SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                   FORM 10-QSB

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

                  For the quarterly period ended March 31, 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 May 11, 2001:  799,608

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
           March 31, 2001 and September 30, 2000                               1

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

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

           Consolidated Condensed Statements of Cash Flows for the Six
           Months ended March 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                                               7


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>
                                                                                  March 31,   September 30,
                                                                                    2001         2000
                                                                                 ----------    ---------
Assets                                                                            (Dollars in thousands,
------                                                                            except per share data)
<S>                                                                              <C>         <C>
Cash and cash equivalents                                                          $  4,654    $  2,796
Investment and mortgage-backed securities available-for-sale                         23,867      28,869
Stock in Federal Home Loan Bank of Seattle, at cost                                   1,090       1,055
Loans receivable, net                                                                33,380      30,980
Accrued interest receivable                                                             448         534
Premises and equipment, net                                                           1,415         525
Income tax receivable                                                                     -          28
Intangible assets, net of accumulated amortization of $12 at
    March 31, 2001                                                                      298           -
Other assets                                                                             35          39
                                                                                   --------    --------
    Total assets                                                                   $ 65,187    $ 64,826
                                                                                   ========    ========

Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
  Deposits                                                                         $ 34,231    $ 32,081
  Advances from Federal Home Loan Bank                                               16,750      19,300
  Advances from borrowers for taxes and insurance                                        38          72
  Income taxes payable                                                                   25           -
  Deferred income taxes                                                                 188           -
  Dividends payable                                                                      96          96
  Accrued expenses and other liabilities                                                415         198
                                                                                   --------    --------
    Total liabilities                                                                51,743      51,747
                                                                                   --------    --------
Stockholders' equity:
  Preferred stock, par value $.10 per share,  2,000,000 shares authorized;  none
     issued and outstanding at March 31, 2001
     and September 30, 2000                                                               -           -
  Common stock, par value $.10 per share, 5,000,000 shares
     authorized; 1,058,000 issued and outstanding at March 31, 2001
     and September 30, 2000                                                             106         106
  Additional paid-in surplus                                                         10,106      10,100
  Unearned ESOP/MSBP shares                                                            (476)       (528)
  Retained earnings, substantially restricted                                         7,221       7,271
  Accumulated other comprehensive income (loss)                                         139        (218)
  Treasury stock at cost, 275,976 shares at March 31, 2001 and
      September 30, 2000                                                             (3,652)     (3,652)
                                                                                   --------    --------
    Total stockholders' equity                                                       13,444      13,079
                                                                                   --------    --------
    Total liabilities and stockholders' equity                                     $ 65,187    $ 64,826
                                                                                   ========    ========
</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 1
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                   Consolidated Condensed Statements of Income
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                           Three Months Ended     Six Months Ended
                                                               March 31,               March 31,
                                                           ------------------     ----------------
                                                            2001     2000           2001     2000
                                                           ------   ------         ------   ------
                                                        (Dollars in thousands except per share data)
<S>                                                      <C>      <C>            <C>      <C>
Interest income:
  Loans receivable                                         $  645   $  569         $1,250   $1,141
  Mortgage-backed securities                                  169      194            351      376
  Investment securities                                       223      277            492      578
  Other                                                        41       25             78       57
                                                           ------   ------         ------   ------
     Total interest income                                  1,078    1,065          2,171    2,152
Interest expense:
  Deposits                                                    407      390            800      817
  Advances from Federal Home Loan Bank                        267      216            566      422
  Other interest expense                                        2        -              2        -
                                                           ------   ------         ------   ------
     Total interest expense                                   676      606          1,368    1,239
                                                           ------   ------         ------   ------
     Net interest income                                      402      459            803      913
Provision for loan losses                                       -        -              -        -
                                                           ------   ------         ------   ------
     Net interest income after provision for loan losses      402      459            803      913
                                                           ------   ------         ------   ------
Non-interest income:
  Customer service charges                                     18       15             35       30
  Other operating income                                        8        8             16       12
                                                           ------   ------         ------   ------
     Total non-interest income                                 26       23             51       42
                                                           ------   ------         ------   ------
Non-interest expense:
  Compensation and benefits                                   213      121            369      244
  Occupancy and equipment                                      36       18             56       36
  FDIC/SAIF deposit insurance premiums                          2        2              4        6
  Advertising                                                   9        8             21       21
  Data processing services                                     32       27             58       54
  Professional fees                                            27       20             47       33
  Loss on disposal of assets                                   11        -             11        -
  Goodwill amortization                                         3        -              3        -
  Other                                                        62       60            106       98
                                                           ------   ------         ------   ------
     Total non-interest expense                               395      256            675      492
                                                           ------   ------         ------   ------
     Income before income taxes                                33      226            179      463
Income tax expense                                              7       72             52      142
                                                           ------   ------         ------   ------
     Net income                                            $   26   $  154         $  127   $  321
                                                           ======   ======         ======   ======

