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 March 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 May 5, 2000:  841,344

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 March 31,
         2000 and September 30, 1999                                                       1

         Consolidated Condensed Statements of Income for the three and six months
         ended March 31, 2000 and 1999                                                     2

         Consolidated Condensed Statements of Stockholders' Equity and
         Comprehensive Income for the six months ended March 31, 2000 and 1999             3

         Consolidated Condensed Statements of Cash Flows for the six months ended
         March 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                                                                     8


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

Item 1.  Legal Proceedings                                                                16

Item 2.  Changes in Securities and Use of Proceeds                                        16

Item 3.  Defaults upon Senior Securities                                                  16

Item 4.  Submission of Matters to a Vote of Security Holders                              16

Item 5.  Other Information                                                                16

Item 6.  Exhibits and Reports on Form 8-K                                                 17


SIGNATURES


</TABLE>

<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Consolidated Condensed Statements of Financial Condition
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                            March 31,          September 30,
                                                                                              2000                 1999
                                                                                      ---------------          -------------
                                                                                                   (In thousands)
<S>                                                                                       <C>                     <C>
Assets
------
Cash and cash equivalents                                                                   $ 1,508                 $ 2,189
Investment and mortgage-backed securities available-for-sale                                 30,000                  29,479
Stock in Federal Home Loan Bank of Seattle, at cost                                           1,022                     988
Loans receivable, net                                                                        29,893                  29,727
Accrued interest receivable                                                                     542                     522
Premises and equipment, net                                                                     532                     544
Real estate owned                                                                                --                      73
Deferred income taxes                                                                           127                      62
Other assets                                                                                     39                      77
                                                                                  ------------------     -------------------
    Total assets                                                                            $63,663                 $63,661
                                                                                  ==================     ===================
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
  Deposits                                                                                  $34,234                 $34,257
  Advances from Federal Home Loan Bank                                                       16,050                  15,600
  Advances from borrowers for taxes and insurance                                                36                      69
  Income taxes payable                                                                           83                       7
  Dividends payable                                                                              98                     104
  Accrued expenses and other liabilities                                                        218                     268
                                                                                  ------------------     -------------------
    Total liabilities                                                                        50,719                  50,305
                                                                                  ------------------     -------------------
Stockholders' equity:
  Preferred stock, par value $.10 per share, 2,000,000 shares
     authorized; none issued and outstanding                                                     --                      --
  Common stock, par value $.10 per share, 5,000,000 shares
     authorized; 1,058,000 issued                                                               106                     106
  Additional paid-in surplus                                                                 10,098                  10,096
  Unearned ESOP/MSBP shares                                                                   (530)                   (577)
  Retained earnings, substantially restricted                                                 7,214                   7,080
  Accumulated other comprehensive loss                                                        (461)                   (341)
  Treasury stock at cost, 216,656 and 173,466 shares at March 31,
     2000 and September 30, 1999, respectively                                              (3,483)                 (3,008)
                                                                                  ------------------     -------------------
    Total stockholders' equity                                                               12,944                  13,356
                                                                                  ------------------     -------------------
    Total liabilities and stockholders' equity                                              $63,663                 $63,661
                                                                                  ==================     ===================
</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                  Six Months Ended
                                                                         March 31,                          March 31,
                                                               -------------------------------    -------------------------------
                                                                   2000              1999             2000              1999
                                                               -------------     -------------    -------------     -------------
                                                                         (Dollars in thousands except per share data)
<S>                                                                <C>               <C>            <C>               <C>
Interest Income:
  Loans receivable                                                     $580              $607           $1,157            $1,231
  Mortgage-backed securities                                            194               148              376               286
  Investment securities                                                 277               297              578               608
  Other                                                                  25                26               57                53
                                                               -------------     -------------    -------------     -------------
     Total interest income                                            1,076             1,078            2,168             2,178
Interest expense:
  Deposits                                                              390               396              817               799
  Advances from Federal Home Loan Bank                                  216               195              422               397
                                                               -------------     -------------    -------------     -------------
     Total interest expense                                             606               591            1,239             1,196
                                                               -------------     -------------    -------------     -------------
     Net interest income                                                470               487              929               982
Provision for loan losses                                                --                --               --                 6
                                                               -------------     -------------    -------------     -------------
     Net interest income after provision for loan losses                470               487              929               976
                                                               -------------     -------------    -------------     -------------
Non-interest income:
  Customer service charges                                               15                12               30                20
  Other operating income                                                  8                 3               12                 8
                                                               -------------     -------------    -------------     -------------
     Total non-interest income                                           23                13               42                28
                                                               -------------     -------------    -------------     -------------
Non-interest expense:
  Compensation and benefits                                             132               135              260               263
  Occupancy and equipment                                                18                23               36                44
  FDIC/SAIF deposit insurance premiums                                    2                 5                6                 9
  Advertising                                                             8                10               21                19
  Data processing services                                               27                26               54                53
  Professional fees                                                      20                24               33                39
  Other                                                                  60                45               98                83
                                                               -------------     -------------    -------------     -------------
     Total non-interest expense                                         267               268              508               510
                                                               -------------     -------------    -------------     -------------
     Income before income taxes                                         226               232              463               494
Income tax expense                                                       72                70              142               150
                                                               -------------     -------------    -------------     -------------
     Net income                                                        $154              $162            $ 321             $ 344
                                                               =============     =============    =============     =============

