daily loan balances for the nine-month period ending
December 31, 2004 decreased 1.5% to $65.521 million, versus the average daily
loan balances of $66.545 million for the same period of 2003. During the same
period, loan interest income declined by $247,000, or 7.2%, to $3.187 million.
The decrease was the result of a 39 basis point decrease in the yield on loans
to 6.49% from 6.88% in the same nine-month period of 2003.

The average daily securities balances for the third quarter of fiscal 2005
increased $4.707 million, or 19.9%, to $28.380 million, versus $23.673 million
for the same period of fiscal 2004. During the same period, income from
securities increased by $48,000, or 18.8%, to $303,000 versus $255,000 during
the third quarter of fiscal 2004. The increase was primarily the result of the
large increase in securities held, offset by a 4 basis point decrease in the
yield on securities, to 4.27%, versus 4.31% in the third quarter of fiscal 2004.
The average daily securities balances for the first nine months of fiscal 2005
increased $3.255 million, or 13.7%, to $27.060 million, versus $23.804 million
for the same period of 2004. During the same periods, income from securities
increased by $72,000, or 9.1%, to $859,000 versus $787,000 during the nine
months of fiscal 2004. The increase in interest income was primarily the result
of the $3.255 million increase in securities held, but was, offset by an 18
basis point decline in the yields on securities, to 4.23% versus 4.41% in the
nine months of fiscal 2004.


                                       18
<PAGE>

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


Total interest expense decreased $23,000, or 6.3%, to $344,000 for the
three-month period ended December 31, 2004, from $367,000 for the comparable
period in 2003. The decrease was primarily the result of a 17 basis point
decrease in the Company's daily cost of funds to 1.63%, versus 1.80% for the
same period of 2003. Total interest expense decreased $237,000, or 19.4%, to
$985,000 for the nine-month period ended December 31, 2004, from $1.222 million
for the comparable period in 2003. The decrease was primarily the result of a 36
basis point decrease in the Company's daily cost of funds to 1.58%, versus 1.94%
for the same period of 2003.

On an average daily basis, total interest-bearing deposits increased $647,000,
or 8.6%, to $75.507 million for the three-month period ended December 31, 2004,
versus $74.860 million in the same period in 2003. The average cost of funds
decreased by 10 basis points to 1.57% for the December 2004 quarter versus
December 2003 quarter at 1.67%. The average daily balance of interest-bearing
deposits for the nine-month period ended December 2004 also increased by $1.118
million, or 1.5%, to $75.986 million from $74.868 million. When comparing the
average cost of funds for the December 2004 nine-month period to the same period
ending December 31, 2003 there was a decrease of 32 basis points from 1.85% to
1.53%.

Average daily balances of long-term borrowings decreased $2.000 million, or
67.7%, to $1.000 million for the three-months and nine months ended December 31,
2004 versus $3.0 million for the same period in 2003. The rate on the long-term
borrowings decreased 20 basis points, when comparing the three and nine month
periods of 2004 with the same periods of 2003.

For the three-months ended December 31, 2004 versus the three-months of the same
period of 2003, the average daily balance of short-term borrowings increased
$4.430 million, or 127.8%, from $3.467 million to $7.897 million. The average
cost of funds also increased for the December 2004 quarter by 22 basis points
from 1.47% to 1.69%. The average daily balance of short-term borrowings for the
nine-months ended December 31, 2004 increased by $121,000, or 2.0%, to $6.175
million from $6.054 million for the nine-month period ending December 31, 2003.
The average cost of funds also increased by 16 basis points to 1.48% from 1.32%
when comparing the nine-months of 2004 to the same period in 2003.

PROVISION FOR LOAN LOSSES

Based on management's review of the adequacy of the allowance for loan losses,
provisions for losses on loans of $30,000 and $120,000 were recorded during the
three-month and nine-month periods ended December 31, 2004, versus provisions of
$30,000 and $75,000 recorded during the same periods of 2003. The increase in
the provision for loan losses for the periods ended December 31, 2004 reflected
a number of factors, including the level of charge-offs, management's overall
view on current credit quality, and the amount and status of impaired loans.