Dividends declared per common share                        $ 0.12   $ 0.12         $ 0.24   $ 0.24
                                                           ======   ======         ======   ======
Basic earnings per common share                            $ 0.03   $ 0.19         $ 0.16   $ 0.39
                                                           ======   ======         ======   ======
Diluted earnings per common share                          $ 0.03   $ 0.19         $ 0.16   $ 0.39
                                                           ======   ======         ======   ======
</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 2
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Consolidated Condensed Statements of Comprehensive Income
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                        Three Months Ended      Six Months Ended
                                                             March 31,              March 31,
                                                         ----------------       ----------------
                                                          2001     2000            2001     2000
                                                         -----    -----           -----    -----
                                                                 (Dollars in thousands)
<S>                                                    <C>      <C>             <C>      <C>
Net income                                               $  26    $ 154           $ 127    $ 321
Other comprehensive income
    Unrealized gains (losses) on investment and
        mortgage-backed securities available-for-sale:
        Realized and unrealized holding gains (losses)
           arising during the period                       109      (28)            541     (182)

Income tax benefit (expense) related to items of other
comprehensive income                                       (37)      10            (184)      62
                                                         -----    -----           -----    -----
Other comprehensive income (loss), after tax                72      (18)            357     (120)
                                                         -----    -----           -----    -----
Comprehensive income                                     $  98    $ 136           $ 484    $ 201
                                                         =====    =====           =====    =====
</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 3
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                 Consolidated Condensed Statements of Cash Flows
                    Six Months ended March 31, 2001 and 2000
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                         2001        2000
                                                                                      --------    --------
                                                                                     (Dollars in thousands)

<S>                                                                                 <C>         <C>
Cash flows from operating activities:
  Net income                                                                          $    127    $    321
  Adjustments to reconcile net income to net cash provided by operating activities:
    Amortization of premiums and discounts on securities available-for-sale, net            (4)         (1)
    Amortization of intangibles, net                                                        12           -
    Federal Home Loan Bank stock dividend                                                  (35)        (34)
    Depreciation                                                                            34          18
    Loss on sale of foreclosed real estate                                                   -           2
    Loss on disposal of fixed assets                                                        11           -
    Mutual funds dividends reinvested                                                       (6)        (28)
    Deferred loan origination fees, net                                                      4         (11)
    ESOP shares committed to be released                                                    29          25
    MSBP deferred compensation expense                                                      29          24
Change in:
        Accrued interest receivable                                                         86         (20)
        Income taxes                                                                        53          76
        Other assets                                                                         4          38
        Deferred income taxes                                                                4          (3)
        Accrued expenses and other liabilities                                               5         (50)
                                                                                      --------    --------
           Net cash provided by operating activities                                       353         357

Cash flows from investing activities:
  Purchases of securities available-for-sale                                                 -      (1,669)
  Proceeds from maturities, calls and prepayments of securities available-for-sale       5,553         995
  Origination of loans receivable                                                       (6,674)     (3,728)
  Repayment of principal on loans receivable                                             4,365       3,646
  Acquisition of branch office                                                             773           -
  Purchase of premises and equipment                                                      (548)         (6)
  Proceeds from the sale of foreclosed real estate                                           -          (2)
                                                                                      --------    --------
    Net cash provided by (used in) investing activities                                  3,469        (764)

