<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549

                                  FORM 10-QSB



[X]  QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT 
     OF 1934

For the quarterly period ended September 30, 1997


[ ]  TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT 
     OF 1934

For the transition period from                to 
                               --------------    -------------


Commission file number 0-19028


                             CCFNB BANCORP, INC.
               (Name of small business Issuer in its charter)

PENNSYLVANIA                                             23-2254643
(State or other jurisdiction of                          (I.R.S. Employer
incorporation or organization)                           Identification Number)
                                                                            
232 East Street, Bloomsburg, PA                          17815     
(Address of principal executive offices)                 (Zip Code)

Issuer's telephone number, including area code:  (717) 784-4400


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

                 Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable date.  1,382,282
shares of $1.25 (par) common stock were outstanding as of November 1, 1997.
<PAGE>   2

                       CCFNB BANCORP, INC. AND SUBSIDIARY

                               SEPTEMBER 30, 1997

                                  INDEX 10-QSB





<TABLE>
<CAPTION>
EXHIBIT 27 - FINANCIAL DATA SCHEDULE                                     NO PAGE
             -----------------------                                        #

<S>                                                                       <C>
PART I  - FINANCIAL INFORMATION:
          ---------------------

        - Consolidated Balance Sheets                                       1


        - Consolidated Statements of Income                                 2


        - Consolidated Statements of Cash Flows                             3


        - Notes to Consolidated Financial Statements                      4 - 6


        - Management's Discussion and Analysis of Financial Condition
          and Results of Operations                                       7 - 13



PART II - OTHER INFORMATION                                                14
          -----------------


SIGNATURES                                                                 15
</TABLE>
<PAGE>   3

CCFNB BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
UNAUDITED

<TABLE>
<CAPTION>
                                                                   SEPTEMBER  DECEMBER
                                                                   30, 1997   31, 1996
                                                                   --------   --------

<S>                                                                <C>        <C>
ASSETS
Cash and due from banks.........................................   $  4,468   $  4,503
Interest-bearing deposits with other banks......................      1,207      3,856
Federal funds sold..............................................      2,000      3,000
Investment securities:
  Securities to be held to maturity, estimated fair value of
    $712 and $981...............................................        720        970
  Securities available for sale carried at estimated fair value.     44,018     36,437

Loans, net of unearned income...................................    116,810    115,590
Allowance for loan losses.......................................        924        911
                                                                   --------   --------
  Net loans.....................................................   $115,886   $114,679
Premises and equipment..........................................      5,110      5,294
Accrued interest receivable.....................................      1,024        965
Other assets....................................................        491        382
                                                                   --------   --------
     TOTAL ASSETS...............................................   $174,924   $170,086
                                                                   ========   ========


LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Deposits:
  Non-interest bearing..........................................   $ 11,486   $ 12,280
  Interest bearing..............................................    116,421    119,120
                                                                   --------   --------
     Total Deposits.............................................   $127,907   $131,400
Short-term borrowings...........................................     23,941     16,654
Long-term borrowings............................................        233        297
Accrued interest and other expenses.............................      1,043      1,058
Other liabilities...............................................         54         20
                                                                   --------   --------
     TOTAL LIABILITIES..........................................   $153,178   $149,429
                                                                   --------   --------

STOCKHOLDERS' EQUITY
Common stock, par value $1.25 per share; Authorized 5,000,000
  shares; issued 1997 - 1,382,282 of which 151 shares are in
  treasury, 1996 - 1,374,159 shares.............................   $  1,728   $  1,727
Surplus.........................................................      5,851      5,838
Retained earnings...............................................     14,036     13,023
Less treasury stock, 151 shares at a cost of $20 in 1997 and
  0 shares in 1996..............................................         (3)         0
Allowance for unrealized gain (loss) on available-for-sale
  investment securities, net of taxes ..........................        134         69
                                                                   --------   --------
     TOTAL STOCKHOLDERS' EQUITY.................................   $ 21,746   $ 20,657
                                                                   --------   --------
     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY.................   $174,924   $170,086
                                                                   ========   ========
</TABLE>



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


                                      -1-
<PAGE>   4

CCFNB BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT PER SHARE DATA)
UNAUDITED

<TABLE>
<CAPTION>
                                                       FOR THE NINE              FOR THE THREE  
                                                       MONTHS ENDING             MONTHS ENDING  
                                                       SEPTEMBER 30,             SEPTEMBER 30,  
                                                       -------------             -------------  
                                                       1997     1996             1997     1996  
                                                       ----     ----             ----     ----  
                                                                                                
<S>                                                <C>        <C>           <C>        <C>
INTEREST INCOME                                                                                 
Interest and fees on loans:                                                                     
  Taxable........................................  $  7,231   $  6,824      $  2,457   $  2,319 
  Tax exempt.....................................       112         76            40         27 
Interest and dividends on investment securities:                                                
  Taxable interest...............................     1,327      1,356           483        453 
  Tax exempt interest............................       377        377           127        129 
  Dividends......................................        45         44            15         15 
Interest on federal funds sold...................       102         29            28          7 
Interest on deposits in other banks..............       124        101            34         23 
                                                   --------   --------      --------   -------- 
     TOTAL INTEREST INCOME.......................  $  9,318   $  8,807      $  3,184   $  2,973 
                                                   --------   --------      --------   -------- 
                                                                                                