Dividends declared per common share                                  $ 0.12            $ 0.10           $ 0.24            $ 0.20
                                                               =============     =============    =============     =============
Basic earnings per common share                                      $ 0.19            $ 0.19           $ 0.39            $ 0.40
                                                               =============     =============    =============     =============
Diluted earnings per common share                                    $ 0.19            $ 0.19           $ 0.39            $ 0.39
                                                               =============     =============    =============     =============
</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 2
<PAGE>
                             CRAZY WOMAN CREEK BANCORP INCORPORATED AND
                   SUBSIDIARY Consolidated Condensed Statements of Stockholders'
                                   Equity and Comprehensive Income
                              Six months ended March 31, 2000 and 1999
                                             (Unaudited)
                            (Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
                                                                                            Accumulated
                                                                 Unearned                      other
                                                   Additional      ESOP/                    comprehensive                     Total
                                       Common         paid-in       MSBP         Retained   income (loss)  Treasury   stockholders'
                                       stock          capital      shares        earnings                   stock        equity
                                       --------- --------------- ------------  ------------ ------------- ----------- -------------
<S>                                    <C>          <C>          <C>            <C>          <C>        <C>            <C>
  Balances at September 30, 1998         $106         $10,083      $ (671)        $6,737        $  208    $ (2,427)      $14,036
  Comprehensive income:
    Net income                             --              --          --            344            --          --           344
    Unrealized loss on securities
      available-for-sale, net of
      reeclassification adjustment         --              --          --             --          (135)         --          (135)
      adjustment
    Effect of change in classification
       of investment securities            --              --          --             --            55          --            55
                                                                                                                      -------------
        Total comprehensive income                                                                                           264
  Tax benefit from stock related
    compensation                           --               1          --             --            --          --             1
  ESOP shares committed to be released     --               7          23             --            --          --            30
  MSBP shares vested                       --              --          24             --            --          --            24
  Cash dividends declared
    ($.20 per share)                       --              --          --           (169)           --          --          (169)
                                       --------- --------------- ------------  ------------ ------------ ------------ -------------
  Balances at March 31, 1999             $106         $10,091      $ (624)        $6,912       $   128    $ (2,427)      $14,186
                                       ========= =============== ============  ============ ============ ============ =============

  Balances at September 30, 1999         $106         $10,096      $ (577)        $7,080       $  (341)   $ (3,008)      $13,356
  Comprehensive income:
    Net income                             --              --          --            321                        --           321
    Unrealized losses on securities
      available-for-sale, net of
      reclassification adjustment          --              --          --             --          (120)         --          (120)
                                                                                                                      -------------
        Total comprehensive income                                                                                           201
  Repurchase of 43,190 shares
    of common stock                        --              --          --             --            --        (475)         (475)
  ESOP shares committed to be released     --               2          23             --            --          --            25
  MSBP shares vested                       --              --          24             --            --          --            24
  Cash dividends declared
    ($.24 per share)                       --              --          --           (187)           --          --          (187)
                                       --------- --------------- ------------  ------------ ------------ ------------ -------------
  Balances at March 31, 2000             $106         $10,098      $ (530)        $7,214       $  (461)   $ (3,483)      $12,942
                                       ========= =============== ============  ============ ============ ============ =============

