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, 2001

                                       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 11, 2002:  807,608

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

<PAGE>

                     CRAZY WOMAN CREEK BANCORP INCORPORATED

                              INDEX TO FORM 10-QSB

                                                                            Page
                                                                            ----
PART I      FINANCIAL INFORMATION
            ---------------------

Item 1.     Financial Statements (unaudited)

            Consolidated Condensed Statements of Financial Condition
            at December 31, 2001 and September 30, 2001                        1

            Consolidated Condensed Statements of Income for the
            Three Months ended December 31, 2001 and 2000                      2

            Consolidated Condensed Statements of Comprehensive Income
            for the Three Months ended December 31, 2001 and 2000              3

            Consolidated Condensed Statements of Cash Flows for the
            Three Months ended December 31, 2001 and 2000                      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                                                 15

Item 2.     Changes in Securities and Use of Proceeds                         15

Item 3.     Defaults upon Senior Securities                                   15

Item 4.     Submission of Matters to a Vote of Security Holders               15

Item 5.     Other Information                                                 15

Item 6.     Exhibits and Reports on Form 8-K                                  15


SIGNATURES

<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Consolidated Condensed Statements of Financial Condition
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                       December 31,     September 30,
                                                                          2001              2001
                                                                        --------          --------
Assets                                                                    (Dollars in thousands,
------                                                                    except per share data)
<S>                                                                   <C>               <C>
Cash and cash equivalents                                               $  2,706          $  5,897
Investment and mortgage-backed securities available-for-sale              22,808            22,003
Stock in Federal Home Loan Bank of Seattle, at cost                        1,148             1,128
Loans receivable, net                                                     40,718            37,058
Accrued interest receivable                                                  398               429
Premises and equipment, net                                                2,178             1,871
Income tax receivable                                                         39                 -
Goodwill and other intangible assets, net of accumulated amortization
     of $45 and $34 at December 31 and September 30, 2001                    265               276
Other assets                                                                 139               111
                                                                        --------          --------
                                                                        $ 70,399          $ 68,773
                                                                        ========          ========
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
  Deposits                                                              $ 42,525          $ 40,709
  Advances from Federal Home Loan Bank                                    13,400            13,400
  Advance payments by borrowers for taxes and insurance                       11                67
  Deferred income taxes                                                      210               213
  Dividends payable                                                           97                97
  Accrued expenses and other liabilities                                     671               729
                                                                        --------          --------
    Total liabilities                                                     56,914            55,215
                                                                        --------          --------
Stockholders' equity:
  Preferred stock, par value $.10 per share,  2,000,000 shares
     authorized;  none issued and outstanding at December 31, 2001
     and September 30, 2001                                                    -                 -
  Common stock, par value $.10 per share, 5,000,000 shares
     authorized; 1,058,000 issued at December 31, 2001
     and September 30, 2001                                                  106               106
  Additional paid-in capital                                              10,117            10,117
  Unearned ESOP/MSBP shares                                                 (395)             (429)
  Retained earnings                                                        7,105             7,125
  Accumulated other comprehensive income, net                                128               195
  Treasury stock at cost, 269,476 and 267,876 shares at
     December 31, 2001 and September 30, 2001, respectively               (3,576)           (3,556)
                                                                        --------          --------
     Total stockholders' equity                                           13,485            13,558
                                                                        --------          --------
                                                                        $ 70,399          $ 68,773
                                                                        ========          ========
</TABLE>
See notes to consolidated condensed financial statements.