INTEREST EXPENSE                                                                                
Interest on deposits.............................  $  3,675   $  3,615      $  1,231   $  1,200 
Interest on short-term borrowings................       747        516           284        183 
Interest on long-term borrowings.................        12         21             3          7 
                                                   --------   --------      --------   -------- 
     TOTAL INTEREST EXPENSE......................  $  4,434   $  4,152      $  1,518   $  1,390 
                                                   --------   --------      --------   -------- 
                                                                                                
Net interest income..............................  $  4,884   $  4,655      $  1,666   $  1,583 
Provision for loan losses........................        45         45            15         15 
                                                   --------   --------      --------   -------- 
  NET INTEREST INCOME AFTER PROVISION FOR                                                       
    LOAN LOSSES..................................  $  4,839   $  4,610      $  1,651   $  1,568 
                                                   --------   --------      --------   -------- 
                                                                                                
NON-INTEREST INCOME                                                                             
Service charges and fees.........................  $    418   $    418      $    148   $    124 
Trust department income..........................        67         46            23         12 
Other income.....................................        57         84            24         38 
                                                   --------   --------      --------   -------- 
     TOTAL NON-INTEREST INCOME...................  $    542   $    548      $    195   $    174 
                                                   --------   --------      --------   -------- 
                                                                                                
NON-INTEREST EXPENSES                                                                           
Salaries and wages...............................  $  1,289   $  1,288      $    438   $    453 
Pensions and other employee benefits.............       448        427           147        141 
Occupancy expense, net...........................       286        287           102         97 
Furniture and equipment expense..................       312        300           103        111 
Other operating expenses.........................     1,004      1,030           333        317 
                                                   --------   --------      --------   -------- 
     TOTAL NON-INTEREST EXPENSES.................  $  3,339   $  3,332      $  1,123   $  1,119 
                                                   --------   --------      --------   -------- 
                                                                                                
Income before income taxes.......................  $  2,042   $  1,826      $    723   $    623 
Income tax expense...............................       548        486           198        171 
                                                   --------   --------      --------   -------- 
    NET INCOME...................................  $  1,494   $  1,340      $    525   $    452 
                                                   ========   ========      ========   ======== 
                                                                                                
                                                                                                
NET INCOME PER SHARE.............................  $   1.08   $    .97      $    .38   $    .33 
</TABLE>


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


                                     -2-
<PAGE>   5

CCFNB BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
UNAUDITED

<TABLE>
<CAPTION>
                                                                        FOR THE NINE MONTHS
                                                                        ENDING SEPTEMBER 30,
                                                                        --------------------
                                                                           1997       1996
                                                                           ----       ----

<S>                                                                      <C>
OPERATING ACTIVITIES
Net income.............................................................  $  1,494  $  1,340
Adjustments to reconcile net income to net cash provided by
 operating activities:
   Provision for loan losses...........................................        45        45
   Provision for depreciation and amortization.........................       275       302
   Premium amortization on investment securities.......................        11         2
   Discount accretion on investment securities.........................       (18)      (11)
   Deferred income taxes (benefit).....................................         4        33
   (Gain) loss on sale of other real estate owned......................         0       (54)
   (Gain) loss on sale of premises and equipment.......................         3         0
   Loss on impairment of bank premises.................................        15         0
   (Increase) decrease in accrued interest receivable and other assets.      (187)     (349)
   Increase (decrease) in accrued interest and other expenses
     and other liabilities.............................................        (1)      (44)
                                                                         --------  --------
     NET CASH PROVIDED BY OPERATING ACTIVITIES.........................  $  1,641  $  1,264
                                                                         --------  --------

INVESTING ACTIVITIES
Proceeds from maturities and redemptions of investment securities
  available-for-sale...................................................  $  9,984  $ 11,587
Proceeds from maturities and redemptions of held-to-maturity
  investment securities................................................       250        75
Purchase of investment securities available-for-sale...................   (17,459)  (11,213)
Net (increase) decrease in loans.......................................    (1,252)   (1,242)
Purchases of premises and equipment....................................      (120)     (600)
Proceeds from sale of other real estate owned..........................         0        54
Proceeds from sale of premises and equipment...........................        12         0
                                                                         --------  --------
     NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES...............  $ (8,585) $ (1,339)
                                                                         --------  --------

FINANCING ACTIVITIES
Net increase (decrease) in deposits....................................  $ (3,493) $ (1,344)
Net increase (decrease) in short-term borrowings.......................     7,287     4,360
Net increase (decrease) in long-term borrowings........................       (64)      (48)
Proceeds from sale of stock - dividend reinvestment....................       106       116
Treasury stock acquired and retired....................................       (92)        0
Treasury stock acquired................................................        (3)        0
Cash dividends paid....................................................      (481)     (412)
                                                                         --------  --------
     NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES...............  $  3,260  $  2,672
                                                                         --------  --------
     INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS..................  $ (3,684) $  2,597
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR.........................    11,359     4,471
                                                                         --------  --------
     CASH AND CASH EQUIVALENTS AT END OF YEAR..........................  $  7,675  $  7,068
                                                                         ========  ========