</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 3
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                 Consolidated Condensed Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                     Six Months Ended
                                                                                                          March 31,
                                                                                              ----------------------------------
                                                                                                   2000               1999
                                                                                              ----------------   ---------------
                                                                                                         (In thousands)
<S>                                                                                                 <C>                <C>
Cash flows from operating activities:
  Net income                                                                                           $ 321              $ 344
  Adjustments to reconcile net income to net cash provided by operating activities:
    Provision for loan losses                                                                             --                  6
    Amortization of premiums and discounts on securities available-for-sale                               (1)                12
    Federal Home Loan Bank stock dividends                                                               (34)               (36)
    Depreciation                                                                                          18                 18
    Loss on sale of foreclosed real estate                                                                 2                 --
    Dividends reinvested                                                                                 (28)               (35)
    Deferred loan origination fees, net                                                                  (11)                23
    ESOP shares committed to be released                                                                  25                 30
    MSBP deferred compensation                                                                            24                 24
Change in:
        Accrued interest receivable                                                                      (20)               (42)
        Income taxes                                                                                      76                 20
        Other assets                                                                                      38                 12
        Deferred income taxes                                                                             (3)                --
        Accrued expenses and other liabilities                                                           (50)               247
                                                                                              ---------------    ---------------
           Net cash provided by operating activities                                                     357                623
                                                                                              ---------------    ---------------

Cash flows from investing activities:
  Purchases of securities available-for-sale                                                          (1,669)           (10,502)
  Maturities and calls of securities available-for-sale                                                  995              8,708
  Origination of loans receivable                                                                     (3,728)            (5,985)
  Repayment of principal on loans receivable                                                           3,646              5,215
  Purchase of premises and equipment                                                                      (6)                (5)
  Proceeds from sale of foreclosed real estate                                                            (2)                --
                                                                                              ---------------    ---------------
    Net cash used in investing activities                                                               (764)            (2,569)
                                                                                              ---------------    ---------------

Cash flows from financing activities:
  Net change in deposits                                                                                 (23)              (462)
  Advances from Federal Home Loan Bank                                                                13,800             15,250
  Repayment of advances from Federal Home Loan Bank                                                  (13,350)           (13,400)
  Net change in advances from borrowers for taxes and insurance                                          (33)               (27)
  Repurchase of common stock                                                                            (475)                --
  Dividends paid to stockholders                                                                        (193)              (169)
                                                                                              ---------------    ---------------
    Net cash provided by (used in) financing activities                                                 (274)             1,192
                                                                                              ---------------    ---------------
Net decrease in cash and cash equivalents                                                               (681)              (754)
Cash and cash equivalents at beginning of period                                                       2,189              1,562
                                                                                              ---------------    ---------------
Cash and cash equivalents at end of period                                                           $ 1,508             $  808
                                                                                              ===============    ===============

Cash paid during period for:
   Interest                                                                                          $ 1,237            $ 1,213
   Income taxes                                                                                           69                131
                                                                                              ===============    ===============
</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 4
<PAGE>

              Notes to Consolidated Condensed Financial Statements

                                 March 31, 2000

NOTE 1:  BASIS OF PRESENTATION

The accompanying  unaudited interim consolidated  condensed financial statements
have been prepared in accordance with generally accepted  accounting  principles
("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 of Crazy Woman Creek Bancorp  Incorporated  (the  "Company") for the Year
Ended September 30, 1999.

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 and six months ended March 31, 2000 and 1999
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:  FINANCIAL SERVICES MODERNIZATION BILL

On November 12, 1999,  President Clinton signed into law the  Gramm-Leach-Bliley
Act (the "Act")  which,  effective  March 11, 2000,  permitted  qualifying  bank
holding  companies to become financial  holding  companies and thereby affiliate
with  securities  firms and insurance  companies and engage in other  activities
that are financial in nature.  The Act defines  "financial in nature" to include
securities underwriting,  dealing and market making; sponsoring mutual funds and
investment  companies;  insurance  underwriting  and  agency;  merchant  banking
activities;  and activities  that the Federal Reserve Board has determined to be
closely related to banking. A qualifying national bank also may engage,  subject
to limitations on investment,  in activities that are financial in nature, other
than insurance underwriting, insurance company portfolio investment, real estate
development,  and real estate investment,  through a financial subsidiary of the
bank.

The Act also  prohibits new unitary  thrift  holding  companies from engaging in
nonfinancial  activities or from affiliating with an nonfinancial  entity.  As a
grandfathered  unitary  thrift  holding  company,  the  Company  will retain its
authority to engage in nonfinancial activities.