Cash flows from financing activities:
  Net increase (decrease) in deposits                                                      797         (23)
  Advances from Federal Home Loan Bank                                                   4,350      13,800
  Repayment of advances from Federal Home Loan Bank                                     (6,900)    (13,350)
  Net change in advances from borrowers for taxes and insurance                            (34)        (33)
  Repurchase of common stock                                                                 -        (475)
  Dividends paid to stockholders                                                          (177)       (193)
                                                                                      --------    --------
    Net cash used in financing activities                                               (1,964)       (274)
                                                                                      --------    --------
Net increase (decrease) in cash and cash equivalents                                     1,858        (681)
Cash and cash equivalents at beginning of period                                         2,796       2,189
                                                                                      --------    --------
Cash and cash equivalents at end of period                                            $  4,654    $  1,508
                                                                                      ========    ========

Cash paid during period for:
   Interest                                                                           $  1,265    $  1,237
   Income taxes                                                                              -          69
Noncash Investing and Financing Activities:
    The  Company  transferred  loans of $0 and $73 to other  real  estate  owned
    during the six months ended March 31, 2001 and 2000, respectively.

</TABLE>


See notes to consolidated condensed financial statements.

                                     Page 4
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
              Notes to Consolidated Condensed Financial Statements
                                 March 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, 2000.

In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals)  considered  necessary for fair presentation  have been included.  The
results of operations  for the three and six months ended March 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:  EARNINGS PER SHARE

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


<TABLE>
<CAPTION>
                                                                 For the Three Months ended March 31, 2001
                                                            Net Income         Average Shares      Per Share Amount
                                                        -------------------  -------------------  -------------------
<S>                                                          <C>                      <C>             <C>
 Basic EPS
  Net income available to common stockholders                  $    26,000              777,172         $ 0.03
                                                                                                        ======
 Effect of Dilutive Securities
   Incremental shares under stock option plan                           --               11,370
   Incremental shares related to MSBP                                   --                  562
                                                        -------------------  -------------------
 Diluted EPS
   Income available to common stockholders plus
     assumed conversions                                       $    26,000              789,104         $ 0.03
                                                               ===========              =======         ======
</TABLE>

<TABLE>
<CAPTION>
                                                                 For the Three Months ended March 31, 2000
                                                           Net Income         Average Shares      Per Share Amount
                                                       -------------------- -------------------- --------------------
<S>                                                          <C>                      <C>             <C>
Basic EPS
  Net income available to common stockholders                  $   154,000              802,538        $ 0.19
                                                                                                       ======
Effect of Dilutive Securities
  Incremental shares under stock option plan                            --                  215
                                                       -------------------- --------------------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                                        $   154,000              802,753        $ 0.19
                                                               ===========              =======        ======
</TABLE>

                                     Page 5

<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
              Notes to Consolidated Condensed Financial Statements
                                 March 31, 2001

<TABLE>
<CAPTION>

                                                                  For the Six Months ended March 31, 2001
                                                            Net Income         Average Shares      Per Share Amount
                                                        -------------------  -------------------  -------------------
<S>                                                          <C>                    <C>             <C>

 Basic EPS
  Net income available to common stockholders                  $   127,000              775,986         $ 0.16
                                                                                                        ======
 Effect of Dilutive Securities
   Incremental shares under stock option plan                           --                  947
   Incremental shares related to MSBP                                   --                  281
                                                        -------------------  -------------------
 Diluted EPS
   Income available to common stockholders plus
     assumed conversions                                       $   127,000              777,214         $ 0.16
                                                               ===========              =======         ======
</TABLE>

