UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

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

                  For the quarterly period ended March 31, 2003

                                       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, 2003: 811,608

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

<PAGE>

                     CRAZY WOMAN CREEK BANCORP INCORPORATED

                              INDEX TO FORM 10-QSB

<TABLE>
<CAPTION>
<S>        <C>                                                                                   <C>

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

Item 1.                Financial Statements (unaudited)

                       Consolidated Condensed Statements of Financial Condition at March 31,             1
                       2003 and September 30, 2002

                       Consolidated Condensed Statements of Income for the Three and Six Months          2
                       ended March 31, 2003 and 2002

                       Consolidated Condensed Statements of Comprehensive Income (loss) for the          3
                       Three and Six Months ended March 31, 2003 and 2002

                       Consolidated Condensed Statements of Cash Flows for the Six Months ended          4
                       March 31, 2003 and 2002

                       Notes to Consolidated Condensed Financial Statements                              5

Item 2.                Management's Discussion and Analysis of Financial Condition and Results           8
                       of Operations

Item 3.                Controls and Procedures                                                          16


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

Item 1.                Legal Proceedings                                                                17

Item 2.                Changes in Securities and Use of Proceeds                                        17

Item 3.                Defaults upon Senior Securities                                                  17

Item 4.                Submission of Matters to a Vote of Security Holders                              17

Item 5.                Other Information                                                                17

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


SIGNATURES

</TABLE>

<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Consolidated Condensed Statements of Financial Condition
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                       March 31,             September 30,
                                                                         2003                    2002
                                                                       ---------               -------

Assets                                                                     (Dollars in thousands,
------                                                                     except per share data)

<S>                                                                 <C>                     <C>
Cash and cash equivalents                                              $ 6,294                 $ 2,686
Investment and mortgage-backed securities
     available-for-sale                                                 12,925                  18,109
Stock in Federal Home Loan Bank of Seattle, at cost                      1,241                   1,200
Loans receivable, net                                                   50,986                  49,339
Accrued interest receivable                                                374                     420
Premises and equipment, net                                              3,479                   3,282
Repossessed other assets owned                                             183                      96
Income tax receivable                                                        -                      71
Goodwill, net                                                              178                     178
Other intangible assets, net                                                56                      69
Other assets                                                                96                      71
                                                                       -------                 -------
                                                                       $75,812                 $75,521
                                                                       =======                 =======
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
  Deposits                                                             $48,784                 $46,783
  Advances from Federal Home Loan Bank                                  12,700                  14,200
  Advance payments by borrowers for taxes and insurance                     28                      65
  Income tax payable                                                         7                       -
  Deferred income taxes                                                    291                     285
  Dividends payable                                                         97                      97
  Accrued expenses and other liabilities                                   412                     637
                                                                       -------                 -------
     Total liabilities                                                  62,319                  62,067
                                                                       -------                 -------
Stockholders' equity:
  Preferred stock, par value $.10 per share,  2,000,000
     shares authorized;  none issued and outstanding
     at March 31, 2003 and September 30, 2002                                -                       -
  Common stock, par value $.10 per share, 5,000,000 shares
     authorized; 1,058,000 issued and outstanding at
     March 31, 2003 and September 30, 2002                                 106                     106
  Additional paid-in capital                                            10,148                  10,139
  Unearned ESOP/MSBP shares                                               (397)                   (411)
  Retained earnings                                                      6,892                   6,858
  Accumulated other comprehensive income, net                              194                     236
  Treasury stock at cost                                                (3,450)                 (3,474)
                                                                       -------                 -------
     Total stockholders' equity                                         13,493                  13,454
                                                                       -------                 -------
                                                                       $75,812                 $75,521
                                                                       =======                 =======
</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,
                                                          ----------------------------    ---------------------------
                                                           2003              2002             2003              2002
                                                          ------            ------           ------            ------
                                                                 (Dollars in thousands except per share data)
                                                                     (restated see                     (restated see
                                                                        note 2)                           note 2)
<S>                                                   <C>               <C>              <C>               <C>
Interest income:
  Loans receivable                                        $  899            $  768           $1,826            $1,556
  Mortgage-backed securities                                 108               194              241               414
  Investment securities                                       34                67               75               120
  Other interest income                                       27                25               52                70
                                                          ------            ------           ------            ------
     Total interest income                                $1,068             1,054            2,194             2,160
Interest expense:
  Deposits                                                   265               353              551               747
  Advances from Federal Home Loan Bank                       200               207              406               419
  Other interest expense                                       -                 -                -                 2
                                                          ------            ------           ------            ------
     Total interest expense                                  465               560              957             1,168
                                                          ------            ------           ------            ------
     Net interest income                                     603               494            1,237               992
Provision for loan losses                                     15                --               35                --
                                                          ------            ------           ------            ------
     Net interest income after provision for loan losses     588               494            1,202               992
                                                          ------            ------           ------            ------
Non-interest income:
  Customer service charges                                    27                19               52                41
  Gain on sale of securities                                  20                --               20                --
  Other operating income                                       6                14               11                22
                                                          ------            ------           ------            ------
     Total non-interest income                                53                33               83                63
                                                          ------            ------           ------            ------
Non-interest expense:
  Compensation and benefits                                  275               219              490               472
  Occupancy and equipment                                     75                52              139                93
  FDIC/SAIF deposit insurance premiums                         5                 2                7                 4
  Advertising                                                 18                16               30                30
  Data processing services                                    48                36               83                68
  Professional fees                                           47                54               68                72
  Other                                                      100                87              174               160
                                                          ------            ------           ------            ------
     Total non-interest expense                              568               466              991               899
                                                          ------            ------           ------            ------
     Income before income taxes                               73                61              294               156
Income tax expense                                            15                15               81                38
                                                          ------            ------           ------            ------
     Net income                                           $   58            $   46           $  213            $  118
                                                          ======            ======           ======            ======
Dividends declared per common share                       $ 0.12            $ 0.12           $ 0.24            $ 0.24
                                                          ======            ======           ======            ======
Basic earnings per common share                           $ 0.07            $ 0.06           $ 0.27            $ 0.15
                                                          ======            ======           ======            ======
Diluted earnings per common share                         $ 0.07            $ 0.06           $ 0.26            $ 0.15
                                                          ======            ======           ======            ======