NOTE 3:  COMPREHENSIVE INCOME

Comprehensive   income  includes  net  income,  as  well  as  other  changes  in
stockholders'  equity that result from  transactions  and economic  events other
than  those  with  stockholders.  The  Company's  only  significant  element  of
comprehensive  income  is  unrealized  gains and  losses  on  available-for-sale
securities.  Because of interest  rate  volatility,  the  Company's  accumulated
comprehensive  income and  stockholders'  equity could materially  fluctuate for
each interim period and year-end  period.  The majority of the  unrealized  loss
resulted from the  Company's  investment  in U.S.  Agency  bonds.  The following
schedule reflects the net change in the unrealized holding losses:

                                     Page 5
<PAGE>
              Notes to Consolidated Condensed Financial Statements

                                 March 31, 2000

<TABLE>
<CAPTION>
                                                                             Six Months Ended
                                                                                March 31,
                                                               ---------------------------------------------
                                                                      2000                     1999
                                                               --------------------     --------------------
                                                                              (In thousands)
<S>                                                                         <C>                      <C>
Unrealized and realized holding losses arising during the
    period, net of income tax benefit of $ (67) and $(70)                     (120)                    (135)
    for the six months ended March 31, 2000 and 1999,
    respectively
Effect of adoption of SFAS No. 133, net of income tax                           --                       55
    expense of $ 28
                                                               --------------------     --------------------
        Net change in unrealized loss on available-for-sale
           investment securities                                              (120)                     (80)
                                                               ====================     ====================
</TABLE>

NOTE 4:  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 March 31, 2000
                                                             ---------------------------------------------------------
                                                                                     Average           Per-Share
                                                                  Income             Shares              Amount
                                                             ------------------ ------------------ -------------------
<S>                                                                 <C>                  <C>            <C>
Basic EPS
  Net income available to common stockholders                         $154,000            802,532        $ 0.19
                                                                                                           ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                                --                 --
  Incremental shares related to MSBP                                        --                 --
                                                                     ---------            -------
Diluted EPS
  Income available to common stockholders plus
assumed conversions                                                   $154,000            802,532        $ 0.19
                                                                      ========            =======          ====
</TABLE>

<TABLE>
<CAPTION>

                                                                    For the three months ended March 31, 1999
                                                             ---------------------------------------------------------
                                                                                     Average           Per-Share
                                                                  Income             Shares              Amount
                                                             ------------------ ------------------ -------------------
<S>                                                                  <C>                 <C>            <C>
Basic EPS
  Net income available to common stockholders                         $162,000            869,056        $ 0.19
                                                                                                           ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                                --              3,427
  Incremental shares related to MSBP                                        --                 99
                                                                      --------            -------
Diluted EPS
  Income available to common stockholders plus
assumed conversions                                                   $162,000            872,582        $ 0.19
                                                                      ========            =======          ====
</TABLE>

                                     Page 6

<PAGE>
              Notes to Consolidated Condensed Financial Statements

                                 March 31, 2000

<TABLE>
<CAPTION>

                                                                     For the six months ended March 31, 2000
                                                             ---------------------------------------------------------
                                                                                     Average           Per-Share
                                                                  Income             Shares              Amount
                                                             ------------------ ------------------ -------------------
<S>                                                                <C>                  <C>            <C>
Basic EPS
  Net income available to common stockholders                        $ 321,000            816,339        $ 0.39
                                                                                                           ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                                --                 --
  Incremental shares related to MSBP                                        --                 --
                                                                     ----------           --------
Diluted EPS
  Income available to common stockholders plus
assumed conversions                                                  $ 321,000            816,339        $ 0.39
                                                                     =========            =======          ====
</TABLE>

<TABLE>
<CAPTION>
                                                                     For the six months ended March 31, 1999
                                                             ---------------------------------------------------------
                                                                                     Average           Per-Share
                                                                  Income             Shares              Amount
                                                             ------------------ ------------------ -------------------
<S>                                                                  <C>                 <C>            <C>
Basic EPS
  Net income available to common stockholders                         $344,000            867,987        $ 0.40
                                                                                                           ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                                --              5,480
  Incremental shares related to MSBP                                        --                424
                                                                      --------            -------
Diluted EPS
  Income available to common stockholders plus
assumed conversions                                                   $344,000            873,987        $ 0.39
                                                                      ========            =======          ====
</TABLE>


                                     Page 7

<PAGE>

            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS


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, loans to the ESOP
and to the Bank,  and  shares 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 originates 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, short-term and medium-term U.S. Agency securities.  To a lesser
extent, the Bank originates commercial real estate loans and business loans. The
Bank has hired a new commercial and agriculture loan officer.  This loan officer
will focus on our existing  commercial  customers and build a relationship  with
new commercial and agricultural customers with the focus of originating a larger
percentage  of these  types of loans in the  portfolio.  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'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.  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-

                                     Page 8
<PAGE>

            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)

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 also is 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.