<TABLE>
<CAPTION>
                                                                  For the Six Months ended March 31, 2000
                                                           Net Income         Average Shares      Per Share Amount
                                                       -------------------- -------------------- --------------------
<S>                                                          <C>                    <C>             <C>
Basic EPS
  Net income available to common stockholders                  $   321,000              816,341        $ 0.39
                                                                                                       ======
Effect of Dilutive Securities
  Incremental shares under stock option plan                            --                  947
                                                       -------------------- --------------------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                                        $   321,000              817,288        $ 0.39
                                                               ===========              =======        ======
</TABLE>

                                     Page 6
<PAGE>

                     CRAZY WOMAN CREEK BANCORP INCORPORATED
              AND SUBSIDIARY Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                 March 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 hired a new commercial and  agriculture  loan
officer in April 2000,  and a branch  president  in December  2000,  for its new
branch  located  in  Gillette,   Wyoming.  These  new  officers  have  extensive
commercial  and Small Business  Administration  lending  experience.  These loan
officers  will  focus  on the  Bank's  existing  commercial  customers  for  the
origination of new commercial and agricultural loans.

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

                                     Page 7
<PAGE>

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


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

PURCHASE OF BRANCH

On December 27, 2000,  the Bank  purchased  the building,  equipment,  loans and
acquired  the deposit  liabilities  of the  Gillette,  Wyoming  branch of Hulett
National Bank. The transaction was accounted for as a purchase and  accordingly,
the  Consolidated  Condensed  Statement  of Income  for the three and six months
ended March 31, 2001 includes 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  and the  assumption of $1.353  million in deposits.  The premium paid
over historical carrying values was $310,000, which has currently been allocated
to goodwill and deposit premium.  The branch is called "The Bank of Gillette,  a
branch of Buffalo Federal Savings Bank" ("Branch").

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

ASSETS

At March 31, 2001,  assets totaled $65.187  million  compared to total assets of
$64.826  million at September  30, 2000.  The increase was primarily a result of
increases in cash,  net loans,  premises and  equipment and  intangible  assets,
which more than offset the decrease in securities available-for-sale.

Cash and cash  equivalents  increased  $1.858  million  during the  period.  The
increase was  primarily  the result of the increase in deposits and the maturity
of investment  securities  available-for-sale, offset somewhat by increased loan
demand and the repayment of FHLB advances.

Securities  available for sale decreased by $5.002 million during the six months
ended March 31, 2001.  Securities  prepayments,  calls and  maturities of $5.553
million were received on investment securities available-for-sale and the market
value of the securities  increased  $541,000 during the period.  Amortization of
premium  discounts  and  dividends  accounted  for  $10,000 of the  increase  in
securities.

Loans receivable  increased $2.400 million during the six months ended March 31,
2001.  During  this  period,  the Bank  originated  residential  mortgage  loans
totaling $1.993 million, non-residential mortgage loans totaling $2.372 million,
consumer loans totaling $1.550 million,  and commercial loans totaling $485,000.
During the same  period,  the Bank  received  scheduled  principal  payments and
prepayments totaling $4.365 million on its loan portfolio.

Bank property and  equipment  increased by $890,000 and was primarily the result
of the Branch purchase  totaling  $387,000,  plus an additional lot in Gillette,
Wyoming for $70,000 and additional bank equipment  totaling  $185,000  including
purchase since the date of acquisition. In addition, during the six months ended
March 31, 2001, the Bank purchased land in Sheridan, Wyoming for $321,000,

                                     Page 8
<PAGE>

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


for the  purpose of  constructing  a new  branch.  The  Sheridan  parcel of land
consists of 1.48  acres.  The total cost of the branch is  estimated  to be $1.4
million and the projected opening date is the first quarter of 2002.

Intangible assets increased  $298,000 from the purchase of the Branch.  Goodwill
of $188,000 will be amortized straight line over fifteen years. Deposit premiums
of $122,000 will be amortized over seven years using an accelerated method.

LIABILITIES

Deposits  increased by $2.150 million from $32.081 million at September 30, 2000
to $34.231 million at March 31, 2001. The increase consisted primarily of $1.353
million of deposits  assumed in the Branch  purchase and an increase in deposits
of $787,000.

