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, 1999

                                       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 7, 2000:  820,608

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

                       Consolidated Condensed Statements of Financial Condition at December 31,
                       1999 (unaudited) and September 30, 1999 (unaudited)                               1

                       Consolidated Condensed Statements of Income for the three months ended
                       December 31, 1999 and 1998 (unaudited)                                            2

                       Consolidated Condensed Statements of Stockholders' Equity and
                       Comprehensive Income for the three months ended December 31, 1999 and             3
                       1998 (unaudited)

                       Consolidated Condensed Statements of Cash Flows for the three months
                       ended December 31, 1999 and 1998 (unaudited)                                      4

                       Notes to Consolidated Condensed Financial Statements                              5

Item 2.                Management's Discussion and Analysis of Financial Condition and Results
                       of Operations                                                                     7

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,
                                                                                             1999                    1999
                                                                                       ------------------     -------------------
                                                                                          (In thousands, except share and per
Assets                                                                                           share data)
------
<S>                                                                                       <C>                     <C>
Cash and cash equivalents                                                                   $ 1,287                 $ 2,189
Investment and mortgage-backed securities available-for-sale                                 29,900                  29,479
Stock in Federal Home Loan Bank of Seattle, at cost                                           1,006                     988
Loans receivable, net                                                                        29,697                  29,727
Accrued interest receivable                                                                     513                     522
Premises and equipment, net                                                                     541                     544
Real estate owned                                                                                --                      73
Deferred income taxes                                                                           122                      62
Other assets                                                                                     41                      77
                                                                                  ------------------     -------------------
    Total assets                                                                            $63,107                 $63,661
                                                                                  ==================     ===================
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
  Deposits                                                                                  $34,392                 $34,257
  Advances from Federal Home Loan Bank                                                       14,950                  15,600
  Advances from borrowers for taxes and insurance                                                19                      69
  Income taxes payable                                                                           70                       7
  Dividends payable                                                                             104                     104
  Accrued expenses and other liabilities                                                        255                     268
                                                                                  ------------------     -------------------
    Total liabilities                                                                        49,790                  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                                                                 10,096                  10,096
  Unearned ESOP/MSBP shares                                                                    (553)                   (577)
  Retained earnings, substantially restricted                                                 7,150                   7,080
  Accumulated other comprehensive income (loss)                                                (474)                   (341)
  Treasury stock at cost, 173,466 shares at December 31, 1999
     and September 30, 1999                                                                  (3,008)                 (3,008)
                                                                                  ------------------     -------------------
    Total stockholders' equity                                                               13,317                  13,356
                                                                                  ------------------     -------------------
    Total liabilities and stockholders' equity                                              $63,107                 $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
                                                                                                December 31,
                                                                              --------------------------------------------------
                                                                                     1999                      1998
                                                                              --------------------      --------------------
                                                                           (Dollars in thousands except per share data)
<S>                                                                                 <C>                       <C>
Interest Income:
  Loans receivable                                                                      $572                      $613
  Mortgage-backed securities                                                             182                       138
  Investment securities                                                                  301                       311
  Other                                                                                   32                        27
                                                                         --------------------      --------------------
     Total interest income                                                             1,087                     1,089
Interest expense:
  Deposits                                                                               427                       403
  Advances from Federal Home Loan Bank                                                   206                       202
                                                                                                   --------------------
                                                                         --------------------
     Total interest expense                                                              633                       605
                                                                         --------------------      --------------------
     Net interest income                                                                 454                       484
Provision for loan losses                                                                 --                         6
                                                                                                   --------------------
                                                                         --------------------
     Net interest income after provision for loan losses                                 454                       478
                                                                         --------------------      --------------------
Non-interest income:
  Customer service charges                                                                15                        10
  Other operating income                                                                   9                        16
                                                                         --------------------      --------------------
     Total non-interest income                                                            24                        26
                                                                         --------------------      --------------------
Non-interest expense:
  Compensation and benefits                                                              128                       128
  Occupancy and equipment                                                                 18                        21
  FDIC/SAIF deposit insurance premiums                                                     4                         4
  Advertising                                                                             13                         9
  Data processing services                                                                27                        27
  Professional fees                                                                       13                        15
  Other                                                                                   38                        38
                                                                                                   --------------------
                                                                         --------------------
     Total non-interest expense                                                          241                       242
                                                                         --------------------      --------------------
     Income before income taxes                                                          237                       262
Income tax expense                                                                        70                        80
                                                                         --------------------      --------------------
     Net income                                                                         $167                      $182
                                                                         ====================      ====================