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the year for:
  Interest.............................................................  $  4,440  $  4,155
  Income taxes.........................................................  $    588  $    406
</TABLE>


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

                                     -3-
<PAGE>   6

CCFNB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
UNAUDITED


BASIS OF PRESENTATION


NOTE 1 - The accounting and reporting policies of CCFNB Bancorp and its
         subsidiary conform to generally accepted accounting principles and to
         general practices within the banking industry.  These consolidated
         interim financial statements include the accounts of CCFNB Bancorp,
         Inc. and its wholly owned subsidiary, Columbia County Farmers National
         Bank.  All significant inter-company balances have been eliminated.



NOTE 2 - The accompanying consolidated interim financial statements are 
         unaudited.  In management's opinion, the consolidated interim
         financial statements reflect a fair presentation of the consolidated
         financial position of CCFNB Bancorp, Inc. and Subsidiary, the results
         of their operations and their cash flows for the interim periods
         presented.  Further, the consolidated interim financial statements
         reflect all adjustments, which are in the opinion of management,
         necessary to present fairly the consolidated financial condition and
         consolidated results of operations and cash flows for the interim
         period presented and that all such adjustments to the consolidated
         financial statements are of a normal recurring nature.



NOTE 3 - The results of operations for the nine month period ended
         September 30, 1997 are not necessarily indicative of the results to be
         expected for the full year.



NOTE 4 - Net income per share of common stock for the interim periods is
         based on the weighted average number of shares for each period; 1997 -
         1,382,201 shares and 1996 - 1,374,631 shares.



NOTE 5 - LOANS

         Loans are stated at their outstanding principal balances, net of any
         deferred fees or costs, unearned income, and the allowance for loan
         losses.  Interest on loans is accrued on the principal amount
         outstanding, primarily on an actual day basis. Non-refundable loan
         fees and certain direct costs are deferred and amortized over the life
         of the loans using the interest method.  The amortization is reflected
         as an interest yield adjustment, and the deferred portion of the net
         fees and costs is reflected as a part of the loan balance.




                                     -4-
<PAGE>   7
         NON-ACCRUAL LOANS - Generally, a loan (including a loan impaired under
         Statement of Financial Accounting Standards No. 114) is classified as
         non-accrual, and the accrual of interest on such a loan is
         discontinued when the contractual payment of principal or interest has
         become 90 days past due or management has serious doubts about further
         collectibility of principal or interest, even though the loan
         currently is performing.  A loan may remain on accrual status if it is
         in the process of collection and is either guaranteed or well secured. 
         When a loan is placed on non-accrual status, unpaid interest credited
         to income in the current year is reversed, and unpaid interest accrued
         in prior years is charged against the allowance for credit losses. 
         Potential problem loans are identified by management as a part of its
         loan review process.

         Income recognition is in accordance with Statement of Financial
         Accounting Standards No. 118.  Certain non-accrual loans may continue
         to perform, that is, payments are still being received. Generally, the
         payments are applied to principal.  These loans remain under constant
         scrutiny and if performance continues, interest income may be recorded
         on a cash basis based on management's judgement as to collectibility
         of principal.

         ALLOWANCE FOR LOAN LOSSES - The allowance for loan losses is
         established through provisions for loan losses charged against income. 
         Loans deemed to be uncollectible are charged against the allowance for
         loan losses, and subsequent recoveries, if any, are credited to the
         allowance.

         The Corporation adheres to principles provided by Statement of
         Financial Accounting Standards No. 114, "Accounting by Creditors for
         Impairment of a Loan", as amended by Statement of Financial Accounting
         Standards No. 118, "Accounting by Creditors for Impairment of a Loan -
         Income Recognition and Disclosure." Under these standards, the
         allowance for loan losses related to loans that are identified for
         evaluation in accordance with Statement No. 114 is based on discounted
         cash flows using the loan's initial effective interest rate or the
         fair value of the collateral for certain collateral dependent loans. 
         Statement No. 118 allows the continued use of existing methods for
         income recognition on impaired loans and amends disclosure
         requirements to require information about the recorded investment in
         certain impaired loans and related income recognition on those loans.
         The allowance for loan losses is maintained at a level by management
         to be adequate to absorb estimated potential loan losses. 
         Management's periodic evaluation of the adequacy of the allowance for
         loan losses is based on the Corporation's past loan loss experience,
         known and inherent risks in the portfolio, adverse situations that may
         affect the borrower's ability to repay (including the timing of future
         payments), the estimated value of any underlying collateral,
         composition of the loan portfolio, current economic conditions, and
         other relevant factors.  This evaluation is inherently subjective as
         it requires material estimates, including the amounts and timing of
         future cash flows expected to be received on impaired loans that may
         be susceptible to significant change.