Advances  from the FHLB  decreased  $2.550  million  during the six months ended
March 31, 2001. The advances are a supplement to the Bank's retail  deposits and
were paid down from the cash received in the Branch purchase.

Deferred  income taxes  increased by $188,000  during the six months ended March
31,  2001  and was  mainly  the  result  of the  increase  in  market  value  of
available-for-sale  securities.  The market value of these securities  increased
$541,000  during the period,  which resulted in the increase in deferred  income
taxes.

Accrued expenses and other liabilities  increased $217,000 during the six months
ended March 31, 2001 as a result of an  increase  in accrued  interest  payable,
outstanding  corporate  checks,  and the  $98,000  amount due to seller from the
Branch purchase.

STOCKHOLDERS' EQUITY
Overall,  stockholders'  equity  increased  $365,000 during the six months ended
March 31, 2001.  The increase in was  primarily  the result of increased  market
value on available-for-sale securities.

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

Non-performing  assets  totaled  $201,000 at March 31,  2001,  or 0.59% of gross
loans.  This  compares to $62,000 at September 30, 2000 or 0.20% of total loans.
Non-performing  loans at March 31,  2001 were  comprised  of five  single-family
mortgage loans, one commercial loan, and one consumer loan.

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

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

Net Income.  Net income for the three months ended March 31 2001 totaled $26,000
compared to $154,000 for the three  months ended March 31, 2000.  Net income was
lower in 2001 than in 2000 primarily due to the Branch operations,  specifically
a $57,000  decrease in net interest  income,  a $92,000 increase in compensation
and  benefits  resulting  primarily  from the  hiring of a new  commercial  loan
officer in April  2000,  a Branch  president  in  December  2000 and three staff
members in the new branch,  a $18,000  increase in occupancy  and  equipment,  a
$5,000 increase in data processing costs, a $7,000

                                     Page 9
<PAGE>

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


increase in professional fees associated with general and corporate  matters, an
$11,000  increase  in loss on  disposal  of  equipment,  a  $3,000  increase  in
amortization  and a $2,000 increase in other expenses  associated with supplies,
and a $65,000 decrease in tax expense related to a decrease in taxable income.

Interest  Income.  For the three months ended March 31,  2001,  interest  income
totaled  $1.078  million  compared to $1.065  million for the three months ended
March 31, 2000. A decrease in the volume of average  earning assets from $62.384
million for the three  months  ended  March 31, 2000 to $62.069  million for the
same period in 2001 did not materially affect interest income. A slight increase
was  experienced in the yield on average earning assets from 6.84% for the three
months  ended March 31, 2000 to 6.95% for the three months ended March 31, 2001,
which contributed to a $13,000 increase in interest income.

Interest Expense.  Total interest expense increased by $70,000 from $606,000 for
the three  months  ended March 31, 2000 to $676,000 for the same period in 2001.
This  was   primarily   a  result  of  an   increase  in  the  cost  of  average
interest-bearing liabilities.

Interest expense for deposits including deposit premium  amortization  increased
by $17,000  from  $390,000 for the three months ended March 31, 2000 to $407,000
for the same  period  in 2001.  The cost of  average  interest-bearing  deposits
increased slightly from 4.64% for the three months ended March 31, 2000 to 4.94%
for the three  months ended March 31, 2001,  which caused  interest  expense for
deposits  to  increase  by  $24,000.   A  decrease  in  the  volume  of  average
interest-bearing  deposits from $33.597 million for the three months ended March
31, 2000, to $32.981 million for the three months ended March 31, 2001, resulted
in a $7,000 decrease in interest expense for deposits.

Interest  expense for advances from the FHLB  increased by $51,000 from $216,000
for the three  months  ended March 31,  2000 to $267,000  for the same period in
2001. The cost of average interest-bearing advances from the FHLB increased from
5.50% for the three  months ended March 31, 2000 to 6.33% for the same period in
2001.  This increase in the cost of average  interest-bearing  advances caused a
$32,000  increase  in  interest  expense.  Average   interest-bearing   advances
increased from $15.714  million for the three month period ended March 31, 2000,
to $17.011 million for the three month period ended March 31, 2001, resulting in
a $21,000 increase in interest expense for advances.