                                     Page 1
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                   Consolidated Condensed Statements of Income
                                   (Unaudited)

                                                            Three Months Ended
                                                              December 31,
                                                         ----------------------
                                                             2001     2000
                                                           ------   ------
                                                         (Dollars in thousands,
                                                         except per share data)
Interest Income:
  Loans receivable                                         $  788   $  605
  Mortgage-backed securities                                  220      182
  Investment securities                                        53      269
  Other interest income                                        45       37
                                                           ------   ------
     Total interest income                                  1,106    1,093
Interest expense:
  Deposits                                                    387      393
  Advances from Federal Home Loan Bank                        212      299
  Other interest expense                                        9        -
                                                           ------   ------
     Total interest expense                                   608      692
                                                           ------   ------
     Net interest income                                      498      401
Provision for loan losses                                       -        -
                                                           ------   ------
     Net interest income after provision for loan losses      498      401
                                                           ------   ------
Non-interest income
  Customer service charges                                     22       17
  Other operating income                                        8        8
                                                           ------   ------
     Total non-interest income                                 30       25
                                                           ------   ------
Non-interest expense
  Compensation and benefits                                   253      156
  Occupancy and equipment                                      41       20
  FDIC/SAIF deposit insurance premiums                          2        2
  Advertising                                                  14       12
  Data processing services                                     32       26
  Professional fees                                            18       20
  Amortization of goodwill                                      3        -
  Other                                                        73       44
                                                           ------   ------
     Total non-interest expense                               436      280
                                                           ------   ------
     Income before income taxes                                92      146
Income tax expense                                             23       45
                                                           ------   ------
     Net income                                            $   69   $  101
                                                           ======   ======

Dividends declared per common share                        $ 0.12   $ 0.12
                                                           ======   ======
Basic earnings per common share                            $ 0.09   $ 0.13
                                                           ======   ======
Diluted earnings per common share                          $ 0.09   $ 0.13
                                                           ======   ======

See notes to consolidated condensed financial statements.

                                     Page 2
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Consolidated Condensed Statements of Comprehensive Income
                                   (Unaudited)



                                                       Three Months Ended
                                                           December 31,
                                                       ------------------
                                                         2001     2000
                                                         -----    -----
                                                     (Dollars in thousands)

Net income                                               $  69    $ 101
Other comprehensive income
    Unrealized (losses) gains on investment and
        mortgage-backed securities available-for-sale     (101)     432

Income tax benefit (expense) related to items of other
comprehensive income                                        34     (147)
                                                         -----    -----

Other comprehensive (loss) income, after tax               (67)     285
                                                         -----    -----

Comprehensive income                                     $   2    $ 386
                                                         =====    =====



See notes to consolidated condensed financial statements.

                                     Page 3

<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                 Consolidated Condensed Statements of Cash Flows
                  Three Months ended December 31, 2001 and 2000
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                 2001       2000
                                                               -------    -------
                                                             (Dollars in thousands)
<S>                                                          <C>        <C>
Cash flows from operating activities:
  Net income                                                   $    69    $   101
  Adjustments to reconcile net income to net cash
  provided by operating activities:
    Amortization of premiums and discounts on
      securities available-for-sale, net                            28         (3)
    Amortization of intangibles                                     11          -
    Deferred income tax benefit, net                                30         17
    Federal Home Loan Bank stock dividend                          (20)       (18)
    Depreciation                                                    26         13
    Dividends reinvested                                            (4)        (3)
    Deferred loan origination fees, net                             10         (2)
    ESOP shares committed to be released                            15         13
    MSBP compensation expense                                       (1)        15
Change in:
        Accrued interest receivable                                 31         12
        Income taxes                                               (39)        32
        Other assets                                               (30)       (22)
        Accrued expenses and other liabilities                     (56)       395
                                                               -------    -------
           Net cash provided by operating activities                70        550

Cash flows from investing activities:
  Purchases of securities available-for-sale                    (5,161)         -
  Proceeds from maturities, calls and
    prepayments of securities available-for-sale                 4,232        542
  Origination of loans receivable                               (9,300)    (2,900)
  Repayment of principal on loans receivable                     5,630      2,228
  Acquisition of branch office                                       -        773
  Purchases of premises and equipment                             (333)      (427)
                                                               -------    -------
    Net cash (used in) provided by investing activities         (4,932)       216