Dividends declared per common share                                                   $ 0.12                    $ 0.10
                                                                         ====================      ====================
Basic earnings per common share                                                       $ 0.20                    $ 0.21
                                                                         ====================      ====================
Diluted earnings per common share                                                     $ 0.20                    $ 0.21
                                                                         ====================      ====================
</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
                  Three months ended December 31, 1999 and 1998
                      (In thousands, except per share data)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                   Unearned                              Accumulated
                                                      Additional   ESOP/                                   other          Total
                                              Common    paid-in      MSBP         Retained   Treasury   comprehensive  stockholders'
                                              stock     capital     shares        earnings    stock     income (loss)      equity
                                            ---------- ----------- ------------------------- ---------- -------------- -------------
<S>                                          <C>      <C>          <C>           <C>       <C>             <C>           <C>
Balances at September 30, 1998                 $106     $10,083     $ (671)        $6,737    $(2,427)        $  208        $14,036
Comprehensive income:
  Net income                                     --          --         --            182         --             --            182
  Unrealized gains on securities
    available-for-sale, net of
    reclassification adjustment                  --          --         --             --         --             64             64
                                                                                                                       -------------
      Total comprehensive income                                                                                               246
ESOP shares committed to be released             --           4         12             --         --             --             16
MSBP shares vested                               --          --         12             --         --             --             12
Cash dividends declared ($.10 per share)         --          --         --            (85)        --             --            (85)
                                            ---------- ----------- ------------------------- ---------- -------------- -------------
Balances at December 31, 1998                  $106     $10,087     $ (647)        $6,834     (2,427)        $  272        $14,225
                                            ========== =========== ========================= ========== ============== =============

Balances at September 30, 1999                 $106     $10,096     $ (577)        $7,080     (3,008)        $ (341)       $13,356
Comprehensive income:
  Net income                                     --          --         --            167         --                           167
  Unrealized losses on securities
    available-for-sale, net                      --          --         --             --         --           (133)          (133)
                                                                                                                       -------------
      Total comprehensive income                                                                                                34
Tax benefit from stock related compensation      --          (2)        --             --         --             --             (2)
ESOP shares committed to be released             --           2         12             --         --             --             14
MSBP shares vested                               --          --         12             --         --             --             12
Cash dividends declared ($.12 per share)         --          --         --            (97)        --             --            (97)
                                            ---------- ----------- ------------------------- ---------- -------------- -------------
Balances at December 31, 1999                  $106     $10,096      $(553)        $7,150    $(3,008)        $ (474)       $13,317
                                            ========== =========== ========================= ========== ============== =============
</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>
                                                                 Three months Ended
                                                                     December 31,
                                                                 ---------------------
                                                                    1999       1998
                                                                 ----------  ---------
                                                                       (In thousands)
<S>                                                              <C>        <C>
Cash flows from operating activities:
  Net income                                                      $   167    $   182
  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                                     3          5
    Federal Home Loan Bank stock dividends                            (18)       (18)
    Depreciation                                                        9          8
    Dividends reinvested                                              (25)       (26)
    Deferred loan origination fees, net                                (2)        13
    Loss on sale of other real estate owned                             2       --
    ESOP shares committed to be released                               14         16
    MSBP deferred compensation                                         12         12
Change in:
        Accrued interest receivable                                     9         38
        Income taxes                                                   61         81
        Other assets                                                   36         23
        Deferred income taxes                                           8       --
        Accrued expenses and other liabilities                        (13)        33
                                                                  -------    -------
           Net cash provided by operating activities                  263        372
                                                                  -------    -------

Cash flows from investing activities:
  Purchases of securities available-for-sale                       (1,190)    (6,545)
  Maturities and calls of securities available-for-sale               590      6,075
  Origination of loans receivable                                  (1,856)    (3,349)
  Repayment of principal on loans receivable                        1,961      2,834
  Purchase of premises and equipment                                   (6)      --
  Proceeds from sale of other real estate owned                        (2)      --
                                                                  -------    -------
    Net cash used in investing activities                            (503)      (985)
                                                                  -------    -------

Cash flows from financing activities:
  Net change in deposits                                              135       (153)
  Advances from Federal Home Loan Bank                              4,600      4,250
  Repayment of advances from Federal Home Loan Bank                (5,250)    (3,800)
  Net change in advances from borrowers for taxes and insurance       (50)       (47)
  Dividends paid to stockholders                                      (97)       (85)
                                                                  -------    -------
    Net cash provided by (used in) financing activities              (662)       165
                                                                  -------    -------

