[Roebling Financial Corp, Inc. Letterhead]

To our Shareholders and Customers:

On behalf of our Directors, officers and staff, I am pleased to present the 2003
Annual Report to Shareholders. During the fiscal year ending September 30, 2003,
your bank completed a major upgrade of its internal computer system and network.
This new system allows us to provide complete platform automation to service our
customers more efficiently, and provides the ability to expand product lines. We
can also now develop web-based products to serve our depositors in the future.

Interest rates continue to be at the lowest level in over thirty years, creating
a challenge to our investment and loan  portfolios.  While much of our attention
was devoted to our new operating systems, the bank was able to increase loans by
21%, or $9.6 million,  over the prior year.  While pre-tax  income  exceeded the
prior year, net income for the period decreased slightly.

Total assets  increased  $5.5  million,  or 7%, while  deposits  increased  $4.0
million,  or 5%, during the fiscal year. With our new operating system in place,
we are prepared for the exciting new  opportunities of this next year. We remain
grateful to our  customers for their  business,  our employees and directors for
their tireless efforts, and our shareholders for their confidence and support.

                                           Sincerely,


                                           /s/Frank J. Travea, III
                                           -------------------------------------
                                           Frank J. Travea, III
                                           President and Chief Executive Officer

<PAGE>

                          Roebling Financial Corp, Inc.
Corporate Profile

         On January  31,  2000,  our wholly  owned  subsidiary,  Roebling  Bank,
completed its reorganization  and formed us as their parent holding company.  As
part of the reorganization, Roebling Bank's stockholders became our stockholders
and Roebling  Financial  Corp.,  MHC became our majority  stockholder.  Roebling
Financial  Corp.,  MHC,  which is owned  and  controlled  by the  depositors  of
Roebling  Bank, was formed as Roebling  Bank's mutual  holding  company in 1997.
Roebling Financial Corp., MHC conducts no significant  business or operations of
its own.

         We currently conduct our business through Roebling Bank with three full
service offices located in Roebling and New Egypt,  New Jersey and a loan center
also located in Roebling, New Jersey. We offer a broad range of deposit and loan
products to individuals,  families and small businesses.  At September 30, 2003,
we had  consolidated  assets of $87.7 million,  deposits of $78.4  million,  and
stockholder's equity of $7.2 million.

Stock Market Information

         Our common stock is traded on the OTC Bulletin  Board under the trading
symbol of "ROEB".  The following  table  reflects  high and low bid  quotations.
Prior to January 31, 2000,  Roebling  Bank's common stock also traded on the OTC
Bulletin Board under the symbol of "ROEB." The quotations  reflect  inter-dealer
prices, without retail mark-up,  mark-down, or commission, and may not represent
actual transactions.

                                                                   Dividends
               Date                         High ($)    Low ($)    Declared($)
               ----                         --------    -------    -----------

October 1, 2001 to December 31, 2001         16.50       14.00        --
January 1, 2002 to March 31, 2002            18.00       15.05        --
April 1, 2002 to June 30, 2002               20.00       16.50        --
July 1, 2002 to September 30, 2002           19.50       17.10        --
October 1, 2002 - December 31, 2002          20.50       19.00        --
January 1, 2003 - March 31, 2003             20.75       19.40        --
April 1, 2003 - June 30, 2003                22.00       20.50        --
July 1, 2003 - September 30, 2003            22.00       20.90        --

         The  number of  shareholders  of record of common  shares on the record
date of  December  5, 2003,  was  approximately  173.  This does not reflect the
number of persons or entities who held stock in nominee or "street" name through
various  brokerage  firms. At December 5, 2003, there were 425,500 common shares
outstanding.  We may not declare or pay a cash  dividend on any of our shares if
the effect of the declaration or payment of dividends would cause our regulatory
capital to be reduced below (1) the amount required for the liquidation  account
established in connection with the reorganization, or (2) the regulatory capital
requirements imposed by the Office of Thrift Supervision.

                                       2
<PAGE>

Selected Financial Information

                                          At or for the Year Ended September 30,
                                                    (Dollars in thousands,
                                                    except selected ratios)

                                                 2003        2002        2001
                                               --------    --------    --------
Selected Balance Sheet Data:
Assets .....................................   $ 87,744    $ 82,217    $ 73,132
Loans receivable (net) .....................     55,362      45,731      43,096
Deposits ...................................     78,408      74,361      66,200
Shareholders' equity .......................      7,180       6,732       5,975

Selected Results of Operations:
Interest income ............................   $  4,380    $  4,494    $  4,304
Interest expense ...........................      1,175       1,419       1,745
Net interest income ........................      3,205       3,075       2,559
Non-interest income ........................        501         440         402
Non-interest expense .......................      2,686       2,480       2,232
Net income .................................        559         582         387

Selected Ratios:
Return on average assets ...................        .65%        .76%        .62%
Return on average equity ...................       7.85        9.16        6.66
Average equity to average assets ...........       8.31        8.27        9.32
Equity to assets at period end .............       8.18        8.19        8.17
Net interest rate spread ...................       3.63        3.81        3.72
Net yield on average interest-earning assets       3.95        4.23        4.38
Non-performing loans to total assets .......        .09           -         .21
Non-performing loans to total loans (net) ..        .14           -         .35
Earnings per share - basic .................   $   1.34    $   1.40    $    .93
Earnings per share - diluted ...............   $   1.33    $   1.39    $    .93
Average number of shares outstanding .......    425,500     425,500     425,500

                                       3
<PAGE>

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Forward-Looking Statements

         The Private  Securities  Litigation  Reform Act of 1995  contains  safe
harbor  provisions  regarding  forward-looking  statements.  When  used  in this
discussion, the words "believes", "anticipates",  "contemplates", "expects", and
similar expressions are intended to identify  forward-looking  statements.  Such
statements  are  subject to certain  risks and  uncertainties  which could cause
actual  results to differ  materially  from  those  projected.  Those  risks and
uncertainties  include changes in interest  rates,  the ability to control costs
and expenses and general  economic  conditions.  We undertake no  obligation  to
publicly  release  the  results  of  any  revisions  to  those   forward-looking
statements which may be made to reflect events or  circumstances  after the date
hereof or to reflect the occurrence of unanticipated events.

         Since we conduct no  significant  business other than owning all of the
common stock of Roebling Bank,  references in this discussion to "we," "us," and
"our," refer collectively to Roebling Financial Corp, Inc. and Roebling Bank.

Overview

         For the fiscal year ended  September  30, 2003,  we earned  $559,000 or
$1.33 per diluted share as compared to $582,000,  or $1.39 per diluted share for
the fiscal year ended  September 30, 2002. The balance sheet reflects  continued
growth,  with  assets  increasing  $5.5  million or 7% over last year,  to $87.7
million.  This growth was funded largely by an increase in deposits,  which grew
by 5% to $78.4  million as of September  30, 2003,  compared to $74.4 million at
September 30, 2002. Asset quality continues to remain excellent.


Management of Interest Rate Risk and Market Risk

          Because the majority of our assets and  liabilities  are  sensitive to
changes in interest rates,  our most significant form of market risk is interest
rate  risk,  or changes  in  interest  rates.  We may be more  vulnerable  to an
increase or  decrease  in interest  rates  depending  upon 1) the  duration  and
repricing  characteristics of our  interest-earning  assets and interest-bearing
liabilities  at a given point in time,  2) the time  horizon and 3) the level of
interest rates.

         We have established an  asset/liability  committee that consists of the
Chairman of our Board of Directors and two outside Directors,  our President and
members of our  management  team. The committee  meets on a semiannual  basis to
review  loan and deposit  pricing and  production  volumes,  interest  rate risk
analyses,  liquidity  and  borrowing  needs,  and a variety  of other  asset and
liability management topics.  General  asset/liability  matters are discussed at
the Board's regular meetings.

         To reduce the effect of interest  rate changes on net interest  income,
we have  adopted  various  strategies  to enable us to improve  the  matching of
interest-earning asset maturities to interest-bearing  liability maturities. The
principal elements of these strategies include seeking to:

o        originate  loans with  adjustable  rate  features or shorter term fixed
         rates for portfolio and sell longer term fixed rate mortgages;

                                       4
<PAGE>

o        attract low cost transaction and savings accounts which tend to be less
         interest rate sensitive when interest rates rise;

o        lengthen  the  maturities  of our  liabilities  when it  would  be cost
         effective through the pricing and promotion of longer term certificates
         of deposit;

o        maintain an investment  portfolio,  with short to intermediate terms to
         maturity or  adjustable  interest  rates,  that  provides a stable cash
         flow,  thereby  providing  investable  funds in varying  interest  rate
         cycles.

         We have made a  significant  effort to maintain our level of lower-cost
deposits as a method of enhancing  profitability.  At September 30, 2003, we had
approximately  $51.0  million,  or 65%, of our  deposits  in  low-cost  savings,
checking  and money  market  accounts,  compared  to $46.2  million,  or 62%, at
September 30, 2002. These deposits have traditionally remained relatively stable
and are expected to be only  moderately  affected in a period of rising interest
rates.

Net Portfolio Value

          Exposure  to  interest   rate  risk  is  actively   monitored  by  our
management.  Our  objective is to maintain a consistent  level of  profitability
within  acceptable  risk tolerances  across a broad range of potential  interest
rate environments.  In addition to various analyses, we use the Office of Thrift
Supervision  ("OTS") Net Portfolio Value ("NPV") Model, which calculates changes
in net portfolio  value,  to monitor our exposure to interest rate risk.  NPV is
equal to the  estimated  present  value of  assets  minus the  present  value of
liabilities  plus the net  present  value of  off-balance-sheet  contracts.  The
Interest Rate Risk Exposure  Report shows the degree to which balance sheet line
items and net  portfolio  value are  potentially  affected by a 100 to 300 basis
point (1/100th of a percentage point) upward and downward parallel shift (shock)
in the Treasury yield curve.

         The following  table  represents  our NPV ratios at September 30, 2003.
This data was calculated by the OTS, based upon information we provided to them.


              Changes               NPV
              in Rate              Ratio(1)         Change(2)
              -------              --------         ---------
              +300 bp                 9.44%          -266 bp
              +200 bp               10.51%           -158 bp
              +100 bp               11.40%           - 70 bp
                 0 bp               12.10%
              -100 bp               11.97%           - 13 bp
              -200 bp                 --(3)            --(3)
              -300 bp                 --(3)            --(3)

(1)      Calculated as the estimated NPV divided by present value of assets.
(2)      Calculated  as the increase  (decrease)  in the NPV ratio  assuming the
         indicated  change  in  interest  rates  over the  estimated  NPV  ratio
         assuming no change in interest rates.
(3)      Due to the abnormally low interest rate environment, no calculation was
         available from the OTS.

         Computations  of  prospective  effects of  hypothetical  interest  rate
changes are based on numerous  assumptions,  including relative levels of market
interest rates,  prepayments and deposit run-offs, and should not

                                       5
<PAGE>

be  relied  upon as  indicative  of actual  results.  Certain  shortcomings  are
inherent in such computations.  Although certain assets and liabilities may have
similar  maturities or periods of repricing,  they may react at different  times
and in different  degrees to changes in the market interest rates.  The interest
rates on certain  types of assets and  liabilities  may  fluctuate in advance of
changes  in market  interest  rates,  while  rates on other  types of assets and
liabilities  may lag behind changes in market  interest  rates.  Certain assets,
such as  adjustable  rate  mortgages,  generally  have features  which  restrict
changes in interest  rates on a short term basis and over the life of the asset.
In the event of a change in interest  rates,  prepayments  and early  withdrawal
levels could deviate significantly from those assumed in making the calculations
set forth  above.  Additionally,  an  increased  credit  risk may  result as the
ability of many  borrowers to service their debt may decrease in the event of an
interest rate increase.