Net Interest Income.  Net interest income decreased by $57,000 from $459,000 for
the three  months  ended March 31, 2000 to $402,000  for the three  months ended
March 31, 2001. The increase in the cost and volume of average  interest-bearing
liabilities were the major factors for the decrease in net interest income.  The
decrease in average  interest-earning  assets was not offset by a  corresponding
decrease in average interest-bearing liabilities as evidenced by the decrease of
the  ratio  of  average  interest-earning  assets  to  average  interest-bearing
liabilities from 126.51% in 2000 to 124.16% in 2001.

Net interest  margin  decreased  from 2.96% for the three months ended March 31,
2000 to 2.59% for the three  months  ended March 31,  2001.  The decrease in net
interest margin was primarily caused by the disproportionate increase in cost of
interest-bearing liabilities compared to interest-earning assets.

Provision  for Loan Losses.  No provision  was recorded  during the three months
ended March 31, 2001 and 2000.  There were  $7,000 in loan  charge-offs  for the
three months ended March 31, 2001 while recoveries totaled $22,000. In the three
months  ended  March 31,  2000,  there  were  $4,000 in loan  charge-offs  while
recoveries totaled $4,000.

                                    Page 10
<PAGE>

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



Total Non-interest  Income.  Total non-interest  income increased by $3,000 from
$23,000  for the three  months  ended  March 31,  2000 to $26,000  for the three
months  ended March 31, 2001  primarily  due to an increase in customer  service
charges.

Total Non-interest  Expense.  Total  non-interest  expense increased by $139,000
from  $256,000  for the three  months  ended March 31, 2000 to $395,000  for the
three  months  ended  March 31,  2001.  There were  increases  in  compensation,
occupancy and equipment,  data  processing  costs,  professional  fees,  loss on
disposal of equipment, amortization and other non-interest expenses.

Provision  for Income  Taxes.  The effective tax rate for the three months ended
March 31, 2001 and 2000 was 21.21% and 31.86%,  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.
March 31, 2001 tax is significantly  lower than 2000 due to lower net income and
the  effect of tax  exempt  interest  income in  relation  to the lower  taxable
income.

Comparison of Six Months Ended March 31, 2001 and 2000.
-------------------------------------------------------

Net Income.  Net income for the six months ended March 31 2001, totaled $127,000
compared to $321,000  for the six months  ended March 31,  2000.  Net income was
lower in 2001 than in 2000 primarily due to a $110,000  decrease in net interest
income, a $20,000 increase in occupancy and equipment  expenses  associated with
the additional Branch and increased  depreciation expense, a $14,000 increase in
professional fees associated with general and corporate  matters, a $11,000 loss
on disposal of  equipment  related to new  signage,  a $8,000  increase in other
expenses  associated  with supplies for the Branch,  and a $125,000  increase in
compensation  and  benefits  resulting  primarily  from  the  hiring  of  a  new
commercial  loan officer in April 2000, a Branch  president in December 2000 and
three staff  members for the new branch,  and a $90,000  decrease in tax expense
related to a decrease in taxable income.

Interest  Income.  For the six months  ended  March 31,  2001,  interest  income
totaled $2.171 million compared to $2.152 million for the six months ended March
31, 2000. A slight increase in the volume of average earning assets from $62.462
million for the six months ended March 31, 2000 to $62.575  million for the same
period in 2001 caused interest income to increase by $12,000.  A slight increase
was  experienced  in the yield on average  earning assets from 6.89% for the six
months  ended March 31, 2000 to 6.94% for the six months  ended March 31,  2001,
which contributed to a $7,000 increase in interest income.

Interest  Expense.  Total  interest  expense  increased by $129,000  from $1.239
million for the six months  ended March 31, 2000 to $1.368  million for the same
period  in 2001.  This was  primarily  a result  of an  increase  in the cost of
average interest-bearing liabilities.