                                     -5-
<PAGE>   8
         The following table presents the changes in the allowance for credit
         losses:

<TABLE>
            <S>                                                      <C>
            Balance at January 1, 1997............................   $    911
            Provisions charged to operations......................         45
            Loans charged off.....................................        (62)
            Recoveries............................................         30
                                                                     --------
            Balance at September 30, 1997.........................   $    924
                                                                     ========
</TABLE>


         At September 30, 1997 no loans were considered impaired as defined by
         Statement No. 114.  Accordingly, no additional charge to operations
         was required since the total allowance for loan losses was estimated
         by management to be adequate to provide for the loan loss allowance
         under Statement No. 114 as well as any other potential loan losses.



NOTE 6 - The consolidated interim financial statements have been prepared
         in accordance with requirements of Form 10-QSB and therefore do not
         include all the disclosures normally required by generally accepted
         accounting principles, or those normally made in the Corporation's
         annual 10-KSB filing.  The reader of these consolidated interim
         financial statements may wish to refer to the Corporation's annual
         report on Form 10-KSB for the period ended December 31, 1996, filed
         with the Securities and Exchange Commission.





                                     -6-
<PAGE>   9

                       CCFNB BANCORP, INC. AND SUBSIDIARY
              MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Consolidated Summary of Operations
(Dollars in Thousands, except for per share data)

<TABLE>
<CAPTION>
                                        AT AND FOR THE NINE MONTHS
                                        --------------------------
                                            ENDED SEPTEMBER 30,   ---------AT AND FOR THE YEARS ENDED DECEMBER 31,---------
                                            -------------------            ---------------------------------------
                                               1997       1996        1996        1995        1994        1993        1992
                                               ----       ----        ----        ----        ----        ----        ----
<S>                                       <C>        <C>         <C>         <C>         <C>         <C>         <C>
Income and Expense:
  Interest income.......................  $   9,318  $    8,807  $   11,856  $   11,481  $   10,459  $    9,914  $    9,768
  Interest expense......................      4,434       4,152       5,588       5,557       4,785       4,634       5,053
                                          ---------  ----------  ----------  ----------  ----------  ----------  ----------
  Net interest income...................      4,884       4,655       6,268       5,924       5,674       5,280       4,715
  Loan loss provision...................         45          45          80          42         160         105         167
                                          ---------  ----------  ----------  ----------  ----------  ----------  ----------
  Net interest income after loan loss
    provision...........................      4,839       4,610       6,188       5,882       5,514       5,175       4,548
  Non-interest income...................        542         548         750         678         569         568         547
  Non-interest expense..................      3,339       3,332       4,450       4,374       3,958       3,763       3,468
                                          ---------  ----------  ----------  ----------  ----------  ----------  ----------
  Income before income taxes............      2,042       1,826       2,488       2,186       2,125       1,980       1,627
  Income taxes..........................        548         486         664         561         560         497         414
  Change in accounting principle........          0           0           0           0           0         196           0
                                          ---------  ----------  ----------  ----------  ----------  ----------  ----------
  Net income............................      1,494       1,340       1,824       1,625       1,565       1,679       1,213
                                          =========  ==========  ==========  ==========  ==========  ==========  ==========

Per Share: (1)
  Net income after change in accounting
    principle (2).......................  $    1.08  $      .97  $     1.33  $     1.19  $     1.35  $     1.51  $     1.09
  Cash dividends paid...................       .348         .30         .45         .45         .42         .40         .33
  Average shares outstanding............  1,382,201   1,374,631   1,375,875   1,367,595   1,163,199   1,109,837   1,109,602

Average Balance Sheet:
  Loans.................................  $ 116,458  $  111,245  $  112,341  $  111,980  $  100,628  $   88,347  $   77,354
  Investments...........................     39,211      39,740      39,248      37,063      41,410      42,083      38,534
  Other earning assets..................      5,585       3,326       2,849       1,727       2,696       3,659       1,360
  Total assets..........................    170,109     163,401     164,512     157,957     151,752     143,096     129,045
  Deposits..............................    129,172     128,422     117,414     116,495     115,071     117,105     103,500
  Other interest-bearing liabilities....     19,280      14,234      14,860      11,766      11,014      12,332      12,390
  Shareholders' equity..................     20,478      19,429      19,512      18,067      13,736      12,739      11,972

Balance Sheet Data:
  Loans.................................    116,810     113,017     115,590     111,832     109,800      96,423      82,055
  Investments...........................     44,738      39,330      37,407      40,384      39,323      44,542      39,448
  Other earning assets..................      3,207       2,274       6,856         385       4,174       3,491       9,885
  Total assets..........................    174,924     165,507     170,086     162,066     157,124     152,386     139,273
  Deposits..............................    127,907     127,641     131,400     128,985     126,864     124,023     113,291
  Other interest-bearing liabilities....     24,174      17,712      16,951      12,430      11,910      14,317      13,199
  Shareholders' equity..................     21,746      20,131      20,657      19,512      17,650      13,452      12,208

Ratios: (3)
  Return on average assets..............      1.17%       1.09%       1.11%       1.03%       1.03%       1.17%        .94%
  Return on average equity..............      9.73%       9.20%       9.35%       8.99%      11.39%      13.18%      10.13%
  Dividend payout ratio.................     32.06%      30.75%      33.95%      34.35%      36.54%      26.44%      30.17%
  Average equity to average assets ratio     12.04%      15.85%      11.86%      11.44%       9.05%       8.90%       9.28%
</TABLE>

(1) Per share data has been calculated on the weighted average number of shares
      outstanding.
(2) Before cumulative effect of change in accounting principle.
(3) The ratios for the nine month period ending September 30 are annualized.

