<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                                    FORM 10-Q

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

         For the quarterly period ended March 31, 2001


[ ]      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: (570) 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.
         1,345,588 shares of $1.25 (par) common stock were outstanding as of
         April 24, 2001.
<PAGE>   2
                       CCFNB BANCORP, INC. AND SUBSIDIARY

                                 MARCH 31, 2001

                                   INDEX 10-Q


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

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 - 11


        - Report of Independent Certified Public Accountants                  12


        - Management's Discussion and Analysis of Consolidated
          Financial Condition and Results of Operations                  13 - 19


PART II - OTHER INFORMATION                                                   20


SIGNATURES                                                                    21
</TABLE>
<PAGE>   3
CCFNB BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
UNAUDITED

<TABLE>
<CAPTION>
                                                                    MARCH     DECEMBER
                                                                  31, 2001    31, 2000
                                                                  --------    --------
<S>                                                               <C>         <C>
ASSETS
Cash and due from banks.......................................    $  4,597    $  6,722
Interest-bearing deposits with other banks....................       8,425       5,441
Federal funds sold............................................       1,500         500
Investment securities:
  Securities Available-for-Sale...............................      45,486      46,185
Loans, net of unearned income.................................     137,392     137,360
Allowance for loan losses.....................................       1,008       1,008
                                                                  --------    --------
  Net loans...................................................    $136,384    $136,352
Premises and equipment........................................       4,843       4,922
Accrued interest receivable...................................       1,008       1,038
Other assets..................................................       2,183       1,894
                                                                  --------    --------
     TOTAL ASSETS.............................................    $204,426    $203,054
                                                                  ========    ========


LIABILITIES AND STOCKHOLDERS' EQUITY


LIABILITIES
Deposits:
  Non-interest bearing........................................    $ 12,943    $ 14,593
  Interest bearing............................................     132,828     128,576
                                                                  --------    --------
     Total Deposits...........................................    $145,771    $143,169
Short-term borrowings.........................................      18,274      20,109
Long-term borrowings..........................................      13,365      13,367
Accrued interest and other expenses...........................       1,303       1,326
Other liabilities.............................................          95          33
                                                                  --------    --------
     TOTAL LIABILITIES........................................    $178,808    $178,004
                                                                  --------    --------


STOCKHOLDERS' EQUITY
Common stock, par value $1.25 per share; authorized 5,000,000
  shares; issued 1,345,588 shares in 2001 and
  1,346,328 shares in 2000....................................    $  1,682    $  1,683
Surplus.......................................................       5,134       5,146
Retained earnings.............................................      18,553      18,310
Accumulated other comprehensive income (loss).................         249         (89)
                                                                  --------    --------
     TOTAL STOCKHOLDERS' EQUITY...............................    $ 25,618    $ 25,050
                                                                  --------    --------
     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY...............    $204,426    $203,054
                                                                  ========    ========
</TABLE>



See accompanying notes to 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 THREE
                                                                     MONTHS ENDING
                                                                       MARCH 31,
                                                                       ---------
                                                                 2001            2000
                                                              ----------      ----------
<S>                                                           <C>             <C>
INTEREST INCOME
Interest and fees on loans:
  Taxable ..............................................      $    2,650      $    2,559
  Tax-exempt ...........................................              39              31
Interest and dividends on investment securities:
  Taxable interest .....................................             439             502
  Tax-exempt interest ..................................             194             182
  Dividends ............................................               2               2
Interest on federal funds sold .........................              19               0
Interest on deposits in other banks ....................             111               3
Other interest income ..................................              19              19
                                                              ----------      ----------
     TOTAL INTEREST INCOME .............................      $    3,473      $    3,298
                                                              ----------      ----------

INTEREST EXPENSE
Interest on deposits ...................................      $    1,419      $    1,246
Interest on short-term borrowings ......................             254             311
Interest on long-term borrowings .......................             200              84
                                                              ----------      ----------
     TOTAL INTEREST EXPENSE ............................      $    1,873      $    1,641
                                                              ----------      ----------

Net interest income ....................................      $    1,600      $    1,657
Provision for loan losses ..............................               8              20
                                                              ----------      ----------
     NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES      $    1,592      $    1,637
                                                              ----------      ----------

NON-INTEREST INCOME
Service charges and fees ...............................      $      144      $      148
Trust department income ................................              49              33
Other income ...........................................              43              44
                                                              ----------      ----------
     TOTAL NON-INTEREST INCOME .........................      $      236      $      225
                                                              ----------      ----------

NON-INTEREST EXPENSES
Salaries and wages .....................................      $      517      $      498
Pensions and other employee benefits ...................             170             167
Occupancy expense, net .................................              96              87
Furniture and equipment expense ........................             132             156
Other operating expenses ...............................             363             339
                                                              ----------      ----------
     TOTAL NON-INTEREST EXPENSES .......................      $    1,278      $    1,247
                                                              ----------      ----------

Income before income taxes .............................      $      550      $      615
Income tax expense .....................................             119             150
                                                              ----------      ----------
     NET INCOME ........................................      $      431      $      465
                                                              ==========      ==========

PER SHARE DATA
Net income .............................................      $      .32      $      .34
Cash dividends .........................................      $      .14      $      .14
Weighted average shares outstanding ....................       1,345,006       1,367,268
</TABLE>


See accompanying notes to Consolidated Financial Statements.

