<PAGE>

                                     FORM 10-Q

                         SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, D. C.  20549

                    Quarterly Report Under Section 13 or 15 (d)
                       of the Securities Exchange Act of 1934

For Quarter Ended           March 31, 1997
                .......................................................

Commission File Number      2-95114
                     .................................................

                           LOGAN COUNTY BANCSHARES, INC.
 ........................................................................
               (Exact Name of Registrant as Specified in Its Charter)

                           WEST VIRGINIA
 ........................................................................
           (State or other jurisdiction of incorporation or organization)

                           55-0660015
 ........................................................................
                        (IRS Employer Identification Number)

P. O. BOX 597, LOGAN, WEST VIRGINIA                  25601
 ........................................................................

(Address of Principal Executive Offices)            (Zip Code)


                           (304) 752-1166
 ........................................................................
                (Registrant's telephone number including area code)


Indicate by check mark whether the  registrant (1) has filed all reports
required to be filed by Section 13  or 15 (d) of the Securities Exchange
Act of 1934  during the preceding 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
                                                           ----  -----


                       APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate  the number  of shares  outstanding,  of each  of the  issuer's
classes of common stock, as of the latest practicable date.   467,612
                                                           ------------


<PAGE>

                           LOGAN COUNTY BANCSHARES, INC.

PART I - FINANCIAL INFORMATION

        ITEM I.  FINANCIAL STATEMENTS:

                 Consolidated Statement of Condition As of March 31,
                   1997 and 1996 and December 31, 1996.

                 Consolidated Statement of Income For the Three Month
                   Period Ended March 31, 1997 and 1996.

                 Consolidated  Statement  of Changes in Stockholders'
                   Equity for the Three Month Period Ended March
                   31, 1997 and 1996.

                 Consolidated Statement of Cash Flows for the Three
                   Month Period Ended March 31, 1997 and 1996.

                 Notes to Consolidated Financial Statements

        ITEM 2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS.

PART II - OTHER INFORMATION

SIGNATURES


<PAGE>

                   LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
                        Consolidated Statement of Condition
                    March 31, 1997 and 1996 and December 31, 1996
                                   (In Thousands)

<TABLE>
<CAPTION>

                                   ASSETS
                                   ------          March 31,            December 31,
                                             1997           1996           1996
                                             ----           ----        -------

<S>                                      <C>             <C>           <C>
CASH AND DUE FROM BANKS                    $4,817         $3,670         $4,435

INVESTMENT SECURITIES:
    AVAILABLE FOR SALE                     15,220          8,560         14,326
    HELD TO MATURITY                        7,065          9,149          7,069

FEDERAL FUNDS SOLD                          9,210          8,635          7,275

LOANS:
    TOTAL LOANS                            73,988         63,346         71,553

    RESERVE FOR LOAN LOSSES                   681            666            681
                                       ----------     ----------     ----------
    NET LOANS                              73,307         62,680         70,872

BANK PREMISES AND EQUIPMENT                 2,136          1,951          2,121

ACCRUED INTEREST AND OTHER ASSETS           1,383          1,021          1,282
                                       ----------     ----------     ----------
                                         $113,138        $95,666       $107,380
                                       ==========     ==========     ==========

                    LIABILITIES AND STOCKHOLDERS' EQUITY
                    ------------------------------------

DEPOSITS:
    DEMAND DEPOSITS                       $30,891        $26,907        $28,030
    SAVINGS DEPOSITS                       30,606         28,807         30,560
    TIME DEPOSITS                          39,178         28,659         36,643
                                       ----------     ----------     ----------
     TOTAL DEPOSITS                       100,675         84,373         95,233

LONG-TERM BORROWINGS                            0            187              0

ACCRUED AND OTHER LIABILITIES                 543            300            689

INCOME TAXES PAYABLE:
    CURRENT                                   237            134             39
    DEFERRED                                   -3              3              4
                                       ----------     ----------     ----------
     TOTAL LIABILITIES                    101,452         84,997         95,965

STOCKHOLDERS' EQUITY:
    COMMON STOCK-$2.50 PAR VALUE;
     AUTHORIZED-520,000 SHARES;
     ISSUED & OUTSTANDING-509,612.          1,274          1,274          1,274
    SURPLUS                                 2,071          2,071          2,071
    RETAINED EARNINGS                       9,201          8,184          8,930
    TREASURY STOCK                           (860)          (860)          (860)
                                       ----------     ----------     ----------
     TOTAL STOCKHOLDERS' EQUITY            11,686         10,669         11,415
                                     ------------   ------------   ------------
                                         $113,138        $95,666       $107,380
                                     ============   ============   ============

</TABLE>
 
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.