                                     -7-
<PAGE>   10
The following discussion and analysis of the financial condition and results of
operations of the Corporation should be read in conjunction with the
consolidated financial statements of the Corporation.  The consolidated
financial condition and results of operations of the Corporation are
essentially those of the Bank.  Therefore, the discussion and analysis that
follows is directed primarily at the performance of the Bank.

Overview

Total assets increased 2.9% to $174.9 million at September 30, from $170.0
million at December 31, 1996.  Net income increased 11.49% through September
30, 1997 to $1,494,000, or $1.08 per share, compared to $1,340,000, or $.97 per
share for the same nine month period ended September 30, 1996.  Loans increased
in 1997 by 1.04% to $116.8 million at September 30, from $115.6 million at
December 31, 1996.

Results of Operations - For the Nine Months Ended September 30, 1997 and
September 30, 1996.

Net income is affected by five major components:  net interest income or the
difference between interest income earned on loans and investments and interest
expense paid on deposits and borrowed funds; the provision for loan losses,
which is the amount charged against net interest income and added to the
allowance for loan losses to provide a reserve for potential future loan
losses; other non-interest income, which is made up of certain fees, gains and
losses from the sale of investment securities, trust department income and
other items; and other non-interest expenses, which consist primarily of
salaries and benefits, general overhead expenses, other operational expenses
and income taxes.  Each of these major components is reviewed in more detail in
the following discussion.

Net income for the nine months ended September 30, 1997 was $1,494,000, or
$1.08 per share, as compared to $1,340,000, or $.97 per share, for the
comparable period in 1996.  The principal factor for the increase was due to a
general increase in net interest income.

Return on average assets and return on average equity were 1.17% and 9.73%,
respectively, for the nine months ended September 30, 1997, as compared to
1.09% and 9.20%, respectfully, for the comparable period in 1996.

Net Interest Income

For the nine months ended September 30, 1997, net interest income was $4.8
million as compared to $4.6 million for the comparable period of 1996.  The net
interest margin reflected a favorable increase to 4.25% for the nine months
ended September 30, 1997 from 4.22% for the comparable period in 1996.  Average
interest earning assets at September 30, 1997 increased by 4.50% over September
30, 1996.

Average loans outstanding increased from $111.2 million to $116.5 million or
4.77%, for the nine months ended September 30, 1997, as compared to the nine
months ended September 30, 1996.  The outstanding balance of loans at September
30, 1997, increased from $115.6 million at December 31, 1996 to $116.8 million
at September 30, 1997.  A 5.80% increase in income on loans from $6.9 million
at September 30, 1996 to $7.3 million at September 30, 1997 was attributable to
the addition of two new loan products, namely, home equity line and dealer
floor plan representing an increase in income on loans of $289,000 on these two
loan products comparing September 1997 to September 1996.


                                     -8-
<PAGE>   11

Shown below is a summary of past due and non-accrual loans:

<TABLE>
<CAPTION>
                                                           IN THOUSANDS OF DOLLARS
                                                           -----------------------
                                                             SEPTEMBER  DECEMBER
                                                             30, 1997   31, 1996
                                                             --------   --------
   <S>                                                       <C>        <C>
   Past due and non-accrual:
     Days 30 - 89.........................................   $  1,206   $    949
     Days 90 plus.........................................        399        329
     Non-accrual..........................................          7        109
                                                             --------   --------
                                                             $  1,612   $  1,387
                                                             ========   ========
</TABLE>


Past due and non-accrual loans increased 14.29% from $1.4 million at December
31, 1996 to $1.6 million at September 30, 1997.  These real estate
delinquencies mainly fall into the 60 day and below category.

Any loans classified for regulatory purposes as loss, doubtful, substandard, or
special mention that have not been disclosed under Industry Guide 3 do not (i)
represent or result from trends or uncertainties which management reasonably
expects will materially impact future operating results, liquidity, or capital
resources, or (ii) represent material credits about which management is aware
of any information which causes management to have serious doubts as to the
ability of such borrowers to comply with the loan repayment terms.

The Corporation adheres to principles provided by Financial Accounting
Standards Board Statement No. 114, "Accounting by Creditors for Impairment of a
Loan" - Refer to Note 5 above for other details.