</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 2
<PAGE>


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

<TABLE>
<CAPTION>

                                                                     Three Months Ended                  Six Months Ended
                                                                          March 31,                         March 31,
                                                                --------------------------        ---------------------------
                                                                   2003              2002            2003              2002
                                                                --------           -------        ---------          --------
                                                                                 (Dollars in thousands)
                                                                            (restated see                      (restated see
                                                                               note 2)                            note 2)
<S>                                                            <C>              <C>              <C>              <C>
Net income                                                        $ 58             $  46            $ 213            $  118
Other comprehensive loss:
        Unrealized gains on investment and mortgage-backed
           securities available-for-sale                           (93)             (104)             (64)             (205)
Income tax benefit related to items of other comprehensive
    loss                                                            31                35               22                70
                                                                  ----             -----            -----            ------

Other comprehensive loss, after tax                                (62)              (69)             (42)             (135)
                                                                  ----             -----            -----            ------

Comprehensive income (loss)                                       $ (4)            $ (23)           $ 171            $  (17)
                                                                  ====             =====            =====            ======

</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, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                 2003             2002
                                                                               -------          -------
                                                                             (Dollars in thousands)
<S>                                                                         <C>           <C>
                                                                                            (restated
Cash flows from operating activities:                                                      see note 2)
  Net income                                                                    $  213            $ 118
  Adjustments to reconcile net income to net
   cash provided by (used in) operating activities:
    Provision for loan losses                                                       35                -
    Amortization of premiums and discounts on
      investment securities                                                         54               53
    Amortization of core deposit intangibles                                        13               15
    Deferred income tax expense net                                                 28               40
    Federal Home Loan Bank stock dividend                                          (41)             (37)
    Depreciation                                                                    88               56
    Mutual fund dividends reinvested                                               (8)               (7)
    Deferred loan origination fees, net                                            (30)              17
    Gain on sale of securities                                                     (20)               -
    ESOP shares committed to be released                                            31               31
    MSBP compensation expense                                                       11               (3)

Change in:
  Accrued interest receivable                                                       46               15
  Other assets                                                                     (25)              54
  Income taxes                                                                      78              (27)
  Accrued expenses and other liabilities                                          (225)            (411)
                                                                               -------          -------
   Net cash provided by (used in) operating activities                             248              (86)

Cash flows from investing activities:
  Purchases of securities available-for-sale                                         -           (5,431)
  Proceeds from maturities, calls and prepayments of
   securities available-for-sale                                                 4,427            6,833
  Proceeds from sales of securities available-for-sale                             667                -
  Origination of loans receivable                                              (15,144)         (15,893)
  Repayment of principal on loans receivable                                    13,391           10,507
  Purchases of premises and equipment                                             (285)          (1,143)
  Proceeds from the sale of repossessed other assets                                14                -
                                                                               -------          -------
   Net cash provided by (used in) investing activities                           3,070           (5,127)

Cash flows from financing activities:
  Net increase in deposits                                                       2,001            3,738
  Repayment of advances from Federal Home Loan Bank                             (1,500)               -
  Net decrease in advances from borrowers for taxes and insurance                  (37)             (34)
  Exercise of stock options                                                          5               47
  Dividends paid to stockholders                                                  (179)            (180)
                                                                               -------          -------
   Net cash provided by financing activities                                       290            3,571
                                                                               -------          -------
Net change in cash and cash equivalents                                          3,608           (1,642)
Cash and cash equivalents at beginning of period                                 2,686            5,897
                                                                               -------          -------
Cash and cash equivalents at end of period                                     $ 6,294          $ 4,255
                                                                               =======          =======

Cash paid (received) during period for:
   Interest                                                                    $   938          $ 1,161
   Income taxes                                                                    (25)              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
                                 March 31, 2003



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, 2002.

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, 2003 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:  RESTATEMENT OF PRIOR PERIOD EARNINGS

In October 2002,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial  Accounting  Standards  ("SFAS") No. 147  Acquisition  of
Certain  Financial  Institutions - an amendment of SFAS Nos. 72 and 144 and FASB
Interpretations  No. 9. Under the provisions of SFAS No. 147, the acquisition of
all or part of a financial  institution  that meets the definition of a business
combination will be accounted for by the purchase method in accordance with SFAS
No.  141  Business   Combinations,   147  provides   that   long-term   customer
relationships intangible assets, except for servicing assets,  recognized in the
acquisition of a financial  institution,  be evaluated for impairment  under the
provision  of  SFAS  No.  144  Accounting  for the  Impairment  or  Disposal  of
Long-Lived Assets.