<PAGE>

    LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
                          Consolidated Statement of Income
             For the Three Month Periods Ended March 31, 1997 and 1996
                                   (In Thousands)

                                                      1997           1996
                                                      ----           ----
INTEREST INCOME:
    INTEREST ON LOANS                                 $1,559         $1,338
    INTEREST ON INVESTMENTS                              327            217
    INTEREST ON FEDERAL FUNDS SOLD                       118            134
                                                  ----------     ----------
                                                       2,004          1,689

INTEREST EXPENSE:
    INTEREST ON DEPOSITS                                 818            701
    OTHER INTEREST EXPENSE                                 0              7
                                                  ----------     ----------
    NET INTEREST INCOME                                1,186            981

PROVISION FOR LOAN LOSSES                                  0             10
                                                  ----------     ----------
    NET INTEREST INCOME AFTER
     PROVISION FOR LOAN LOSSES                         1,186            971

OTHER INCOME:
    SERVICE FEES                                         272            151
    OTHER OPERATING INCOME                                17             20
                                                  ----------     ----------
    TOTAL OTHER INCOME                                   289            171

OTHER EXPENSES:
    SALARIES AND BENEFITS                                416            385
    EXPENSE OF BANK PREMISES AND
     EQUIPMENT                                            88             79
    OTHER OPERATING EXPENSES                             267            269
                                                  ----------     ----------
    TOTAL OTHER EXPENSES                                 771            733

INCOME BEFORE INCOME TAXES                               704            409

FEDERAL INCOME TAXES                                     232            139
                                                  ----------     ----------
    NET INCOME                                          $472           $270
                                                 ===========     ==========

PER SHARE OF COMMON STOCK NET INCOME                   $1.01          $0.58
                                                  ==========     ==========


SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.


<PAGE>

                   LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
             Consolidated Statement in Changes in Stockholders' Equity
             For the Three Month Periods Ended March 31, 1997 and 1996
                                   (In Thousands)

<TABLE>
<CAPTION>

                                                                                    Net Unrealized
                                                                                    (losses) on
                                            Common                      Retained    Available-for-      Treasury
                                            Stock         Surplus       Earnings    Sale Securities       Stock        Total
                                            ------        -------       --------    ---------------     --------       -----

<S>                                        <C>            <C>            <C>             <C>            <C>          <C>
BALANCE - DECEMBER 31
     1996                                  $1,274         $2,071         $8,986           ($56)         ($860)       $11,415


DIVIDENDS ON 467,612 SHARES
    COMMON STOCK @ $0.30                                                   (140)                                        (140)

CHANGE IN NET UNREALIZED
    HOLDING GAINS (LOSSES)
    ON AVAILABLE FOR-SALE
    SECURITIES                                                                             (61)                          (61)

NET INCOME FOR THE THREE MONTHS
    ENDED MARCH 31, 1997                        0              0            472              0              0            472
                                       ----------     ----------     ----------  -------------     ----------     ----------
                                           $1,274         $2,071         $9,318          ($117)         ($860)       $11,686
                                       ==========     ==========     ==========  =============     ==========     ==========


BALANCE - DECEMBER 31
     1995                                  $1,274         $2,071         $7,986           ($79)         ($860)       $10,392

CHANGE IN NET UNREALIZED
    HOLDING GAINS (LOSSES)
    ON AVAILABLE FOR-SALE
    SECURITIES                                                                               7                             7

NET INCOME FOR THE THREE MONTHS
    ENDED MARCH 31, 1996                        0              0            270              0              0            270
                                       ----------     ----------     ----------  -------------     ----------     ----------
                                           $1,274         $2,071         $8,256           ($72)         ($860)       $10,669
                                       ==========     ==========     ==========  =============     ==========     ==========


</TABLE>
 

  SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.