FINANCIAL CONDITION
-------------------

At March 31, 2000,  assets totaled $63.663  million  compared to total assets of
$63.661  million at September 30, 1999. Cash and cash  equivalents  decreased by
$681,000.  Investments  securities  available-for-sale  increased $521,000.  Net
loans  increased by $166,000.  Other real estate  owned  decreased  $73,000 as a
result of the sale of repossessed properties. Deposits decreased by $23,000 from
$34.257  million at  September  30,  1999 to $34.234  million at March 31,  2000
primarily as a result of decreases in  certificates  of deposits and  retirement
accounts  offset by a increase in new money market checking  accounts.  Advances
from the FHLB,  used for funding  loans and  purchasing  investment  securities,
increased by $450,000 to $16.050 million at March 31, 2000.

At March 31, 2000,  stockholders'  equity totaled  $12.944  million or 20.33% of
total assets  compared to $13.356 million or 20.98% of total assets at September
30,  1999.  The  decrease  in  stockholders'  equity was  primarily  due to cash
dividends  declared of  $187,000,  a decrease of $120,000 in the market value of
investment securities  available-for-sale and the repurchase of 43,190 shares of
common stock, which more than offset current period earnings of $321,000.

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

Non-performing  assets  totaled  $104,000 at March 31,  2000,  or 0.16% of total
assets.  This  compares  to  $141,000  at  September  30, 1999 or 0.22% of total
assets.  Non-performing loans at March 31, 2000 were comprised of eight consumer
loans and two mortgage loans.

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

Comparison of Six Months Ended March 31, 2000 and 1999.
-------------------------------------------------------

Net Income.  Net income for the six months ended March 31, 2000 totaled $321,000
----------
compared to $344,000  for the six months  ended March 31,  1999.  Net income was
lower in 2000 than in 1999  primarily due to a $53,000  decrease in net interest
income.  Federal tax expense was $8,000 lower in 2000 than in 1999 primarily due
to a decrease in net income before tax expense.

Interest Income. For the six months ended March 31, 2000 interest income totaled
---------------
$2.168  million  compared to $2.178  million for the six months  ended March 31,
1999 for a decrease  of $10,000.  An  increase in the volume of average  earning
assets from  $61.486  million for the six months ended March 31, 1999 to $61.715
million  for the same  period in 2000  caused  interest  income to  increase  by
$1,000.  A decrease was  experienced in the yield on average earning assets from
7.08% for the six months  ended March 31, 1999 to 7.03% for the six months ended
March 31, 2000, which attributed to a $11,000 decrease interest income.

Interest  Expense.  Total  interest  expense  increased  by $43,000  from $1.196
-----------------
million for the six months  ended March 31, 1999 to $1.239  million for the same
period in 2000.  This was  primarily  a result of a increase in the volume and a
decrease in the cost of average interest-bearing liabilities.

                                     Page 9
<PAGE>

            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)

Interest  expense for deposits  increased  by $18,000 form  $799,000 for the six
months ended March 31,1999 to $817,000 for the same period in 2000.  The cost of
average interest-bearing  deposits decreased from 4.85% for the six months ended
March 31, 1999 to 4.82% for the six months  ended March 31,  2000,  which caused
interest  expense for deposits to decrease by $5,000.  An increase in the volume
of average  interest-bearing  deposits  from $32.931  million for the six months
ended March 31, 1999 to $33.924 million for the six months ended March 31, 2000,
resulted in a $23,000 increase in interest expense for deposits.

Interest  expense for advances from the FHLB  increased by $25,000 form $397,000
for the six months ended March  31,1999 to $422,000 for the same period in 2000.
The cost of average interest-bearing advances from the FHLB decreased from 5.51%
for the six months  ended  March 31,  1999 to 5.42% for the same period in 2000.
This decrease in the cost of average  interest-bearing  advances caused a $7,000
decrease in interest expense. Average  interest-bearing  advances increased from
$14.398  million for the six months ended March 31, 1999 to $15.564  million for
the six month period ended March 31,  2000,  resulting in a $32,000  increase in
interest expense on FHLB advances.

Net Interest Income.  Net interest income decreased by $53,000 from $982,000 for
-------------------
the six months  ended March 31, 1999 to $929,000  for the six months ended March
31,  2000.  The  decrease in net  interest  income was  primarily  caused by the
declining interest rates on the investment  portfolio and the loan portfolio but
was  somewhat  offset by the  declining  cost of  liabilities.  The  increase in
average  interest-bearing  liabilities  was  larger  than the  growth in average
interest-earning  assets as  evidenced  by the  decrease of the ratio of average
interest-earning assets to average interest-bearing  liabilities from 129.91% in
1999 to 124.71% in 2000, as a result net interest income decreased.