                                       -2-
<PAGE>   5
CCFNB BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
UNAUDITED

<TABLE>
<CAPTION>
                                                                          FOR THE THREE
                                                                          MONTHS ENDING
                                                                            MARCH 31,
                                                                            ---------
                                                                      2001           2000
                                                                    --------       --------
<S>                                                                 <C>            <C>
OPERATING ACTIVITIES
Net income ...................................................      $    431       $    465
Adjustments to reconcile net income to net cash provided by
  operating activities:
    Provision for loan losses ................................             8             20
    Provision for depreciation and amortization ..............           110            135
    Premium amortization on investment securities ............            10              9
    Discount accretion on investment securities ..............            (4)            (4)
    Deferred income taxes (benefit) ..........................            (8)             0
    (Increase) in accrued interest receivable and other assets          (354)          (183)
    (Decrease) in accrued interest, other expenses and other
      liabilities ............................................           (34)           (27)
                                                                    --------       --------
      NET CASH PROVIDED BY OPERATING ACTIVITIES ..............      $    159       $    415
                                                                    --------       --------

INVESTING ACTIVITIES
Proceeds from sales, maturities and redemptions of investment
  securities Available-for-Sale ..............................      $  6,386       $    881
Proceeds from maturities and redemptions of Held-to-Maturity
  investment securities ......................................             0            200
Purchase of investment securities Available-for-Sale .........        (5,178)             0
Net (increase) in loans ......................................           (40)         1,404
Purchases of premises and equipment ..........................           (32)           (43)
                                                                    --------       --------
     NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES .....      $  1,136       $  2,442
                                                                    --------       --------

FINANCING ACTIVITIES
Net increase (decrease) in deposits ..........................      $  2,602       $    469
Net increase (decrease) in short-term borrowings .............        (1,835)        (9,829)
Net increase in long-term borrowings .........................            (2)         4,999
Proceeds from issuance of common stock .......................            45             45
Acquisition of treasury stock ................................           (58)           (61)
Cash dividends paid ..........................................          (188)          (192)
                                                                    --------       --------
     NET CASH PROVIDED BY FINANCING ACTIVITIES ...............      $    564       $ (4,569)
                                                                    --------       --------
     INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ........      $  1,859       $ (1,712)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD .............        12,663          6,072
                                                                    --------       --------
     CASH AND CASH EQUIVALENTS AT END OF PERIOD ..............      $ 14,522       $  4,360
                                                                    ========       ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the year for:
  Interest ...................................................      $  1,873       $  1,670
  Income taxes ...............................................      $     29       $     30
</TABLE>



See accompanying notes to Consolidated Financial Statements.


                                       -3-
<PAGE>   6
CCFNB BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2001



NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         The accounting and reporting policies of CCFNB Bancorp, Inc. and
         Subsidiary (the "Corporation") are in accordance with accounting
         principles generally accepted in the United States of America and
         conform to common practices within the banking industry. The more
         significant policies follow:

         PRINCIPLES OF CONSOLIDATION

         The consolidated financial statements include the accounts of CCFNB
         Bancorp, Inc. and its wholly owned subsidiary, Columbia County Farmers
         National Bank (the "Bank") and all other equity interests. All
         significant inter-company balances and transactions have been
         eliminated in consolidation.

         NATURE OF OPERATIONS & LINES OF BUSINESS

         The Corporation provides full banking services, including trust
         services, through the Bank, to individuals and corporate customers. The
         Bank has six offices covering an area of approximately 484 square miles
         in Northeastern Pennsylvania. The Corporation and its banking
         subsidiary are subject to regulation of the Office of the Comptroller
         of the Currency, The Federal Deposit Insurance Corporation and the
         Federal Reserve Bank of Philadelphia.

         Procuring deposits and making loans are the major lines of business.
         The deposits are mainly deposits of individuals and small businesses
         and the loans are mainly real estate loans covering primary residences
         and small business enterprises. The trust services, under the name of
         CCFNB and Co., include administration of various estates, pension
         plans, self-directed IRA's and other services. A third-party brokerage
         arrangement is also resident in the main branch, namely Bloomsburg.
         This investment center offers a full line of stocks, bonds and other
         non-insured financial services.

         On December 19, 2000 the Corporation became a Financial Holding Company
         by having filed an election to do so with the Federal Reserve Board.
         The Bancorp acquired a 50% interest in a local insurance agency during
         January 2001.

         USE OF ESTIMATES

         The preparation of these consolidated financial statements in
         conformity with accounting principles generally accepted in the United
         States of America requires management to make estimates and assumptions
         that affect the reported amounts of assets and liabilities and
         disclosure of contingent assets and liabilities at the date of these
         consolidated financial statements and the reported amounts of income
         and expenses during the reporting periods. Actual results could differ
         from those estimates.

                                       -4-
<PAGE>   7
         INVESTMENT SECURITIES

         The Corporation classifies its investment securities as either
         "Held-to-Maturity" or "Available-for-Sale" at the time of purchase.
         Debt securities are classified as Held-to-Maturity when the Corporation
         has the ability and positive intent to hold the securities to maturity.
         Investment securities Held-to-Maturity are carried at cost adjusted for
         amortization of premiums and accretion of discounts to maturity.

         Debt securities not classified as Held-to-Maturity and equity
         securities included in the Available-for-Sale category, are carried at
         fair value, and the amount of any unrealized gain or loss net of the
         effect of deferred income taxes is reported as a component of
         Stockholders' Equity. Management's decision to sell Available-for-Sale
         securities is based on changes in economic conditions controlling the
         sources and uses of funds, terms, availability of and yield of
         alternative investments, interest rate risk, and the need for
         liquidity.