                                       19
<PAGE>

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


NON-INTEREST INCOME

Non-interest income categories for the three and nine-month periods ended
December 31, 2004 and 2003 are shown in the following table:

<TABLE>
<CAPTION>
                                                         Three Months Ended
                                                            December 31,
                                               ------------------------------------
Non-interest income:                            2004            2003      % Change
                                                ----            ----      --------
                                                           (In thousands)
<S>                                              <C>             <C>         <C>
  Charges and fees on deposit accounts           201             190         5.8%
  Charges and other fees on loans                (9)               1      (10.0)
  Net gain on sale of loans                        8              24      (66.7)
  Net realized gain on sale of investments       ---               6     (100.0)
  Other                                           56              66      (15.2)
                                                 ---             ---      ------

    Total Non-Interest Income                    256             287      (10.8)%
                                                 ===             ===      ======


                                                         Nine Months Ended
                                                            December 31,
                                               ------------------------------------
Non-interest income:                            2004            2003      % Change
                                                ----            ----      --------
                                                           (In thousands)
  Charges and fees on deposit accounts           590             547         7.9%
  Charges and other fees on loans                (4)              46     (108.7)
  Net gain on sale of loans                       46             162      (71.6)
  Net realized gain on sale of investments       ---               6     (100.0)
  Other                                          184             200       (8.0)
                                                 ---             ---      ------

    Total Non-Interest Income                    816             961      (15.1)%
                                                 ===             ===      ======
</TABLE>

Charges and fees on deposit accounts increased $11,000 and $43,000,
respectively, in the three-month and nine-month periods ended December 31, 2004
versus the same periods in 2003. The increases in 2004 were primarily due to the
Bounce Protection program started in May 2003.

Charges and other fees on loans were down significantly in both the three and
nine-month periods when compared to the same periods in 2003 due to the
adjustment of mortgage servicing rights on previously sold loans that the Bank
re-purchased.

The decrease in gains on the sale of mortgages resulted primarily from a
decrease in the volume of mortgages sold during both the three-month and
nine-month periods ended December 31, 2004 versus the same periods in 2003.
During the third quarter of fiscal 2004, the Company sold $402,000 in mortgages
versus $965,000 in the same quarter of 2003. During the first nine months of
fiscal 2004, the Company sold $2.340 million in mortgages versus $9.657 million
in the comparable period of 2003. The decreases in volume in 2004 were primarily
the result of rising mortgage rates during 2004, which has resulted in decreased
mortgage refinance activity and decreased demand for home mortgages. Management
does not expect that the high level of mortgage sales gains experienced during
fiscal 2003 will be repeated during the remainder of this fiscal year.

Other income consists of normal recurring fee income such as commissions from
PrimeVest Investment Services, our investment brokerage service, the cash value
of life insurance recognized, ATM/Debit card interchange income and fees, and
safe deposit box rent, as well as other income that management classifies as
non-recurring. Other income decreased $10,000 and $16,000, respectively, in the
three and nine-month periods ended December 31, 2004 versus the same period of
2003. The primary driver behind the decreases in the three and nine-month
periods were attributed to the decrease in commissions from the investment
brokerage service.


                                       20
<PAGE>

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


NON-INTEREST EXPENSE

Non-interest expense categories for the three and nine-month periods ended
December 31, 2004, and 2003 are shown in the following table:

<TABLE>
<CAPTION>
                                                                Three Months Ended
                                                                    December 31,
                                                          ------------------------------
                                                            2004       2003     % CHANGE
                                                            ----       ----     --------
Non-interest expense:                                             (In thousands)
<S>                                                         <C>        <C>       <C>
  Compensation and employee benefits                        446        498*      (10.4)%
  Occupancy and equipment                                   137        122        12.3
  Foreclosed property expense                                 1        ---         ---
  Data processing                                            53         43        23.3
  Audit, legal and other professional                        47         33        42.4
  Advertising                                                15         27       (44.4)
  Telephone and postage                                      26         20        30.0
  Loss on sale of foreclosed property                       ---         13      (100.0)
  Other                                                     147        127        15.7
                                                            ---        ---        ----

    Total Non-Interest Expense                              872        883*       1.2%
                                                            ===        ===        ====


                                                                 Nine Months Ended
                                                                    December 31,
                                                          ------------------------------
                                                            2004       2003     % CHANGE
                                                            ----       ----     --------
Non-interest expense:                                             (In thousands)
  Compensation and employee benefits                      1,527      1,477*        3.4%
  Occupancy and equipment                                   386        365         5.8
  Foreclosed property expense                                 7          5        40.0
  Data processing                                           144        111        29.7
  Audit, legal and other professional                       141         99        42.4
  Advertising                                                62         67        (7.5)
  Telephone and postage                                      69         72        (4.2)
  Loss on sale of foreclosed property                       ---          6      (100.0)
  Other                                                     402        371         8.4
                                                            ---        ---         ---

    Total Non-Interest Expense                            2,738      2,573*       6.4%
                                                          =====      =====        ====
</TABLE>

Salaries and employee benefits decreased when comparing the December 2004 and
2003 quarters; however, the increase in the nine-month period is related to the
cost of the exercised options, insurance benefits and normal pay increases.
Total full-time equivalent employees remained stable with 45 at December 31,
2004 and December 31, 2003.

The increase in occupancy and equipment expense and data processing for both the
three and nine-month periods reflects the costs associated with the
implementation of the check and document imaging systems.