Per  guidance  issued in SFAS No. 147,  the Company has  evaluated  the goodwill
recognized in connection  with its branch  acquisition  and  determined  that it
meets the criteria of SFAS No. 147, and therefore the unidentifiable  intangible
asset has been  reclassified to goodwill and is subject to SFAS No. 142 Goodwill
and Other Intangible Assets. The reclassification  was retroactively  applied to
October 1, 2001, which resulted in the restatement of previously filed financial
statements.  The impact for the three and six months ended March 31, 2002 was to
increase net earnings by $1,000 and $3,000, respectively. There was no impact on
basic or diluted  earnings per share from  previously  reported  numbers for the
three  months ended March 31,  2002.  Basic and diluted  earnings per share each
increased  $0.01  per  share  from  $0.14  per  share to $0.15  per  share  from
previously reported numbers for the six months ended March 31, 2002.

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.



                                     Page 5

<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
              Notes to Consolidated Condensed Financial Statements
                                 March 31, 2003


<TABLE>
<CAPTION>

                                                                 For the Three Months ended March 31, 2003
                                                          Net Income        Average Shares        Per Share Amount
                                                          -------------   --------------------  ------------------
<S>                                                        <C>                    <C>              <C>
Basic EPS
  Net income available to common stockholders                  $ 58,000               802,188          $ 0.07
                                                                                                         ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                          -                12,394
  Incremental shares related to MSBP                                  -                   983
                                                               --------               -------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                                          58,000               815,565          $ 0.07
                                                               ========               =======            ====


                                                                For the Three Months ended March 31, 2002
                                                          Net Income         Average Shares       Per Share Amount
                                                          --------------   ------------------- ------------------
Basic EPS
  Net income available to common stockholders                  $ 46,000               793,574          $ 0.06
                                                                                                         ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                          -                11,327
  Incremental shares related to MSBP                                  -                   378
                                                               --------               -------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                                        $ 46,000               805,279          $ 0.06
                                                               ========               =======            ====


                                                                  For the Six Months ended March 31, 2003
                                                          Net Income         Average Shares       Per Share Amount
                                                          --------------  --------------------  ------------------
Basic EPS
  Net income available to common stockholders                  $213,000               801,363          $ 0.27
                                                                                                         ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                                            9,821
  Incremental shares related to MSBP                                  -                   670
                                                               --------               -------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                                        $213,000               811,854          $ 0.26
                                                               ========               =======            ====


                                                                  For the Six Months ended March 31, 2002
                                                          Net Income        Average Shares        Per Share Amount
                                                          --------------  --------------------  ------------------
Basic EPS
  Net income available to common stockholders                  $118,000               792,374          $ 0.15
                                                                                                         ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                          -                 9,554
  Incremental shares related to MSBP                                  -                   254
                                                               --------               -------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                                        $118,000               802,182          $ 0.15
                                                               ========               =======            ====
</TABLE>

                                     Page 6
<PAGE>


              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
              Notes to Consolidated Condensed Financial Statements
                                 March 31, 2003


NOTE 4:  STOCK BASED COMPENSATION

In October 2002, the FASB issued  Statement No. 148,  Accounting for Stock-Based
Compensation-Transition   and  Disclosure,   providing  alternative  methods  of
transition  for a voluntary  change to the fair value based method of accounting
for stock-based employee  compensation.  SFAS No. 148 also amends the disclosure
requirements  of SFAS No.  123,  Accounting  for  Stock-Based  Compensation,  to
include prominent  disclosures in annual and interim financial  statements about
the method of accounting for stock-based employee compensation and the effect of
the  method  used on  reported  results.  The  Company  adopted  the  disclosure
provisions of SFAS No. 148 on December 31, 2002.

Based on the terms of options granted and using the intrinsic  value method,  no
compensation  cost  has been  recognized  for any  stock  option  grants  in the
accompanying  consolidated  financial  statements.  Had the  Company  determined
compensation  cost based on the  estimated  fair value at the grant date for its
stock  options,  the Company's net income and net income per share for the three
and six months ended March 31, 2003 and 2002 would have been as follows:
<TABLE>
<CAPTION>

                                                            Three Months Ended                    Six Months Ended
                                                                March 31,                             March 31,
                                                         2003               2002               2003               2002
                                                        ------             ------          -------------      -------------
<S>                                                <C>                 <C>                <C>                <C>
Net income, as reported                                 $  58               $ 46               $213               $118
Deduct:  Total stock-based employee
    compensation expense determined under fair
    value based method for all awards, net of
    related tax effects                                    (3)                (1)                (4)                (2)
                                                        -----               ----               ----               ----
Pro forma net income                                       55                 45                209                116

Basic earnings per share:     As reported               $ .07                .06                .27                .15
                              Pro forma                   .07                .06                .26                .15
Diluted earnings per share:   As reported               $ .07                .06                .26                .15
                              Proforma                    .07                .06                .26                .15

</TABLE>

The per share  weighted-average  fair value of stock options granted during 2002
for this pro forma  disclosure was $2.22,  determined on the date of grant using
the Black-Scholes option-pricing model with the following assumptions:  expected
dividend yield of 4.8%, risk-free interest rates of 2.75%,  volatility factor of
21%, and expected life of 7 years. The per share  weighted-average fair value of
stock  options  granted  during  2003 for this pro forma  disclosure  was $1.19,
determined  on the date of grant using the  Black-Scholes  option-pricing  model
with the  following  assumptions:  expected  dividend  yield of 4.8%,  risk-free
interest rates of 1.26%, volatility factor of 19%, and expected life of 7 years.