The following analysis provides a schedule of loan maturities/interest rate
sensitivities.  This schedule reflects a new format effective June 30, 1997 for
reporting repricing and maturity as required by the FFIEC:

<TABLE>
<CAPTION>
                                                                        IN THOUSANDS
                                                                         OF DOLLARS
                                                                         ----------
                                                                         SEPTEMBER
           MATURITY AND REPRICING DATA FOR LOANS AND LEASES               30, 1997
           ------------------------------------------------               --------

<S>                                                                       <C>
Closed-end loans secured by first liens on 1-4 family residential
 properties with a remaining maturity or repricing frequency of:
    (1) Three months or less...........................................   $  2,212
    (2) Over three months through 12 months............................      7,914
    (3) Over one year through three years..............................     32,399
    (4) Over three years through five years............................      2,217
    (5) Over five years through 15 years...............................     13,241
    (6) Over 15 years..................................................      2,657
All loans and leases other than closed-end loans secured by first
 liens on 1-4 family residential properties with a remaining maturity
 or repricing frequency of:
    (1) Three months or less...........................................     17,437
    (2) Over three months through 12 months............................     10,900
    (3) Over one year through three years..............................     14,816
    (4) Over three years through five years............................      4,414
    (5) Over five years through 15 years...............................      7,548
    (6) Over 15 years..................................................      1,453
                                                                          --------
       Sub-total.......................................................   $117,208
Add non-accrual loans not included above...............................         12
Less unearned income...................................................       (410)
                                                                          --------
       Total Loans and Leases..........................................   $116,810
                                                                          ========
</TABLE>


                                     -9-
<PAGE>   12
Interest income from investment securities reflects a 1.58% decrease comparing
$1,749,000 for the nine months ended September 30, 1997, and the $1,777,000 for
the comparable period of 1996.  The average balance of investment securities
for the nine months ended September 30, 1997 decreased 1.26% to $39.2 million,
compared to the $39.7 million for the same period of 1996.

Total interest expense increased $282,000 or 6.79% for the first nine months of
1997, as compared to the first nine months of 1996.  This increase in interest
expense reflects the shift from lower yielding money market deposits to higher
yielding certificates of deposit as reflected in the average balance sheet.  In
addition short-term borrowings, consisting mostly of repurchase agreements,
increased 43.11% from $16.7 million at September 30, 1996 to $23.9 million at
September 30, 1997 resulting in the related interest expense increasing by
$231,000 from $516,000 at September 30, 1996 to $747,000 at September 30, 1997.

The following table sets forth, for the periods indicated, information
regarding: (1) the total dollar amount of interest income from interest-earning
assets and the resultant average yields; (2) the total dollar amount of
interest expense on interest-bearing liabilities and the resultant average
cost; (3) net interest income; (4) net interest margin; (5) tax equivalent net
interest income; and (6) tax equivalent net interest margin.  Information is
based on average daily balances during the indicated periods.

Average Balance Sheet and Rate Analysis
(Dollars in Thousands)

<TABLE>
<CAPTION>
                                                    ---------SEPTEMBER 1997-------   ---------SEPTEMBER 1996-------
                                                             --------------                   --------------
                                                                INTEREST   AVERAGE               INTEREST   AVERAGE
                                                     AVERAGE     INCOME/    YIELD/    AVERAGE     INCOME/    YIELD/
                                                    BALANCE(1)  EXPENSE(2)   RATE    BALANCE(1)  EXPENSE(2)   RATE
                                                    ----------  ----------   ----    ----------  ----------   ----
<S>                                                  <C>         <C>        <C>       <C>         <C>         <C>
ASSETS:
Interest bearing deposits with other financial
  institutions....................................   $  3,087    $    124    5.36%    $  2,581    $    101    5.22%
Investment securities:
  U.S. government securities......................     27,276       1,256    6.14%      27,128       1,241    6.10%
  State and municipal obligations (3).............      9,498         377    8.02%       9,444         377    8.06%
  Other securities................................      2,437         116    6.35%       3,168         159    6.69%
                                                     --------    --------    -----    --------    --------    -----
Total Investment Securities.......................   $ 39,211    $  1,749    5.95%    $ 39,740    $  1,777    5.96%
Federal funds sold................................      2,498         102    5.44%         745          29    5.19%
Consumer..........................................      8,655         596    9.18%       8,390         596    9.47%
Dealer floor plan.................................      1,498          96    8.54%           0           0     .00%
Mortgage..........................................     97,429       6,060    8.29%      94,918       5,778    8.12%
Commercial........................................      6,355         479   10.05%       6,207         450    9.67%
Tax free (3)......................................      2,521         112    8.97%       1,730          76    8.87%
                                                     --------    --------    -----    --------    --------    -----
Total loans.......................................   $116,458    $  7,343    8.41%    $111,245    $  6,900    8.27%
Total interest earning assets.....................    161,254       9,318    7.70%     154,311       8,807    7.61%
                                                     --------    --------    -----    --------    --------    -----
Reserve for loan losses...........................   $   (913)                        $   (911)
Cash and due from banks...........................      1,291                            1,592
Other assets......................................      8,477                            8,409
                                                     --------                         --------
Total assets......................................   $170,109                         $163,401
                                                     ========                         ========
</TABLE>