Net change in cash and cash equivalents                              (902)      (448)
Cash and cash equivalents at beginning of period                    2,189      1,562
                                                                  -------    -------
Cash and cash equivalents at end of period                        $ 1,287    $ 1,114
                                                                  =======    =======

Cash paid during period for:
  Interest                                                        $   593    $   595
  Income taxes                                                       --         --
                                                                  =======    =======
</TABLE>

See notes to consolidated condensed financial statements

                                     Page 4
<PAGE>
              Notes to Consolidated Condensed Financial Statements

                                December 31, 1999

NOTE 1:  BASIS OF PRESENTATION

The accompanying  unaudited interim consolidated  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 months ended December 31, 1999 and 1998 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 will,  effective  March 11, 2000,  permit  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

Effective  October  1,  1998,  the  Company  adopted  SFAS  No.  130,  Reporting
Comprehensive   Income  (SFAS  130).  SFAS  130  requires  companies  to  report
comprehensive  income,  which  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  stockholder's  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 unrealized holding gains:


                                     Page 5
<PAGE>
              Notes to Consolidated Condensed Financial Statements

                                December 31, 1999

<TABLE>
<CAPTION>
                                                                            Three Months Ended
                                                                               December 31,
                                                               ---------------------------------------------
                                                                      1999                     1998
                                                               --------------------     --------------------
                                                                               (In thousands)
<S>                                                                        <C>                         <C>
Unrealized and realized holding gains (losses) arising
    during the period, net of income tax expense (benefit)                   (133)                        9
    of $ (68) and $ 5 for the three months ended December
    31, 1999 and 1998, respectively
Effect of adoption of SFAS No. 133, net of income tax                          --                        55
    expense of $ 28
                                                               --------------------     --------------------
        Net change in unrealized gain (loss) on
           available-for-sale investment securities                          (133)                       64
                                                               ====================     ====================
</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 December 31, 1999
                                                             ---------------------------------------------------------
                                                                                     Average           Per-Share
                                                                  Income             Shares              Amount
                                                             ------------------ ------------------ -------------------
<S>                                                                 <C>                  <C>            <C>
Basic EPS
  Net income available to common stockholders                        $ 167,000            829,990        $ 0.20
                                                                                                           ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                                --                301
  Incremental shares related to MSBP                                        --                 --
                                                             -----------------  -----------------
Diluted EPS
  Income available to common stockholders plus
assumed conversions                                                $   167,000            830,291        $ 0.20
                                                                    ==========  ===       =======          ====

</TABLE>

<TABLE>
<CAPTION>
                                                                   For the three months ended December 31, 1998
                                                             ---------------------------------------------------------
                                                                                     Average           Per-Share
                                                                  Income             Shares              Amount
                                                             ------------------ ------------------ -------------------
<S>                                                                  <C>                 <C>            <C>
Basic EPS
  Net income available to common stockholders                         $182,000            870,297        $ 0.21
                                                                                                           ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                                --              7,316
  Incremental shares related to MSBP                                        --                786
                                                             -----------------  -----------------
Diluted EPS
  Income available to common stockholders plus
assumed conversions                                                $   182,000            878,399        $ 0.21
                                                             =================  =================          ====

</TABLE>

                                     Page 6
<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 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-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

                                     Page 7
<PAGE>
            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)

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 December 31, 1999,  assets totaled $63.11 million compared to total assets of
$63.66  million at September 30, 1999.  Cash and cash  equivalents  decreased by
$902,000   due  to  the  payoff  of  FHLB   advances.   Investments   securities
available-for-sale increased $421,000. Other real estate owned decreased $73,000
from the sale of  repossessed  properties.  Deposits  increased by $135,000 from
$34.26  million at  September  30, 1999 to $34.39  million at December  31, 1999
primarily  as a result of new jumbo  certificates  of $586,000 and a decrease in
other certificates and retirement accounts.  Advances from the FHLB decreased by
$650,000 to $14.95 million at December 31, 1999.

At December 31, 1999,  stockholders'  equity totaled $13.32 million or 21.10% of
total assets  compared to $13.36  million or 20.98% of total assets at September
30, 1999.  The decrease in  stockholders'  equity was primarily  cash  dividends
declared of $97,000 and a decrease of $133,000 in the market value of investment
securities available-for-sale, which more than offset current period earnings of
$167,000.

On January 20, 2000,  the Company  announced the adoption of a stock  repurchase
program.  Any shares  repurchased will decrease  stockholders'  equity. See also
"Part II Other Information - Item 5 Other Information."