                                     Page 7

<PAGE>
<TABLE>
<CAPTION>

<S>     <C>       <C>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
 Management Discussion and Analysis of Financial Condition and Results of Operations
                                 March 31, 2003
</TABLE>

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, a loan to the
ESOP, a loan to the Bank,  and shares held in mutual  funds.  The Bank  attracts
deposits  from the general  public and uses such  deposits,  together with other
funds,  primarily to originate commercial mortgages,  commercial loans, consumer
loans and loans secured by first mortgages on one-to-four  family  residences in
its market areas. The Bank occasionally utilizes funds obtained from the Federal
Home Loan  Bank of  Seattle  ("FHLB")  to fund the loan  originations.  The Bank
invests  in  mortgage-backed  securities,  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 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.

                                     Page 8
<PAGE>

<TABLE>
<CAPTION>

<S>        <C>           <C>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
 Management Discussion and Analysis of Financial Condition and Results of Operations
                                  (Continued)
                                 March 31, 2003
</TABLE>

CRITICAL ACCOUNTING POLICIES
----------------------------

Companies may apply certain critical accounting policies requiring management to
make subjective or complex judgments,  often as a result of the need to estimate
the effect of matters that are inherently  uncertain.  The Company considers its
only  critical  accounting  policy  to be the  allowance  for loan  losses.  The
allowance  for loan losses is  established  through a provision  for loan losses
charged  against  earnings.  The  balance  of  allowance  for  loan  losses  are
maintained  at the amount  management  believes will be adequate to absorb known
and inherent losses in the loan portfolio.  The appropriate balance of allowance
for loan losses is determined by applying  estimated  loss factors to the credit
exposure from outstanding loans.  Estimated loss factors are based on subjective
measurements   including   management's   assessment   of  the   internal   risk
classifications,   changes  in  the  nature  of  the  loan  portfolio,  industry
concentrations  and the impact of current local,  regional and national economic
factors on the quality of the loan  portfolio.  Changes in these  estimates  and
assumptions  are  reasonably  possible  and may have a  material  impact  on the
Company's consolidated financial statements,  results of operation or liquidity.
At March 31, 2003 the loan loss  reserve was $382,000 as compared to $337,000 at
September 30, 2002.

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

ASSETS

At March 31, 2003,  assets totaled $75.812  million  compared to total assets of
$75.521  million at September  30,  2002.  The slight  increase was  primarily a
result of increases in net loans receivable and cash and cash equivalents, which
offset   the   decline   in   investment    and    mortgage-backed    securities
available-for-sale from prepayments and scheduled payments.

Securities  available-for-sale decreased by $5.184 million during the six months
ended March 31, 2003.  Securities  prepayments,  calls and  maturities of $4.427
million were  received on  investment  securities  available-for-sale.  Security
sales  accounted  for $667,000  with a gain of $20,000.  The market value of the
securities  decreased  $64,000  during  the  period.  Amortization  of  premiums
discounts and dividends accounted for $46,000 of the decrease in securities.

Loans receivable  increased $1.647 million during the six months ended March 31,
2003.  During this period,  the Bank originated  loans totaling $15.144 million,
comprised of residential mortgage loans totaling $6.197 million, non-residential
mortgage loans totaling $5.829 million,  consumer loans totaling $1.245 million,
and commercial loans totaling $1.873 million.  During the same period,  the Bank
received scheduled  principal payments and prepayments  totaling $13.391 million
on its loan portfolio.

LIABILITIES

Deposits  increased by $2.001 million from $46.783 million at September 30, 2002
to $48.784 million at March 31, 2003. The increases were  attributable to slight
increases in money market,  checking,  savings,  and an increase in  certificate
accounts.

Advances  from the FHLB  decreased  $1.500  million  during the six months ended
March 31, 2003. The advances are a supplement to the Bank's retail  deposits and
were paid down from the increase in deposits.


                                     Page 9


<PAGE>
<TABLE>
<CAPTION>

<S>        <C>           <C>
             CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
 Management Discussion and Analysis of Financial Condition and Results of Operations
                                  (Continued)
                                 March 31, 2003
</TABLE>

All other  liabilities  decreased by $249,000  during the six months ended March
31, 2003 and were mainly the result of the decrease in accrued interest payable,
outstanding  corporate  checks and accounts  payable related to the construction
project in Sheridan Wyoming during 2002.

STOCKHOLDERS' EQUITY

Overall,  stockholders'  equity  increased  $39,000  during the six months ended
March 31, 2003.  The increase was primarily the result of current  earnings less
dividends  paid, the exercise of stock options,  offset by the decreased  market
value on available-for-sale securities.

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

Non-performing  assets  totaled  $733,000 at March 31,  2003,  or 0.97% of total
assets. This compares to $96,000 at September 30, 2002 or 0.13% of total assets.
Non-performing  assets at March 31, 2003 consisted of other  repossessed  assets
related to one  commercial  loan,  one  residential  real estate owned,  and one
commercial mortgage loan. Subsequent to March 31, 2003 the real estate owned was
sold and the  commercial  mortgage has been  brought  current but will remain on
non-accrual until the loan performs as agreed.