         The cost of debt securities classified as Held-to-Maturity or
         Available-for-Sale is adjusted for amortization of premiums and
         accretion of discounts to maturity. Such amortization and accretion, as
         well as interest and dividends, is included in interest income from
         investments. Realized gains and losses are included in net investment
         securities gains. The cost of investment securities sold, redeemed or
         matured is based on the specific identification method.

         Equity securities that do not have readily determinable fair values
         such as Federal Reserve Bank Stock, Federal Home Loan Bank Stock and
         Atlantic Central Banker's Bank Stock are carried at cost and are
         included in other assets.

         LOANS

         Loans are stated at their outstanding principal balances, net of
         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.

         NON-ACCRUAL LOANS - Generally, a loan is classified as non-accrual,
         with the accrual of interest on such a loan 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. Certain non-accrual loans may
         continue to perform, that is, payments are still being received with
         those payments generally applied to principal. Non-accrual 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.

                                       -5-
<PAGE>   8
         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.

         A factor in estimating the allowance for loan losses is the measurement
         of impaired loans. A loan is considered impaired when, based on current
         information and events, it is probable that the Corporation will be
         unable to collect all amounts due according to the contractual terms of
         the loan agreement. Under current accounting standards, the allowance
         for loan losses related to impaired loans is based on discounted cash
         flows using the loan's effective interest rate or the fair value of the
         collateral for certain collateral dependent loans.

         The allowance for loan losses is maintained at a level established 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.

         PREMISES AND EQUIPMENT

         Premises and equipment are stated at cost less accumulated depreciation
         computed principally on the straight-line method over the estimated
         useful lives of the assets. Maintenance and minor repairs are charged
         to operations as incurred. The cost and accumulated depreciation of the
         premises and equipment retired or sold are eliminated from the property
         accounts at the time of retirement or sale, and the resulting gain or
         loss is reflected in current operations.

         OTHER REAL ESTATE OWNED

         Other real estate owned is comprised of property acquired through a
         foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure
         and loans classified as in-substance foreclosure. In accordance with
         Statement of Financial Accounting Standards (SFAS) No. 114, a loan is
         classified as in-substance foreclosure when the Corporation has taken
         possession of the collateral regardless of whether formal foreclosure
         proceedings take place. Other real estate owned is recorded at fair
         value at the date of foreclosure, establishing a new cost basis and is
         included in other assets. After foreclosure, valuations are
         periodically performed by management, and the real estate is carried at
         the lower of (1) cost or (2) fair value minus estimated costs to sell.
         Income and expenses from operations of other real estate owned and
         changes in the valuation allowance are included in loss on other real
         estate owned.

                                       -6-
<PAGE>   9
         INCOME TAXES

         The provision for income taxes is based on the results of operations,
         adjusted primarily for tax-exempt income. Certain items of income and
         expense are reported in different periods for financial reporting and
         tax return purposes. Deferred tax assets and liabilities are determined
         based on the differences between the consolidated financial statement
         and income tax bases of assets and liabilities measured by using the
         enacted tax rates and laws expected to be in effect when the timing
         differences are expected to reverse. Deferred tax expense or benefit is
         based on the difference between deferred tax asset or liability from
         period to period.

         PER SHARE DATA

         Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings
         Per Share", requires dual presentation of basic and diluted earnings
         per share. Basic earnings per share is calculated by dividing net
         income by the weighted average number of shares of common stock
         outstanding at the end of each period. Diluted earnings per share is
         calculated by increasing the denominator for the assumed conversion of
         all potentially dilutive securities. The Corporation does not have any
         securities which have or will have a dilutive effect, accordingly,
         basic and diluted per share data is the same.

         CASH FLOW INFORMATION

         For purposes of reporting consolidated cash flows, cash and cash
         equivalents include cash on hand and due from banks, interest-bearing
         deposits in other banks and federal funds sold. The Corporation
         considers cash classified as interest-bearing deposits with other banks
         as a cash equivalent because they are represented by cash accounts
         essentially on a demand basis. Federal funds are also included as a
         cash equivalent because they are generally purchased and sold for
         one-day periods.

         TRUST ASSETS AND INCOME

         Property held by the Corporation in a fiduciary or agency capacity for
         its customers is not included in the accompanying consolidated
         financial statements because such items are not assets of the
         Corporation. Trust Department income is generally recognized on a cash
         basis and is not materially different than if it was reported on an
         accrual basis.

         SEGMENT REPORTING

         The Corporation's banking subsidiary acts as an independent community
         financial services provider, and offers traditional banking and related
         financial services to individual, business and government customers.
         Through its branch, internet banking, telephone and automated teller
         machine network, the Bank offers a full array of commercial and retail
         financial services, including the taking of time, savings and demand
         deposits; the making of commercial, consumer and mortgage loans; and
         the providing of other financial services. The Bank also performs
         personal, corporate, pension and fiduciary services through its Trust
         Department as well as offering diverse investment products through its
         investment center.

                                       -7-
<PAGE>   10
         Management does not separately allocate expenses, including the cost of
         funding loan demand, between the commercial, retail, trust and
         investment center operations of the Corporation. As such, discrete
         financial information is not available and segment reporting would not
         be meaningful.