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

Non-performing  assets  totaled  $58,000 at December 31, 1999, or 0.09% of total
assets.  This  compares  to  $141,000  at  September  30, 1999 or 0.22% of total
assets.  Non-performing  loans at  December  31,  1999  were  comprised  of four
consumer loans and one mortgage loan.

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

Comparison of Three Months Ended December 31, 1999 and 1998.
------------------------------------------------------------

Net Income.  Net income for the three  months  ended  December  31, 1999 totaled
----------
$167,000  compared to $182,000 for the three months ended December 31, 1998. Net
income was lower in 1999 than in 1998 primarily due to a $30,000 decrease in net
interest income and a $6,000 decrease in the provision for loan losses.  Federal
tax  expense  was $10,000  lower in 1999 than in 1998  primarily  due to reduced
earnings.

Interest Income.  For the three months ended December 31, 1999,  interest income
---------------
totaled  $1.087  million  compared to $1.089  million for the three months ended
December  31,  1998.  An increase in the volume of average  earning  assets from
$60.85  million for the three months ended  December 31, 1998 to $61.97  million
for the same period in 1999  caused  interest  income to increase by $12,000.  A
decrease was  experienced in the yield on average  earning assets from 7.16% for
the three  months  ended  December  31, 1998 to 7.02% for the three months ended
December 31, 1999, which attributed to a $14,000 decrease in interest income.

Interest Expense.  Total interest expense increased by $28,000 from $605,000 for
----------------
the three  months  ended  December  31, 1998 to $633,000  for the same period in
1999.  This was  primarily  a result of an  increase  in the  volume of  average
interest-bearing liabilities.


                                     Page 8
<PAGE>
            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)

The cost of average interest-bearing  deposits increased slightly from 4.98% for
the three  months  ended  December  31, 1998 to 4.99% for the three months ended
December 31, 1999,  which  caused  interest  expense for deposits to increase by
$1,000.  An increase  in the volume of average  interest-bearing  deposits  from
$32.35  million for the three months ended  December 31, 1998 to $34.25  million
for the three months ended December 31, 1999,  resulted in a $23,000 increase in
interest expense for deposits.

The cost of average interest-bearing advances from the FHLB decreased from 5.69%
for the three  months  ended  December  31, 1998 to 5.35% for the same period in
1999.  This decrease in the cost of average  interest-bearing  advances caused a
$12,000  decrease  in  interest  expense.  Average   interest-bearing   advances
increased from $14.20 million for the three month period ended December 31, 1998
to $15.41 million for the three month period ended December 31, 1999,  resulting
in a $17,000 increase in interest expense for advances.

Net Interest Income.  Net interest income decreased by $30,000 from $484,000 for
-------------------
the three months ended  December 31, 1998 to $454,000 for the three months ended
December 31, 1999. 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 $1.99 million greater than the $1.12
million of growth in average  interest-earning assets as evidenced by the slight
decrease   of  the  ratio  of   average   interest-earning   assets  to  average
interest-bearing  liabilities  from  130.72%  in 1998 to  124.79%  in 1999.  The
increase in  interest-bearing  liabilities was the major factor for the decrease
in net interest income.

Net interest  margin declined from 3.18% for the three months ended December 31,
1998 to 2.93% for the three months ended  December 31, 1999. The decrease in net
interest  margin  was  primarily  caused  by the  disproportionate  increase  in
interest-bearing  liabilities over interest-earning  assets. Continued increases
in market rates of interest  could have a negative  impact on the  Company's net
interest margin

Provisions  for Loan Losses.  The Company  recorded a $6,000  provision for loan
---------------------------
losses for the three months ended  December 31, 1998;  no provision was recorded
during the three months ended December 31, 1999.  There were no loan charge-offs
for the three months ended December 31, 1999, while recoveries  totaled $28,000.
In 1998, there was $5,000 of loan charge-offs while recoveries totaled $3,000.

Total Non-interest  Income.  Total non-interest  income decreased by $2,000 from
--------------------------
$26,000 for the three  months  ended  December 31, 1998 to $24,000 for the three
months ended  December 31, 1999  primarily due to a decrease in other  operating
income offset by an increase in fees generated from service charges.

Total Non-interest Expense.  Total non-interest expense decreased by $1,000 from
--------------------------
$242,000 for the three months ended  December 31, 1998 to $241,000 for the three
months ended  December 31, 1999.  There were slight  decreases in occupancy  and
equipment  and  professional   fees,  while  there  was  a  slight  increase  in
advertising.  There  were no  significant  changes  in the other  components  of
non-interest expense.