Net interest  margin declined from 3.19% for the six months ended March 31, 1999
to 3.01% for the six months ended March 31,  2000.  The decrease in net interest
margin  was  primarily   caused  by  the  volume  of  average   interest-bearing
liabilities  increasing  at a faster  pace than the volume of  average  interest
earning assets for the periods covered.

Provisions  for Loan Losses.  The Company  recorded a $6,000  provision for loan
---------------------------
losses for the six months ended March 31, 1999; no provision was recorded during
the six months ended March 31, 2000.  Loan  charge-offs for the six months ended
March 31, 2000 totaled $4,000 while recoveries  totaled  $32,000.  In 1999, loan
charge-offs totaled $11,000 while recoveries totaled $16,000. In determining the
provision  for  loan  losses,  management  analyzes,  among  other  things,  the
composition  of the Bank's  loan  portfolio,  market  conditions  and the Bank's
market  area.  Management  has  determined  that the reserve for loan losses was
adequate to cover any anticipated credit losses.  There can be no assurance that
the  allowance  for losses will be adequate to cover losses which may in fact be
realized in the future and that additional provisions will not be required.

Total Non-interest Income. Non-interest income increased by $14,000 from $28,000
-------------------------
for the six months  ended  March 31,  1999 to $42,000  for the six months  ended
March 31, 2000. Fees generated from service  charges and other operating  income
attributed  to all the increase.  There were no sales of  investment  securities
during the six months ended March 31, 2000 or 1999.

Total Non-interest Expense.  Total non-interest expense decreased by $2,000 from
--------------------------
$510,000  for the six months ended March 31, 1999 to $508,000 for the six months
ended March 31, 2000. The decrease was primarily  attributed to small  decreases
in expenses  related to  compensation,  occupancy and equipment,  FDIC insurance
premiums, and an increase in other non-interest expense.


                                    Page 10
<PAGE>

            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)

Provision  for Income  Taxes.  The  effective  tax rate for the six months ended
----------------------------
March 31, 2000 and 1999 was 30.67% and 30.36%, respectively.

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

Net  Income.  Net income  for the three  months  ended  March 31,  2000  totaled
-----------
$154,000  compared to $162,000 for the three  months  ended March 31, 1999.  Net
income was lower in 2000 than in 1999 primarily due to a $17,000 decrease in net
interest  income  offset  somewhat  by a $10,000  increase  in the  non-interest
income.

Interest  Income.  For the three months ended March 31,  2000,  interest  income
----------------
totaled  $1.076  million  compared to $1.078  million for the three months ended
March 31, 1999. A decrease in the volume of average  earning assets from $62.117
million for the three  months  ended  March 31, 1999 to $61.458  million for the
same period in 2000 caused interest  income to decrease by $14,000.  An increase
was  experienced in the yield on average earning assets from 6.94% for the three
months  ended March 31, 1999 to 7.00% for the three months ended March 31, 2000,
which attributed to a $12,000 increase in interest income.

Interest Expense.  Total interest expense increased by $15,000 from $591,000 for
----------------
the three  months  ended March 31, 1999 to $606,000 for the same period in 2000.
This  was   primarily  a  result  of  an  increase  in  the  volume  of  average
interest-bearing liabilities.

Interest  expense for  deposits  decreased  by $6,000 form  $396,000 for the six
months ended March 31,1999 to $390,000 for the same period in 2000.  The cost of
average  interest-bearing  deposits  decreased slightly from 4.73% for the three
months  ended March 31, 1999 to 4.64% for the three months ended March 31, 2000,
which caused interest expense for deposits to decrease by $7,000. An increase in
the volume of average  interest-bearing  deposits  from $33.507  million for the
three months ended March 31, 1999 to $33.597  million for the three months ended
March 31, 2000, resulted in a $1,000 increase in interest expense for deposits.

Interest  expense for advances from the FHLB  increased by $21,000 form $195,000
for the six months ended March  31,1999 to $216,000 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 March 31, 1999 to 5.50% for the same period in 2000.
This increase in the cost of average  interest-bearing  advances caused a $5,000
increase in interest expense. Average  interest-bearing  advances increased from
$14.591  million  for the three  month  period  ended  March 31, 1999 to $15.714
million for the three month period ended March 31, 2000,  resulting in a $16,000
increase in interest expense for advances.