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

Comparison of Three Months Ended March 31, 2003 and 2002.
---------------------------------------------------------

Net  Income.  Net income for the three  months  ended March 31, 2003 was $12,000
------------
higher than net income  reported  for the same period in 2002.  The  increase is
attributable  to a  $109,000  increase  in net  interest  income  and a  $20,000
increase in  non-interest  income offset by a $102,000  increase in non-interest
expense  and a  $15,000  increase  in the  provision  for loan  losses.  The net
interest income increase was primarily attributable to a decrease in the cost of
interest-bearing  liabilities. The increase in non-interest expense is primarily
attributable  to a $56,000  increase in  compensation  and  benefits,  a $23,000
increase in  occupancy  and  equipment,  a $12,000  increase in data  processing
services,  a $13,000 increase in other  non-interest  expenses  primarily due to
continued  expansion  of the  banks  operation,  partially  offset  by a  $7,000
decrease  in  professional  fees.  There  were  no  other  material  changes  in
non-interest expenses.

Interest Income. Total interest income increased by $14,000 for the three months
----------------
ended March 31,  2003.  Interest  income  totaled  $1.068  million for the three
months  ended March 31, 2003 as compared to $1.054  million for the three months
ended March 31, 2002.

                                    Page 10

<PAGE>

<TABLE>
<CAPTION>

<S>        <C>           <C>
             CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
 Management Discussion and Analysis of Financial Condition and Results of Operations
                                  (Continued)
                                 March 31, 2003
</TABLE>

An  increase  in the  volume of average  interest-earning  assets  from  $67.285
million for the three  months  ended  March 31, 2002 to $71.392  million for the
same period in 2003  contributed to a $113,000  increase in interest  income.  A
decrease was  experienced in the yield on average  interest-earning  assets from
6.27% for the three  months  ended March 31, 2002 to 5.98% for the three  months
ended  March 31,  2003,  which  contributed  to a $99,000  decrease  in interest
income.

Interest Expense.  Total interest expense decreased by $95,000 from $560,000 for
----------------
the three  months  ended March 31, 2002 to $465,000 for the same period in 2003.
This  was   primarily   a  result  of  a   decrease   in  the  cost  of  average
interest-bearing liabilities as a result of lower market interest rates.

Interest expense for deposits, including deposit premium amortization, decreased
by $88,000  from  $353,000 for the three months ended March 31, 2002 to $265,000
for the same  period  in 2003.  The cost of  average  interest-bearing  deposits
decreased  from 3.30% for the three months ended March 31, 2002 to 2.30% for the
three months ended March 31, 2003, which caused interest expense for deposits to
decrease by  $107,000.  An  increase  in the volume of average  interest-bearing
deposits  from $42.774  million for the three  months  ended March 31, 2002,  to
$46.043 million for the three months ended March 31, 2003, resulted in a $19,000
increase in interest expense for deposits.

Interest expense for advances from the FHLB and other interest expense decreased
by $7,000 from  $207,000  for the three  months ended March 31, 2002 to $200,000
for the same period in 2003. The cost of average interest-bearing  advances from
the FHLB decreased from 6.18% for the three months ended March 31, 2002 to 5.76%
for the same  period in 2003 which  resulted  in a $14,000  decrease in interest
expense.  Average  interest-bearing  advances increased from $13.400 million for
the three month  period ended March 31,  2002,  to $13.893  million for the same
period 2003, and resulted in a $7,000 increase in interest expense for advances.

Net Interest Income. Net interest income increased by $109,000 from $494,000 for
--------------------
the three  months  ended March 31, 2002 to $603,000  for the three  months ended
March 31, 2003.  The increase in net interest  income was  partially  due to the
decrease in the cost of average  interest-bearing  liabilities,  which more than
offset the increase in the volume of average interest-bearing  liabilities.  The
increase   was  also   attributable   to  an   increase  in  volume  of  average
interest-earning  assets.  Another  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 as  evidenced  by the increase in the interest
rate  spread from 2.28% for the three  months  ended March 31, 2002 to 2.88% for
the three months ended March 31, 2003.

Net interest  margin  increased  from 2.94% for the three months ended March 31,
2002 to 3.38% for the three  months  ended March 31,  2003.  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.  A $15,000 and $0 provision  was recorded  during the
-------------------------
three  months ended March 31, 2003 and 2002,  respectively.  There was $1,000 of
loan  charge-offs  for the three  months  ended March 31, 2003 while  recoveries
totaled  $1,000.  In the three months ended March 31, 2002,  there was $1,000 in
loan charge-offs while recoveries totaled $4,000.

Total  Non-interest  Income.  Total  non-interest  income increased $20,000 from
---------------------------
$33,000 for the three months ended March 31, 2002 to $53,000 for the same period
in 2003. This was the result of a gain on sale of securities  available-for-sale
during the three months ended March 31, 2003.