Cash flows from financing activities:
  Net increase (decrease) in deposits                            1,816       (202)
  Advances from Federal Home Loan Bank                               -      3,100
  Repayment of advances from Federal Home Loan Bank                  -     (4,750)
  Net decrease in advances from borrowers for
    taxes and insurance                                            (56)       (51)
  Dividends paid to stockholders                                   (89)       (88)
                                                               -------    -------
    Net cash provided by (used in) financing activities          1,671     (1,991)
                                                               -------    -------
Net decrease in cash and cash equivalents                       (3,191)    (1,225)
Cash and cash equivalents at beginning of period                 5,897      2,796
                                                               -------    -------
Cash and cash equivalents at end of period                     $ 2,706    $ 1,571
                                                               =======    =======
Cash paid during period for:
   Interest                                                    $   591    $   559
   Income taxes                                                     35          -

</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 4
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
              Notes to Consolidated Condensed Financial Statements
                                December 31, 2001


NOTE 1:  BASIS OF PRESENTATION

The accompanying  unaudited interim consolidated  condensed financial statements
have been prepared in accordance with accounting  principles  generally accepted
in the United  States of America  ("GAAP")  for interim  financial  information.
Accordingly,  they do not include all of the information and footnotes  required
by GAAP for complete financial statements.  For further information,  the reader
should  refer to the Annual  Report on Form 10-KSB of Crazy Woman Creek  Bancorp
Incorporated (the "Company") for the fiscal year ended September 30, 2001.

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, 2001 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:  IMPACT OF RECENTLY ISSUED ACCOUNT STANDARDS

In July 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial  Accounting  Standards ("SFAS") No. 141, Business  Combinations and
SFAS No. 142, Goodwill and Other Intangible Assets.  SFAS 141, which was adopted
by the Company on July 1, 2001,  requires that the purchase method of accounting
be used for all business  combinations  initiated  after June 30, 2001. SFAS 141
also specifies criteria intangible assets acquired in a purchase method business
combination  must meet to be recognized and reported  apart from goodwill.  SFAS
142 requires that goodwill and intangible assets with indefinite useful lives no
longer be amortized,  but instead  tested for  impairment  at least  annually in
accordance  with the  provisions of SFAS 142.  However,  goodwill  recognized in
connection  with certain branch  acquisitions will continue to be subject to the
provisions of SFAS No. 72,  Accounting  for Certain  Acquisitions  of Banking or
Thrift Institutions. SFAS 142, which was adopted by the Company October 1, 2001,
also requires  that  intangible  assets with definite  useful lives be amortized
over their respective estimated useful lives to their estimated residual values,
and reviewed for impairment in accordance with SFAS No. 121,  Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.

SFAS 141  required,  upon  adoption of SFAS 142,  that the Company  evaluate its
existing  intangible  assets and goodwill that were acquired in a prior purchase
business  combination,  and to make any necessary  reclassifications in order to
conform with the new criteria in SFAS 141 for  recognition  apart from goodwill.
Additionally,  upon  adoption of SFAS 142,  the Company was required to reassess
the useful  lives and  residual  values of all  intangible  assets  acquired  in
purchase  business  combinations,  and make any  necessary  amortization  period
adjustments  by the end of the first  interim  period after  adoption  which was
December 31, 2001. Upon adoption, the Company did not have any reclassifications
to its recorded  intangible  assets or any changes in its estimated useful lives
or residual values.

                                     Page 5
<PAGE>

In connection with the transitional  goodwill  impairment  evaluation,  SFAS 142
required the Company to perform an  assessment of whether there is an indication
that  goodwill  is  impaired  as of the  date  of  adoption.  As of the  date of
adoption,  the Company had unamortized  goodwill in the amount of $178,000 which
will  continue to be amortized in  accordance  with the  provisions  of SFAS 72.
There was no  indication  that  goodwill  was  impaired at the date of adoption.
The Company tests goodwill annually in the fourth quarter in connection with its
annual budgeting  process.  Amortization  expense related to goodwill was $3,000
and $0 for the three months ended December 31, 2001 and 2000, respectively.

Following is a summary of acquired intangible assets at December 31, 2001.