Provision  for Income  Taxes.  The effective tax rate for the three months ended
----------------------------
December 31, 1999 and 1998 was 29.54% and 30.53%,  respectively.  The  effective
tax rate  decreased  slightly due to decreased  net interest  income offset with
non-taxable income remaining the same for the periods reported.


                                     Page 9
<PAGE>
            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)

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.

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

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

<TABLE>
<CAPTION>

                                                      At December 31, 1999
                                                    ----------------------------
                                                                    Percentage
                                                       Amount       of Assets
                                                    ----------    --------------
                                                       (Dollars in thousands)
<S>                                                 <C>             <C>
GAAP Capital.................................        $ 11,374

Tangible capital.............................        $ 12,206        19.40%
Tangible capital requirement.................             941         1.50%
                                                     --------         ----
Excess.......................................        $ 11,265        17.90%
                                                     ========        =====

Core capital.................................        $ 12,206        19.40%
Core capital requirements....................           1,885         3.00%
                                                        -----         ----
Excess.......................................        $ 10,321        16.40%
                                                     ========        =====

Total risk-based capital (1).................        $ 12,483        50.60%
Total risk-based capital requirement (1).....           1,973         8.00%
                                                     --------        -----
Excess (1)...................................        $ 10,510        42.60%
                                                     ========        =====
</TABLE>

1)  Based on risk-weighted assets of $24,671

                                    Page 10
<PAGE>
            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)

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 December 31, 1999 such borrowed
funds totaled $14.95 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 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  64.62%  and 61.17% at  December  31,  1999 and 1998,
respectively.

The amount of  certificate  accounts  which are  scheduled to mature  during the
twelve months ending December 31, 2000 is approximately  $15.81 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 December 31, 1999,  the Bank had loan  commitments  outstanding  of $634,000.
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.

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

                                    Page 11
<PAGE>
            MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (Continued)


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.

KEY OPERATING RATIOS
--------------------

<TABLE>
<CAPTION>
                                                                             Three Months Ended
                                                                                December 31,
                                                                ---------------------------------------------
                                                                     1999 (1)                  1998(1)
                                                                --------------------     --------------------
                                                                  (Dollars in thousands, except per share
                                                                             data) (Unaudited)

<S>                                                                          <C>                      <C>
Return on average assets                                                      1.04%                    1.10%
Return on average equity                                                      4.97%                    4.95%
Interest rate spread                                                          1.91%                    1.96%
Net interest margin                                                           2.93%                    3.18%
Non-interest expense to average assets                                        1.51%                    1.56%
Net charge-offs (recoveries) to average outstanding loans
                                                                              0.09%                    0.01%
</TABLE>

<TABLE>
<CAPTION>
                                                                  At December 31,         At September 30,
                                                                       1999                     1999
                                                                --------------------     --------------------
<S>                                                                        <C>                      <C>
Nonaccrual and 90 days past due loans                                          $ 58                     $ 68
Repossessed real estate, held under judgment                                     --                       73
                                                                --------------------     --------------------
    Total nonperforming assets                                                   58                      141
                                                                ====================     ====================

Allowance for loan losses to nonperforming assets                            474.35%                  128.32%
Nonperforming loans to total loans                                             0.93%                    0.84%
Nonperforming assets to total assets                                           0.09%                    0.22%
Book value per share (2)                                                     $15.42                   $15.46
</TABLE>

----------------
(1)  The ratios for the three-month periods are annualized.
(2)  The number of shares  outstanding as of December 31, 1999 and September 30,
     1999 were 863,798. These include shares purchased by the ESOP and MSBP.

                                    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,  1999.  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
         -----------------

         The Company  announced  that the board of directors has  authorized the
         repurchase up to 43,190 shares (5%) of the Corporation's  common stock.
         The Company has  repurchased  194,202  shares of its common stock since
         Buffalo Federal's mutual-to-stock conversion in March 1996.

         The repurchase will be made in open-market transactions over a one-year
         period subject to the  availability  of stock and pursuant to the terms
         of the Corporation's  repurchase plan.  Repurchased  shares will become
         authorized  but  unissued  shares  and  will be  utilized  for  general
         corporate  and other  purposes,  including  the  issuance  of shares in
         connection with the exercise of stock options.

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 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, 7, 2000         By: /s/ Deane D. Bjerke
                                    --------------------------------------------
                                    Deane D. Bjerke
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)



Date: February 7, 2000          By: /s/ John B. Snyder
                                    --------------------------------------------
                                    John B. Snyder
                                    Vice President and Chief Financial Officer
                                    (Principal Accounting and Financial Officer)