                                    Page 11
<PAGE>


<TABLE>
<CAPTION>

<S>        <C>           <C>
             CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
 Management Discussion and Analysis of Financial Condition and Results of Operations
                                  (Continued)
                                 March 31, 2003
</TABLE>

Total Non-interest  Expense.  Total  non-interest  expense increased by $102,000
---------------------------
from  $466,000  for the three  months  ended March 31, 2002 to $568,000  for the
three months ended March 31, 2003. The increase was attributable to increases in
compensation and benefits,  occupancy and equipment,  data processing  services,
other  non-interest  expenses offset by a decrease in professional  fees.  There
were no other material differences in non-interest expenses.

Provision  for Income  Taxes.  The effective tax rate for the three months ended
----------------------------
March 31, 2003 and 2002 was 20.55% and 24.59%,  respectively.  The effective tax
rate was lower  during  2003 than 2002 due to the  relationship  of  non-taxable
income to total income.

Comparison of Six Months Ended March 31, 2003 and 2002.
-------------------------------------------------------

Net Income.  Net income for the six months  ended March 31, 2003 was higher than
----------
net income  reported for the same period in 2002  primarily due to increased net
interest  income.  Specifically  the  increase  is  attributable  to a  $245,000
increase in net interest income a $4,000  decrease in  professional  fees, and a
$20,000  gain  on  sale  of  investment  securities  available-for-sale.   These
increases were partially  offset by a $35,000 increase in the provision for loan
losses, a $18,000  increase in compensation and benefits,  a $46,000 increase in
occupancy and equipment,  a $15,000 increase in data processing costs, a $14,000
increase in other non-interest expenses, and a increase of $43,000 in income tax
expense.  The  increase in net interest  income was  primarily  attributed  to a
decrease in the cost of  interest-bearing  liabilities for the six-month  period
ended March 31, 2003.

Interest  Income.  For the six months  ended  March 31,  2003,  interest  income
----------------
totaled $2.194 million compared to $2.160 million for the six months ended March
31,  2002.  An  increase in the volume of average  interest-earning  assets from
$67.187  million for the six months ended March 31, 2002 to $71.389  million for
the same  period in 2003 caused  interest  income to  increase  by  $271,000.  A
decrease was  experienced in the yield on average  interest-earning  assets from
6.43% for the six months  ended March 31, 2002 to 6.15% for the six months ended
March 31, 2003, which contributed to a $237,000 decrease in interest income.

Interest  Expense.  Total  interest  expense  decreased by $211,000  from $1.168
-----------------
million for the six months  ended March 31, 2002 to $957,000 for the same period
in 2003.  This was  primarily  a result  of a  decrease  in the cost of  average
interest-bearing liabilities.

Interest expense for deposits including deposit premium  amortization  decreased
by $196,000  from  $747,000  for the six months ended March 31, 2002 to $551,000
for the same  period  in 2003.  The cost of  average  interest-bearing  deposits
decreased  from 3.57% for the six months  ended  March 31, 2002 to 2.42% for the
six months ended March 31, 2003,  which caused interest  expense for deposits to
decrease by  $241,000.  An  increase  in the volume of average  interest-bearing
deposits from $41.879 million for the six months ended March 31, 2002 to $45.629
million for the six months ended March 31, 2003,  resulted in a $45,000 increase
in interest expense for deposits.

Interest expense for advances from the FHLB and other interest expense decreased
by $15,000 from $421,000 for the six months ended March 31, 2002 to $406,000 for
the same period in 2003. The cost of average interest-bearing  advances from the
FHLB  decreased  from 6.28% for the six months ended March 31, 2002 to 5.78% for
the same period in 2003.  This decrease in the cost of average  interest-bearing
advances caused a $34,000 decrease in interest expense. Average interest-bearing
advances increased from

                                    Page 12
<PAGE>
<TABLE>
<CAPTION>

<S>        <C>           <C>
             CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
 Management Discussion and Analysis of Financial Condition and Results of Operations
                                  (Continued)
                                 March 31, 2003
</TABLE>

$13.400 million for the six month period ended March 31, 2002 to $14.047 million
for the six month period ended March 31, 2003,  resulting in a $19,000  increase
in interest expense for advances.

Net Interest Income. Net interest income increased by $245,000 from $992,000 for
-------------------
the six months  ended March 31, 2002 to $1.237  million for the six months ended
March 31, 2003. The increase in net interest income was primarily  caused by the
decrease 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
121.54%  in 2002 to  119.63%  in 2003.  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 increased from 2.95% for the six months ended March 31, 2002
to 3.47% for the six months ended March 31,  2003.  The increase in net interest
margin  was  primarily  caused  by the  disproportionate  decrease  in  cost  of
interest-bearing liabilities compared to interest-earning assets.

Provision for Loan Losses.  A $35,000 and $0 provision  was recorded  during the
-------------------------
six months ended March 31, 2003 and 2002, respectively. There was $1,000 in loan
charge-offs  for the six months  ended March 31, 2003 while  recoveries  totaled
$11,000.  In the six  months  ended  March 31,  2002,  there was  $1,000 in loan
charge-offs while recoveries totaled $7,000.

Total  Non-interest  Income.  Total  non-interest  income increased $20,000 from
---------------------------
$63,000  for the six months  ended March 31, 2002 to $83,000 for the same period
in 2003. This was the result of a gain on sale of securities  available-for-sale
during the six months ended March 31, 2003.

Total Non-interest Expense. Total non-interest expense increased by $92,000 from
--------------------------
$899,000  for the six months ended March 31, 2002 to $991,000 for the six months
ended March 31,  2003.  There were  increases  in  compensation,  occupancy  and
equipment, data processing costs, and other non-interest expenses. There were no
other material differences in non-interest expenses.