                                 Gross              Accumulated
                            Carrying Amount         Amortization      Net
                            ---------------         ------------      ---
Goodwill                        $188,000                13,000      175,000
Core Deposit Premium             122,000                32,000       90,000
                                --------                ------      -------
                                $310,000                45,000      265,000
                                ========                ======      =======

Amortization  expense for the three months  ended  December 31, 2001 was $11,000
and estimated annual amortization expense is as follows:

      Year Ended
     September 30,
-----------------------

2002            $41,000
2003             36,000
2004             31,000
2005             26,000
2006             21,000


NOTE 3:  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, 2001
                                                          Net Income        Average Shares        Per Share Amount
                                                       -----------------  --------------------  ---------------------
<S>                                                          <C>                    <C>              <C>
 Basic EPS
  Net income available to common stockholders                  $ 69,000               791,201          $ 0.09
                                                                                                       ======
 Effect of Dilutive Securities
   Incremental shares under stock option plan                         -                   875
   Incremental shares related to MSBP                                 -                   129
                                                               ------------------------------
 Diluted EPS
   Income available to common stockholders plus
     assumed conversions                                       $ 69,000               792,205          $ 0.09
                                                               ========               =======          ======
</TABLE>

                                     Page 6
<PAGE>

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


                                     Page 7
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                     Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                December 31, 2001


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

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

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

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

GENERAL
-------

The  Company is a unitary  savings  and loan  holding  company of the Bank.  The
Company's  assets are comprised of its  investment in the Bank,  its loan to the
ESOP,  and shares  held in mutual  funds.  The Bank  operates  as a  traditional
savings  association,  attracting  deposit  accounts from the general public and
using those  deposits,  together  with other funds,  primarily to originate  and
invest in fixed-rate  conventional  loans secured by  single-family  residential
real estate.  The Bank also utilizes  funds  obtained from the Federal Home Loan
Bank of Seattle  ("FHLB") to purchase  investment  securities  and to  originate
loans.  The Bank also originates  commercial real estate loans,  business loans,
home equity loans,  consumer  loans and loans secured by savings  accounts.  The
Bank  invests in  mortgage-backed  securities  (including  Real Estate  Mortgage
Investment Conduits ("REMICs")),  municipal bonds and short-term and medium-term
U.S. Agency securities.

The Bank'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


                                     Page 8
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                     Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                December 31, 2001


Bank's net income is also affected by the level of  non-interest  income,  which
primarily  consists of service charges and other operating  income. In addition,
net income is affected by the level of non-interest (general and administrative)
expenses.

PURCHASE OF BRANCH

On December 27, 2000,  the Bank  purchased  the building,  equipment,  loans and
acquired  the deposit  liabilities  of the  Gillette,  Wyoming  branch of Hulett
National Bank for a purchase price of $675,000.  The  transaction  was accounted
for as a purchase and  accordingly,  the  Consolidated  Condensed  Statements of
Income for the three  months  ended  December  31,  2001 and 2000,  include  the
results of  operations of the acquired  branch since the date of purchase.  Cash
received in the branch acquisition  totaled $773,000.  The purchase consisted of
$95,000 of loans,  $387,000 of premises and equipment,  the assumption of $1.353
million in deposits and $212,000 of accrued interest and other liabilities.  The
premium  paid over  historical  carrying  values  was  $310,000,  which has been
allocated  to goodwill  and deposit  premium.  The branch is called "The Bank of
Gillette, a branch of Buffalo Federal Savings Bank" ("Branch").

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

ASSETS

At December 31, 2001, assets totaled $70.399 million compared to total assets of
$68.773  million at September  30, 2001.  The increase was primarily a result of
increases in investment and mortgage-backed securities  available-for-sale,  net
loans  receivable,  and net premises and  equipment,  which more than offset the
decrease in cash and cash equivalents.

Cash and cash  equivalents  decreased  $3.191  million  during the  period.  The
decrease  was  primarily   the  result  of  the  increase  in   investment   and
mortgage-backed securities available-for-sale, loan demand, and costs associated
with branching activities.

Securities  available-for-sale  increased  by $805,000  during the three  months
ended December 31, 2001. Securities prepayments,  calls and maturities of $4.232
million were  received on  investment  securities  available-for-sale.  The Bank
purchased $5.161 million of investment  securities  available-for-sale,  and the
market  value  of  the  securities   decreased   $101,000   during  the  period.
Amortization  of premium  discounts and  dividends  accounted for $23,000 of the
increase in securities.

