SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                   FORM 10-QSB

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

                For the quarterly period ended December 31, 2000

                                       OR

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

             For the transition period from __________ to __________

                           Commission File No. 0-27714

                     Crazy Woman Creek Bancorp Incorporated
                     --------------------------------------
             (Exact name of registrant as specified in its charter)

      Wyoming                                               83-0315410
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                         Identification No.)


                     106 Fort Street, Buffalo, Wyoming 82834
                     ---------------------------------------
                    (Address of principal executive offices)


                                 (307) 684-5591
                                 --------------
              (Registrant's telephone number, including area code)



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

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date.

         Class:   Common Stock, par value $.10 per share
                  Outstanding at February 13, 2001:  799,608

Transitional Small Business Disclosure Format (check one):  Yes      No  X
                                                                ---     ---
<PAGE>

                     CRAZY WOMAN CREEK BANCORP INCORPORATED

                              INDEX TO FORM 10-QSB
<TABLE>
<CAPTION>
                                                                                                       Page
                                                                                                       ----
<S>                  <C>                                                                             <C>
PART I                 FINANCIAL INFORMATION
                       ---------------------

Item 1.                Financial Statements (unaudited)

                       Consolidated Condensed Statements of Financial Condition at December 31,
                       2000 and September 30, 2000                                                       1

                       Consolidated Condensed Statements of Income for the Three Months ended
                       December 31, 2000 and 1999                                                        2

                       Consolidated Condensed Statements of Comprehensive Income for the Three
                       Months ended December 31, 2000 and 1999                                           3

                       Consolidated Condensed Statements of Cash Flows for the Three Months
                       ended December 31, 2000 and 1999                                                  4

                       Notes to Consolidated Condensed Financial Statements                              5

Item 2.                Management's Discussion and Analysis of Financial Condition and Results
                       of Operations                                                                     6


PART II.               OTHER INFORMATION
                       ---------------------

Item 1.                Legal Proceedings                                                                13

Item 2.                Changes in Securities and Use of Proceeds                                        13

Item 3.                Defaults upon Senior Securities                                                  13

Item 4.                Submission of Matters to a Vote of Security Holders                              13

Item 5.                Other Information                                                                13

Item 6.                Exhibits and Reports on Form 8-K                                                 13