Provision  for Income  Taxes.  The  effective  tax rate for the six months ended
----------------------------
March 31, 2003 and 2002 was 27.55% and 24.36%,  respectively.  The effective tax
rate was different in 2003 than in 2002 due to an increase in taxable income and
the relationship of non-taxable income to total income.

                                    Page 13

<PAGE>
<TABLE>
<CAPTION>

<S>        <C>           <C>
             CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
 Management Discussion and Analysis of Financial Condition and Results of Operations
                                  (Continued)
                                 March 31, 2003
</TABLE>



CAPITAL COMPLIANCE AND LIQUIDITY

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


                                                       At March 31, 2003
                                                  ------------------------------
                                                                   Percentage
                                                   Amount         of Assets (2)
                                                  ---------     ----------------
                                                     (Dollars in thousands)
GAAP Capital................................       $ 11,384               15.32%

Tangible capital............................       $ 10,880               14.64%
Tangible capital requirement................          1,115                1.50%
                                                   --------               -----
Excess......................................       $  9,765               13.14%
                                                   ========               =====

Core capital................................       $ 10,991               14.79%
Core capital requirements...................          1,485                3.00%
                                                   --------               -----
Excess......................................       $  9,506               11.79%
                                                   ========               =====

Total risk-based capital (1)................       $ 11,373               22.98%
Total risk-based capital requirement (1)....          3,960                8.00%
                                                   --------               -----
Excess (1)..................................       $  7,413               14.98%
                                                   ========               =====


1) Based on  risk-weighted  assets of $49,500
2) Based on the  Bank's  adjusted total assets of $74,310

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 and 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 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 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, 2003 such
borrowed funds totaled $12.700 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 March 31, 2004 is  approximately  $20.855
million and $1.000 million,  respectively.  To the


                                    Page 14
<PAGE>
<TABLE>
<CAPTION>

<S>        <C>           <C>
             CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
 Management Discussion and Analysis of Financial Condition and Results of Operations
                                  (Continued)
                                 March 31, 2003
</TABLE>

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.  The bank has $5.697 million of excess borrowing
capacity at FHLB as of March 31, 2003. 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 increase.

At March 31, 2003, the Bank had loan commitments  outstanding of $4.923 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.

KEY OPERATING RATIOS
--------------------
<TABLE>
<CAPTION>
                                                    Three Months Ended                      Six Months Ended
                                                        March 31,                               March 31,
                                            -----------------------------------    ---------------------------------
                                                 2003 (1)            2002 (1)            2003 (1)            2002 (1)
                                                          (Dollars in thousands, except per share data)
                                                                           (Unaudited)

<S>                                              <C>                 <C>                <C>                 <C>
Return on average assets                             0.31%               0.26%              0.56%               0.33%
Return on average equity                             1.71%               1.36%              3.14%               1.73%
Interest rate spread                                 2.88%               2.28%              2.94%               2.20%
Net interest margin                                  3.38%               2.94%              3.47%               2.95%
Non-interest expense to average
   Assets                                            2.90%               2.62%              2.57%               2.54%
Net recoveries to average
    outstanding loans                               (0.00%)             (0.01%)            (0.02%)            (0.01%)


</TABLE>
<TABLE>
<CAPTION>
                                               At March 31,    At September 30,
                                                   2003              2002
                                              -------------    ----------------
<S>                                              <C>                 <C>
Nonaccrual and 90 days past due
   Loans                                           $  550              $    -
Repossessed other assets                              183                  96
                                                   ------              ------
  Total nonperforming assets                       $  733                $ 96
                                                   ======              ======
Nonperforming loans to gross loans                   1.04%                  -
Nonperforming assets to total assets                 0.97%               0.13%
Book value per share (2)                           $16.63              $16.59

</TABLE>

----------------

(1)  The ratios for the three and six month periods are annualized.
(2)  The number of shares outstanding as of March 31, 2003 was 811,608 and as of
     September 30, 2002 was 811,208. These include shares purchased by the ESOP.


                                    Page 15
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                             Controls and Procedures
                                 March 31, 2003

Controls and Procedures

(a)  Evaluation of disclosure controls and procedures. Based on their evaluation
     ------------------------------------------------
     as of a date within 90 days of the filing date of this quarterly  report on
     Form 10-QSB,  the Registrant's  principal  executive  officer and principal
     financial officer have concluded that the Registrant's  disclosure controls
     and  procedures  (as defined in Rules  13a-14(c)  and  15d-14(c)  under the
     Securities  Exchange  Act of 1934 (the  "Exchange  Act")) are  effective to
     ensure that information  required to be disclosed by the Company in reports
     that it files or submits  under the Exchange  Act is  recorded,  processed,
     summarized and reported within the time periods specified in Securities and
     Exchange Commission rules and forms.

(b)  Changes in  internal  controls.  There were no  significant  changes in the
     ------------------------------
     Registrant's internal controls or in other factors that could significantly
     affect these controls subsequent to the date of their evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.




                                    Page 16
<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, 2003. 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  29,  2003,   the  Company  held  its  annual   meeting  of
         stockholders and the following items were presented:

         The election of Directors Deane D. Bjerke and Thomas J. Berry for terms
         of three years ending 2006.