Loans receivable increased $3.660 million during the three months ended December
31, 2001. During this period, the Bank originated loans totaling $9.300 million,
comprised of residential mortgage loans totaling $2.396 million, non-residential
mortgage loans totaling $5.003 million,  consumer loans totaling $1.068 million,
and  commercial  loans  totaling  $833,000.  During  the same  period,  the Bank
received scheduled principal payments and prepayments totaling $5.630 million on
its loan portfolio.

Bank  property and  equipment  increased  by $307,000  during the period and was
primarily  the  result  of  improvements  to  the  land  in  Sheridan,  Wyoming.
Improvements to the land in Sheridan  totaled  $330,000 as of December 31, 2001.
The  Sheridan  parcel  of  land  consists  of  1.48  acres.  The  total  cost of
construction  of the branch is estimated  to be $1.4  million and the  projected
opening date is April 2002.

                                     Page 9
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                     Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                  (Continued)
                                December 31, 2001


LIABILITIES

Deposits  increased by $1.816 million from $40.709 million at September 30, 2001
to $42.525 million at December 31, 2001.

Deferred income taxes decreased by $3,000 during the three months ended December
31,  2001  and were  mainly  the  result  of the  decrease  in  market  value of
available-for-sale  securities  offset by deferred  income tax expense from FHLB
stock dividends and amortization of intangibles.

STOCKHOLDERS' EQUITY

Overall,  stockholders'  equity decreased  $73,000 during the three months ended
December 31, 2001.  The decrease was  primarily  the result of decreased  market
value on available-for-sale securities.

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

Non-performing  assets totaled  $175,000 at December 31, 2001, or 0.41% of gross
loans.  This compares to $119,000 at September 30, 2001 or 0.31% of gross loans.
Non-performing  loans at December 31, 2001 were  comprised of one  single-family
mortgage loan, one commercial loan, and six consumer loans.

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

Comparison of Three Months Ended December 31, 2001 and 2000.
------------------------------------------------------------

Net Income.  Net income for the three months  ended  December 31, 2001 was lower
than net income  reported for the same period in 2000 primarily due to expanding
Branch  operations.  Specifically,  the reduction is  attributable  to a $97,000
increase in compensation  and benefits  resulted  primarily from the hiring of a
branch president and five additional staff members and the costs associated with
a severance  payment to a former  employee,  a $21,000 increase in occupancy and
equipment  and a  $29,000  increase  in other  expenses.  These  increases  were
partially offset by a $97,000 increase in net interest income, a $5,000 increase
in non-interest  income,  and a reduction of $22,000 in income tax expense.  The
increase in net interest  income was primarily  attributed to an increase in the
volume of interest-earning assets and a decrease in the cost of interest-costing
liabilities for the three-month period ended December 31, 2001.

Interest Income.  For the three months ended December 31, 2001,  interest income
totaled  $1.106  million  compared to $1.093  million for the three months ended
December  31,  2000.  An increase in the volume of average  earning  assets from
$63.081  million for the three months ended December 31, 2000 to $67.091 million
for the same  period in 2001  contributed  to a  $95,000  increase  in  interest
income.  A decrease was  experienced in the yield on average earning assets from
6.93% for the three months ended December 31, 2000 to 6.59% for the three months
ended December 31, 2001,  which  contributed  to a $82,000  decrease in interest
income.

Interest Expense.  Total interest expense decreased by $84,000 from $692,000 for
the three  months  ended  December  31, 2000 to $608,000  for the same period in
2001.  This  was  primarily  a  result  of a  decrease  in the  cost of  average
interest-bearing liabilities.