         RECENT ACCOUNTING PRONOUNCEMENTS

         Statement of Financial Accounting Standards (SFAS) No. 133 (as amended
         by SFAS No. 138), "Accounting for Derivative Instruments and Hedging
         Activities", becomes effective for financial reporting periods
         beginning after June 15, 2000. SFAS No. 133 requires the recognition of
         the fair value of all derivative instruments on the consolidated
         balance sheets. Since the Corporation does not enter into transactions
         involving derivatives described in the standard and does not engage in
         hedging activities, the standard is not expected to have a significant
         impact on the Corporation's consolidated financial condition or results
         of operations.

         Statement of Financial Accounting Standards (SFAS) No. 140, "Accounting
         for Transfers and Servicing of Financial Assets and Extinguishment of
         Liabilities", is generally effective for transactions occurring after
         March 31, 2001. For recognition and reclassification of collateral and
         for disclosure related to securitization transactions and collateral,
         the effective date is for fiscal years ending after December 15, 2000.
         SFAS No. 140 replaces SFAS No. 125 and provides revisions to the
         standards for accounting and requirements for certain disclosures
         relating to securitizations and other transfers of financial assets.
         The standard is not expected to have a significant impact on the
         Corporation's consolidated financial condition or results of
         operations.

         RECLASSIFICATION

         Certain amounts in the consolidated financial statements of the prior
         years have been reclassified to conform with presentation used in the
         2000 consolidated financial statements. Such reclassifications had no
         effect on the Corporation's consolidated financial condition or net
         income.

NOTE 2 - ALLOWANCE FOR LOAN LOSSES

         Changes in the allowance for loan losses for the periods ended March
         31, 2001, and March 31, 2000 were as follows:

<TABLE>
<CAPTION>
                                                         (Amounts in Thousands)
                                                         ----------------------
                                                          2001            2000
                                                        -------         -------
<S>                                                     <C>             <C>
         Balance, beginning of year ............        $ 1,008         $   985
         Provision charged to operations .......              8              20
         Loans charged-off .....................            (15)            (15)
         Recoveries ............................              7              16
                                                        -------         -------
         Balance, March 31 .....................        $ 1,008         $ 1,006
                                                        =======         =======
</TABLE>




                                       -8-
<PAGE>   11
         At March 31, 2000 the recorded investment in loans that are considered
         to be impaired as defined by SFAS No. 114 was $24,721. No additional
         charge to operations was required to provide for the impaired loans
         since the total allowance for loan losses is estimated by management to
         be adequate to provide for the loan loss allowance required by SFAS No.
         114 along with any other potential losses.

         At March 31, 2001, there were no significant commitments to lend
         additional funds with respect to non-accrual and restructured loans.

NOTE 3 - SHORT-TERM BORROWINGS

         Federal funds purchased, securities sold under agreements to
         repurchase, and Federal Home Loan Bank advances generally represented
         overnight or less than 30-day borrowings. U.S. Treasury tax and loan
         notes for collections made by the Bank were payable on demand.

NOTE 4 - LONG-TERM BORROWINGS

         Long-term borrowings are comprised of advances from the Federal Home
         Loan Bank.

NOTE 5 - STOCKHOLDERS' EQUITY

         Changes in stockholders' equity for the period ended March 31, 2001
         were as follows:

<TABLE>
<CAPTION>
                                                            (AMOUNTS IN THOUSANDS, EXCEPT COMMON SHARE DATA)
                                                            ------------------------------------------------
                                                                                                  ACCUMULATED
                                                                                                     OTHER
                                                                     COMPREHENSIVE               COMPREHENSIVE
                                       COMMON    COMMON                  INCOME      RETAINED        INCOME      TREASURY
                                       SHARES     STOCK    SURPLUS       (LOSS)      EARNINGS        (LOSS)       STOCK      TOTAL
                                       ------     -----    -------       ------      --------        ------       -----      -----
<S>                                  <C>         <C>       <C>       <C>             <C>         <C>             <C>        <C>
Balance at January 1, 2001.........  1,346,328   $ 1,683   $ 5,146      $     0      $18,310        $   (89)      $    0    $25,050
Comprehensive Income:
 Net income........................          0         0         0          431          431              0            0        431
 Change in unrealized gain (loss)
  on investment securities
  available-for-sale net of
  reclassification adjustment
  and tax effects..................          0         0         0          338            0            338            0        338
                                                                        -------
         TOTAL COMPREHENSIVE INCOME                                     $   769
                                                                        =======
Issuance of 2,719 shares of common
  stock under dividend reinvestment
  and stock purchase plans.........      2,719         3        42                         0              0            0         45
Purchase of 3,459 shares of
  treasury stock...................          0         0         0                         0              0          (58)       (58)
Retirement of 3,459 shares of
  treasury stock...................     (3,459)       (4)      (54)                        0              0           58          0
Cash dividends $.14 per share......          0         0         0                      (188)             0            0       (188)
                                     ---------   -------   -------                   -------        -------       ------    -------
Balance at March 31, 2001..........  1,345,588   $ 1,682   $ 5,134                   $18,553        $   249       $    0    $25,618
                                     =========   =======   =======                   =======        =======       ======    =======

</TABLE>


                                                -9-
<PAGE>   12
NOTE 6 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND CONCENTRATIONS OF
         CREDIT RISK

         The Corporation 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. These financial instruments include commitments to
         extend credit, standby letters of credit and commercial letters of
         credit. Those instruments involve, to varying degrees, elements of
         credit and interest rate risk in excess of the amount recognized in the
         consolidated balance sheets. The contract or notional amounts of those
         instruments reflect the extent of involvement the Corporation has in
         particular classes of financial instruments. The Corporation does not
         engage in trading activities with respect to any of its financial
         instruments with off-balance sheet risk.