         Votes were as follows:
                                   For        Withheld
                                   ---        --------

         Deane D. Bjerke         711,757       8,940
         Thomas J. Berry         712,672       8,025

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

         Not applicable.

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

         (a)      Exhibits

                  Exhibit 99.1 -- CERTIFICATION PURSUANT TO 18 U.S.C.ss.1350

         (b) Reports on Form 8-K

                  None



                                    Page 17
<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 13, 2003          By: /s/ Gary J. Havens
                                ----------------------------------------
                                    Gary J. Havens
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)



Date: May 13, 2003          By: /s/ John B. Snyder
                                ------------------------------------------
                                    John B. Snyder
                                    Vice President and Chief Financial Officer
                                    (Principal Accounting and Financial Officer)



<PAGE>
                            SECTION 302 CERTIFICATION

         I, Gary Havens, President and Chief Executive Officer, certify that:

1.       I have  reviewed  the  quarterly  report on Form  10-QSB of Crazy Woman
         Creek Bancorp Incorporated (the "Company");

2.       Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary to make the  statements  made, in light of the  circumstances
         under which such  statements  were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the Company as of, and for, the periods presented in this
         quarterly report;

4.       The  Company's  other  certifying  officers and I are  responsible  for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange  Act Rule  13a-14(c))  and 15d-14)) for the Company
         and have:

         (a)      designed  such  disclosure  controls and  procedures to ensure
                  that material information  relating to the Company,  including
                  its consolidated  subsidiaries,  is made known to me by others
                  within the  Company,  particularly  during the period in which
                  this quarterly report is being prepared;

         (b)      evaluated  the  effectiveness  of  the  Company's   disclosure
                  controls and  procedures  as of a date within 90 days prior to
                  the filing  date of this  quarterly  report  (the  "Evaluation
                  Date"); and

         (c)      presented in this quarterly  report our conclusions  about the
                  effectiveness of the disclosure  controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The Company's other certifying  officer and I have disclosed,  based on
         our most recent  evaluation,  to the  Company's  auditors and the audit
         committee  of  Company's  board of  directors  (or  persons  performing
         equivalent functions):

         (a)      all  significant  deficiencies  in the design or  operation of
                  internal  controls which could adversely  affect the Company's
                  ability to record,  process,  summarize  and report  financial
                  data  and  have  identified  for the  Company's  auditors  any
                  material weaknesses in internal controls; and

         (b)      any fraud,  whether or not material,  that involves management
                  or  other  employees  who  have  a  significant  role  in  the
                  Company's internal controls; and

6.       The Company's  other  certifying  officer and I have  indicated in this
         quarterly  report  whether there were  significant  changes in internal
         controls or in other factors that could  significantly  affect internal
         controls  subsequent  to  the  date  of  our  most  recent  evaluation,
         including   any   corrective   actions   with  regard  to   significant
         deficiencies and material weaknesses.



Date:    May 13, 2003               /s/Gary J. Havens
       --------------------         -----------------------------
                                    Gary J. Havens, President and
                                    Chief Executive Officer

<PAGE>
                            SECTION 302 CERTIFICATION


         I, John B. Snyder,  Vice  President and Chief  Financial  Officer,
         certify that:

1.       I have  reviewed  the  quarterly  report on Form  10-QSB of Crazy Woman
         Creek Bancorp Incorporated;

2.       Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary to make the  statements  made, in light of the  circumstances
         under which such  statements  were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the Company as of, and for, the periods presented in this
         quarterly report;

4.       The  Company's  other  certifying  officers and I are  responsible  for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rule 13a-14(c) and 15d-14)) for the Company and
         have:

         (a)      designed  such  disclosure  controls and  procedures to ensure
                  that material information  relating to the Company,  including
                  its consolidated  subsidiaries,  is made known to me by others
                  within the  Company,  particularly  during the period in which
                  this quarterly report is being prepared;

         (b)      evaluated  the  effectiveness  of  the  Company's   disclosure
                  controls and  procedures  as of a date within 90 days prior to
                  the filing  date of this  quarterly  report  (the  "Evaluation
                  Date"); and

         (c)      presented in this quarterly  report our conclusions  about the
                  effectiveness of the disclosure  controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The Company's other certifying  officer and I have disclosed,  based on
         our most recent  evaluation,  to the  Company's  auditors and the audit
         committee  of  Company's  board of  directors  (or  persons  performing
         equivalent functions):

         (a)      all  significant  deficiencies  in the design or  operation of
                  internal  controls which could adversely  affect the Company's
                  ability to record,  process,  summarize  and report  financial
                  data  and  have  identified  for the  Company's  auditors  any
                  material weaknesses in internal controls; and

         (b)      any fraud,  whether or not material,  that involves management
                  or  other  employees  who  have  a  significant  role  in  the
                  Company's internal controls; and

6.       The Company's  other  certifying  officer and I have  indicated in this
         quarterly  report  whether there were  significant  changes in internal
         controls or in other factors that could  significantly  affect internal
         controls  subsequent  to  the  date  of  our  most  recent  evaluation,
         including   any   corrective   actions   with  regard  to   significant
         deficiencies and material weaknesses.



Date:    May 13, 2003              /s/John B. Snyder
       --------------------        ------------------------------------
                                   John B. Snyder, Vice President and
                                     Chief Financial Officer