                                     Page 10
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                     Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                  (Continued)
                                December 31, 2001


Interest expense for deposits, including deposit premium amortization, increased
by $3,000 from $393,000 for the three months ended December 31, 2000 to $396,000
for the same  period  in 2001.  The cost of  average  interest-bearing  deposits
decreased  from 5.05% for the three months ended  December 31, 2000 to 3.86% for
the three months ended  December 30,  2001,  which caused  interest  expense for
deposits  to  decrease  by  $121,000.  An  increase  in the  volume  of  average
interest-bearing  deposits  from  $31.125  million  for the three  months  ended
December 31, 2000,  to $40.985  million for the three months ended  December 31,
2001, resulted in a $124,000 increase in interest expense for deposits.

Interest  expense for advances from the FHLB  decreased by $87,000 from $299,000
for the three months ended  December 31, 2000 to $212,000 for the same period in
2001. The cost of average interest-bearing advances from the FHLB decreased from
6.48% for the three months ended  December 31, 2000 to 6.33% for the same period
in 2001. This decrease in the cost of average interest-bearing advances caused a
$7,000 decrease in interest expense. Average interest-bearing advances decreased
from  $18.451  million for the three month period  ended  December 31, 2000,  to
$13.400 million for the three month period ended December 31, 2001, and resulted
in an $80,000 decrease in interest expense for advances.

Net Interest Income.  Net interest income increased by $97,000 from $401,000 for
the three months ended  December 31, 2000 to $498,000 for the three months ended
December  31,  2001.  The  increase  in the volume of  average  interest-bearing
liabilities and the decrease in the cost of average interest-bearing liabilities
were the major factors for the decrease in net interest income.  The increase in
average  interest-bearing  liabilities  was not fully offset by a  corresponding
increase in average  interest-earning assets as evidenced by the decrease of the
ratio of average interest-earning assets to average interest-bearing liabilities
from  127.24% in 2000 to 123.36% in 2001.  The major  factor was the decrease in
the rate paid for  interest-bearing  liabilities  and a smaller  decrease in the
rate earned for average interest-earning assets.

Net interest margin increased from 2.54% for the three months ended December 31,
2000 to 2.98% for the three months ended  December 31, 2001. The increase in net
interest  margin was primarily  caused by the  disproportionate  decrease in the
cost of interest-bearing liabilities compared to interest-earning assets.

Provision  for Loan Losses.  No provision  was recorded  during the three months
ended December 31, 2001 and 2000.  There were no loan  charge-offs for the three
months ended December 30, 2001 while  recoveries  totaled  $3,000.  In the three
months ended December 31, 2000, there were no loan charge-offs  while recoveries
totaled $10,000.

Total Non-interest  Income.  Total non-interest  income increased by $5,000 from
$25,000 for the three  months  ended  December 31, 2000 to $30,000 for the three
months ended December 31, 2001 primarily due to an increase in customer  service
charges.

Total Non-interest  Expense.  Total  non-interest  expense increased by $156,000
from  $280,000 for the three months ended  December 31, 2000 to $436,000 for the
three months ended December 31, 2001. The increase was attributable to increases
in compensation,  occupancy and equipment,  advertising,  data processing costs,
amortization of goodwill,  and other non-interest  expenses primarily related to
the expansion of operations.

                                    Page 11
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                     Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                  (Continued)
                                December 31, 2001


Provision  for Income  Taxes.  The effective tax rate for the three months ended
December 31, 2001 and 2000 was 25.00% and 30.82%,  respectively.  The  effective
tax  rate is lower  than  the  expected  tax  rate of 34% due to  permanent  tax
differences  arising  from  the  dividends  received  deduction  and tax  exempt
interest income.

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

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

                                           At December 31, 2001
                                          ----------------------
                                                    Percentage
                                            Amount  of Assets (2)
                                           -------  ------------
                                         (Dollars in thousands)

GAAP Capital ...........................   $11,844

Tangible capital .......................   $11,568      16.82%
Tangible capital requirement ...........     1,032       1.50%
                                           -------      -----
Excess .................................   $10,536      15.32%
                                           =======      =====

Core capital ...........................   $11,602      16.87%
Core capital requirements ..............     2,064       3.00%
                                           -------      -----
Excess .................................   $ 9,538      13.87%
                                           =======      =====

Total risk-based capital (1) ...........   $11,913      31.81%
Total risk-based capital requirement (1)     2,996       8.00%
                                           -------      -----
Excess (1) .............................   $ 8,917      23.81%
                                           =======      =====