         The Corporation may require collateral or other security to support
         financial instruments with off-balance sheet credit risk. The contract
         or notional amounts at March 31, 2001 and December 31, 2000 were as
         follows:

<TABLE>
<CAPTION>
                                                                          (Amounts in Thousands)
                                                                          ----------------------
                                                                          MARCH           DECEMBER
                                                                        31, 2001          31, 2000
                                                                        --------          --------
<S>                                                                     <C>               <C>
         FINANCIAL INSTRUMENTS WHOSE CONTRACT AMOUNTS REPRESENT
          CREDIT RISK:
           Commitments to extend credit........................         $ 10,260          $  9,685
           Financial standby letters of credit.................            1,959             1,990
           Performance standby letters of credit...............               14                18
           Dealer floor plans..................................            1,765             1,098
</TABLE>


         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. Because many of
         the commitments are expected to expire without being drawn upon, the
         total commitment amounts do not necessarily represent future cash
         requirements. The Corporation evaluates each customer's
         creditworthiness on a case-by-case basis. The amount of collateral
         obtained, if deemed necessary by the Corporation upon extension of
         credit, is based on management's credit evaluation of the
         counter-party. Collateral held varies but may include accounts
         receivable, inventory, property, plant, equipment and income-producing
         commercial properties.

         Standby letters of credit and commercial letters of credit are
         conditional commitments issued by the Corporation to guarantee the
         performance of a customer to a third party. The credit risk involved in
         issuing letters of credit is essentially the same as that involved in
         extending loan facilities to customers. The Corporation holds
         collateral supporting those commitments for which collateral is deemed
         necessary.

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

                                      -10-
<PAGE>   13
         The Corporation granted commercial, consumer and residential loans to
         customers within Pennsylvania. Of the total loan portfolio at March 31,
         2001, 79.3% was for real estate loans, principally residential. It was
         the opinion of management that the high concentration did not pose an
         adverse credit risk. Further, it was management's opinion that the
         remainder of the loan portfolio was balanced and diversified to the
         extent necessary to avoid any significant concentration of credit.

NOTE 7 - MANAGEMENT'S ASSERTIONS AND COMMENTS REQUIRED TO BE PROVIDED WITH FORM
         10Q FILING

         In management's opinion, the consolidated interim financial statements
         reflect fair presentation of the consolidated financial position of
         CCFNB Bancorp, Inc. and Subsidiary, and the results of their operations
         and their cash flows for the interim periods presented. Further, the
         consolidated interim financial statements are unaudited however they
         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
         periods presented and that all such adjustments to the consolidated
         financial statements are of a normal recurring nature. The independent
         accountants, J.H. Williams & Co., LLP, reviewed these consolidated
         financial statements as stated in their accompanying review report.

         The results of operations for the three-month period ended March 31,
         2001, are not necessarily indicative of the results to be expected for
         the full year.

         These consolidated interim financial statements have been prepared in
         accordance with requirements of Form 10Q and therefore do not include
         all disclosures normally required by accounting principles generally
         accepted in the United States of America applicable to financial
         institutions as included with consolidated financial statements
         included in the Corporation's annual Form 10K filing. The reader of
         these consolidated interim financial statements may wish to refer to
         the Corporation's annual report or Form 10K for the period ended
         December 31, 2000, filed with the Securities and Exchange Commission.


                                      -11-
<PAGE>   14
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS



Board of Directors and Stockholders of CCFNB Bancorp, Inc.:


We have reviewed the accompanying consolidated balance sheet of CCFNB Bancorp,
Inc. and Subsidiary as of March 31, 2001, and the related consolidated
statements of income and cash flows for the three-month periods ended March 31,
2001 and 2000. These consolidated financial statements are the responsibility of
the management of CCFNB Bancorp, Inc. and Subsidiary.

We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States of
America, the objective of which is the expression of an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.

Based on our reviews, we are not aware of any material modifications that should
be made to the consolidated financial statements referred to above for them to
be in conformity with accounting principles generally accepted in the United
States of America.

We have previously audited, in accordance with auditing standards generally
accepted in the United States of America, the consolidated balance sheet of
CCFNB Bancorp, Inc. and Subsidiary as of December 31, 2000, and the related
consolidated statements of income, stockholders' equity, and cash flows for the
year then ended (not presented herein); and in our report dated January 19,
2001, we expressed an unqualified opinion on those consolidated financial
statements. In our opinion, the information set forth in the accompanying
consolidated balance sheet as of December 31, 2000, is fairly stated, in all
material respects, in relation to the consolidated balance sheet from which it
has been derived.


/s/ J.H. Williams & Co., LLP
----------------------------
    J.H. Williams & Co., LLP
    Kingston, Pennsylvania
    April 24, 2001