SIGNATURES
</TABLE>

<PAGE>


              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Consolidated Condensed Statements of Financial Condition
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                    December 31,           September 30,
                                                                                        2000                    2000
                                                                                 -------------------     -------------------
Assets                                                                                       (Dollars in thousands,
------                                                                                       except per share data)
<S>                                                                                     <C>                     <C>
Cash and cash equivalents                                                                   $ 1,571                 $ 2,796
Investment and mortgage-backed securities available-for-sale                                 28,765                  28,869
Stock in Federal Home Loan Bank of Seattle, at cost                                           1,073                   1,055
Loans receivable, net                                                                        31,749                  30,980
Accrued interest receivable                                                                     522                     534
Premises and equipment, net                                                                   1,326                     525
Income tax receivable                                                                            --                      28
Intangible assets                                                                               310                      --
Other assets                                                                                     61                      39
                                                                                 -------------------     -------------------
    Total assets                                                                            $65,377                 $64,826
                                                                                 ===================     ===================
Liabilities and Stockholders' Equity
Liabilities:
  Deposits                                                                                  $33,232                 $32,081
  Advances from Federal Home Loan Bank                                                       17,650                  19,300
  Advances from borrowers for taxes and insurance                                                21                      72
  Income taxes payable                                                                            4                      --
  Deferred income taxes                                                                         164                      --
  Dividends payable                                                                              96                      96
  Accrued expenses and other liabilities                                                        805                     198
                                                                                 -------------------     -------------------
    Total liabilities                                                                        51,972                  51,747
                                                                                 -------------------     -------------------
Stockholders' equity:
  Preferred stock, par value $.10 per share,  2,000,000 shares
     authorized;  none issued and outstanding at December 31, 2000
     and September 30, 2000                                                                      --                      --
  Common stock, par value $.10 per share, 5,000,000 shares
     authorized; 1,058,000 issued and outstanding at December 31,
     2000 and September 30, 2000                                                                106                     106
  Additional paid-in surplus                                                                 10,102                  10,100
  Unearned ESOP/MSBP shares                                                                   (502)                   (528)
  Retained earnings, substantially restricted                                                 7,284                   7,271
  Accumulated other comprehensive income (loss)                                                  67                  (218)
  Treasury stock at cost, 275,976 shares at December 31,
     2000 and September 30, 2000                                                            (3,652)                (3,652)
                                                                                 -------------------     -------------------
    Total stockholders' equity                                                               13,405                  13,079
                                                                                 -------------------     -------------------
    Total liabilities and stockholders' equity                                              $65,377                 $64,826
                                                                                 ===================     ===================
</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 1
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                   Consolidated Condensed Statements of Income
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                       Three Months Ended
                                                                                           December 31,
                                                                         --------------------------------------------------
                                                                                2000                      1999
                                                                         --------------------      --------------------
                                                                           (Dollars in thousands, except per share data)
<S>                                                                                <C>                       <C>
Interest Income
  Loans receivable                                                                    $  605                    $  572
  Mortgage-backed securities                                                             182                       182
  Investment securities                                                                  269                       301
  Other                                                                                   37                        32
                                                                         --------------------      --------------------
     Total interest income                                                             1,093                     1,087
Interest expense
  Deposits                                                                               393                       427
  Advances from Federal Home Loan Bank                                                   299                       206
                                                                         --------------------      --------------------
     Total interest expense                                                              692                       633
                                                                         --------------------      --------------------
     Net interest income                                                                 401                       454
Provision for loan losses                                                                 --                        --
                                                                         --------------------      --------------------
     Net interest income after provision for loan losses                                 401                       454
                                                                         --------------------      --------------------
Non-interest income
  Customer service charges                                                                17                        15
  Other operating income                                                                   8                         4
                                                                         --------------------      --------------------
     Total non-interest income                                                            25                        19
                                                                         --------------------      --------------------
Non-interest expense
  Compensation and benefits                                                              156                       123
  Occupancy and equipment                                                                 20                        18
  FDIC/SAIF deposit insurance premiums                                                     2                         4
  Advertising                                                                             12                        13
  Data processing services                                                                26                        29
  Professional fees                                                                       20                        13
  Other                                                                                   44                        36
                                                                         --------------------      --------------------
     Total non-interest expense                                                          280                       236
                                                                         --------------------      --------------------
     Income before income taxes                                                          146                       237
Income tax expense                                                                        45                        70
                                                                         --------------------      --------------------
     Net income                                                                       $  101                    $  167
                                                                         ====================      ====================

Dividends declared per common share                                                   $ 0.12                    $ 0.12
                                                                         ====================      ====================
Basic earnings per common share                                                       $ 0.13                    $ 0.20
                                                                         ====================      ====================
Diluted earnings per common share                                                     $ 0.13                    $ 0.20
                                                                         ====================      ====================
</TABLE>
See notes to consolidated condensed financial statements.

                                     Page 2
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Consolidated Condensed Statements of Comprehensive Income
                  Three Months ended December 31, 2000 and 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                     Three Months Ended
                                                                        December 31,
                                                               -------------------------------
                                                                   2000              1999
                                                               -------------     -------------
                                                                   (Dollars in thousands)
<S>                                                                <C>               <C>
Net income                                                            $ 101             $ 167
Other comprehensive income
    Unrealized gains (losses) on investment and
        mortgage-backed securities available-for-sale:
        Realized and unrealized holding gains (losses)
           arising during the period                                    432              (201)
                                                               -------------     -------------
Other comprehensive income (loss), before tax                           432              (201)

Income tax benefit (expense) related to items of other
comprehensive income                                                   (147)               68
                                                               -------------     -------------

Other comprehensive income (loss), after tax                            285             (133)
                                                               -------------     -------------

Comprehensive income                                                  $ 386              $ 34
                                                               =============     =============
</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 3
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                 Consolidated Condensed Statements of Cash Flows
                  Three Months ended December 31, 2000 and 1999
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                       2000        1999
                                                                                     ---------   --------
<S>                                                                                 <C>         <C>
Cash flows from operating activities:                                               (Dollars in thousands)
  Net income                                                                          $   101    $   167
  Adjustments to reconcile net income to net cash provided by operating activities:
    Amortization of premiums and discounts on securities available-for-sale, net           (3)         3
    Federal Home Loan Bank stock dividend                                                 (18)       (18)
    Depreciation                                                                           13          9
    Loss on sale of foreclosed real estate                                                 --          2
    Mutual funds dividends reinvested                                                      (3)       (25)
    Deferred loan origination fees, net                                                    (2)        (2)
    ESOP shares committed to be released                                                   13         14
    MSBP deferred compensation expense                                                     15         12
Change in:
        Accrued interest receivable                                                        12          9
        Income taxes                                                                       32         61
        Other assets                                                                      (22)        36
                Deferred income taxes                                                      17          8
        Accrued expenses and other liabilities                                            395        (13)
                                                                                      -------    -------
           Net cash provided by operating activities                                      550        263