Interest expense for deposits including deposit premium  amortization  decreased
by $17,000 from $817,000 for the six months ended March 31, 2000 to $800,000 for
the same period in 2001. The cost of average interest-bearing deposits increased
slightly from 4.82% for the six months ended March 31, 2000 to 4.99% for the six
months  ended March 31,  2001,  which  caused  interest  expense for deposits to
increase  by  $29,000.  A decrease  in the  volume of  average  interest-bearing
deposits from $33.924 million for the six months ended March 31, 2000 to $32.052
million for the six months ended March 31, 2001,  resulted in a $46,000 decrease
in interest expense for deposits.

                                    Page 11
<PAGE>

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

Interest  expense for advances from the FHLB increased by $144,000 from $422,000
for the six months ended March 31, 2000 to $566,000 for the same period in 2001.
The cost of average interest-bearing advances from the FHLB increased from 5.42%
for the six months  ended  March 31,  2000 to 6.41% for the same period in 2001.
This increase in the cost of average interest-bearing advances caused an $82,000
increase in interest expense. Average  interest-bearing  advances increased from
$15.564 million for the six month period ended March 31, 2000 to $17.731 million
for the six month period ended March 31, 2001,  resulting in a $64,000  increase
in interest expense for advances.

Net Interest Income. Net interest income decreased by $110,000 from $913,000 for
the six months  ended March 31, 2000 to $803,000  for the six months ended March
31,  2001.  The  decrease in net  interest  income was  primarily  caused by the
increase in the cost and volume of interest-bearing liabilities. The increase in
average interest-bearing  liabilities was not 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
126.22%  in 2000 to  125.70%  in 2001.  The  increase  in the cost and volume of
average interest-bearing  liabilities were the major factors for the decrease in
net interest income.

Net interest margin decreased from 2.92% for the six months ended March 31, 2000
to 2.57% for the six months ended March 31,  2001.  The decrease in net interest
margin  was  primarily  caused  by the  disproportionate  increase  in  cost  of
interest-bearing liabilities compared to interest-earning assets.

Provision for Loan Losses. No provision was recorded during the six months ended
March 31, 2001 and 2000. There was $7,000 in loan charge-offs for the six months
ended March 31, 2001 while recoveries  totaled $32,000.  In the six months ended
March 31, 2000,  there was $4,000 in loan charge-offs  while recoveries  totaled
$32,000.

Total Non-interest  Income.  Total non-interest  income increased by $9,000 from
$42,000  for the six months  ended  March 31, 2000 to $51,000 for the six months
ended March 31, 2001 primarily due to an increase in customer service charges.

Total Non-interest  Expense.  Total  non-interest  expense increased by $183,000
from  $492,000  for the six months  ended March 31, 2000 to $675,000 for the six
months ended March 31, 2001. There were increases in compensation, occupancy and
equipment,  professional  fees,  loss on disposal of equipment,  amortization of
goodwill and other non-interest expenses.

Provision  for Income  Taxes.  The  effective  tax rate for the six months ended
March 31, 2001 and 2000 was 29.05% and 30.74%,  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:

                                     Page 12

<PAGE>


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

                                                      At March 31, 2001
                                                 -------------------------------
                                                                      Percentage
                                                  Amount              of Assets
                                                 --------              --------
                                                     (Dollars in thousands)
GAAP Capital.................................... $ 11,708

Tangible capital................................ $ 11,387               17.91%
Tangible capital requirement....................      953                1.50%
                                                 --------               -----
Excess..........................................   10,434               16.41%
                                                 ========               =====

Core capital.................................... $ 11,434               17.99%
Core capital requirements.......................    1,907                3.00%
                                                 --------               -----
Excess..........................................    9,527               14.99%
                                                =========               =====

Total risk-based capital (1).................... $ 11,729               41.03%
Total risk-based capital requirement (1)........    2,287                8.00%
                                                 --------               -----
Excess (1)......................................    9,442               33.03%
                                                 ========               =====

1)  Based on risk-weighted assets of $28,584

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, 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 is required under federal regulations to maintain sufficient
liquidity  to ensure 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  internally
but  supplements  with  borrowed  funds from the FHLB. As of March 31, 2001 such
borrowed funds totaled $16.750 million.  Loan payments and maturing  investments
are greatly  influenced  by general  interest  rates,  economic  conditions  and
competition.