                                      -12-
<PAGE>   15
                       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 THREE MONTHS
                                         ---------------------------
                                               ENDED MARCH 31,         ---------AT AND FOR THE YEARS ENDED DECEMBER 31,----------
                                               ---------------         ----------------------------------------------------------
                                              2001         2000         2000         1999         1998         1997         1996
                                              ----         ----         ----         ----         ----         ----         ----
<S>                                      <C>           <C>           <C>          <C>          <C>          <C>          <C>
Income and Expense:
  Interest income ......................   $    3,473   $    3,298   $   13,552   $   12,669   $   12,444   $   12,498   $   11,844
  Interest expense .....................        1,873        1,641        6,859        6,099        6,072        5,976        5,588
                                           ----------   ----------   ----------   ----------   ----------   ----------   ----------
  Net interest income ..................        1,600        1,657   $    6,693   $    6,570   $    6,372        6,522        6,256
  Loan loss provision ..................            8           20           54           78           78           60           80
                                           ----------   ----------   ----------   ----------   ----------   ----------   ----------
  Net interest income after loan loss
    provision ..........................        1,592        1,637        6,639        6,492        6,294        6,462        6,176
  Non-interest income ..................          236          225        1,053        1,050          981          804          762
  Non-interest expense .................        1,278        1,247        4,967        4,818        4,739        4,492        4,450
                                           ----------   ----------   ----------   ----------   ----------   ----------   ----------
  Income before income taxes ...........          550          615        2,725        2,724        2,536        2,774        2,488
  Income taxes .........................          119          150          671          685          634          749          664
                                           ----------   ----------   ----------   ----------   ----------   ----------   ----------
  Net income ...........................          431          465        2,054        2,039        1,902        2,025        1,824
                                           ==========   ==========   ==========   ==========   ==========   ==========   ==========
Per Share: (1)
  Net income ...........................   $      .32   $      .34   $     1.51   $     1.48   $     1.38   $     1.47   $     1.33
  Cash dividends paid ..................          .14          .14          .56          .51          .46          .46          .45
  Average shares outstanding ...........    1,345,006    1,367,268    1,355,624    1,375,572    1,378,339    1,381,800    1,375,875

Average Balance Sheet:
  Loans ................................   $  137,170   $  132,925   $  134,325   $  123,185   $  116,490   $  116,771   $  112,341
  Investments ..........................       45,309       47,434       45,877       48,726       44,906       39,335       38,299
  Other earning assets .................        9,561          226        1,345        2,739        4,952        5,053        3,739
  Total assets .........................      203,405      194,001      196,727      186,597      177,643      171,159      164,512
  Deposits .............................      143,493      138,536      139,774      138,963      131,366      117,086      117,414
  Other interest-bearing liabilities ...       33,199       24,009       31,203       22,874       22,660       20,198       14,860
  Stockholders' equity .................       25,334       23,120       23,910       22,874       22,264       20,690       19,512

Balance Sheet Data:
  Loans ................................      137,392      133,020      137,360      134,423      118,558      119,045      115,590
  Investments ..........................       45,486       46,728       46,185       48,003       47,179       42,671       36,458
  Other earning assets .................        9,925          221        5,940          217        6,105          582        6,856
  Total assets .........................      204,426      191,879      203,054      196,122      185,258      173,866      170,086
  Deposits .............................      145,771      139,075      143,169      138,606      137,679      127,719      131,400
  Other interest-bearing liabilities ...       31,639       28,394       33,477       33,224       22,709       22,802       16,951
  Stockholders' equity .................       25,618       23,192       25,050       23,047       23,480       22,105       20,657

Ratios: (2)
  Return on average assets .............          .85%         .96%        1.04%        1.09%        1.07%        1.18%        1.11%
  Return on average equity .............         6.81%        8.04%        8.59%        8.91%        8.54%        9.79%        9.35%
  Dividend payout ratio ................        45.01%       41.08%       36.89%       33.59%       33.59%       31.65%       33.95%
  Average equity to average assets ratio        12.45%       11.90%       12.34%       11.75%       12.53%       12.71%       11.86%

</TABLE>


(1)      Per share data has been calculated on the weighted average number of
         shares outstanding.

(2)      The ratios for the three month period ending March 31, 2001 and 2000
         are annualized.

                                      -13-
<PAGE>   16
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 .6% to $204.4 million at March 31, 2001 from $203.1
million at December 31, 2000. Net income decreased 7.3% through March 31, 2001
to $431,000 or 32 cents per share, compared to $465,000 or 34 cents per share
for the same three month period ended March 31, 2001. Loans remained constant at
$137.4 for March 31, 2001 and December 31, 2000.

Results of Operations - For the Three Months Ended March 31, 2001 and March 31,
2000.

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 three months ended March 31, 2001 was $431,000 or 32 cents
per share, as compared to $465,000 or 34 cents per share, for the comparable
period in 2000. Interest income increased $175,000 and interest expense
increased $232,000 contributing to a $57,000 decrease in net interest income
comparing March 31, 2001 to March 31, 2000. Non-interest income increased
$11,000 and non-interest expense increased $31,000.

Return on average assets and return on average equity were .85% and 6.81%,
respectively, for the three months ended March 31, 2001, as compared to .96% and
8.04% for the comparable period in 2000.

Net Interest Income

For the three months ended March 31, 2001 and 2000, net interest income was $1.6
million and $1.7 million, respectively. The net interest margin was 3.56% for
the three months ended March 31, 2001 compared to 3.91% for March 31, 2000.
Average interest earning assets at March 31, 2001 increased by 4.8% over March
31, 2000 to $203.4 million from $194.0 million.

Average loans outstanding increased from $133.0 million to $137.2 million or
3.2% for the three months ended March 31, 2001, as compared to the three months
ended March 31, 2000.

The outstanding balance of loans at March 31, 2001 remained at $137.4 million
for December 31, 2000 and March 31, 2001.