Cash flows from investing activities:
  Purchases of securities available-for-sale                                               --     (1,190)
  Proceeds from maturities, calls and prepayments of securities available-for-sale        542        590
  Origination of loans receivable                                                      (2,900)    (1,856)
  Repayment of principal on loans receivable                                            2,228      1,961
  Acquisition of branch office                                                            773         --
  Purchase of premises and equipment                                                     (427)        (6)
  Proceeds from the sale of foreclosed real estate                                         --         (2)
                                                                                      -------    -------
    Net cash provided by (used in) investing activities                                   216       (503)

Cash flows from financing activities:
  Net increase (decrease) in deposits                                                    (202)       135
  Advances from Federal Home Loan Bank                                                  3,100      4,600
  Repayment of advances from Federal Home Loan Bank                                    (4,750)    (5,250)
  Net change in advances from borrowers for taxes and insurance                           (51)       (50)
  Dividends paid to stockholders                                                          (88)       (97)
                                                                                      -------    -------
    Net cash used in financing activities                                              (1,991)      (662)
                                                                                      -------    -------
Net decrease in cash and cash equivalents                                              (1,225)      (902)
Cash and cash equivalents at beginning of period                                        2,796      2,189
                                                                                      -------    -------
Cash and cash equivalents at end of period                                            $ 1,571    $ 1,287
                                                                                      =======    =======

Cash paid during period for:
   Interest                                                                           $   559    $   593
   Income taxes                                                                            --         --
Noncash Investing and Financing Activities:
    The  Company  transferred  loans of $0 and $73 to other  real  estate  owned
    during the three months ended December 31, 2000 and 1999, respectively
</TABLE>

See notes to consolidated condensed financial statements

                                     Page 4
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
              Notes to Consolidated Condensed Financial Statements
                                December 31, 2000

NOTE 1:  BASIS OF PRESENTATION

The accompanying  unaudited interim consolidated  condensed financial statements
have been prepared in accordance with accounting  principles  generally accepted
in the United  States of America  ("GAAP")  for interim  financial  information.
Accordingly,  they do not include all of the information and footnotes  required
by GAAP for complete financial statements.  For further information,  the reader
should  refer to the Annual  Report on Form 10KSB of Crazy Woman  Creek  Bancorp
Incorporated (the "Company") for the fiscal year ended September 30, 2000.

In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals)  considered  necessary for fair presentation  have been included.  The
results of  operations  for the three  months  ended  December  31, 2000 are not
necessarily  indicative  of the results which may be expected for an entire year
or any other period.

The accompanying  consolidated  financial statements include the accounts of the
Company and Buffalo Federal Savings Bank (the "Bank"), a wholly-owned subsidiary
of the Company. All significant intercompany balances and transactions have been
eliminated in consolidation.

NOTE 2:  EARNINGS PER SHARE

Basic  earnings  per share  ("EPS") is computed  by  dividing  net income by the
weighted-average  number of common  shares  outstanding  during the period  less
unvested  management  stock  bonus  plan  (MSBP)  and  unallocated  and  not yet
committed to be released  Employee Stock  Ownership Plan (ESOP) shares.  Diluted
EPS is  calculated  by  dividing  net income by the  weighted-average  number of
common shares used to compute basic EPS plus the incremental amount of potential
common stock determined by the treasury stock method.