Audit, legal and other professional fees increased primarily due to the
compliance costs associated with the Sarbanes-Oxley legislation.

Other expense includes miscellaneous operating expenses such as office supplies,
ATM/Debit card interchange fees, check processing fees, federal deposit
insurance premiums and assessments by the bank regulators among others. A
portion of the increase in other expenses for the nine-month period was the loss
from a $9,800 fraudulent cashiers check. Management has implemented increased
training of bank personnel regarding fraudulent activities, has implemented a
call procedure to verify the validity of cashiers checks and has assisted the
local media in alerting the general public.

                                       21
<PAGE>

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

INCOME TAX EXPENSE

Income tax expense increased $5,000, or 3.4%, for the three-month ending
December 31, 2004, compared to the same period in 2003. Income tax expense for
the nine-moth period decreased $112,000, or 22.7%, compared to the same period
of 2003. The combined state and federal income tax expense as a percentage of
income before income tax expense increased to 37.5% during the three-month
period of 2004 compared to 37.3% during the same period in 2003. It decreased to
37.5% for the nine-month period ending December 31, 2004, versus 37.7% for the
same period of 2003.

FINANCIAL CONDITION

Total assets of the Company were $106.953 million as of December 31, 2004, an
increase of $5.045 million, or 5.0%, when compared to $101.908 million as of
March 31, 2004. Total cash and cash equivalents decreased by $2.158 million, or
25.4%, to $6.327 million at December 31, 2004 from $8.485 million at March 31,
2004. Total securities available-for-sale increased by $3.845 million, or 16.9%,
to $26.592 million at December 31, 2004 from $22.747 million at March 31, 2004.
The increase was a result of the purchase of $10.533 million in securities. This
increase was offset by securities paydowns totaling $3.892 million, the
amortization of premiums, net of the accretion of discounts totaling $74,000 and
the maturities and calls of securities of $2.5 million. The market value of the
securities also decreased by $222,000. The investment portfolio is managed to
limit the Company's exposure to risk by containing mostly mortgage-backed
securities and other securities which are either directly or indirectly backed
by the federal government or a local municipal government.

Total loans, net increased by $3.553 million, or 5.5%, to $68.397 million at
December 31, 2004 from $64.844 million at March 31, 2004. The mix of loan types
within the Company's portfolio was virtually unchanged from March 31, 2004. Real
estate, both residential and non-residential was at 77.5%, commercial at 15.8%,
and 6.7% in consumer loans.

Total deposits decreased by $2.701 million, or 3.1%, to $83.484 million at
December 31, 2004 from $86.185 million at March 31, 2004. The decrease resulted
from decreases of $592,000 in certificates of deposit, $1.458 million in savings
accounts and $549,000 in NOW accounts and $1.013 million in Money market
accounts. Offsetting these decreases was an increase of $911,000 in demand
deposits.

Total short-term other borrowings, which consist entirely of repurchase
agreements, increased by $7.371 million, or 254.0%, to $10.273 million at
December 31, 2004 from $2.902 million at March 31, 2004. The increase is the
result of an influx of federal and state grants and loans to a newly constructed
facility in Crawford County. The Company anticipates a decrease in these funds
in approximately the third quarter of calendar year 2005.

Long-term borrowings decreased by $2.000 million, or 66.6%, to $1.000 million at
December 31, 2004 from $3.000 million at December 31, 2003. Long-term borrowings
are primarily long-term advances from the Federal Home Loan Bank of Chicago.

Total stockholders' equity increased by $484,000, or 4.4%, to $11.427 million at
December 31, 2004 from $10.943 million at March 31, 2004. Net income of
$637,000, plus the increase of $209,000 in combined additional paid in capital,
unearned incentive plan shares and treasury stock issued for the exercise of
stock options were the additions to capital. These increases were offset by the
payment of $223,000 in dividends and the decrease in other comprehensive income
of $139,000.

                                       22
<PAGE>

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


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, 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 December 31, 2004 we had $1.0 million in fixed-rate fixed-term advances from
the FHLB of Chicago outstanding resulting in no change from March 31, 2004. 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 funding commitments. At December 31, 2004, we had outstanding
commitments to extend credit, which amounted to $8.2 million (including $5.4
million, in readily 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 OCC regulations. The Bank is also subject to an OCC leverage capital
requirement, which calls for a minimum ratio of Tier I capital to quarterly
average total assets of 3% to 5%, depending on the institution's composite
ratings as determined by its regulators. Both the Bank and the Company are
considered well-capitalized under federal regulations.