Financial Condition

         Total  assets  increased  $5.5  million,  or 7%,  to $87.7  million  at
September 30, 2003,  from $82.2 million at September 30, 2002.  This increase is
largely  attributable to a $9.6 million increase in net loans  receivable.  Cash
and cash equivalents  decreased by $5.2 million as cash funds were reinvested in
loans receivable. Within the loan portfolio, the increase came primarily from an
$8.7 million  increase in the one-to-four  family  residential loan portfolio as
the result of a strong refinance market in a low interest rate environment and a
$2.3 million increase in the commercial real estate portfolio,  offset by a $1.0
million decrease in home equity loan balances.

         Total liabilities  increased $5.1 million to $80.6 million at September
30, 2003 from $75.5 million at September 30, 2002.  Such increase in liabilities
reflected deposit growth of $4.0 million,  or 5%, over the prior year.  Deposits
at the New Egypt office grew a total of $1.7 million,  or 7%, while  deposits in
the Roebling offices grew $2.3 million,  or 5%. Some of the increase in deposits
is a result of the Bank's  success in  gaining  market  share.  In  addition,  a
portion  of the  deposit  growth is likely a  reflection  of the  general  trend
nationwide  of dollars that moved out of the equity  markets and into  financial
institutions.

Results of Operations

         Analysis  of Net  Income.  Our  results  of  operations  are  primarily
dependent  on our net  interest  income,  which is the  difference  between  the
interest income earned on our assets,  primarily loans and investments,  and the
interest  expense on our  liabilities,  primarily  deposits and borrowings.  Net
interest  income  may  be  affected   significantly   by  general  economic  and
competitive  conditions and policies of regulatory agencies,  particularly those
with respect to market  interest  rates.  The results of our operations are also
influenced by the level of non-interest expenses,  such as employee salaries and
benefits,   and  other   income,   such  as   loan-related   fees  and  fees  on
deposit-related services.

         Net Income. Net income before tax increased $22,000 to $960,000 for the
year ended  September  30,  2003,  as compared  to  $938,000  for the year ended
September  30,  2002.  The  increase  in net income  before  tax in fiscal  2003
resulted  from a $166,000  increase in net interest  income after  provision for
loan losses and a $61,000 increase in non-interest income, partially offset by a
$205,000 increase in non-interest expense. As a result of a change in New Jersey
tax rates,  income  tax  expense  increased  by  $45,000  for the  fiscal  year.
Accordingly,  although net income before tax increased,  net income decreased by
$23,000 to $559,000 for the year ended  September  30, 2003 compared to $582,000
for the year ended September 30, 2002.

         Net Interest Income. Net interest income increased $131,000,  or 4%, to
$3.2  million for the year ended  September  30, 2003 from $3.1  million for the
year ended September 30, 2002. Our interest rate spread, which is the difference
between  the yield on  average  interest-earning  assets and the cost of average
interest-bearing  liabilities,  decreased  19 basis points to 3.62% for the year
ended  September 30, 2003 from 3.81% for the comparable  2002 year. See "Average
Balance Sheet, Interest Rates and Yields".

                                       6
<PAGE>

         Interest Income. Interest income decreased $114,000 to $4.4 million for
the year ended  September  30, 2003 from $4.5  million for the  comparable  2002
year. Interest on loans receivable  increased $71,000 as a result of an increase
in the  average  balance of $5.9  million to $51.5  million for fiscal 2003 from
$45.6 million for fiscal 2002, offset largely by a decrease in the average yield
to 6.42% for fiscal 2003 from 7.10% for fiscal 2002. Additionally,  for the year
ended September 30, 2003, interest income on investment  securities decreased by
$112,000 to $486,000,  from $598,000 for the  comparable  2002 fiscal year.  The
decrease  in  interest  income  on  investment  securities  was the  result of a
decrease in the yield to 3.64% from 4.77%, offset by an $818,000 increase in the
average balance. Interest income on mortgage-backed securities decreased $92,000
to  $470,000  for the year  ended  September  30,  2003  from  $562,000  for the
comparable 2002 fiscal year, primarily due to a decrease in the average yield to
3.85% for fiscal 2003 from 4.95% for fiscal 2002, offset by an $854,000 increase
in the  average  balance.  Interest  income  on  other  interest-earning  assets
increased $19,000 to $118,000 for the year ended September 30, 2003 from $99,000
for the comparable  2002 fiscal year. The increase was due to an increase in the
average balances to $4.2 million for the year ended September 30, 2003 from $3.3
million for the comparable 2002 fiscal year, offset by a decrease in the average
yield,  to 2.83% for fiscal  2003 from 3.02% for fiscal  2002.  The yield on the
average  balance of all  interest-earning  assets  decreased  79 basis points to
5.39% for fiscal 2003 from 6.18% for fiscal 2002.

         Interest Expense.  Interest expense  decreased by $244,000,  or 17%, to
$1.2 million for the year ended  September  30, 2003,  from $1.4 million for the
year ended  September 30, 2002,  primarily due to a decrease in the average cost
of deposit  accounts,  offset by an increase  in the average  balance of deposit
accounts.  The decrease in the average cost of funds in fiscal 2003 was a result
of the general  decline in interest rate levels as the Federal  Reserve has been
reducing  interest  rates in order to stimulate  the economy.  Accordingly,  the
total average cost of interest-bearing  liabilities decreased 60 basis points to
1.77%  for the year  ended  September  30,  2003 from  2.37% for the year  ended
September 30, 2002.

                                       7

<PAGE>

Average Balance Sheet, Interest Rates and Yields

         The  following  tables set forth  certain  information  relating to our
average  balance sheet and reflects the average yield on assets and average cost
of liabilities for the periods  indicated.  Such yields and costs are derived by
dividing  income or expense  by the  average  balance of assets or  liabilities,
respectively, for the periods presented.

<TABLE>
<CAPTION>
                                            For the Year Ended September 30,   For the Year Ended September 30,
                                            ---------------------------------- --------------------------------
                                                           2003                             2002
                                            ---------------------------------- --------------------------------
                                             Average                 Average      Average            Average
                                             Balance    Interest    Yield/Cost    Balance  Interest Yield/Cost
                                             -------    --------    ----------    -------  -------- ----------
                                                       (Actual)                            (Actual)
                                                 (Dollars in thousands)              (Dollars in thousands)
<S>                                        <C>         <C>          <C>        <C>         <C>       <C>
Interest-earning assets:
 Loans receivable (1)                        $51,466     $3,306        6.42%      $45,579     $3,235    7.10%
 Mortgage-backed securities                   12,206        470        3.85        11,352        562    4.95
 Investment securities                        13,354        486        3.64        12,536        598    4.77
 Other interest-earning assets (2)             4,176        118        2.83         3,283         99    3.02
                                             -------     ------      ------       -------     ------  ------
  Total interest-earning assets               81,202     $4,380        5.39        72,750     $4,494    6.18
                                                         ------                               ------
Non-interest-earning assets                    4,540                                4,083
                                             -------                              -------
  Total assets                               $85,742                              $76,833
                                             =======                              =======

Interest-bearing liabilities:
 Interest-bearing checking                  $ 10,800     $   52         .48%     $ 10,032     $   93
                                                                                                         .93%
 Savings accounts                             20,470        224        1.09        17,846        259     1.45
 Money market accounts                         6,425         77        1.20         5,904        110     1.86
 Certificates of deposit                      28,509        822        2.88        25,887        952     3.68
 Borrowings                                        9          0        1.58           271          5     1.85
                                             -------     ------      ------       -------     ------   ------
  Total interest-bearing liabilities          66,213     $1,175        1.77        59,940     $1,419     2.37
                                                         ------                               ------
Non-interest-bearing liabilities (3)          12,408                               10,543
                                             -------                              -------
  Total liabilities                           78,621                               70,483
Stockholders' equity                           7,121                                6,350
                                             -------                              -------
 Total liabilities and stockholders'
   equity                                    $85,742                              $76,833
                                             =======                              =======
Net interest income                                      $3,205                               $3,075
                                                         ======                               ======
Interest rate spread (4)                                               3.62%                            3.81%
Net yield on interest-earning assets (5)                               3.95%                            4.23%
Ratio of average interest-earning assets
  to average interest-bearing liabilities                            122.64%                          121.37%
</TABLE>

---------------------------------
(1)  Average balances include non-accrual loans.
(2)  Includes interest-bearing deposits in other financial institutions and FHLB
     stock.
(3)  Includes  non-interest-bearing deposits of $11,578 and $9,783 for the years
     ended September 30, 2003 and 2002, respectively.
(4)  Interest rate spread represents the difference between the average yield on
     interest-earning   assets  and  the   average   cost  of   interest-bearing
     liabilities.
(5)  Net yield on  interest-earning  assets  represents net interest income as a
     percentage of average interest-earning assets.

                                        8
<PAGE>

Rate/Volume Analysis

         The table below sets forth certain information regarding changes in our
interest  income  and  interest  expense  for the  periods  indicated.  For each
category of interest-earning assets and interest-bearing  liabilities, the table
distinguishes  between (i) changes  attributable  to volume  (changes in average
volume  multiplied by prior period's rate);  (ii) changes  attributable to rates
(changes in rate multiplied by old average volume); (iii) changes in rate-volume
(changes in average volume multiplied by the change in rate).

<TABLE>
<CAPTION>
                                        Year Ended September 30,          Year Ended September 30,
                                 ---------------------------------    --------------------------------
                                            2003  vs. 2002                      2002  vs. 2001
                                 ---------------------------------    --------------------------------
                                          Increase (Decrease)                 Increase (Decrease)
                                               Due to                              Due to
                                 ---------------------------------    --------------------------------
                                                    Rate/                               Rate/
                                 Volume     Rate    Volume     Net    Volume    Rate    Volume     Net
                                 ------     ----    ------     ---    ------    ----    ------     ---
                                                             (In thousands)
<S>                             <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>
Interest-earning assets:
 Loans receivable                 $ 418    $(307)   $ (40)   $  71    $ 308    $(352)   $ (33)   $ (77)
 Mortgage-backed securities          42     (125)      (9)     (92)     388      (74)     (86)     228
 Investment securities               39     (142)      (9)    (112)     309      (83)     (59)     167
 Other interest-earning assets       27       (6)      (2)      19      (50)    (100)      22     (128)
                                  -----    -----    -----    -----    -----    -----    -----    -----
  Total interest-earning assets   $ 526    $(580)   $ (60)   $(114)   $ 955    $(609)   $(156)   $ 190
                                  =====    =====    =====    =====    =====    =====    =====    =====

Interest-bearing liabilities:
 Interest-bearing checking            7      (45)      (3)     (41)      27      (31)      (8)     (12)
 Savings accounts                    38      (64)      (9)     (35)     108     (146)     (46)     (84)
 Money market accounts               10      (39)      (4)     (33)      17      (74)      (7)     (64)
 Certificates of deposit             96     (205)     (21)    (130)     267     (347)     (83)    (163)
 Borrowings                          (5)      (5)       5       (5)       9       (6)      (6)      (3)
                                  -----    -----    -----    -----    -----    -----    -----    -----
   Total interest-bearing
    liabilities                   $ 146    $(358)   $ (32)   $(244)   $ 428    $(604)   $(150)   $(326)
                                  =====    =====    =====    =====    =====    =====    =====    =====
Net interest income               $ 380    $(222)   $ (28)   $ 130    $ 527    $  (5)   $  (6)   $ 516
                                  =====    =====    =====    =====    =====    =====    =====    =====
</TABLE>

         Provision for Losses on Loans. The provision for loan losses is charged
to  operations  to bring the total  allowance  for loan  losses to a level  that
represents  management's best estimates of the losses inherent in the portfolio,
based on a monthly review by management of the following factors:

     o    historical experience;
     o    volume;
     o    type of lending conducted by the Bank;
     o    industry standards;
     o    the level and status of past due and non-performing loans;

                                       9
<PAGE>

     o    the general economic conditions in the Bank's lending area; and
     o    other  factors  affecting  the  collectibility  of  the  loans  in its
          portfolio.