<TABLE>
<CAPTION>
                                                                For the Three Months ended December 31, 2000
                                                            Net Income         Average Shares      Per Share Amount
                                                        -------------------  -------------------  -------------------
<S>                                                           <C>                   <C>            <C>
 Basic EPS
  Net income available to common stockholders                    $ 101,000              774,825         $ 0.13
                                                                                                          ====
 Effect of Dilutive Securities
   Incremental shares under stock option plan                           --                1,592
                                                        -------------------  -------------------
 Diluted EPS
   Income available to common stockholders plus
     assumed conversions                                       $   101,000              776,417         $ 0.13
                                                        ==================   ==================           ====
</TABLE>

<TABLE>
<CAPTION>
                                                               For the Three Months ended December 31, 1999
                                                           Net Income         Average Shares      Per Share Amount
                                                       -------------------- -------------------- --------------------
<S>                                                             <C>                   <C>            <C>
Basic EPS
  Net income available to common stockholders                     $167,000              829,995        $ 0.20
                                                                                                         ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                            --                1,676
                                                       -------------------- --------------------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                                        $   167,000              831,671        $ 0.20
                                                       ===================  ===================          ====
</TABLE>


                                     Page 5
<PAGE>
                     CRAZY WOMAN CREEK BANCORP INCORPORATED
              AND SUBSIDIARY Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                December 31, 2000

FORWARD LOOKING STATEMENTS
--------------------------

The  Company  may  from  time  to time  make  written  or oral  "forward-looking
statements",  including  statements  contained in the Company's filings with the
Securities and Exchange  Commission  (including  this  Quarterly  Report on Form
10-QSB and the exhibits  thereto),  in its reports to stockholders  and in other
communications  by the  Company,  which  are made in good  faith by the  Company
pursuant to the "safe  harbor"  provision of the Private  Securities  Litigation
Reform Act of 1995.

These  forward-looking  statements  involve  risks  and  uncertainties,  such as
statements  of the  Company's  plans,  objectives,  expectations,  estimates and
intentions, that are subject to changes based on various important factors (some
of which are beyond the Company's control). The following factors, among others,
could cause the Company's  financial  performance to differ  materially from the
plans,  objectives,  expectations,  estimates and  intentions  expressed in such
forward-looking statements: the strength of the United States economy in general
and the strength of the local economy in which the Company conducts  operations;
the effects of, and changes in,  trade,  monetary and fiscal  policies and laws,
including  interest  rate  policies  of the board of  governors  of the  federal
reserve system, inflation, interest rates, market and monetary fluctuations; the
timely development of and acceptance of new products and services of the Company
and the  perceived  overall  value of these  products  and  services  by  users,
including the features,  pricing and quality  compared to competitors'  products
and services;  the willingness of users to substitute  competitors' products and
services for the Company's products and services;  the success of the Company in
gaining  regulatory  approval of its products and services,  when required;  the
impact of changes in financial  services' laws and  regulations  (including laws
concerning taxes,  banking,  securities and insurance);  technological  changes;
acquisitions; changes in consumer spending and saving habits; and the success of
the Company at managing the risks resulting from these factors.

The Company cautions that the listed factors are not exclusive. The Company does
not undertake to update any forward-looking statement,  whether written or oral,
that may be made from time to time by or on behalf of the Company.

GENERAL
-------

The  Company is a unitary  savings  and loan  holding  company of the Bank.  The
Company's  assets are comprised of its  investment in the Bank,  its loan to the
ESOP, and shares held in three mutual funds.  The Bank operates as a traditional
savings  association,  attracting  deposit  accounts from the general public and
using those  deposits,  together  with other funds,  primarily to originate  and
invest in fixed-rate  conventional  loans secured by  single-family  residential
real estate.  The Bank also utilizes  funds  obtained from the Federal Home Loan
Bank of Seattle  ("FHLB") to purchase  investment  securities  and to  originate
loans.  The Bank also originates  commercial real estate,  business loans,  home
equity,  consumer loans and loans secured by savings accounts.  The Bank invests
in  mortgage-backed   securities  (including  Real  Estate  Mortgage  Investment
Conduits ("REMICs")), municipal bonds and short-term and medium-term U.S. Agency
securities.  The Bank hired a new  commercial  and  agriculture  loan officer in
April 2000, and a branch  president in December 2000, for its new branch located
in Gillette,  Wyoming.  These new officers have  extensive  commercial and Small
Business  Administration  lending experience.  These loan officers will focus on
the Bank's existing  commercial  customers for the origination of new commercial
and agricultural loans.

The Bank's net income is dependent  primarily on its net interest income,  which
is the difference between interest income earned on its interest-earning  assets
and interest expense paid on interest-bearing  liabilities.