                                       23
<PAGE>

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


REGULATORY CAPITAL

At December 31, 2004, the Bank was in compliance with all of the aforementioned
capital requirements as summarized below:

<TABLE>
<CAPTION>
                                                                                 December 31, 2004
                                                                                 -----------------
                                                                                   (In Thousands)
                                                                                   --------------
<S>                                                                                     <C>
Tier I Capital:
         Common stockholders' equity                                                    10,818
         Unrealized loss (gain) on securities available for sale                         (146)
         Less disallowed intangible assets                                                (15)

           Total Tier I capital                                                         10,657

Tier II Capital:
         Total Tier I capital                                                           10,657
         Qualifying allowance for loan losses                                              686

           Total risk-based capital                                                     11,343

Risk-weighted assets                                                                    64,640
Quarter average assets                                                                 105,300

<CAPTION>
                                                                                              To be Well Capitalized
                                                                                                  Under the Prompt
                                                                         For Capital              Corrective Action
                                                Actual                Adequacy Purposes              Provisions
                                                ------                -----------------              ----------
                                         Amount         Ratio       Amount          Ratio        Amount          Ratio
                                         ------         -----       ------          -----        ------          -----
<S>                                      <C>           <C>           <C>            <C>            <C>          <C>
As of December 31, 2004:
     Total Risk-Based Capital
       (to Risk-Weighted Assets)         11,343        17.55%        5,171          8.00%          6,464        10.00%
    Tier I Capital
      (to Risk-Weighted Assets)          10,657        16.49%        2,586          4.00%          3,878         6.00%
    Tier I Capital
      (to Average Assets)                10,657        10.12%        4,212          4.00%          5,265         5.00%
</TABLE>

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

                                       24
<PAGE>

Item:  3
                      FIRST ROBINSON FINANCIAL CORPORATION
                             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.

                                       25
<PAGE>

                            PART II OTHER INFORMATION

Item 1.           LEGAL PROCEEDINGS
                   None

Item 2.           UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
                   The following table provides information about purchases by
                   the Company for the quarter ended December 31, 2004 regarding
                   the Company's common stock.

<TABLE>
<CAPTION>
<S>                                                                           <C>
PURCHASES OF EQUITY SECURITIES BY COMPANY (1)
----------------------- ------------------- ---------------------- ------------------------ -------------------------
Period                  Total Number of     Average Price Paid     Total Number of Shares   Maximum Number of
                        Shares Purchased    per Share              Purchased as Part of     Shares that May Yet Be
                                                                   Publicly Announced       Purchased Under the
                                                                   Plans or Programs        Plans or Programs
----------------------- ------------------- ---------------------- ------------------------ -------------------------
10/1/2004 - 10/31/2004   ---                --                     ---                      25,000
------------------------ ------------------ ---------------------- ------------------------ -------------------------
11/1/2004 - 11/30/2004   ---                --                     ---                      25,000
------------------------ ------------------ ---------------------- ------------------------ -------------------------
12/1/2004 - 12/31/2004   ---                --                     ---                      25,000
------------------------ ------------------ ---------------------- ------------------------ -------------------------
Total                    ---                --                     ---                      25,000
------------------------ ------------------ ---------------------- ------------------------ -------------------------
</TABLE>
(1)     On July 20, 2004, the Board of Directors authorized the open-market
        repurchase of up to 25,000 shares of the Company's outstanding stock
        with the program to expire December 31, 2004. As of December 31, 2004,
        the program has expired with none of the 25,000 shares being
        repurchased. On January 18, 2005, the Board of Directors of First
        Robinson Financial Corporation again approved a repurchase program of
        its equity stock. The Company may repurchase up to 25,000 shares of the
        Company's common stock from time to time, in the open market, when
        deemed appropriate by management. The program approved January 18, 2005
        will expire on December 31, 2005 or when 25,000 of the Company's
        outstanding shares are purchased. As of December 31, 2004, the number of
        shares held in Treasury are 330,645.


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

                a.      Exhibit 31: Section 302 Certifications

                b.      Exhibit 32: Section 906 Certification

                c.      Exhibit 99: Condensed Consolidated Balance Sheets,
                        Condensed Consolidated Statements of Income and
                        Condensed Consolidated Statements of Cash Flows for the
                        periods ended June 2003, September 2003, December 2003.

                                       26
<PAGE>

                                   SIGNATURES

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

                                      FIRST ROBINSON FINANCIAL
                                      CORPORATION



Date:    FEBRUARY 11, 2005            /s/ Rick L. Catt
         -----------------            ----------------
                                      Rick L. Catt
                                      President and Chief Executive Officer

Date:    FEBRUARY 11, 2005            /s/ Jamie E. Mcreynolds
         -----------------            -----------------------
                                      Jamie E. McReynolds
                                      Chief Financial Officer and Vice President

                                       27
<PAGE>

                                  EXHIBIT INDEX



EXHIBIT NO.


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

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

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

99      Condensed Consolidated Balance Sheets, Condensed Consolidated Statements
        of Income and Condensed Consolidated Statements of Cash Flows for the
        periods ended June 2003, September 2003 and December 2003

                                       28