Net Interest Income.  Net interest income decreased by $17,000 from $487,000 for
-------------------
the three  months  ended March 31, 1999 to $470,000  for the three  months ended
March 31, 2000. The decrease in net interest income was primarily  caused by the
increase in the volume of interest-bearing  liabilities. The increase in average
interest-bearing   liabilities   was   larger   than  the   growth  in   average
interest-earning  assets as  evidenced  by the  decrease of the ratio of average
interest-earning assets to average interest-bearing  liabilities from 129.15% in
1999  to  124.63%  in  2000.  The  increase  in  the  average   interest-bearing
liabilities was the major factor for the decrease in net interest income.

Net  interest  margin  declined  from 3.14% for the three months ended March 31,
1999 to 3.06% for the three  months  ended March 31,  2000.  The decrease in net
interest  margin  was  primarily  caused  by the  disproportionate  increase  in
interest-bearing liabilities over interest-earning assets.

                                    Page 11
<PAGE>

            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)

Provisions  for Loan Losses.  No provision was recorded  during the three months
---------------------------
ended March 31, 2000 and 1999. Loan charge-offs for the three months ended March
31,  2000  totaled  $4,000  while  recoveries  totaled  $4,000.  In  1999,  loan
charge-offs totaled $6,000 while recoveries totaled $13,000.
Total Non-interest  Income.  Total non-interest income increased by $10,000 from
$13,000  for the three  months  ended  March 31,  1999 to $23,000  for the three
months  ended March 31,  2000  primarily  due to a increase in customer  service
charges and other operating income.

Total Non-interest Expense.  Total non-interest expense decreased by $1,000 from
--------------------------
$268,000  for the three  months  ended March 31, 1999 to $267,000  for the three
months  ended March 31,  2000.  There were  slight  decreases  in  compensation,
occupancy and equipment,  FDIC insurance premiums,  advertising and professional
fees,  while there was a slight increase in data  processing  services and other
non-interest expense.

Provision  for Income  Taxes.  The effective tax rate for the three months ended
----------------------------
March 31, 2000 and 1999 was 31.86% and 30.17%, respectively.

YEAR 2000
---------

Like many financial  institutions,  we rely on computers to conduct our business
and  information  systems  processing.  Industry  experts were concerned that on
January 1, 2000,  some  computers  might not be able to  interpret  the new year
properly,  causing computer  malfunctions.  Some banking industry experts remain
concerned that some computers may not be able to interpret  additional  dates in
the year 2000  properly.  We have operated and evaluated our computer  operating
systems  following  January  1,  2000 and  have not  identified  any  errors  or
experienced  any computer system  malfunctions.  We will continue to monitor our
information systems to assess whether our systems are at risk of misinterpreting
any future dates and will develop  appropriate  contingency plans to prevent any
potential system malfunction or correct any system failures. The Company has not
been informed of any such problem  experienced  by its vendors or its customers,
nor by any of the municipal agencies that provide services to the Company.

Nevertheless,  it is too soon to  conclude  that there will not by any  problems
arising  from the  Year  2000  problem,  particularly  at some of the  Company's
vendors.  The Company  will  continue to monitor its  significant  vendors  with
respect to Year 2000  problems they may encounter as those issues may effect the
Company's  ability  to  continue  operations,  or  might  adversely  affect  the
Company's financial position,  results of operations and cash flows. The Company
does not  believe at this time that these  potential  problems  will  materially
impact the  ability of the  Company to  continue  its  operations,  however,  no
assurance can be given that this will be the case.

The  expectations  of the  Company  contained  in this  section of Year 2000 are
forward-looking   statements  within  the  meaning  of  the  Private  Securities
Litigation  Reform Act of 1995 and involve  substantial  risks and uncertainties
that may cause actual results to differ  materially  from those indicated by the
forward looking  statements.  All forward looking  statements in the section are
based on information available to the Company on the date of this document,  and
the Company assumes no obligation to update such forward looking statements.

                                    Page 12
<PAGE>

            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)




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

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


                                                         At March 31, 2000
                                                      --------------------------
                                                                    Percentage
                                                       Amount       of Assets
                                                      --------        -----
                                                       (Dollars in thousands)
GAAP Capital..................................        $ 10,936

Tangible capital..............................        $ 11,787        18.57%
Tangible capital requirement..................             949         1.50%
                                                      --------        -----
Excess........................................        $ 10,838        17.07%
                                                      ========        =====

Core capital..................................        $ 11,787        18.57%
Core capital requirements.....................           1,901         3.00%
                                                      --------        -----
Excess........................................        $ 10,129        15.57%
                                                      ========        =====

Total risk-based capital (1)..................        $ 12,064        47.91%
Total risk-based capital requirement (1)......           2,014         8.00%
                                                      --------        -----
Excess (1)....................................        $ 10,050        39.91%
                                                      ========        =====

1)  Based on risk-weighted assets of $25,182


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.