                                     Page 6
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
          Management Discussion and Analysis of Financial Condition and
                       Results of Operations (Continued)
                                December 31, 2000


Net interest income is determined by (i) the difference between yields earned on
interest-earning assets and rates paid on interest-bearing liabilities (interest
rate  spread)  and (ii) the  relative  amounts  of  interest-earning  assets and
interest-bearing  liabilities.  The Bank's  interest  rate spread is affected by
regulatory, economic and competitive factors that influence interest rates, loan
demand and  deposit  flows.  To a lesser  extent,  the Bank's net income is also
affected  by the level of  non-interest  income,  which  primarily  consists  of
service charges and other operating income. In addition,  net income is affected
by the level of non-interest (general and administrative) expenses.

PURCHASE OF BRANCH

On December 27, 2000,  the Bank  purchased the building,  loans and acquired the
deposit  liabilities,  of the Gillette,  Wyoming branch of Hulett National Bank.
The  transaction  was  accounted  for  as  a  purchase  and   accordingly,   the
Consolidated  Statement of Income for the three  months ended  December 31, 2000
includes  the results of  operations  of the  acquired  branch since the date of
purchase.  Cash  received  in the  branch  acquisition  totalled  $773,000.  The
purchase  consisted of $95,000 of loans,  $387,000 of premises and equipment and
the assumption of $1.353 million in deposits.  The premium paid over  historical
carrying values was $310,000, which has currently been allocated to goodwill and
deposit premium. The branch is called "The Bank of Gillette, a branch of Buffalo
Federal Savings Bank" ("Branch").

FINANCIAL CONDITION
-------------------
ASSETS

At December 31, 2000, assets totaled $65.377 million compared to total assets of
$64.826  million at September  30, 2000.  The increase was primarily a result of
increases in net loans, premises and equipment and intangible assets, which more
than  offset  the  decreases  in  cash  and  cash   equivalents  and  securities
available-for-sale.

Cash and cash  equivalents  decreased  $1.225  million  during the  period.  The
decrease was primarily the result of the increased loan demand and the repayment
of FHLB advances.

Securities  available  for sale  decreased  by  $104,000  during the first three
months ended December 31, 2000. Securities prepayments of $542,000 were received
on mortgage-backed  securities and the market value of the securities  increased
$432,000 during the period.  Amortization of premium and discounts and dividends
accounted for $6,000 of the change in securities.

Loans receivable increased $769,000 during the first three months ended December
31, 2000.  During this period,  the Bank originated  residential  mortgage loans
totaling  $1.045  million,  non-residential  mortgage loans  totaling  $947,000,
consumer loans totaling $638,000, and commercial loans totaling $270,000. During
the same period, the Bank received scheduled  principal payments and prepayments
totaling $2.228 million on its loan portfolio.

Bank property and  equipment  increased by $801,000 and was primarily the result
of the Branch purchase  totaling  $387,000,  plus an additional lot in Gillette,
Wyoming for $70,000 and additional bank equipment $71,000.  In addition,  during
the quarter  ended  December  31,  2000,  the Bank  purchased  land in Sheridan,
Wyoming for the purpose of  constructing  a new branch.  The Sheridan  parcel of
land  consists of 1.48 acres.  The total cost of the branch is  estimated  to be
$1.4 million and the projected opening date is the first quarter of 2002.

                                     Page 7
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
          Management Discussion and Analysis of Financial Condition and
                       Results of Operations (Continued)
                                December 31, 2000


Intangible assets increased  $310,000 from the purchase of the Branch.  Goodwill
of $188,000 will be amortized straight line over fifteen years. Deposit premiums
of $122,000 will be amortized over seven years using an accelerated method.

LIABILITIES

Deposits  increased by $1.151 million from $32.081 million at September 30, 2000
to $33.232  million at December 31, 2000.  The increase  consisted  primarily of
$1.353 million of deposits assumed in the Branch purchase.

Advances from the FHLB  decreased  $1.650  million during the three months ended
December 31, 2000.  The advances are a supplement to the Bank's retail  deposits
and were paid down from the cash received in the Branch purchase.

Deferred  income taxes increased by $164,000 during the first three months ended
December  31, 2000 and was mainly the result of the  increase in market value of
available-for-sale  securities.  The market value of these securities  increased
$432,000  during the period,  which resulted in the increase in deferred  income
taxes.

Accrued expenses and other liabilities increased $607,000 during the first three
months ended  December  31, 2000 as a result of an increase in accrued  interest
payable,  outstanding  corporate checks,  and the $197,000 amounts due to seller
from the Branch purchase.