         The provision for loan losses was $60,000 for the year ended  September
30, 2003, compared to $96,000 for the same period in 2002.

         The allowance for loan losses is maintained at a level that  represents
management's best estimates of losses in the loan portfolio at the balance sheet
date.  However,  there can be no assurance that the allowance for losses will be
adequate  to  cover  losses  which  may be  realized  in the  future,  and  that
additional provisions for losses will not be required.

         Non-interest Income.  Non-interest income increased $61,000, or 14%, to
$501,000 for the year ended  September 30, 2003, as compared to $440,000 for the
year ended  September 30, 2002.  Such increase was due to increases in loan fees
from  payoffs,  late charges and sales,  and fees  received for deposit  account
servicing and ATM and debit card transactions,  which were a result of increased
activity.

          Non-interest  Expense.  Non-interest expense increased by $205,000, or
8%, to $2.7 million for the year ended  September 30, 2003 from $2.5 million for
the year ended September 30, 2002. Of such increase,  compensation  and employee
benefits expense increased by $79,000 or 6% to $1.4 million for fiscal 2003. The
increase in compensation  and benefits  expense during fiscal 2003 was primarily
the result of merit raises to our employees,  staff additions to accommodate the
continued  growth  of the  bank  and  increased  benefit  costs.  Occupancy  and
equipment  expense  increased  by $46,000,  or 20%, to $276,000 for fiscal 2003,
primarily  related to an expansion of the main office and the  conversion of our
computer system.  The Bank completed an expansion to the main office in the fall
of 2002  which  included  the  installation  of a new ATM and night  depository,
increased  retail  banking  floor space,  and an  additional  drive-up  lane and
parking spaces. The expansion  activities  increased the Bank's capacity to open
and service  accounts for the benefit of its customers.  The Bank also converted
from its primary  third-party  core data  processing  service  provider to a new
provider  during  fiscal  2003.  In  conjunction  with the  conversion,  we also
installed  a  wide  area  network  and  replaced  much  of our  data  processing
equipment.  Service bureau and data processing  expenses increased  $41,000,  or
12%,  to $398,000  for fiscal  2003 as a result of an  increase in overall  data
processing  to service  the growth in deposit  accounts,  as well as expenses in
connection  with  the  computer  systems  conversion  project.   Other  expenses
increased  $38,000,  or 7%, to  $578,000  for fiscal  2003.  Such  increase  was
primarily  related  to  increased  expenses  associated  with ATM and debit card
transactions.

         Provision  for Income Taxes.  The provision for income taxes  increased
$45,000 to $401,000 for the year ended September 30, 2003, from $356,000 for the
year ended  September  30, 2002.  The increase was the result of the increase in
income before taxes as well as an increase in tax rates. In July,  2002, the New
Jersey legislature passed changes to the Corporation  Business Tax ("CBT").  One
of these changes  repealed the 3% Savings  Institution  Tax, thus subjecting all
savings  institutions  to the 9% CBT.  This is  applicable  to the  state  taxes
calculated  for the Bank, as the state tax return is filed on an  unconsolidated
basis. As state taxes are deductible in the calculation of federal income taxes,
the net effect of this tax change is an increase in tax expense of approximately
4% of taxable income.  This tax rate change was effective for the year beginning
October 1, 2002.  The  effective tax rates for fiscal 2003 and 2002 were 42% and
38%, respectively.

Liquidity and Capital Resources

          Management  believes it has ample cash flows and liquidity to meet its
loan  commitments  of $6.1 million and unused lines of credit of $7.2 million at
September  30, 2003. We have the ability to

                                       10
<PAGE>

borrow  from the FHLB of New York,  or  others,  should  the need  arise.  As of
September 30, 2003, we had $1.2 million in short-term borrowed funds.

          We are required  under  federal  regulations  to maintain a sufficient
level of liquid assets (including  specified  short-term  securities and certain
other  investments),  as determined  by management  and reviewed for adequacy by
regulators  during  examinations.  Roebling  Bank is  also  subject  to  federal
regulations that impose certain minimum capital requirements. See Note 12 to our
consolidated financial statements.

          We monitor projected  liquidity needs and determine the levels desired
based upon our  commitments  to make loans and our  ability to  generate  funds.
Liquidity may be adversely  affected by unexpected  deposit outflows,  excessive
interest rates paid by competitors,  adverse  publicity  relating to the banking
industry and similar matters.

          Net cash  provided by  operations  was  $704,000  and $942,000 for the
years  ended  September  30,  2003  and  2002,  respectively.  Cash  flows  from
operations decreased primarily due to a decrease in other liabilities.

          Net cash used in investing  activities  for the years ended  September
30, 2003 and 2002 was unchanged at just over $11.1 million in each period. There
was,  however,  a significant  change in the components of the use of funds,  as
funds used for loan originations, net of repayments and sales, increased by $9.7
million  for fiscal 2003 while  funds used for the  purchase of  mortgage-backed
securities, net of repayments, decreased by $8.9 million.

          Net cash provided by financing activities for the year ended September
30,  2003  totaled  $5.3  million  compared  to $8.1  million for the year ended
September 30, 2002.  Net cash provided by financing  activities  for fiscal 2003
resulted  from an  increase in net  deposits of $4.0  million and an increase in
short-term borrowed funds of $1.2 million.

                                       11

<PAGE>


Fontanella and Babitts
CERTIFIED PUBLIC ACCOUNTANTS                       534 Union Boulevard
                                                   Totowa Boro, New Jersey 07512
                                                   Tel:   (973) 595-5300
                                                   Fax:   (973) 595-5890



                          INDEPENDENT AUDITOR'S REPORT
                          ----------------------------



To the Board of Directors
Roebling Financial Corp, Inc. and Subsidiary



We have audited the accompanying  consolidated statements of financial condition
of Roebling  Financial Corp,  Inc. and Subsidiary,  as of September 30, 2003 and
2002, and the related consolidated  statements of income,  comprehensive income,
stockholders' equity and cash flows for the years then ended. These consolidated
financial  statements are the  responsibility of the Company's  management.  Our
responsibility  is  to  express  an  opinion  on  these  consolidated  financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain reasonable  assurance about whether the consolidated
financial  statements  are free of  material  misstatement.  An  audit  includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  consolidated  financial  statements.  An audit also includes  assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly, in all material  respects,  the financial position of Roebling Financial
Corp,  Inc. and  Subsidiary,  at September 30, 2003 and 2002, and the results of
their  operations  and cash flows for the years then  ended in  conformity  with
accounting principles generally accepted in the United States of America.



/s/Fontanella and Babitts


November 25, 2003


                                       12

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------

<TABLE>
<CAPTION>
                                                                     September 30,
                                                             ----------------------------
                                                                  2003            2002
                                                             ------------    ------------
<S>                                                        <C>             <C>
Assets
------

Cash and due from banks                                      $  1,886,059    $  2,060,947
Interest-bearing deposits                                         145,459       5,162,032
                                                             ------------    ------------

Total cash and cash equivalents                                 2,031,518       7,222,979

Certificates of deposit                                         1,700,000         900,000
Securities available for sale                                  15,683,790      11,095,077
Securities held to maturity; approximate fair
  value of $795,000 (2003) and $1,117,000 (2002)                  786,400       1,098,179
Mortgage-backed securities available for sale                   8,200,045      12,047,955
Mortgage-backed securities held to maturity,  approximate
 fair value of $1,035,000 (2003) and $2,033,000 (2002)          1,015,931       1,982,246
Loans receivable, net                                          55,361,709      45,730,956
Accrued interest receivable                                       383,238         447,553
Federal Home Loan Bank of New York stock, at cost                 563,900         472,100
Premises and equipment                                          1,749,829       1,135,222
Other assets                                                      267,885          84,830
                                                             ------------    ------------

                                                             $ 87,744,245    $ 82,217,097
                                                             ============    ============

Liabilities and stockholders' equity
------------------------------------

Liabilities
-----------

Deposits                                                     $ 78,407,903    $ 74,361,128
Borrowed funds                                                  1,200,000            --
Advances from borrowers for taxes and insurance                   412,535         409,103
Accrued interest payable                                           11,144          29,964
Other liabilities                                                 532,303         684,504
                                                             ------------    ------------

             Total liabilities                                 80,563,885      75,484,699
                                                             ------------    ------------

Commitments and contingencies                                           -               -

Stockholders' equity
--------------------

Serial preferred stock, no par value, authorized 1,000,000
 shares, no shares issued                                               -               -
Common stock; par value $.10; authorized 4,000,000
 shares; shares issued and outstanding 425,500;                    42,550          42,550
Additional paid-in-capital                                      1,690,532       1,674,209
Unallocated employee stock ownership plan shares                  (62,720)        (78,400)
Retained earnings - substantially restricted                    5,409,050       4,849,934
Accumulated other comprehensive income - unrealized
 gain on securities available for sale, net of tax                100,948         244,105
                                                             ------------    ------------

             Total stockholders' equity                         7,180,360       6,732,398
                                                             ------------    ------------

                                                             $ 87,744,245    $ 82,217,097
                                                             ============    ============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       13

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                        ---------------------------------

<TABLE>
<CAPTION>
                                                                         Year Ended
                                                                        September 30,
                                                                   -----------------------
                                                                      2003         2002
                                                                   ----------   ----------
<S>                                                               <C>          <C>
Interest income:
   Loans receivable                                                $3,305,751   $3,234,583
   Securities                                                         485,581      597,779
   Mortgage-backed securities                                         470,165      561,684
   Other interest-earning assets                                      118,685       99,387
                                                                   ----------   ----------

             Total interest income                                  4,380,182    4,493,433
                                                                   ----------   ----------

Interest expense:
   Deposits                                                         1,174,969    1,413,720
   Borrowed funds                                                         142        5,151
                                                                   ----------   ----------

             Total interest expense                                 1,175,111    1,418,871
                                                                   ----------   ----------

Net interest income                                                 3,205,071    3,074,562
Provision for loan losses                                              60,000       96,000
                                                                   ----------   ----------

             Net interest income after provision for loan losses    3,145,071    2,978,562
                                                                   ----------   ----------

Non-interest income:
   Loan fees                                                           75,397       55,186
   Account servicing and other                                        409,496      376,178
   Gain on sale of loans                                               16,148        5,910
   Gain on sale of real estate owned                                        -        2,288
                                                                   ----------   ----------

             Total non-interest income                                501,041      439,562
                                                                   ----------   ----------

Non-interest expense:
   Compensation and benefits                                        1,421,652    1,342,750
   Occupancy and equipment                                            276,235      229,921
   Service bureau and data processing                                 397,992      356,503
   Federal insurance premiums                                          11,904       11,387
   Other                                                              577,830      539,841
                                                                   ----------   ----------

             Total non-interest expense                             2,685,613    2,480,402
                                                                   ----------   ----------

Income before income taxes                                            960,499      937,722
Income taxes                                                          401,383      356,171
                                                                   ----------   ----------

             Net income                                            $  559,116   $  581,551
                                                                   ==========   ==========

Basic earnings per share                                           $     1.34   $     1.40
                                                                   ==========   ==========
Diluted earnings per share                                         $     1.33   $     1.39
                                                                   ==========   ==========

Weighted average shares outstanding - basic                           418,248      416,680
                                                                   ==========   ==========
Weighted average shares outstanding - diluted                         421,829      419,488
                                                                   ==========   ==========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       14

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF comprehensive INCOME
                 -----------------------------------------------

                                                             Year Ended
                                                            September 30,
                                                        ----------------------
                                                           2003         2002
                                                        ---------    ---------

Net income                                              $ 559,116    $ 581,551

Other comprehensive income, net of income taxes:
   Unrealized holding gains (losses) on securities
    available for sale, net of income taxes (benefit)
    of ($95,199) and $109,006, respectively              (143,157)     149,226
                                                        ---------    ---------

Comprehensive income                                    $ 415,959    $ 730,777
                                                        =========    =========


See accompanying notes to consolidated financial statements.