                                    -10-
<PAGE>   13

<TABLE>
<CAPTION>
                                                    ---------SEPTEMBER 1997-------   ---------SEPTEMBER 1996-------
                                                             --------------                   --------------
                                                                INTEREST   AVERAGE               INTEREST   AVERAGE
                                                     AVERAGE     INCOME/    YIELD/    AVERAGE     INCOME/    YIELD/
                                                    BALANCE(1)  EXPENSE(2)   RATE    BALANCE(1)  EXPENSE(2)   RATE
                                                    ----------  ----------   ----    ----------  ----------   ----
<S>                                                  <C>         <C>         <C>      <C>         <C>         <C>
LIABILITIES AND CAPITAL:
SUPER NOW deposits................................   $ 19,541    $    309    2.11%    $ 19,736    $    322    2.18%
IRA...............................................      8,148         304    4.97%       8,308         311    4.99%
Money market deposits.............................     12,244         269    2.93%      13,697         302    2.94%
Savings deposits..................................     21,716         434    2.66%      23,953         493    2.74%
Time deposits over $100,000.......................     11,485         506    5.87%      10,341         452    5.83%
Other time deposits...............................     44,136       1,853    5.60%      41,223       1,735    5.61%
                                                     --------    --------    -----    --------    --------    -----
Total interest bearing deposits...................   $117,270    $  3,675    6.33%    $117,258    $  3,615    4.11%
                                                     --------    --------    -----    --------    --------    -----
FHLB..............................................   $      0    $      0     .00%    $      0    $      0     .00%
Other borrowed funds..............................        563          22    5.21%         544          20    4.90%
Long-term borrowings..............................        264          12    6.06%         339          21    8.26%
Repurchase agreements.............................     18,453         725    5.24%      13,351         496    4.95%
                                                     --------    --------    -----    --------    --------    -----
Total interest bearing liabilities................   $136,550    $  4,434    4.33%    $131,492    $  4,152    4.21%
                                                     --------    --------    -----    --------    --------    -----
Demand deposits...................................   $ 11,902                         $ 11,164
Other liabilities.................................      1,179                            1,316
Stockholders' equity..............................     20,478                           19,429
                                                     --------                         --------
Total liabilities and capital.....................   $170,109                         $163,401
                                                     ========                         ========

NET INTEREST INCOME/NET INTEREST MARGIN (4)......                $  4,884    4.04%                $  4,655    4.02%
                                                                 ========    =====                ========    =====

TAX EQUIVALENT NET INTEREST INCOME/
 NET INTEREST MARGIN (5)..........................               $  5,136    4.25%                $  4,888    4.22%
                                                                 ========    =====                ========    =====
</TABLE>


(1) Average volume information was computed using daily averages.
(2) Interest on loans includes fee income.
(3) Yield on tax-exempt obligations has been computed on a tax-equivalent
      basis.
(4) Net interest margin is computed by dividing net interest income by total
      interest earning assets.
(5) Interest and yield are presented on a tax equivalent basis using 34% for
      1997 and 1996.


Provision for Loan Losses

The provision for loan losses is based on management's evaluation of the
allowance for loan losses in relation to the credit risk inherent in the loan
portfolio.  In establishing the amount of the provision required, management
considers a variety of factors, including but not limited to, general economic
conditions, volumes of various types of loans, collateral adequacy and
potential losses from significant borrowers.  On a monthly basis, the Board of
Directors and the Credit Administration Committee review information regarding
specific loans and the total loan portfolio in general in order to determine
the amount to be charged to the provision for loan losses.

For the nine month period ending September 30, 1997 and 1996, the provision for
loan losses was $45,000, compared to the same amount for the corresponding
period in 1997.



                                    -11-
<PAGE>   14
Non-Interest Income

The following table sets forth, for the periods indicated, the major components
of non-interest income:

<TABLE>
<CAPTION>
                                                                NINE MONTHS ENDED
                                                                  SEPTEMBER 30,
                                                                  -------------
                                                                1997        1996
                                                                ----        ----
                                                             (Dollars in Thousands)

<S>                                                           <C>         <C>
Service charges and fees..................................    $    418    $    418
Trust department income...................................          67          46
Investment securities gain (loss) - net...................           0           0
Other.....................................................          57          84
                                                              --------    --------
     Total................................................    $    542    $    548
                                                              ========    ========
</TABLE>


For the nine months ended September 30, 1997, total non-interest income
decreased $6,000, to $542,000 compared with $548,000 for the nine months ended
September 30, 1996.  During 1996 a $22,000 miscellaneous income item of a
non-recurring nature occurred plus a gain in the sale of other real estate of
$54,000 occurred, for a total of $76,000 other income.  With this $76,000
adjustment the non-interest income would actually have increased $70,000 for
the nine months ended September 30, from $472,000 at September 30, 1996 to
$542,000 at September 30, 1997.  On a positive note, Trust income increased
$21,000 from $46,000 at September 30, 1996 to $67,000 at September 30, 1997.
Also, income from our third party entity, Invest, which is an outside brokerage
firm, amounted to $13,000 during the first nine months of 1997.