STOCKHOLDERS' EQUITY
Overall,  stockholders'  equity increased $326,000 during the three months ended
December 31, 2000. The increase in was primarily the result of increased  market
value on available-for-sale securities.

ASSET QUALITY
-------------

Non-performing  assets totaled  $132,000 at December 31, 2000, or 0.41% of total
loans.  This  compares to $62,000 at September 30, 2000 or 0.20% of total loans.
Non-performing  loans at December 31, 2000 were  comprised of two  single-family
mortgage loans, one commercial loan, and five consumer loans.

RESULTS OF OPERATIONS
---------------------

Comparison of Three Months Ended December 31, 2000 and 1999.
------------------------------------------------------------

Net Income.  Net income for the three  months  ended  December  31 2000  totaled
$101,000  compared to $167,000 for the three months ended December 31, 1999. Net
income was lower in 2000 than in 1999 primarily due to a $53,000 decrease in net
interest  income,  $7,000 increase in professional  fees associated with general
and corporate  matters,  an $8,000  increase in other expenses  associated  with
supplies for the Branch, $33,000 increase in compensation and benefits resulting
primarily from the hiring of a new commercial  loan officer in April of 2000 and
a Branch  president in December 2000, and a decrease in tax expense related to a
decrease taxable income.

                                     Page 8
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
          Management Discussion and Analysis of Financial Condition and
                       Results of Operations (Continued)
                                December 31, 2000


Interest Income.  For the three months ended December 31, 2000,  interest income
totaled  $1.093  million  compared to $1.087  million for the three months ended
December  31,  1999.  An increase in the volume of average  earning  assets from
$62.541  million for the three months ended December 31, 1999 to $63.081 million
for the same period in 2000  caused  interest  income to increase by $12,000.  A
slight  decrease was  experienced  in the yield on average  earning  assets from
6.95% for the three months ended December 31, 1999 to 6.93% for the three months
ended  December 31, 2000,  which  contributed  to a $6,000  decrease in interest
income.

Interest Expense.  Total interest expense increased by $59,000 from $633,000 for
the three  months  ended  December  31, 1999 to $692,000  for the same period in
2000.  This  was  primarily  a result  of an  increase  in the  cost of  average
interest-bearing liabilities.

Interest  expense for deposits  decreased by $34,000 from $427,000 for the three
months ended December 31, 1999 to $393,000 for the same period in 2000. The cost
of average interest-bearing deposits increased slightly from 4.99% for the three
months ended  December 31, 1999 to 5.05% for the three months ended December 31,
2000,  which  caused  interest  expense for  deposits  to increase by $5,000.  A
decrease in the volume of average interest-bearing deposits from $34.251 million
for the three  months ended  December 31, 1999 to $31.125  million for the three
months  ended  December  31,  2000,  resulted in a $39,000  decrease in interest
expense for deposits.

Interest  expense for advances from the FHLB  increased by $93,000 from $206,000
for the three months ended  December 31, 1999 to $299,000 for the same period in
2000. The cost of average interest-bearing advances from the FHLB increased from
5.35% for the three months ended  December 31, 1999 to 6.48% for the same period
in 2000. This increase in the cost of average interest-bearing advances caused a
$45,000  increase  in  interest  expense.  Average   interest-bearing   advances
increased  from $15.414  million for the three month  period ended  December 31,
1999 to $18.451  million for the three month  period  ended  December  31, 2000,
resulting in a $48,000 increase in interest expense for advances.

Net Interest Income.  Net interest income decreased by $53,000 from $454,000 for
the three months ended  December 31, 1999 to $401,000 for the three months ended
December 31, 2000. The decrease in net interest  income was primarily  caused by
the  increase  in the cost of  interest-bearing  liabilities.  The  increase  in
average  interest-earning  assets was not offset by a corresponding  increase in
average  interest-bearing  liabilities as evidenced by the increase of the ratio
of average interest-earning assets to average interest-bearing  liabilities from
124.79%  in 1999 to  127.24%  in 2000.  The  increase  in the cost and volume of
average interest-bearing  liabilities were the major factors for the decrease in
net interest income.

Net interest margin decreased from 2.93% for the three months ended December 31,
1999 to 2.54% for the three months ended  December 31, 2000. The decrease in net
interest margin was primarily caused by the disproportionate increase in cost of
interest-bearing liabilities compared to interest-earning assets.