                                      -14-
<PAGE>   17
Shown below is a summary of past due and non-accrual loans:

<TABLE>
<CAPTION>
                                                                        IN THOUSANDS OF DOLLARS
                                                                        -----------------------
                                                                            MARCH    DECEMBER
                                                                          31, 2001   31, 2000
                                                                          --------   --------
<S>                                                                     <C>          <C>
         Past due and non-accrual:
           Days 30 - 89.........................................          $  1,544   $  1,340
           Days 90 plus.........................................               567        344
           Non-accrual..........................................               297        312
                                                                          --------   --------
                                                                          $  2,408   $  1,996
                                                                          ========   ========
</TABLE>

Past due and non-accrual loans increased to $2.4 million at March 31, 2001 from
$2.0 million at December 31, 2000. $1.7 million of these past due loans are
secured by real estate.

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 2 above for other details.

The following analysis provides a schedule of loan maturities/interest rate
sensitivities. This schedule presents a repricing and maturity analysis as
required by the FFIEC:

<TABLE>
<CAPTION>
                                                                              IN THOUSANDS
                                                                               OF DOLLARS
                                                                               ----------
                                                                                 MARCH
                 MATURITY AND REPRICING DATA FOR LOANS AND LEASES               31, 2001
                 ------------------------------------------------               --------
<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 .............................................     $   2,062
    (2) Over three months through 12 months ..............................        13,675
    (3) Over one year through three years ................................        34,657
    (4) Over three years through five years ..............................         1,659
    (5) Over five years through 15 years .................................         9,090
    (6) Over 15 years ....................................................         1,894
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 .............................................        15,834
    (2) Over three months through 12 months ..............................        12,421
    (3) Over one year through three years ................................        14,121
    (4) Over three years through five years ..............................        10,227
    (5) Over five years through 15 years .................................        16,248
    (6) Over 15 years ....................................................         5,642
                                                                               ---------
       Sub-total .........................................................     $ 137,530
Add: non-accrual loans not included above ................................           297
Less: unearned income ....................................................          (435)
                                                                               ---------
       Total Loans and Leases ............................................     $ 137,392
                                                                               =========
</TABLE>

                                               -15-
<PAGE>   18
Interest income from investment securities reflects a 7.4% decrease comparing
$635,000 for the three months ended March 31, 2001 and the $686,000 for the
three months ended March 31, 2000. The average balance of investment securities
for the three months ended March 31, 2001 decreased 4.4% to $45.3 million,
compared to the $47.4 million for the same period of 2000.

Total interest expense increased $232,000 or 14.1% for the first three months of
2001 as compared to the first three months of 2000.

Average short term borrowings decreased from $23.9 million at March 31, 2000 to
$19.8 million at March 31, 2001. This 17.2% decrease reflects an increase in
depositor repurchase agreements from an average $15.8 million at March 31, 2000
to $19.4 million at March 31, 2001. Conversely, short term borrowings from
Federal Home Loan Bank averaged $7.7 million at March 31, 2000 and $0 million at
March 31, 2001.

Long term borrowings from Federal Home Loan Bank also increased from an average
$5.7 million at March 31, 2000 to $13.4 million at March 31, 2001.

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>
                                                         -----------MARCH 2001---------           -----------MARCH 2000---------
                                                         ------------------------------           ------------------------------
                                                                      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....................................      $  8,189      $    111      5.42%       $    219      $      3      5.48%
Investment securities:
  U.S. government securities......................        28,160           426      6.05%         32,642           501      6.14%
  State and municipal obligations (3).............        16,138           194      7.28%         14,583           182      7.56%
  Other securities................................         1,011            15      5.93%            209             3      5.74%
                                                        --------      --------      ----        --------      --------      ----
Total Investment Securities.......................      $ 45,309      $    635      5.61%       $ 47,434      $    686      5.78%
Federal funds sold................................         1,372            19      5.54%              0             0       .00%
Consumer..........................................        12,261           254      8.29%         12,439           249      8.01%
Dealer floor plan.................................         5,000           100      8.00%          6,162           127      8.24%
Mortgage..........................................       108,570         2,099      7.73%        101,509         1,969      7.76%
Commercial........................................         8,464           197      9.31%          9,313           214      9.19%
Lease financing receivables.......................           106             1      5.72%              0             0       .00%
Tax free (3)......................................         2,769            38      8.32%          2,376            31      7.91%
                                                        --------      --------      ----        --------      --------      ----
Total loans.......................................      $137,170      $  2,689      7.84%       $131,799      $  2,590      7.86%
Other assets/equity securities....................         1,126            19      6.75%          1,126            19      6.75%
Total interest earning assets.....................       193,166         3,473      7.19%        180,578         3,298      7.31%
                                                        --------      --------      ----        --------      --------      ----
Reserve for loan losses...........................      $ (1,008)                               $ (1,003)
Cash and due from banks...........................         2,278                                   4,997
Other assets......................................         8,969                                   9,429
                                                        --------                                --------
Total assets......................................      $203,405                                $194,001
                                                        ========                                ========
</TABLE>