                                       15

<PAGE>

                                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                                 -----------------------------------------------
<TABLE>
<CAPTION>
                                                                                                        Accumulated
                                                     Additional       Unallocated                         Other
                                        Common          Paid-in           ESOP           Retained     Comprehensive
                                         Stock          Capital          Shares          Earnings          Income         Total
                                      --------       -----------       ---------        -----------   -------------     -----------
<S>                                 <C>            <C>               <C>              <C>                <C>          <C>
Balance - September 30, 2001          $ 42,550       $ 1,662,988       $ (94,080)       $ 4,268,383        $ 94,879     $ 5,974,720

Net income                                   -                 -               -            581,551               -         581,551

Amortization of ESOP shares                  -            11,221          15,680                  -               -          26,901

Change in unrealized gain
 on securities available
 for sale, net of tax                        -                 -               -                  -         149,226         149,226
                                      --------       -----------       ---------        -----------       ---------     -----------

Balance - September 30, 2002            42,550         1,674,209         (78,400)         4,849,934         244,105       6,732,398

Net income                                   -                 -               -            559,116               -         559,116

Amortization of ESOP shares                  -            16,323          15,680                  -               -          32,003

Change in unrealized gain
 on securities available
 for sale, net of tax                        -                 -               -                  -        (143,157)       (143,157)
                                      --------       -----------       ---------        -----------       ---------     -----------

Balance - September 30, 2003          $ 42,550       $ 1,690,532       $ (62,720)       $ 5,409,050       $ 100,948     $ 7,180,360
                                      ========       ===========       =========        ===========       =========     ===========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       16
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      -------------------------------------
<TABLE>
<CAPTION>
                                                                                  Year Ended
                                                                                 September 30,
                                                                         ----------------------------
                                                                              2003            2002
                                                                         ------------    ------------
<S>                                                                    <C>             <C>
Cash flows from operating activities:
   Net income                                                            $    559,116    $    581,551
   Adjustments to reconcile net income
    to net cash provided by operating activities:
       Depreciation                                                           107,204          92,770
       Amortization of premiums and discounts, net                            118,856          62,644
       Amortization of deferred loan fees and costs, net                       37,676          44,540
       Provision for loan losses                                               60,000          96,000
       Gain on sale of loans                                                  (16,148)         (5,910)
       Gain on sale of real estate owned                                            -          (2,288)
       Increase in other assets                                              (165,271)        (26,252)
       Decrease (increase) in accrued interest receivable                      64,315         (62,669)
       Decrease in accrued interest payable                                   (18,820)        (32,035)
      (Decrease) increase  in other liabilities                               (74,786)        166,324
       Allocation of ESOP shares                                               32,003          26,901
                                                                         ------------    ------------

                Net cash provided by operating activities                     704,145         941,576
                                                                         ------------    ------------

Cash flows from investing activities:
   Purchase of certificates of deposit                                     (1,000,000)       (600,000)
   Proceeds from maturities of certificates of deposit                        200,000               -
   Purchase of securities available for sale                              (18,050,000)    (12,135,000)
   Proceeds from maturities and calls of securities available for sale     13,385,000       7,650,000
   Purchase of securities held to maturity                                    (76,000)              -
   Proceeds from maturities and calls of securities held to maturity          389,041       1,355,000
   Purchase of mortgage-backed securities available for sale               (3,815,683)     (7,982,114)
   Proceeds from principal repayments of mortgage-backed
    securities available for sale                                           7,382,771       1,737,434
   Proceeds from principal repayments of mortgage-backed
    securities held to maturity                                               964,950       1,836,270
   Loan originations, net of principal repayments                         (14,338,036)     (3,762,864)
   Proceeds from sale of loans                                              4,625,755         993,062
   Proceeds from sale of real estate owned                                       --            28,188
   Purchase of Federal Home Loan Bank Stock                                   (91,800)        (86,300)
   Purchase of premises and equipment                                        (721,811)       (197,356)
                                                                         ------------    ------------

             Net cash used in investing activities                        (11,145,813)    (11,163,680)
                                                                         ------------    ------------
</TABLE>

See accompanying notes to consolidated financial statements.

                                       17
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT'D)
                 ----------------------------------------------
<TABLE>
<CAPTION>
                                                                  Year Ended
                                                                 September 30,
                                                          --------------------------
                                                              2003           2002
                                                          -----------    -----------
<S>                                                     <C>            <C>
Cash flows from financing activities:
   Net increase in deposits                                 4,046,775      8,160,632
   Net increase in short-term borrowed funds                1,200,000              -
   Increase (decrease) in advance payments by borrowers
     for taxes and insurance                                    3,432        (16,656)
                                                          -----------    -----------

             Net cash provided by financing activities      5,250,207      8,143,976
                                                          -----------    -----------

Net decrease in cash and cash equivalents                  (5,191,461)    (2,078,128)

Cash and cash equivalents - beginning                       7,222,979      9,301,107
                                                          -----------    -----------

Cash and cash equivalents - ending                        $ 2,031,518    $ 7,222,979
                                                          ===========    ===========

Supplemental Disclosures of Cash Flow Information
-------------------------------------------------

Cash paid for:
   Interest on deposits and advances                      $ 1,193,931    $ 1,450,906
                                                          ===========    ===========

   Income taxes                                           $   566,798    $   253,063
                                                          ===========    ===========

Supplemental Schedule of Noncash Investing Activities
-----------------------------------------------------

Change in unrealized gain on securities
 available for sale, net of tax                           $  (143,157)   $   149,226
                                                          ===========    ===========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       18

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
     ------------------------------------------

The following is a description of the more significant  accounting policies used
in preparation of the accompanying consolidated financial statements of Roebling
Financial Corp, Inc. and Subsidiary (the "Company").

Principles of Consolidation
---------------------------

The consolidated  financial statements are comprised of the accounts of Roebling
Financial  Corp,  Inc.  and its  wholly-owned  subsidiary,  Roebling  Bank  (the
"Bank").  All  significant  intercompany  accounts  and  transactions  have been
eliminated in consolidation.

Basis of Consolidated Financial Statement Presentation
------------------------------------------------------

The  consolidated  financial  statements  have been prepared in conformity  with
accounting  principles  generally  accepted in the United States of America.  In
preparing the consolidated financial statements,  management is required to make
estimates  and  assumptions  that  affect  the  reported  amount of  assets  and
liabilities as of the date of the statement of financial  condition and revenues
and  expenses  for  the  period  then  ended.   Actual   results   could  differ
significantly  from those  estimates.  Material  estimates that are particularly
susceptible to significant  changes in the near term relate to the determination
of the  allowance for loan losses,  the valuation of foreclosed  real estate and
the assessment of prepayment risks associated with  mortgage-backed  securities.
Management  believes that the allowance for loan losses is adequate,  foreclosed
real  estate is  appropriately  valued  and  prepayment  risks  associated  with
mortgage-backed  securities  are  properly  recognized.  While  management  uses
available  information to recognize  losses on loans and foreclosed real estate,
future  additions  to the  allowance  for loan losses or further  writedowns  of
foreclosed real estate may be necessary based on changes in economic  conditions
in the Company's  market area.  Additionally,  assessments  of prepayment  risks
related to mortgage-backed  securities are based upon current market conditions,
which are subject to frequent change.

In  addition,  various  regulatory  agencies,  as  an  integral  part  of  their
examination process, periodically review the Company's allowance for loan losses
and foreclosed  real estate.  Such agencies may require the Company to recognize
additions  to  the  allowance  for  loan  losses  or  additional  writedowns  on
foreclosed real estate based on their judgments about  information  available to
them at the time of their examination.

Concentration of Risk
---------------------

The Company's  lending  activity is concentrated in loans secured by real estate
located in the State of New Jersey.

The  Company's  loan  portfolio is  predominantly  made up of 1-to-4 family unit
first mortgage loans in Burlington County.  These loans are typically secured by
first lien positions on the respective real estate properties and are subject to
the  Company's  loan  underwriting  policies.  In general,  the  Company's  loan
portfolio performance is dependent upon the local economic conditions.

Interest-Rate Risk
------------------

The Company is principally  engaged in the business of attracting  deposits from
the general public and using these deposits to make loans secured by real estate
and,  to a  lesser  extent,  consumer  and  commercial  loans  and  to  purchase
mortgage-backed and investment securities.  The potential for interest-rate risk
exists as a result of the shorter  duration of the Company's  interest-sensitive
liabilities  compared to the  generally  longer  duration of  interest-sensitive
assets.

                                       19

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)
     ------------------------------------------

Interest-Rate Risk (Cont'd)
---------------------------

In a rising interest rate environment, liabilities will generally reprice faster
than  assets,  and there may be a  reduction  in the market  value of  long-term
assets and net interest income. For this reason,  management  regularly monitors
the  maturity  structure of the  Company's  assets and  liabilities  in order to
control its level of interest-rate risk and to plan for future volatility.

Cash and Cash Equivalents
-------------------------

Cash  and  cash  equivalents  include  cash  and  amounts  due  from  depository
institutions,  interest-bearing accounts and federal funds sold. For the purpose
of the  statements of cash flows,  the Company  considers all highly liquid debt
instruments  with  original  maturities  of  three  months  or  less  to be cash
equivalents.

Investments and Mortgage-backed Securities
------------------------------------------

Debt  securities  over which there exists positive intent and ability to hold to
maturity are classified as held-to-maturity securities and reported at amortized
cost. Debt and equity  securities  that are bought and held  principally for the
purpose of selling them in the near term are  classified  as trading  securities
and reported at fair value, with unrealized holding gains and losses included in
earnings.  Debt and equity securities not classified as trading securities,  nor
as held-to-maturity securities, are classified as available-for-sale  securities
and reported at fair value,  with  unrealized  holding  gains or losses,  net of
deferred income taxes, reported in a separate component of stockholders' equity.

Premiums  and  discounts  on all  securities  are  amortized/accreted  using the
interest  method.  Interest and dividend  income on  securities,  which includes
amortization  of premiums  and  accretion of  discounts,  is  recognized  in the
financial  statements  when  earned.  The adjusted  cost basis of an  identified
security  sold or  called is used for  determining  security  gains  and  losses
recognized in the statements of income.

Loans Receivable
----------------

Loans receivable are stated at unpaid principal balances, less the allowance for
loan losses and net deferred loan origination fees and discounts.

Loan fees and certain direct loan  origination  costs are deferred,  and the net
fee or cost is recognized as an adjustment to interest income using the interest
method over the contractual life of the loans, adjusted for prepayments.

The allowance for loan losses is increased by charges to income and decreased by
charge-offs  (net  of  recoveries).  Management's  periodic  evaluation  of  the
adequacy of the allowance is based on the Company's  past loan loss  experience,
known and inherent risks in the portfolio,  adverse  situations  that may affect
the  borrower's  ability  to  repay,  the  estimated  value  of  any  underlying
collateral, and current economic conditions.

Uncollected interest on loans that are contractually past due is charged off, or
an allowance is  established  based on  management's  periodic  evaluation.  The
allowance  is  established  by  a  charge  to  interest  income  and  income  is
subsequently  recognized  only to the extent  that cash  payments  are  received
until,  in  management's  judgment,  the  borrower's  ability  to make  periodic
interest  and  principal  payments is  reestablished,  in which case the loan is
returned to accrual  status.  At a minimum,  an allowance is established for all
interest payments that are more than 90 days delinquent.