Provisions  for Loan Losses.  No provision was recorded  during the three months
ended December 31, 2000 and 1999.  There were no loan  charge-offs for the three
months ended December 31, 2000 while recoveries  totaled  $10,000.  In the three
months ended December 31, 1999, there were no loan charge-offs  while recoveries
totaled $28,000.

                                     Page 9
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
          Management Discussion and Analysis of Financial Condition and
                       Results of Operations (Continued)
                                December 31, 2000


Total Non-interest  Income.  Total non-interest  income increased by $6,000 from
$19,000 for the three  months  ended  December 31, 1999 to $25,000 for the three
months ended December 31, 2000  primarily due to a increase in customer  service
charges.

Total Non-interest Expense. Total non-interest expense increased by $44,000 from
$236,000 for the three months ended  December 31, 1999 to $280,000 for the three
months ended December 31, 2000. There were increases in compensation,  occupancy
and equipment,  professional fees and other non-interest  expenses,  while there
was a slight decrease in FDIC deposit insurance premiums,  advertising, and data
processing services.

Provision  for Income  Taxes.  The effective tax rate for the three months ended
December 31, 2000 and 1999 was 30.82% and 29.54%,  respectively.  The  effective
tax  rate is lower  than  the  expected  tax  rate of 34% due to  permanent  tax
differences  arising  from  the  dividends  received  deduction  and tax  exempt
interest income.

CAPITAL COMPLIANCE AND LIQUIDITY
--------------------------------

Capital Compliance.  The following table presents the Bank's compliance with its
regulatory capital requirements:

                                            At December 30, 2000
                                         ---------------------------
                                                          Percentage
                                            Amount        of Assets
                                         -----------      ----------
                                             (Dollars in thousands)
GAAP Capital                               $11,423

Tangible capital                           $11,367           17.70%
Tangible capital requirement                   963            1.50%
                                           -------           -----
Excess                                     $10,404           16.20%
                                           =======           =====

Core capital                               $11,367           17.70%
Core capital requirements                    1,926            3.00%
                                           -------           -----
Excess                                     $ 9,441           14.70%
                                           =======           =====

Total risk-based capital (1)               $11,646           45.14%
Total risk-based capital requirement (1)     2,064            8.00%
                                           -------           -----
Excess (1)                                 $ 9,582           37.14%
                                           =======           =====

1)  Based on risk-weighted assets of $27,215

Management believes that, under current  regulations,  the Bank will continue to
meet its minimum capital  requirements in the foreseeable future.  Events beyond
the control of the Bank,  such as increased  interest rates or a downturn in the
economy  in areas in which  the Bank  operates  could  adversely  affect  future
earnings  and, as a result,  the ability of the Bank to meet its future  minimum
capital requirements.

                                    Page 10
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
          Management Discussion and Analysis of Financial Condition and
                       Results of Operations (Continued)
                                December 31, 2000


The Bank,  before  and after any  proposed  capital  distributions  must meet or
exceed all capital requirements, is permitted to make capital distributions with
prior notice to the Office of Thrift  Supervision during any calendar year up to
a total of current year net income and the  preceding  two years net income less
dividends  paid during the previous two years.  The Bank  currently  exceeds all
capital  requirements  and has been  assessed  as  "well-capitalized"  under the
regulatory guidelines.

Liquidity.  The Bank's  liquidity is a measure of its ability to fund loans, pay
withdrawals of deposits, and other cash outflows in an efficient, cost effective
manner.   The  Bank's  primary  source  of  funds  are  deposits  and  scheduled
amortization  and prepayment of loans.  During the past several years,  the Bank
has used such funds  primarily  to fund  maturing  time  deposits,  pay  savings
withdrawals,  fund lending commitments,  purchase new investments,  and increase
liquidity.  The Bank  funds  its  operations  internally  but  supplements  with
borrowed  funds from the FHLB.  As of  December  31,  2000 such  borrowed  funds
totaled  $17.650  million.  Loan payments and maturing  investments  are greatly
influenced by general interest rates, economic conditions and competition.

The Bank is required  under federal  regulations to maintain  certain  specified
levels of "liquid  investments,"  which include certain United States government
obligations and other approved investments. Current regulations require the Bank
to maintain liquid assets of not less than 4% of its net  withdrawable  accounts
plus short-term  borrowings.  Those levels may be adjusted from  time-to-time by
the regulators to reflect current  economic  conditions.  The Bank has generally
maintained  liquidity  far in  excess of  regulatory  requirements.  The  Bank's
regulatory  liquidity  was  63.59%  and 64.62% at  December  31,  2000 and 1999,
respectively.