The Bank,  before  and after any  proposed  capital  distributions  must meet or
exceed all  capital  requirements,  may 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 of  Seattle.  As of March 31,  2000 such  borrowed
funds totaled $16.05 million. Loan payments and maturing investments are greatly
influenced by general interest rates, economic conditions and competition.


                                    Page 13
<PAGE>

            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)

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 changed 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  67.31%  and  63.89%  at March  31,  2000  and  1999,
respectively.

The amount of  certificate  accounts  which are  scheduled to mature  during the
twelve  months ending March 31, 2001 is  approximately  $14.78  million.  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 March 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
from the Bank. As indicated  above under Capital  Compliance,  dividends paid by
the Bank are subject to regulatory  restrictions.  The Bank has paid $710,000 in
dividends  to the Company for the purpose of  repurchasing  common stock and the
payment of cash dividends to stockholders.

IMPACT OF INFLATION AND CHANGING PRICES
---------------------------------------

The  consolidated  financial  statements  of  the  Company  and  notes  thereto,
presented  elsewhere  herein,  have been prepared in accordance with GAAP, which
require the measurement of financial  position and operating results in terms of
historical  dollars without  considering  the change in the relative  purchasing
power of money over time due to inflation.  The impact of inflation is reflected
in the  increased  cost of the  Company's  operations.  Unlike  most  industrial
companies,  nearly all the assets and  liabilities of the Company are financial.
As a result,  interest rates have a greater impact on the Company's  performance
than do the  effects  of  general  levels of  inflation.  Interest  rates do not
necessarily  move in the same  direction  or to the same extent as the prices of
goods and services.


                                    Page 14
<PAGE>

            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)


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

<S>                                                      <C>               <C>                <C>                  <C>
Return on average assets..........................          0.98%             1.14 %             1.02 %               1.16%
Return on average equity..........................          4.77%             5.05 %             4.55 %               5.10%
Interest rate spread..............................          2.09%             2.03 %             2.02 %               2.03%
Net interest margin...............................          3.06%             3.14 %             3.01 %               3.19%
Non-interest expense to average assets............          1.70%             1.70 %             1.62 %               1.63%
Net charge-offs to average outstanding loans......          0.00%            (0.01)%             0.09 %               0.04%
</TABLE>

<TABLE>
<CAPTION>
                                                      At March 31, 1999  At September 31,
                                                                               1999
                                                      ------------------ ------------------
<S>                                                         <C>                <C>
Nonaccrual and 90 days past due loans.............             $ 104               $ 68
Repossessed real estate, held under judgment.....                 --                 73
  Total nonperforming assets......................               104                141
Allowance for loan losses to nonperforming assets.
                                                              267.31%            128.32%
Nonperforming loans to total loans................              0.35%              0.84%
Nonperforming assets to total assets..............              0.16%              0.22%
Book value per share (2)..........................            $15.38             $15.10

</TABLE>

----------------
(1)  The ratios for the three- and six-month periods are annualized.
(2)  The number of shares  outstanding  as of March 31, 2000 and  September  30,
     1999 was 841,354 and 884,534, respectively.  These include shares purchased
     by the ESOP.

                                    Page 15
<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 March 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
         ---------------------------------------------------

         On January 26 2000, the Company held its annual meeting of stockholders
         and the following items were presented:

         Election of Directors  Deane D. Bjerke and Thomas J. Berry for terms of
         three years ending 2003 and the ratification of the appointment of KPMG
         LLP as the Company's auditors for the 2000 fiscal year.

         Votes were as follows:

                                             For         Against        Withheld
                                             ---         -------        --------

         Deane D. Bjerke                    616,190         --            7,603
         Thomas J. Berry                    611,890         --           11,903

         Ratification of KPMG LLP           616,145        2,637          5,011

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

                  Not applicable.

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

                  (a)      Exhibits

                           Exhibit 27 -- Financial Disclosure Schedule
                                         (in electronic filing only)

                  (b)      Reports on Form 8-K

                           None.


                                    Page 16
<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: May 5, 2000          By: /s/ Deane D. Bjerke
                               -------------------
                               Deane D. Bjerke
                               President and Chief Executive Officer
                               (Principal Executive Officer)



Date: May 5, 2000          By: /s/ John B. Snyder
                               ------------------
                               John B. Snyder
                               Vice President and Chief Financial Officer
                               (Principal Accounting and Financial Officer)