                                    Page 13
<PAGE>

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



The amount of  certificate  accounts and FHLB  advances,  which are scheduled to
mature during the twelve months ending March 31, 2002 is  approximately  $10.432
million and $10.050 million,  respectively. To the extent that these deposits do
not remain at the Bank upon  maturity,  the Bank  believes  that it can  replace
these  funds  with  deposits,   excess  liquidity,   FHLB  advances  or  outside
borrowings. It has been the Bank's experience that a substantial portion of such
maturing deposits remain at the Bank. No assurances,  however,  can be made that
deposits can be maintained in the future without further  increasing the cost of
funds if interest rates continue to increase.

At March 31, 2001, the Bank had loan commitments  outstanding of $2.293 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.  The Bank paid $200,000
in dividends  for the six months  ended March 31,  2001,  to the Company for the
payment of cash dividends to stockholders.

KEY OPERATING RATIOS
--------------------
<TABLE>
<CAPTION>
                                                      Three Months Ended                      Six Months Ended
                                                           March 31,                              March 31,
                                                -------------------------------         ------------------------------
                                                   2001 (1)           2000 (1)            2001 (1)            2000 (1)
                                                ----------------------------------------------------------------------
                                                               (Dollars in thousands, except per share data)
                                                                              (Unaudited)
<S>                                               <C>                 <C>                <C>                 <C>
Return on average assets                             0.16%               0.96%              0.40%               1.01%
Return on average equity                             0.77%               4.60%              1.92%               4.88%
Interest rate spread                                 1.54%               1.92%              1.44%               1.96%
Net interest margin                                  2.59%               2.96%              2.56%               2.96%
Non-interest expense to average
   assets                                            2.44%               1.58%              2.09%               1.55%
Net charge-offs to average
   outstanding loans                                (0.04%)              0.00%             (0.07%)             (0.09%)
</TABLE>

                                              At March 31,        At September
                                                  2001              31, 2000
                                            ------------------ ----------------
Nonaccrual and 90 days past due
   loans                                              $201                $ 62
Repossessed real estate, held under
   judgment                                             --                  --
                                            ---------------    ----------------
  Total nonperforming assets                          $201                $ 62
                                            ===============    ================
Nonperforming loans to gross loans                    0.59%               0.20%
Nonperforming assets to total assets                  0.31%               0.10%
Book value per share (2)                             $17.19              $16.73

----------------
(1)  The ratios for the three-month periods are annualized.
(2)  The number of shares  outstanding  as of March 31, 2001 and  September  30,
     2000 was 782,024. 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 March 31, 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
         ---------------------------------------------------

         On  January  24,  2001,   the  Company  held  its  annual   meeting  of
         stockholders and the following items were presented:

         Election of  Directors  Greg L. Goddard and Douglas D. Osborn for terms
         of three years ending 2004 and the  ratification  of the appointment of
         KPMG LLP as the Company's auditors for the 2001 fiscal year.

         Votes were as follows:

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

         Greg L. Goddard                    710,097       --         20,904
         Douglas D. Osborn                  710,122       --         20,879

         Ratification of KPMG LLP           725,010      3,730        2,261

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: May 11, 2001              By: /s/ Deane D. Bjerke
                                    --------------------------------------------
                                Deane D. Bjerke
                                President and Chief Executive Officer
                                (Principal Executive Officer)



Date: May 11, 2001              By: /s/ John B. Snyder
                                    --------------------------------------------
                                    John B. Snyder
                                    Vice President and Chief Financial Officer
                                    (Principal Accounting and Financial Officer)