The amount of  certificate  accounts and FHLB  advances,  which are scheduled to
mature  during the twelve  months  ending  December  31,  2001 is  approximately
$12.644  million  and $9.250  million,  respectively.  To the extent  that these
deposits do not remain at the Bank upon maturity,  the Bank believes that it can
replace these funds with deposits,  excess  liquidity,  FHLB advances or outside
borrowings. It has been the Bank's experience that a substantial portion of such
maturing deposits remain at the Bank. No assurances,  however,  can be made that
deposits can be maintained in the future without further  increasing the cost of
funds if interest rates continue to increase.

At December 31, 2000,  the Bank had loan  commitments  outstanding  of $412,000.
Funds  required to fill these  commitments  are derived  primarily  from current
excess  liquidity,  deposit  inflows or loan and investment and  mortgage-backed
security repayments.

The  Company's  primary  source of liquidity on a stand alone basis is dividends
received from the Bank. As indicated above under "Capital Compliance", dividends
paid by the Bank are subject to regulatory restrictions.  The Bank paid $200,000
in dividends  for the three months ended  December 31, 2000,  to the Company for
the payment of cash dividends to stockholders.

                                    Page 11
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
          Management Discussion and Analysis of Financial Condition and
                       Results of Operations (Continued)
                                December 31, 2000

KEY OPERATING RATIOS
--------------------
<TABLE>
<CAPTION>
                                                                     Three Months Ended
                                                                         December 31,
                                                      ---------------------------------------------
                                                                  2000 (1)            1999 (1)
                                                                ---------            ---------
                                                      (Dollars in thousands, except per share data)
                                                                       (Unaudited)

<S>                                                            <C>                  <C>
Return on average assets..........................                0.63%                1.06 %
Return on average equity..........................                3.08%                5.10 %
Interest rate spread..............................                1.35%                1.90 %
Net interest margin...............................                2.54%                2.93 %
Non-interest expense to average assets............                1.74%                1.49 %
Net charge-offs to average outstanding loans......               (0.03)%              (0.09)%
</TABLE>

<TABLE>
<CAPTION>

                                                        At December 31,      At September 30,
                                                             2000                  2000
                                                      -------------------- ------------------
<S>                                                           <C>                   <C>
Nonaccrual and 90 days past due loans.............              $  132                $   62
Repossessed real estate, held under judgment.....                   --                    --
                                                      -----------------    ------------------
  Total nonperforming assets......................                 132                    62
Nonperforming loans to total loans................               0.41%                 0.20%
Nonperforming assets to total assets..............               0.20%                 0.10%
Book value per share (2)..........................              $17.14                $15.53
</TABLE>

----------------
(1)  The ratios for the three-month periods are annualized.
(2)  The number of shares  outstanding as of December 31, 2000 and September 30,
     2000 was 782,024. These include shares purchased by the ESOP.

                                    Page 12
<PAGE>

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

Item 1.  Legal Proceedings
         -----------------

                  Neither  the  Company  nor the Bank was  engaged  in any legal
                  proceeding  of a material  nature at December 31,  2000.  From
                  time to time,  the Company is a party to legal  proceedings in
                  the  ordinary  course of  business  wherein  it  enforces  its
                  security interest in loans.

Item 2.  Changes in Securities and Use of Proceeds
         -----------------------------------------

                  Not applicable.

Item 3.  Defaults Upon Senior Securities
         -------------------------------

                  Not applicable.

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

                  Not applicable.

Item 5.  Other Information
         -----------------

                  Not applicable.

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

                  (a)      Exhibits

                           None

                  (b)      Reports on Form 8-K

                           None.


                                    Page 13
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY

                                   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.


                                CRAZY WOMAN CREEK BANCORP INCORPORATED



Date: February 13, 2001         By: /s/ Deane D. Bjerke
                                    --------------------------------------------
                                    Deane D. Bjerke
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)



Date: February 13, 2001         By: /s/ John B. Snyder
                                    --------------------------------------------
                                    John B. Snyder
                                    Vice President and Chief Financial Officer
                                    (Principal Accounting and Financial Officer)