                                       20

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)
     ------------------------------------------

Premises and Equipment
----------------------

Land is  carried  at cost.  Premises  and  equipment  are  carried  at cost less
accumulated depreciation and amortization. Significant renovations and additions
are capitalized.  When assets are retired or otherwise disposed of, the cost and
related accumulated depreciation are removed from the accounts and any resulting
gain or loss is reflected in income for the period.  The cost of maintenance and
repairs is charged to expense as incurred.  The Company computes depreciation on
a straight-line basis over the estimated useful lives of the assets.

Real Estate Owned
-----------------

Real estate  properties  acquired  through,  or in lieu of, loan foreclosure are
initially  recorded  at  the  lower  of  cost  or  fair  value  at the  date  of
foreclosure.  Costs  relating to  development  and  improvement  of property are
capitalized,  whereas  costs  relating to the holding of property are  expensed.
Subsequent valuations are periodically performed by management, and an allowance
for losses is  established  by a charge to operations if the carrying value of a
property  exceeds its fair value less estimated  selling cost.  Gains and losses
from  sale of  these  properties  are  recognized  as they  occur.  Income  from
operating properties is recorded in operations as earned.

Income Taxes
------------

Federal income taxes and state taxes have been provided on the basis of reported
income.  Deferred  income  taxes are  provided  for certain  items in income and
expenses which enter into the  determination  of income for financial  reporting
purposes in different periods than for income tax purposes.

Accounting for Stock-Based Compensation
---------------------------------------

Statement of Financial  Accounting  Standards ("SFAS") No. 123,  "Accounting for
Stock-Based  Compensation,"  issued by the Financial  Accounting Standards Board
("FASB"),   establishes   financial   accounting  and  reporting  standards  for
stock-based  employee  compensation  plans. While all entities are encouraged to
adopt  the  "fair  value  based  method"  of  accounting   for  employee   stock
compensation  plans,  SFAS 123 also  allows  an entity to  continue  to  measure
compensation  cost under such plans using the  "intrinsic  value  based  method"
specified in Accounting Principles Board Opinion ("APB") No. 25. The Company has
elected to apply the intrinsic value based method.

In December  2002,  the FASB issued FASB No. 148,  "Accounting  for  Stock-Based
Compensation-Transition  and  Disclosure,"  which amends SFAS No. 123.  SFAS 148
amends the disclosure requirements in SFAS 123 for stock-based  compensation for
annual periods ending after December 15, 2002 and for interim periods  beginning
after December 15, 2002. These disclosure  requirements  apply to all companies,
including those that continue to recognize  stock-based  compensation  under APB
opinion 25. Included in Note 13 to the consolidated financial statements are the
pro forma disclosures required by SFAS 123 and 148.

Earnings Per Share
------------------

Basic  earnings per share is computed by dividing net income for the year by the
weighted  average  number of shares of common  stock  outstanding,  adjusted for
unearned shares of the Employee Stock Ownership Plan ("ESOP").  Diluted earnings
per share is computed by  adjusting  the  weighted  average  number of shares of
common stock  outstanding to include the effect of outstanding stock options and
compensation grants, if dilutive, using the treasury stock method.

                                       21

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


2.   INVESTMENT SECURITIES
     ---------------------

Securities Available for Sale

<TABLE>
<CAPTION>
                                                                          September 30, 2003
                                               -----------------------------------------------------------------------
                                                  Amortized                Gross Unrealized            Estimated
                                                                   ---------------------------------
                                                     Cost              Gains           Losses          Fair Value
                                               -----------------   --------------  ---------------  ------------------
<S>                                              <C>                  <C>              <C>             <C>
U.S. Government and Agency Securities:
   Due after one year through five years           $ 15,600,000        $  88,385         $ 32,675        $ 15,655,710

Marketable Equity Securities                              2,888           25,192                -              28,080
                                               -----------------   --------------  ---------------  ------------------

                                                   $ 15,602,888        $ 113,577         $ 32,675        $ 15,683,790
                                               =================   ==============  ===============  ==================
</TABLE>

<TABLE>
<CAPTION>
                                                                          September 30, 2002
                                               -----------------------------------------------------------------------
                                                  Amortized                Gross Unrealized            Estimated
                                                                   ---------------------------------
                                                     Cost              Gains           Losses          Fair Value
                                               -----------------   --------------  ---------------  ------------------
<S>                                              <C>                  <C>              <C>             <C>

U.S. Government and Agency Securities:
   Due after one year through five years           $ 10,935,084        $ 136,177        $       -        $ 11,071,261

Marketable Equity Securities                              2,888           20,928                -              23,816
                                               -----------------   --------------  ---------------  ------------------

                                                   $ 10,937,972        $ 157,105        $       -        $ 11,095,077
                                               =================   ==============  ===============  ==================
</TABLE>



Securities Held to Maturity

<TABLE>
<CAPTION>
                                                                          September 30, 2003
                                               -----------------------------------------------------------------------
                                                  Amortized                Gross Unrealized            Estimated
                                                                   ---------------------------------
                                                     Cost              Gains           Losses          Fair Value
                                               -----------------   --------------  ---------------  ------------------
<S>                                              <C>                  <C>              <C>             <C>

U.S. Government and Agency Securities:
   Due after five through ten years                    $ 260,142         $ 3,553        $       -           $ 263,695

Other Securities:
   Due in one year or less                               526,258           5,490                -             531,748
                                               ------------------  --------------  ---------------  ------------------

                                                       $ 786,400         $ 9,043        $       -           $ 795,443
                                               ==================  ==============  ===============  ==================
</TABLE>

                                       22

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


2.   INVESTMENT SECURITIES (Cont'd)
     ---------------------

Securities Held to Maturity (Cont'd)

<TABLE>
<CAPTION>
                                                                          September 30, 2002
                                               -----------------------------------------------------------------------
                                                  Amortized                Gross Unrealized            Estimated
                                                                   ---------------------------------
                                                     Cost              Gains           Losses          Fair Value
                                               -----------------   --------------  ---------------  ------------------
<S>                                              <C>                  <C>              <C>             <C>
U.S. Government and Agency Securities:
   Due in one year or less                           $   250,000         $ 1,095        $       -         $   251,095
   Due after five through ten years                      296,145           7,319                -             303,464

Corporate Debt Instruments:
   Due in one year or less                               100,000           1,339                -             101,339
   Due after one year through five years                 452,034           9,483                -             461,517
                                               ------------------  --------------  ---------------  ------------------

                                                     $ 1,098,179        $ 19,236        $       -         $ 1,117,415
                                               ==================  ==============  ===============  ==================
</TABLE>

Securities  with a carrying value of $512,000 and $250,000,  as of September 30,
2003  and  2002,   respectively,   are  pledged  as  security  for  deposits  of
governmental  entities  under the  provisions of the  Governmental  Unit Deposit
Protection  Act  (GUDPA).  In  addition,  securities  with a  carrying  value of
$2,528,000  and  $296,000 are pledged as  collateral  for Federal Home Loan Bank
advances as of September 30, 2003 and 2002, respectively.

There were no sales of securities  during the years ended September 30, 2003 and
2002.

3.   MORTGAGE-BACKED SECURITIES
     --------------------------

Available for Sale

<TABLE>
<CAPTION>
                                                                          September 30, 2003
                                               -----------------------------------------------------------------------
                                                  Amortized                Gross Unrealized            Estimated
                                                                   ---------------------------------
                                                     Cost              Gains           Losses          Fair Value
                                               -----------------   --------------  ---------------  ------------------
<S>                                              <C>                  <C>              <C>             <C>
GNMA                                                 $ 2,761,236        $ 15,169          $ 3,098         $ 2,773,307
FHLMC                                                  2,735,578          29,364            3,347           2,761,595
FNMA                                                   2,616,054          49,089                -           2,665,143
                                               ------------------  --------------  ---------------  ------------------

                                                     $ 8,112,868        $ 93,622          $ 6,445         $ 8,200,045
                                               ==================  ==============  ===============  ==================
</TABLE>

<TABLE>
<CAPTION>
                                                                          September 30, 2002
                                               -----------------------------------------------------------------------
                                                  Amortized                Gross Unrealized            Estimated
                                                                   ---------------------------------
                                                     Cost              Gains           Losses          Fair Value
                                               -----------------   --------------  ---------------  ------------------
<S>                                              <C>                  <C>              <C>             <C>
GNMA                                                 $ 3,628,300        $ 32,252        $       -         $ 3,660,552
FHLMC                                                  4,464,758          94,683                -           4,559,441
FNMA                                                   3,705,566         122,396                -           3,827,962
                                               ------------------  --------------  ---------------  ------------------

                                                    $ 11,798,624       $ 249,331        $       -        $ 12,047,955
                                               ==================  ==============  ===============  ==================
</TABLE>

                                       23

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


3.   MORTGAGE-BACKED SECURITIES (Cont'd)
     --------------------------

Held to Maturity

<TABLE>
<CAPTION>
                                                                          September 30, 2003
                                               -----------------------------------------------------------------------
                                                  Amortized                Gross Unrealized            Estimated
                                                                   ---------------------------------
                                                     Cost              Gains           Losses          Fair Value
                                               -----------------   --------------  ---------------  ------------------
<S>                                              <C>                  <C>              <C>             <C>
CMO                                                  $   217,310        $  1,563        $       -          $  218,873
GNMA                                                     308,995           9,312                -             318,307
FHLMC                                                    192,133           5,313                -             197,446
FNMA                                                     297,493           3,739              583             300,649
                                               ------------------  --------------  ---------------  ------------------

                                                     $ 1,015,931        $ 19,927        $     583         $ 1,035,275
                                               ==================  ==============  ===============  ==================
</TABLE>

<TABLE>
<CAPTION>
                                                                          September 30, 2002
                                               -----------------------------------------------------------------------
                                                  Amortized                Gross Unrealized            Estimated
                                                                   ---------------------------------
                                                     Cost              Gains           Losses          Fair Value
                                               -----------------   --------------  ---------------  ------------------
<S>                                              <C>                  <C>              <C>             <C>
CMO                                                  $   674,014        $ 12,444        $      25         $   686,433
GNMA                                                     501,968          17,201                -             519,169
FHLMC                                                    346,842          13,811                -             360,653
FNMA                                                     459,422           8,066              870             466,618
                                               ------------------  --------------  ---------------  ------------------

                                                     $ 1,982,246        $ 51,522        $     895         $ 2,032,873
                                               ==================  ==============  ===============  ==================
</TABLE>


Mortgage-backed  securities  with a carrying  value of $274,000 and $569,000 are
pledged as  collateral  for Federal Home Loan Bank  advances as of September 30,
2003 and 2002, respectively.

There  were no  sales of  mortgage-backed  securities  during  the  years  ended
September 30, 2003 and 2002.

                                       24

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


4.   LOANS RECEIVABLE, NET
     ---------------------

                                                        September 30,
                                                ----------------------------
                                                     2003            2002
                                                ------------    ------------

Mortgage loans:
   One-to-four family residential               $ 32,469,723    $ 23,767,929
   Multi-family residential                          190,569          91,965
   Commercial real estate                          5,969,790       3,664,760
   Construction and land                             496,570         697,949
                                                ------------    ------------

                                                  39,126,652      28,222,603
                                                ------------    ------------

Consumer and other loans:
   Home equity                                    14,524,188      15,533,343
   Automobile                                        125,078         161,124
   Secured by deposits                                49,349          78,803
   Student                                            53,389          66,584
   Unsecured                                         121,153         186,694
   Mobile home                                       100,084         101,265
   Commercial                                      1,710,860       1,731,215
                                                ------------    ------------

                                                  16,684,101      17,859,028
                                                ------------    ------------

             Total loans                          55,810,753      46,081,631
                                                ------------    ------------

Less:
   Loans in process                                        -             497
   Net deferred loan origination (costs) fees        (23,875)        (58,744)
   Allowance for loan losses                         472,919         408,922
                                                ------------    ------------

                                                     449,044         350,675
                                                ------------    ------------

                                                $ 55,361,709    $ 45,730,956
                                                ============    ============


See Note 9 regarding loans pledged to secure borrowings.