1)  Based on risk-weighted assets of $37,451,000
2)  Based on the Bank's adjusted total assets of $68,787,000

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

Liquidity.  The Bank, pursuant to federal  regulations,  is required to maintain
sufficient  liquidity  to  insure  its  safe and  sound  operation.  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

                                    Page 12
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                     Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                  (Continued)
                                December 31, 2001


internally but supplements with borrowed funds from the FHLB. As of December 31,
2001 such borrowed  funds totaled  $13.400  million.  Loan payments and maturing
investments  are  greatly   influenced  by  general  interest  rates,   economic
conditions and competition.

The amount of  certificate  accounts and FHLB  advances,  which are scheduled to
mature  during the twelve  months  ending  December  31,  2002 is  approximately
$18.785 million and $700,000, respectively. To the extent that these deposits do
not remain at the Bank upon  maturity,  the Bank  believes  that it can  replace
these  funds  with  deposits,   excess  liquidity,   FHLB  advances  or  outside
borrowings. It has been the Bank's experience that a substantial portion of such
maturing deposits remain at the Bank. No assurances,  however,  can be made that
deposits can be maintained in the future without further  increasing the cost of
funds if interest rates continue to increase.

At  December  31,  2001,  the Bank had loan  commitments  outstanding  of $3.754
million.  Funds required to fill these  commitments  are derived  primarily from
current  excess   liquidity,   deposit   inflows  or  loan  and  investment  and
mortgage-backed security repayments, and, if necessary, through FHLB advances.

The  Company's  primary  source of liquidity on a stand alone basis is dividends
received from the Bank. As indicated above under "Capital Compliance", dividends
paid by the Bank are subject to regulatory restrictions.

                                    Page 13
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                     Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                  (Continued)
                                December 31, 2001


KEY OPERATING RATIOS
--------------------
                                                    Three Months Ended
                                                       December 31,
                                            -----------------------------------
                                               2001 (1)           2000 (1)
                                            ------------------------------------
                                                   (Dollars in thousands,
                                                   except per  share data)
                                                     (Unaudited)
Return on average assets                         0.39%               0.63%
Return on average equity                         2.02%               3.08%
Interest rate spread                             2.12%               1.35%
Net interest margin                              2.98%               2.54%
Non-interest expense to average
   Assets                                        2.47%               1.74%
Net charge-offs to average
   outstanding loans                            (0.01%)             (0.03%)


                                             At December 30,      At September
                                                  2001              30, 2001
                                            ------------------ -----------------
Nonaccrual and 90 days past due
   Loans                                             $175                $119
Repossessed real estate, held under
   judgment                                            --                  --
                                            ---------------    ----------------
  Total nonperforming assets                         $175                $119
                                            ===============    ================
Nonperforming loans to gross loans                   0.41%               0.31%
Nonperforming assets to total assets                 0.25%               0.17%
Book value per share (2)                           $17.10              $17.21

--------------
(1)  The ratios for the three-month periods are annualized.
(2)  The number of shares  outstanding as of December 31, 2001 and September 30,
     2001 was 788,524 and 788,124, respectively.  These include shares purchased
     by the ESOP.

                                    Page 14
<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 30, 2001. From time to time, the Company
         is a party to legal  proceedings  in the  ordinary  course of  business
         wherein it enforces its security interest in loans.

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

         Not applicable.

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

         Not applicable.

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

         Not applicable.

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

         Not applicable.

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

         (a)      Exhibits

                  None

         (b)      Reports on Form 8-K

                  None.


                                    Page 15
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY

                                   SIGNATURES


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


                                CRAZY WOMAN CREEK BANCORP INCORPORATED



Date: February 13, 2002         By: /s/ Deane D. Bjerke
                                    --------------------------------------------
                                    Deane D. Bjerke
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)



Date: February 13, 2002         By: /s/ John B. Snyder
                                    --------------------------------------------
                                    John B. Snyder
                                    Vice President and Chief Financial Officer
                                    (Principal Accounting and Financial Officer)