                                      -16-


<PAGE>   19

<TABLE>
<CAPTION>
                                                             -----------MARCH 2001----------  ------------MARCH 2000---------
                                                                         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................................   $ 21,138    $     62    1.17%    $ 21,343    $     68    1.27%
         IRA's under $100,000..............................      7,982         106    5.31%       8,342         103    4.94%
         Money market deposits.............................      8,227          53    2.58%       9,942          66    2.66%
         Savings deposits..................................     20,748         126    2.43%      21,637         138    2.55%
         Time deposits including IRA's over $100,000.......     23,168         375    6.47%      16,432         241    5.87%
         Other time deposits under $100,000................     49,258         697    5.66%      47,801         630    5.27%
                                                              --------    --------    -----    --------    --------    -----
         Total interest-bearing deposits...................   $130,521    $  1,419    4.35%    $125,497    $  1,246    3.97%
                                                              --------    --------    -----    --------    --------    -----
         U.S. treasury short-term borrowings...............        407           6    5.90%         423           7    6.62%
         Short-term borrowings - other.....................          0           0     .00%       7,710         112    5.81%
         Long-term borrowings..............................     13,366         200    5.99%       5,695          84    5.90%
         Repurchase agreements.............................     19,426         248    5.11%      15,762         192    4.87%
                                                              --------    --------    -----    --------    --------    -----
         Total interest-bearing liabilities................   $163,720    $  1,873    4.58%    $155,087    $  1,641    4.23%
                                                              --------    --------    -----    --------    --------    -----
         Demand deposits...................................   $ 12,972                         $ 13,344
         Other liabilities.................................      1,379                            2,450
         Stockholders' equity..............................     25,334                           23,120
                                                              --------                         --------
         Total liabilities and capital.....................   $203,405                         $194,001
                                                              ========                         ========
         NET INTEREST INCOME/NET INTEREST MARGIN (4)......                $  1,600    3.31%                $  1,657    3.67%
                                                                          ========    =====                ========    =====
         TAX EQUIVALENT NET INTEREST INCOME/
          NET INTEREST MARGIN (5)..........................               $  1,719    3.56%                $  1,767    3.91%
                                                                          ========    =====                ========    =====
</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 2001 and 2000.


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 three month period ending March 31, 2001 and 2000, the provision for
loan losses was $8,000 and $20,000 respectively.


                                      -17-
<PAGE>   20
Non-Interest Income

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

<TABLE>
<CAPTION>
                                                                     THREE MONTHS ENDED
                                                                          MARCH 31,
                                                                    --------------------
                                                                      2001        2000
                                                                   (Dollars in Thousands)
<S>                                                                 <C>         <C>
      Service charges and fees..................................    $    144    $    148
      Trust department income...................................          49          33
      Invest income.............................................          16          13
      Other.....................................................          27          31
                                                                    --------    --------
           Total................................................    $    236    $    225
                                                                    ========    ========
</TABLE>

For the three months ended March 31, 2001, total non-interest income increased
$11,000 to $236,000 compared with $225,000 for the three month period ended
March 31, 2000. Service charges and fees decreased $4,000 from $148,000 at March
31, 2000 to $144,000 at March 31, 2001. Trust Department income increased from
$33,000 at March 31, 2000 to $49,000 at March 31, 2001. Invest income reflected
a $3,000 increase comparing March 31, 2000 to March 31, 2001. Other non-interest
income decreased from $31,000 at March 31, 2000 to $27,000 at March 31, 2001.


Non-Interest Expenses

Generally, non-interest expense accounts for the cost 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>
                                                                     THREE MONTHS ENDED
                                                                          MARCH 31,
                                                                      2001        2000
                                                                   (Dollars in Thousands)
<S>                                                                 <C>         <C>
      Salaries and wages.......................................     $    517    $    498
      Employee benefits........................................          170         167
      Net occupancy expense....................................           96          87
      Furniture and equipment expense..........................          132         156
      State shares tax.........................................           57          54
      Other expense............................................          306         285
                                                                    --------    --------
           Total...............................................     $  1,278    $  1,247
                                                                    ========    ========
</TABLE>

Non-interest expenses increased 8.3% from $1.2 million at March 31, 2000 to $1.3
million at March 31, 2001.

Salaries increased 3.8% from $498,000 at March 31, 2000 to $517,000 at March 31,
2001. A 1.8% increase was reflected in employee benefits from $167,000 at March
31, 2000 to $170,000 at March 31, 2001. Normal merit increases and higher
starting wages for new employees in the current employee market are responsible
for the salary increases. Increased cost of employee benefits, specifically
health coverage, accounts for the increase in employee benefits.


                                      -18-
<PAGE>   21
Occupancy expense and furniture and equipment expense reflects a $15,000
decrease for the first three months of 2001 compared to the first three months
of 2000. Depreciation expense accounted for most of the difference.

Shares tax increased 5.6% from $54,000 at March 31, 2000 to $57,000 at March 31,
2001.

Other expenses increased 7.6% from $278,000 at March 31, 2000 to $299,000 at
March 31, 2001. The increase is attributable to the following major comparisons:

<TABLE>
<CAPTION>
                                                              MARCH      MARCH
                                                             31, 2001   31,2000
                                                             --------   -------
<S>                                                          <C>        <C>
      Advertising.......................................        20         14
      Stationery & Supplies.............................        32         29
      Directors Fees....................................        34         26
</TABLE>

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 stockholders, 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>
                                             MARCH 31, 2001       DECEMBER 31, 2000
                                                      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..    20.08%     4.00%      19.59%     4.00%
Total Qualifying Capital to
  risk-weighted assets..................    20.87%     8.00%      20.38%     8.00%
</TABLE>

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

<TABLE>
<CAPTION>
                                                              MARCH   DECEMBER
                                                            31, 2001  31, 2000
<S>                                                         <C>       <C>
Tier I Capital to average assets.......................      12.69%    12.45%
</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.


                                      -19-
<PAGE>   22
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.


                                      -20-
<PAGE>   23
                                   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 Paul E. Reichart
                                           ----------------
                                           Paul E. Reichart
                                           President & CEO

                                        Date: May 4, 2001

                                        By Virginia D. Kocher
                                           ------------------
                                           Virginia D. Kocher
                                           Treasurer

                                        Date: May 4, 2001


                                      -21-