Non-Interest Expenses

Generally, non-interest expense accounts for the costs of maintaining
facilities, providing salaries and necessary benefits to employees, and general
operating costs such as insurance, supplies, advertising, data processing
services, taxes and other related expenses.  Some of the costs and expenses are
variable while others are fixed.  To the extent possible, the Company utilizes
budgets and related measures to control variable expenses.  The following table
sets forth, for the periods indicated, the major components of non-interest
expenses:

<TABLE>
<CAPTION>
                                                                NINE MONTHS ENDED
                                                                  SEPTEMBER 30,
                                                                  -------------
                                                                1997        1996
                                                                ----        ----
                                                             (Dollars in Thousands)

<S>                                                           <C>         <C>
Salaries and wages.......................................     $  1,289    $  1,288
Employee benefits........................................          448         427
Net occupancy expense....................................          286         287
Furniture and equipment expense..........................          312         300
FDIC insurance...........................................           12           2
State shares tax.........................................          112          99
Other expense............................................          880         929
                                                              --------    --------
     Total...............................................     $  3,339    $  3,332
                                                              ========    ========
</TABLE>


Non-interest expenses totalled $3.3 million for the nine months ended September
30, 1997 and 1996.

                                    -12-
<PAGE>   15
Salary and employee benefits expense increased 1.28% due primarily to employee
benefit plans.  Similarly, furniture and equipment expense increased 4.00% over
1996 for service on equipment and depreciation on newly acquired data
processing equipment.

In addition other expenses decreased to $880,000 in 1997 or 5.27% as compared
to 1996.  Both FDIC insurance and shares tax increased from September 1996 to
September 1997.  Overall, non-interest expenses have been kept at a very
manageable level during the past twelve months.


Capital

A major strength of a financial institution is a strong capital position.  This
capital is very critical as it must provide growth, payment to shareholders,
and absorption of unforeseen losses.  The federal regulators provide standards
that must be met.  These standards measure "risk-adjusted" assets against
different categories of capital.  The "risk-adjusted" assets reflect off
balance sheet items, such as commitments to make loans, and also place balance
sheet assets on a "risk" basis for collectibility.  The adjusted assets are
measured against Tier I Capital and Total Qualifying Capital.  Tier I Capital
is common stockholders' equity and Tier II Capital includes the allowance for
loan losses.  Allowance for loan losses must be lower than or equal to common
stockholders' equity to be eligible for Total Qualifying Capital.

The Company exceeds all minimum capital requirements as reflected in the
following table:

<TABLE>
<CAPTION>
                                          SEPTEMBER 30, 1997     DECEMBER 31, 1996
                                          ------------------     -----------------
                                                     MINIMUM               MINIMUM
                                         CALCULATED  STANDARD  CALCULATED  STANDARD
                                           RATIOS     RATIOS     RATIOS     RATIOS
                                           ------     ------     ------     ------
<S>                                        <C>         <C>       <C>         <C>
Risk Based Ratios:
Tier I Capital to risk-weighted assets..   20.56%      4.00%     19.72%      4.00%
Total Qualifying Capital to
  risk-weighted assets..................   21.44%      8.00%     20.59%      8.00%
</TABLE>


Additionally, certain other ratios also provide capital analysis as follows:


<TABLE>
<CAPTION>
                                                                SEPTEMBER  DECEMBER
                                                                 30, 1997  31, 1996
                                                                 --------  --------
<S>                                                               <C>       <C>
Tier I Capital to total assets..............................      12.36%    12.25%
Tier II Capital to total assets.............................      12.88%    12.79%
</TABLE>


Management believes that the Bank's current capital position and liquidity
positions are strong and that its capital position is adequate to support its
operations.





                                    -13-
<PAGE>   16

PART II - OTHER INFORMATION:



Item 1.  Legal Proceedings

Management and the Corporation's legal counsel are not aware of any litigation
that would have a material adverse effect on the consolidated financial
position of the Corporation.  There are no proceedings pending other than the
ordinary routine litigation incident to the business of the Corporation and its
subsidiary, Columbia County Farmers National Bank.  In addition, no material
proceedings are pending or are known to be threatened or contemplated against
the Corporation and the Bank by government authorities.



Item 2.  Changes in Securities - Nothing to report.



Item 3.  Defaults Upon Senior Securities - Nothing to report.



Item 4.  Submission of Matters to a Vote of Security Holders - Nothing to
         report.



Item 5.  Other Information - Nothing to report.



Item 6.  Exhibits and Reports on Form 8-K - Nothing to report.





                                    -14-
<PAGE>   17

                                 SIGNATURES




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




                                     CCFNB BANCORP, INC.
                                        (Registrant)




                                     By /s/ PAUL E. REICHART
                                        -------------------------------
                                        Paul E. Reichart
                                        President & CEO

                                     Date:   November 10, 1997




                                     By /s/ VIRGINIA D. KOCHER
                                        -------------------------------
                                        Virginia D. Kocher
                                        Treasurer

                                     Date:   November 10, 1997





                                    -15-