At September 30, 2003 and 2002,  non-accrual  loans for which  interest had been
discontinued totaled approximately $25,000 and $0, respectively. Interest income
actually recognized on non-accrual loans totaled approximately $500 and $-0- for
the years ended September 30, 2003 and 2002, respectively.

                                       25

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


4.   LOANS RECEIVABLE, NET (Cont'd)
     ---------------------

Activity in the allowance for loan losses is summarized as follows:


                                                           Year Ending
                                                           September 30,
                                                      ----------------------
                                                         2003         2002
                                                      ---------    ---------

Balance - beginning                                   $ 408,922    $ 315,411
Provision charged to income                              60,000       96,000
Charge offs                                              (6,846)      (5,720)
Recoveries                                               10,843        3,231
                                                      ---------    ---------

Balance - ending                                      $ 472,919    $ 408,922
                                                      =========    =========


The activity with respect to loans to directors, officers and associates of such
persons is as follows:

                                                          Year Ending
                                                          September 30,
                                                      ----------------------
                                                         2003         2002
                                                      ---------    ---------

Balance - beginning                                   $ 179,858    $ 366,727
Loan disbursements                                      459,622      149,202
Collection of principal                                (130,494)     (50,111)
Other changes                                                 -     (285,960)
                                                      ---------    ---------

Balance - ending                                      $ 508,986    $ 179,858
                                                      =========    =========



5.   ACCRUED INTEREST RECEIVABLE
     ---------------------------

                                                         September 30,
                                                      -------------------
                                                        2003       2002
                                                      --------   --------

Loans receivable                                      $203,024   $231,233
Mortgage-backed securities                              35,688     61,605
Investment securities                                  144,526    154,715
                                                      --------   --------

                                                      $383,238   $447,553
                                                      ========   ========

                                       26

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


6.   PREMISES AND EQUIPMENT
     ----------------------


                                                       September 30,
                                                -----------------------------
                                                    2003              2002
                                                -----------       -----------

 Land                                             $ 629,435         $ 379,435
 Buildings and improvements                       1,129,876         1,003,482
 Furniture, fixtures and equipment                  730,771           385,354
                                                -----------       -----------

                                                  2,490,082         1,768,271

 Less accumulated depreciation                      740,253           633,049
                                                -----------       -----------

                                                $ 1,749,829       $ 1,135,222
                                                ===========       ===========


Useful lives used in the calculation of depreciation are as follows:

         Buildings                                          25 to 50 years
         Paving and other building related  additions        5 to 10 years
         Furniture and equipment                             5 to 10 years

7.   LOAN SERVICING
     --------------

Mortgage  loans  serviced  for  others  are  not  included  in the  accompanying
consolidated statements of financial condition. The unpaid principal balances of
these loans are summarized as follows:

                                                       September 30,
                                                -----------------------------
                                                   2003              2002
                                                -----------       -----------

 Mortgage loan portfolios serviced for:
    FNMA                                        $ 9,598,358       $11,250,198
    Other                                                 -           183,473
                                                -----------       -----------

                                                $ 9,598,358       $11,433,671
                                                ===========       ===========


Custodial  escrow  balances  maintained  in connection  with the loan  servicing
totaled  approximately  $118,000 and  $158,000,  at September 30, 2003 and 2002,
respectively.

                                       27
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


8.   DEPOSITS
     --------
<TABLE>
<CAPTION>
                                                             September 30,
                                      ---------------------------------------------------------
                                                 2003                          2002
                                      ----------------------------  ---------------------------
                                          Weighted                      Weighted
                                           Average                       Average
                                            Rate         Amount           Rate        Amount
                                      ------------  --------------  ------------  -------------

<S>                                       <C>      <C>                  <C>     <C>
Non-interest-bearing deposits               0.00%    $ 11,329,968         0.00%   $ 10,509,295
Interest-bearing checking accounts          0.40%      11,315,524         0.79%      9,961,371
Money market accounts                       0.78%       5,922,708         1.86%      6,596,884
Savings accounts                            0.80%      22,390,509         1.37%     19,170,108
Certificates of deposits                    2.57%      27,449,194         3.23%     28,123,470
                                                     ------------                 ------------

Total deposits                              1.25%    $ 78,407,903         1.84%   $ 74,361,128
                                                     ============                 ============
</TABLE>


The  aggregate  amount of deposits  with a balance of  $100,000 or more  totaled
approximately  $14,119,000  and  $13,920,000  at  September  30,  2003 and 2002,
respectively.

Scheduled maturities of certificates of deposit are as follows:

                                                     September 30,
                                               --------------------------
                                                 2003              2002
                                               --------          --------
                                                    (In Thousands)

 1 year or less                                $ 17,969          $ 18,431
 Over 1 year to 3 years                           4,421             5,750
 Over 3 years                                     5,059             3,942
                                               --------          --------

                                               $ 27,449          $ 28,123
                                               ========          ========


Interest expense on deposits is summarized as follows:

                                                   Year Ending
                                                  September 30,
                                          -----------------------------
                                             2003              2002
                                          -----------       -----------

 Interest-bearing checking accounts       $    52,143       $    92,664
 Money market accounts                         77,128           109,843
 Savings acounts                              224,000           259,147
 Certificates of deposit                      821,698           952,066
                                          -----------       -----------

       Total                              $ 1,174,969       $ 1,413,720
                                          ===========       ===========

                                       28

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


9.   BORROWED FUNDS
     --------------

The Company has available  overnight  lines of credit and a one-month  overnight
repricing  line of credit with the Federal Home Loan Bank of New York  ("FHLB"),
totaling  $7.9  million  and $6.6  million,  at  September  30,  2003 and  2002,
respectively,  subject to the terms and  conditions  of the  lender's  overnight
advance  program.  As of  September  30,  2003,  the Company had a $1.2  million
balance  in the  overnight  line of  credit at a rate of  1.21%.  There  were no
borrowings as of September 30, 2002.

At September 30, 2003 and 2002, the FHLB lines of credit were secured by pledges
of the Company's  investment in the capital stock of the FHLB totaling  $563,900
and $472,100, mortgage-backed and other securities with a carrying value of $2.8
million and $865,000,  and loans  receivable  with a carrying  value of $-0- and
$2.1 million respectively.

10.  INCOME TAXES
     ------------

The Bank qualifies as a savings institution under the provisions of the Internal
Revenue Code and was therefore, prior to September 30, 1996, permitted to deduct
from  taxable  income an  allowance  for bad debts  based upon eight  percent of
taxable  income  before  such  deduction,  less  certain  adjustments.  Retained
earnings,  at September  30, 2003,  include  approximately  $306,000 of such bad
debt,  which, in accordance with FASB Statement No. 109,  "Accounting for Income
Taxes," is  considered  a permanent  difference  between the book and income tax
basis of loans receivable, and for which income taxes have not been provided. If
such  amount is used for  purposes  other  than for bad debt  losses,  including
distributions  in  liquidation,  it will be  subject  to income  tax at the then
current rate.

The components of income taxes are summarized as follows:

                                                           Year Ended
                                                          September 30,
                                                   ---------------------------
                                                     2003              2002
                                                   ---------         ---------

 Current tax expense:
    Federal                                        $ 375,888         $ 384,846
    State                                            106,306            35,553
                                                   ---------         ---------

                                                     482,194           420,399
                                                   ---------         ---------

 Deferred tax expense (benefit):
    Federal                                          (64,568)          (46,818)
    State                                            (16,243)          (17,410)
                                                   ---------         ---------
                                                     (80,811)          (64,228)
                                                   ---------         ---------

                                                   $ 401,383         $ 356,171
                                                   =========         =========

                                       29

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


10.  INCOME TAXES (Cont'd)
     ------------

The provision for federal income taxes differs from that computed at the federal
statutory rate of 34% as follows:


                                                          Year Ended
                                                         September 30,
                                                      --------------------
                                                        2003        2002
                                                      --------    --------

Tax at statutory rates                                $326,570    $318,826

Increase in tax resulting from:
   State taxes, net of federal tax effect               59,442      11,974
   Other items                                          15,371      25,371
                                                      --------    --------

                                                      $401,383    $356,171
                                                      ========    ========

Effective rate                                              42%         38%
                                                      ========    ========

The  following  temporary  differences  gave rise to  deferred  tax  assets  and
liabilities:

<TABLE>
<CAPTION>
                                                                   September 30,
                                                                 ---------------------
                                                                    2003        2002
                                                                 ---------   ---------
<S>                                                            <C>         <C>
Deferred tax assets:
   Allowance for loan losses                                     $ 188,884   $ 163,323
   Depreciation                                                     36,731      25,569
   Accrual to cash adjustments                                      22,160           -
                                                                 ---------   ---------

             Total deferred tax assets                             247,775     188,892
                                                                 ---------   ---------

Deferred tax liabilities:
   Appreciation of securities available for sale                    67,131     162,330
   Accrual to cash adjustment                                            -      35,206
   Deferred loan origination fees and costs, net                    76,668      64,600
   Discounts on investments                                          5,381       4,171
                                                                 ---------   ---------

             Total deferred tax liabilities                        149,180     266,307
                                                                 ---------   ---------

   Net deferred tax asset (liability) included in other assets
     and liabilities, respectively                               $  98,595   $ (77,415)
                                                                 =========   =========
</TABLE>


11.  COMMITMENTS AND CONTINGENCIES
     -----------------------------

The Company is a party to financial instruments with  off-balance-sheet  risk in
the normal course of business to meet the  financing  needs of its customers and
to reduce its own exposure to fluctuations  in interest  rates.  These financial
instruments include commitments to extend credit.  Those instruments involve, to
varying  degrees,  elements  of credit and  interest-rate  risk in excess of the
amount  recognized  in the  statements of financial  condition.  The contract or
notional  amounts  of those  instruments  reflect  the  extent of the  Company's
involvement in particular classes of financial instruments.

                                       30

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


11.  COMMITMENTS AND CONTINGENCIES (Cont'd)
     -----------------------------

The  Company's  exposure  to credit loss in the event of  nonperformance  by the
other party to the  financial  instrument  for  commitments  to extend credit is
represented by the contractual notional amount of those instruments. The Company
uses the same credit policies in making commitments and conditional  obligations
as it does for on-balance-sheet instruments.

Unless  noted  otherwise,  the  Company  does not  require  collateral  or other
security to support financial instruments with credit risk.

Commitments  to extend  credit are  agreements  to lend to a customer as long as
there is no violation of any condition established in the contract.  Commitments
generally  have fixed  expiration  dates or other  termination  clauses  and may
require  payment of a fee. Since many of the  commitments are expected to expire
without  being  drawn  upon,  the total  commitment  amounts do not  necessarily
represent  future cash  requirements.  The Company has approved  equity lines of
credit  unused but  accessible  to  borrowers  totaling  $7.2  million  and $5.3
million, at September 30, 2003 and 2002, respectively.  The Company's experience
has been that  approximately  60 percent of loan  commitments  are drawn upon by
customers.

At September 30, 2003 and 2002, the Company had $6.1 million and $3.4 million in
outstanding  commitments  to  originate  loans  and  $110,000  and  $110,000  in
outstanding  letters of credit,  respectively.  There are no commitments to sell
any of the loans which have already been originated.

12.  REGULATORY CAPITAL
     ------------------

The Bank is subject to various regulatory capital  requirements  administered by
the federal banking agencies.  Failure to meet minimum capital  requirements can
initiate certain mandatory,  and possible additional  discretionary  actions, by
regulators,  that if  undertaken,  could  have a direct  material  effect on the
Bank's  financial   statements.   Under  capital  adequacy  guidelines  and  the
regulatory  framework for prompt corrective  action, the Bank must meet specific
capital  guidelines  that involve  quantitative  measures of the Bank's  assets,
liabilities, and certain off-balance-sheet items, as calculated under regulatory
accounting  practices.  The Bank's capital amounts and  classification  are also
subject to  qualitative  judgments  by the  regulators  about  components,  risk
weightings and other factors.

Quantitative  measures  established  by  regulation to ensure  capital  adequacy
require  the Bank to  maintain  minimum  amounts  and  ratios  (set forth in the
following table) of tangible and core capital (as defined in the regulations) to
total  assets and of total  capital  (as  defined) to  risk-weighted  assets (as
defined). Management believes, as of September 30, 2003, that the Bank meets all
capital adequacy requirements to which it is subject.

As of  December  2002,  the most recent  notification  from the Office of Thrift
Supervision  (OTS)  categorized  the  Bank  as  "well   capitalized"  under  the
regulatory  framework for prompt  corrective  action. To be categorized as "well
capitalized,"  the Bank must maintain  minimum total risk-based and core ratios,
as set forth in the accompanying  table. There are no conditions or events since
that  notification  that  management  believes  have  changed the  institution's
category.

                                       31

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


12.  REGULATORY CAPITAL (Cont'd)
     ------------------

The Bank's  actual  capital  amounts and ratios are  presented in the  following
table:

<TABLE>
<CAPTION>
                                                                                                   To be Well-
                                                                                                 Capitalized Under
                                                                      For Capital                Prompt Corrective
                                            Actual                   Adequacy Purposes           Action Provisions
                                 ---------------------------   ---------------------------  ----------------------------
                                   Amount          Ratio         Amount          Ratio         Amount          Ratio
                                 ------------   ------------   ------------   ------------  -------------   ------------
<S>                                <C>             <C>           <C>              <C>          <C>             <C>
As of September 30, 2003
------------------------
    Risk-based capital               $ 7,414         15.23%        $ 3,894          8.00%        $ 4,867         10.00%
    Core capital                       6,929          7.91%          3,504          4.00%          4,379          5.00%
    Tangible capital                   6,929          7.91%          1,314          1.50%            N/A             -

As of September 30, 2002
------------------------
    Risk-based capital               $ 6,759         16.06%        $ 3,366          8.00%        $ 4,208         10.00%
    Core capital                       6,350          7.75%          3,279          4.00%          4,099          5.00%
    Tangible capital                   6,350          7.75%          1,230          1.50%            N/A             -
</TABLE>


13.  BENEFIT PLANS
     -------------

Deferred Compensation Plan
--------------------------

The Company  maintains a deferred  compensation  plan for both the directors and
employees.

The  directors'  arrangement is an individual  contract  between the Company and
each  participating  director and can be terminated  at any time.  Directors may
participate at their own discretion.  The Company secures each separate deferred
compensation agreement by purchasing an investment grade life insurance contract
on each participating director. The Company is the owner and beneficiary of each
contract.  The use of the investment  grade  insurance  contracts as the funding
source of the program allows the Company to take advantage of  preferential  tax
treatment provided to insurance  contracts  qualified under IRS Sections 101 and
7702.

The employees'  arrangement meets the requirements of Sections 401(a) and 401(k)
of the Internal Revenue Code. Employees generally become eligible when they have
attained age 21 and have one year of service. Each participant may elect to have
his  compensation  reduced by up to the maximum  percentage  allowed by law. The
reduction is  contributed  to the plan. The Company will match 50% of the amount
of salary reduction the participant elects to defer.  However,  in applying this
matching  percentage,  only salary  reductions of up to 6% of the  participant's
compensation  will be  considered.  All  participants  become  100%  vested upon
entering  the  plan.   Contributions   to  the  plan  by  the  Company   totaled
approximately  $16,400 and $16,200  for the years ended  September  30, 2003 and
2002, respectively.

                                       32

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


13.  BENEFIT PLANS (Cont'd)
     -------------

Directors Consultation and Retirement Plan
------------------------------------------

The Company  maintains a Directors  Consultation  and Retirement Plan ("DRP") to
provide retirement  benefits to directors of the Company who are not officers or
employees  ("Outside  Directors").  Any  director  who has  served as an Outside
Director  shall be a participant in the DRP, and payments under the DRP commence
once the Outside Director retires as a director of the Company. The DRP provides
a  retirement  benefit  based on the number of years of service to the  Company.
Outside  Directors  who have  completed  not less than 12 years of service shall
receive a benefit  equal to (50%) + 2.889%  times the number of years of service
in excess of 12,  multiplied  by the average  monthly Board Fee in effect at the
time of retirement.  The maximum benefit shall be 85% of such monthly Board Fee.
Benefits  shall be paid for a maximum of 84 months to the retired  directors,  a
surviving spouse, or the director's estate.

                                                At or for the Year Ending
                                                      September 30,
                                                  ----------------------
                                                    2003         2002
                                                  ---------    ---------

Change in Benefit Obligation:

Benefit obligation at beginning of year           $ 200,960    $ 182,667
    Service cost                                      8,538        9,383
    Interest cost                                    13,710       13,318
    Actuarial (gain) loss                             1,545        5,792
    Annuity payments                                (10,200)     (10,200)
                                                  ---------    ---------

Benefit obligation at end of year                   214,553      200,960
                                                  ---------    ---------

Change in plan assets:

Market value of assets - beginning                        -            -
Employer contributions                               10,200       10,200
Annuity payments                                    (10,200)     (10,200)
                                                  ---------    ---------

Market value of assets - ending                           -            -
                                                  ---------    ---------

Funded status                                      (214,553)    (200,960)
Amount contributed during fourth quarter              2,550        2,550
Unrecognized gain                                   (11,171)     (12,716)
Unrecognized past service liability                  74,805       85,614
                                                  ---------    ---------

Accrued plan cost included in other liabilities   $(148,369)   $(125,512)
                                                  =========    =========

                                       33

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


13. BENEFIT PLANS (Cont'd)

Directors Consultation and Retirement Plan (Cont'd)

                                                                 Year Ended
                                                               September 30,
                                                            -------------------
                                                              2003       2002
                                                            --------   --------

Net periodic plan cost included the following components:
   Service cost                                             $  8,538   $  9,383
   Interest cost                                              13,710     13,318
   Amortization of unrecognized gain                               -        (24)
   Amortization of past service cost                          10,809     10,809
                                                            --------   --------

Net periodic plan cost included in
  compensation and benefits                                 $ 33,057   $ 33,486
                                                            ========   ========


A discount rate of 5.75% and 7.0% and a rate of increase in future  compensation
levels of 4.25% and 5.5% were assumed in the plan  valuation for the years ended
September 30, 2003 and 2002, respectively.

Stock Option Plan
-----------------

On January 25, 1999,  the  stockholders  of the Company  approved a stock option
plan  (the  "Plan").  The Plan  provides  for  authorizing  the  issuance  of an
additional  19,596  shares of common  stock by the Company  upon the exercise of
stock options awarded to officers,  directors,  key employees, and other persons
providing services to the Company.  The Company may also purchase shares through
the open market.  The 19,596 shares of options under the Plan constitute  either
Incentive  Stock Options or  Non-Incentive  Stock Options.  The following  table
summarizes the options granted and exercised under the Plan,  during the periods
indicated, and their respective weighted average exercise price:

<TABLE>
<CAPTION>
                                                                  Year Ended September 30,
                                           ----------------------------------------------------------------------
                                                                 2003                                2002
                                           ----------------------------------  ----------------------------------
                                                                Weighted                            Weighted
                                               Number            Average           Number            Average
                                              of Shares      Exercise Price       of Shares      Exercise Price
                                           ----------------  ----------------  ----------------  ----------------

<S>                                              <C>             <C>                 <C>             <C>
Outstanding at beginning of period                   9,408           $ 14.25             9,408           $ 14.25
Granted                                                  -                 -                 -                 -
Exercised                                                -                 -                 -                 -
Forfeited                                                -                 -                 -                 -
                                           ----------------  ----------------  ----------------  ----------------

Outstanding at end of period                         9,408           $ 14.25             9,408           $ 14.25
                                           ================  ================  ================  ================


Options exercisable at year end                      9,408                               9,408
                                           ================                    ================
</TABLE>

                                       34

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


13.  BENEFIT PLANS (Cont'd)
     -------------

Stock Option Plan (Cont'd)
-----------------

SFAS 123, "Accounting for Stock-Based Compensation",  if fully adopted, requires
companies to measure employee stock  compensation  plans based on the fair value
method of accounting.  The Company has adopted the disclosure-only provisions of
SFAS 123.  Accordingly,  the Company applies APB 25,"Accounting for Stock Issued
to  Employees,"  and related  interpretations  in accounting  for its plans.  In
accordance  with APB 25, no  compensation  expense has been  recognized  for its
stock-based  compensation plans other than for restricted stock. However,  there
is no proforma  effect on net income and  earnings per share for the years ended
September 30, 2003 or 2002.

Restricted Stock Plan
---------------------

On January 25, 1999, the stockholders of the Company approved a restricted stock
plan (the  "Plan")  which  provides  for the  purchase of 7,838 shares of common
stock in the open  market.  All of the Common  Stock to be purchased by the Plan
will be purchased at the fair market value on the date of purchase. Awards under
the Plan are made in recognition of expected  future  services to the Company by
its directors, officers, and key employees responsible for implementation of the
policies adopted by the Company's Board of Directors and as a means of providing
a further  retention  incentive.  The  expense  of the plan is being  accrued as
shares vest over a four-year period, which began in February, 1999. Plan expense
was  $5,500  and  $4,500  for the  years  ended  September  30,  2003 and  2002,
respectively.

Employee Stock Ownership Plan
-----------------------------

Effective upon the consummation of the Bank's stock offering,  an Employee Stock
Ownership  Plan  ("ESOP") was  established  for all eligible  employees  who had
completed a twelve month period of  employment  with the Bank and at least 1,000
hours of  service,  and had  attained  the age of 21. The ESOP used  $156,800 in
proceeds from a term loan to purchase  15,680 shares of Bank common stock during
the stock  offering.  The term loan  principal  was  payable in equal  quarterly
installments  through September 30, 2007. Interest on the term loan was variable
at  a  rate  of  prime  plus  37.5  basis  points.  Each  year,  the  Bank  made
discretionary  contributions  to the ESOP which were equal to the  principal and
interest payments required on the term loan. During the year ended September 30,
2000,  Roebling  Financial  Corp, Inc. paid off the ESOP loan to the third party
Bank.

Shares purchased with the loan proceeds were initially pledged as collateral for
the term loan and are held in a suspense  account  for future  allocation  among
participants.  Contributions  to the ESOP and shares  released from the suspense
account are allocated among the  participants on the basis of  compensation,  as
described by the Plan, in the year of allocation.

The ESOP is  accounted  for in  accordance  with  Statement  of  Position  93-6,
"Accounting  for  Employee  Stock  Ownership  Plans,"  which  was  issued by the
American   Institute  of  Certified   Public   Accountants   in  November  1993.
Accordingly,  the ESOP shares  pledged as collateral are reported as unallocated
ESOP shares in the statements of financial condition. As shares are committed to
be released from collateral,  the Bank reports compensation expense equal to the
current market price of the shares,  and the shares become outstanding for basic
net income per common share computations.  ESOP compensation expense was $32,000
and $27,000 for the years ended September 30, 2003 and 2002, respectively.

                                       35


<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


13.  BENEFIT PLANS (Cont'd)
     -------------

Employee Stock Ownership Plan (Cont'd)
-----------------------------

The ESOP shares were as follows:

                                                          Year Ended
                                                         September 30,
                                                   ---------------------------
                                                     2003              2002
                                                   ---------         ---------

    Allocated shares                                   9,408             7,840
    Shares committed to be released                        -                 -
    Unreleased shares                                  6,272             7,840
                                                   ---------         ---------

    Total ESOP shares                                 15,680            15,680
                                                   ---------         ---------

    Fair value of unreleased shares                $ 137,984         $ 148,960
                                                   =========         =========


14.  CHARTER CONVERSION, STOCK OFFERING, AND REORGANIZATION
     ------------------------------------------------------

On March 24, 1997, the Bank converted from a state-chartered  mutual savings and
loan to a federally- chartered mutual savings bank.

On February 24, 1997, the Board of Directors of the Bank unanimously adopted the
plan of  reorganization  whereby the Bank would reorganize into a mutual holding
company form of organization.

The Bank applied to the Office of Thrift  Supervision  and received  approval of
transactions   contemplated  by  the  plan  of   reorganization.   The  plan  of
reorganization authorized the Bank to offer stock in one or more stock offerings
up to a maximum  of 49.99% of the issued  and  outstanding  shares of its common
stock.

The  reorganization  was accomplished on October 2, 1997,  whereby the Bank, (i)
exchanged  its mutual  savings  association  charter for a federal stock savings
bank charter;  and (ii) organized a federally  chartered  mutual holding company
which owns in excess of 50% of the stock savings bank.  Each savings  account of
the Bank,  at the time of the  reorganization,  became a savings  account in the
newly-formed  bank in the same terms and  conditions,  except the holder of each
such  deposit  account  has  liquidation  rights,  with  respect to the  holding
company, rather than the Bank.

As a result of the offering,  Roebling  Financial  Corp.,  MHC received  229,540
shares of the Bank's  stock and  $100,000  in cash.  The Bank's  Employee  Stock
Ownership  Plan purchased  15,680 shares.  Roebling Bank received gross proceeds
from the sale of 195,960  shares to the general  public,  including the ESOP, of
$1,959,600. Expenses associated with the offering totaled $171,438, resulting in
net capital  additions to the Bank of  $1,688,162  net of the  $100,000  used to
capitalize the mutual holding company.

On January 25, 2000, the Bank's  stockholders  approved an Agreement and Plan of
Reorganization (the "Plan" or "Reorganization"), providing for the establishment
of a mid-tier stock holding company.  The Plan provided for the establishment of
Roebling  Financial Corp,  Inc. (the Mid-Tier Stock Holding  Company) as a stock
holding company parent of the Bank; the stock holding company is majority owned

                                       36

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


14.  CHARTER CONVERSION, STOCK OFFERING, AND REORGANIZATION (Cont'd)
     ------------------------------------------------------

by Roebling Financial Corp., MHC, the Bank's mutual holding company.  The former
holders  of the  common  stock  of the  Bank  became  stockholders  of  Roebling
Financial Corp, Inc. and each outstanding  share of common stock (par value $.10
per share) of the Bank was  converted  into  shares of common  stock of Roebling
Financial Corp, Inc. on a one-for-one basis. The reorganization was completed on
January 31, 2000.

15.  FAIR VALUES OF FINANCIAL INSTRUMENTS
     ------------------------------------

The  following  methods and  assumptions  were used by the Company in estimating
fair values of financial instruments as disclosed herein:

Cash and Cash Equivalents
-------------------------

The carrying amounts of cash and short-term  instruments  approximate their fair
value.

Investment and Mortgage-Backed Securities
-----------------------------------------

Fair values for securities, excluding restricted equity securities, are based on
quoted  market  prices.  The carrying  values of  restricted  equity  securities
approximate fair values.

Loans Receivable
----------------

For variable-rate  loans that reprice  frequently and have no significant change
in credit  risk,  fair  values are based on  carrying  values.  Fair  values for
certain  mortgage  loans and  other  consumer  loans are based on quoted  market
prices of similar loans sold in conjunction  with  securitization  transactions,
adjusted for  differences  in loan  characteristics.  Fair values for commercial
real  estate and  commercial  loans are  estimated  using  discounted  cash flow
analyses,  using interest rates  currently  being offered for loans with similar
terms to borrowers of similar credit quality. Fair values for impaired loans are
estimated using discounted cash flow analyses or underlying  collateral  values,
where applicable.

Deposit Liabilities
-------------------

The fair value of demand  deposits,  savings  deposits and money market accounts
were the amounts  payable on demand.  The fair values of certificates of deposit
were based on the discounted  value of contractual cash flows. The discount rate
was estimated using the rate currently offered for deposits of similar remaining
maturities.

Short-Term Borrowings
---------------------

The carrying amounts of federal funds purchased, and other short-term borrowings
maturing  within 90 days  approximate  their fair  values.  Fair values of other
short-term borrowings are estimated using discounted cash flow analyses based on
the Company's current incremental borrowing rates for similar types of borrowing
arrangements.

Long-Term Debt
--------------

The fair  value of  long-term  debt is  estimated  using  discounted  cash  flow
analysis based on the current  incremental  borrowing rates for similar types of
borrowing arrangements.

                                       37
<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


15.  FAIR VALUES OF FINANCIAL INSTRUMENTS (Cont'd)
     ------------------------------------

Accrued Interest Receivable
---------------------------

The carrying amounts of accrued interest approximate their fair values.

Federal Home Loan Bank of New York Stock
----------------------------------------

Federal Home Loan Bank of New York stock is valued at cost.

Off-Balance-Sheet Instruments
-----------------------------

In  the   ordinary   course  of  business   the   Company   has   entered   into
off-balance-sheet  financial  instruments  consisting of  commitments  to extend
credit. Such financial instruments are recorded in the financial statements when
they are funded.  Their fair value would  approximate fees currently  charged to
enter into similar agreements.

                                September 30, 2003        September 30, 2002
                               --------------------      --------------------
                                Carrying    Fair          Carrying    Fair
                                 Amount     Value          Amount     Value
                               ----------  --------      ----------  --------
Financial Assets                              (In Thousands)
----------------

Cash and cash equivalents        $ 2,032   $ 2,032         $ 7,223   $ 7,223
Certificates of deposit            1,700     1,700             900       900
Investment securities             16,470    16,479          12,193    12,212
Mortgage-backed securities         9,216     9,235          14,030    14,081
Loans receivable                  55,362    56,400          45,731    47,213
Accrued interest receivable          383       383             448       448
FHLB stock                           564       564             472       472

Financial Liabilities
---------------------

Deposit liabilities               78,408    78,927          74,361    75,011
Borrowed funds                     1,200     1,200               -         -


The fair value  estimates are made at a discrete point in time based on relevant
market information and information about the financial  instruments.  Fair value
estimates are based on judgments  regarding  future  expected  loss  experience,
current  economic   conditions,   risk   characteristics  of  various  financial
instruments,  and other  factors.  These  estimates are subjective in nature and
involve uncertainties and matters of significant judgment and, therefore, cannot
be determined with precision.  Changes in assumptions could significantly affect
the  estimates.  Further,  the  foregoing  estimates  may not reflect the actual
amount  that could be  realized  if all or  substantially  all of the  financial
instruments were offered for sale.

In addition,  the fair value estimates were based on existing on-and-off balance
sheet financial  instruments  without attempting to value the anticipated future
business  and the  value of  assets  and  liabilities  that  are not  considered
financial  instruments.  Other  significant  assets and liabilities that are not
considered financial assets and liabilities include real estate owned,  premises
and equipment, and advances from borrowers for taxes and insurance. In addition,
the tax  ramifications  related to the  realization of the unrealized  gains and
losses  have a  significant  effect on fair  value  estimates  and have not been
considered in any of the estimates.

                                       38

<PAGE>

                  ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


15.  FAIR VALUES OF FINANCIAL INSTRUMENTS (Cont'd)
     ------------------------------------

Finally,  reasonable  comparability  between  financial  institutions may not be
likely due to the wide range of  permitted  valuation  techniques  and  numerous
estimates which must be made given the absence of active  secondary  markets for
many of the financial instruments.  The lack of uniform valuation  methodologies
introduces a greater degree of subjectivity to these estimated fair values.

16.  RECENT ACCOUNTING PRONOUNCEMENTS
     --------------------------------

The Company adopted Financial Accounting  Standards Board (FASB)  Interpretation
(FIN) 45,  Guarantor's  Accounting and Disclosure  Requirements  for Guarantees,
including Indirect Guarantees of Indebtedness of Others, on January 1, 2003. FIN
45 requires a guarantor  entity,  at the inception of a guarantee covered by the
measurement provisions of the interpretation, to record a liability for the fair
value of the obligation  undertaken in issuing the guarantee.  Financial letters
of credit  require  the  Company  to make  payment if the  customer's  financial
condition  deteriorates,  as defined in the agreements.  Performance  letters of
credit  require the Company to make  payments if the  customer  fails to perform
certain non-financial  contractual  obligations.  The Company previously did not
record a liability when guaranteeing  obligations unless it became probable that
the  Company  would  have  to  perform  under  the  guarantee.  FIN  45  applies
prospectively  to  guarantees  the  Company  issues or  modifies  subsequent  to
December 31,  2002.  At September  30,  2003,  the Company was not  contingently
liable for any financial and performance  letters of credit. It is the Company's
practice  to  generally  hold  collateral  and/or  obtain  personal   guarantees
supporting any outstanding letter of credit  commitments.  In the event that the
Company is required to fulfill its contingent  liability  under a standby letter
of credit,  it could  liquidate  the  collateral  held,  if any, and enforce the
personal  guarantee(s)  held,  if any to recover  all or a portion of the amount
paid under the letter of credit.

                                       39

<PAGE>

<TABLE>
<CAPTION>
<S>                     <C>
                          ROEBLING FINANCIAL CORP, INC.

CORPORATE OFFICE                                  STOCK LISTING
Route 130 South and Delaware Avenue               OTC Bulletin Board
Roebling, New Jersey 08554                        Under the Symbol: "ROEB"

SPECIAL COUNSEL                                   MARKET MAKERS
Malizia Spidi & Fisch, PC                         RBC Dain Rauscher
1100 New York Avenue, N.W., Suite 340 West        192 Nassau Street
Washington, D.C. 20005                            Princeton, New Jersey  08542

                                                  Ryan Beck & Company
                                                  220 South Orange Avenue
                                                  Livingston, New Jersey  07039

INDEPENDENT ACCOUNTANTS                           TRANSFER AGENT
Fontanella and Babitts                            Registrar and Transfer Company
534 Union Boulevard                               10 Commerce Drive
Totowa, New Jersey 07512                          Cranford, New Jersey 07016


                                  ROEBLING BANK

            Route 130 South and Delaware Avenue, Roebling, New Jersey
                      34 Main Street, Roebling, New Jersey
                    8 Jacobstown Road, New Egypt, New Jersey
             761 Delaware Avenue, Roebling, New Jersey (Loan Center)

                    BOARD OF DIRECTORS AND EXECUTIVE OFFICERS

                John J. Ferry, Chairman of the Board of Directors
           Frank J. Travea, III, President and Chief Executive Officer
 Janice A. Summers, Senior Vice President, Chief Operating Officer, and Chief Financial Officer
                             Mark V. Dimon, Director
                             Joan K. Geary, Director
                           John A. LaVecchia, Director
                           George N. Nyikita, Director
                     Robert R. Semptimphelter, Sr. Director

Our  Annual  Report  for the  year  ended  September  30,  2003  filed  with the
Securities  &  Exchange  Commission  on  Form  10-KSB,  including  exhibits,  is
available  without charge upon written  request.  For a copy of the Form 10-KSB,
please contact Frank J. Travea,  III at our Corporate Office. The Annual Meeting
of Stockholders will be held on January 26, 2004 at 3:00 p.m. at Roebling Bank's
Loan Center located at 761 Delaware Avenue, Roebling, New Jersey.
</TABLE>

                                       40