<PAGE>

                   LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENT OF CASH FLOWS
    FOR THE THREE MONTH PERIODS ENDED MARCH 31, 1997 AND 1996

<TABLE>
<CAPTION>

                                                                      1997           1996
                                                                      ----           ----
<S>                                                                 <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   NET INCOME                                                         $472           $270
   ADJUSTMENTS TO RECONCILE NET
     INCOME TO NET CASH PROVIDED
     BY OPERATING ACTIVITIES:
       DEPRECIATION                                                     36             36
       SECURITY AMORTIZATION AND
         ACCREATION                                                      3              5
       MARKET VALUE AMORTIZATION                                         1              1
       PROVISION FOR LOAN LOSSES                                         0             10
   (GAIN) LOSS ON SALE OF
       INVESTMENT SECURITIES                                             0              0
       (INCREASE) DECREASE IN OTHER
         ASSETS                                                        (56)             7
       INCREASE (DECREASE) IN OTHER
         LIABILITIES                                                    45           (173)
    -------                                                        -------
   NET CASH PROVIDED BY OPERATING ACTIVITIES                           501            156

CASH FLOWS FROM INVESTING ACTIVITIES:
   PROCEEDS FROM SALE OF SECURITIES AVAILABLE FOR SALE                   0            500
   PROCEEDS FROM MATURITIES OF SECURITIES HELD TO MATURITY               0          2,500
   PURCHASE OF SECURITIES AVAILABLE FOR SALE                        (1,000)        (3,250)
   PURCHASE OF SECURITIES HELD TO MATURITY                               0         (1,000)
   NET (INCREASE) DECREASE IN
     FEDERAL FUNDS SOLD                                             (1,935)        (1,165)
   NET (INCREASE) DECREASE IN LOANS                                 (2,435)           995
   PURCHASE OF BANK PREMISES
     AND EQUIPMENT                                                     (51)          (270)
                                                                   -------        -------
   NET CASH PROVIDED BY INVESTING ACTIVITIES                        (5,421)        (1,690)

CASH FLOWS FROM FINANCING ACTIVITIES:
   NET INCREASE (DECREASE) IN
     DEMAND DEPOSITS                                                 2,861           (338)
   NET INCREASE (DECREASE) IN
     SAVINGS DEPOSITS                                                   46            358
   NET INCREASE (DECREASE) IN
     TIME DEPOSITS                                                   2,535            636
   PROCEEDS FROM LONG-TERM BORROWINGS                                    0            187
   DIVIDENDS PAID                                                     (140)             0
                                                                   -------        -------
   NET CASH PROVIDED BY FINANCING ACTIVITIES                         5,302            843
                                                                   -------        -------
NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                                                    382           (691)

CASH AND CASH EQUIVALENT AT
   BEGINNING OF PERIOD                                               4,435          4,361
                                                                   -------        -------
CASH AND CASH EQUIVALENT AT
   END OF PERIOD                                                    $4,817         $3,670
                                                                   =======        =======


</TABLE>
 

SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.


<PAGE>

                      MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                   FINANCIAL CONDITION AND RESULTS OF OPERATIONS


    The following  is a  discussion and  analysis focused  on significant
changes  in the  financial condition  and results  of operations  of Logan
County Bancshares, Inc.

EARNINGS SUMMARY

    The Company  reported net  income of $472,000.  for the  three months
ended March  31, 1997  compared to  $270,000. for  the three  months ended
March  31,  1996,  representing  a 74.81%  increase.   This  increase  was
primarily the result of the increase  in net interest income of $205,000.,
increase  in other  income  of  $118,000. and  increase  in all  operating
expenses net of other income of $121,000.

    Earnings  per common  share  were  $1.01 for  the three months  ended
March 31, 1997 compared with $0.58 for the same period of 1996.

    Logan County  Bancshares' annualized return  on assets (ROA)  for the
three month  period ended  March  31, 1997 was 1.67% compared to 1.13% for
the  three month  period  ended  March  31,  1996.   Annualized  return on
shareholders' equity (ROE) was  16.16% and  10.13% at  March  31, 1997 and
1996, respectively.

NET INTEREST INCOME

    The  most  significant  component  of Logan  County  Bancshares'  net
earnings is net  interest income, which represents the  excess of interest
income earned on earning assets over the interest expense paid for sources
of funds.  Net interest income is  affected by changes in volume resulting
from growth and alteration of the balance sheet composition, as well as by
fluctuations in market  interest rates and maturities of  sources and uses
of funds.

    Interest income  amounted  to  $2,004,000. at   March   31,  1997, an
increase of $315,000. from March 31, 1996.  Interest expense also
increased $110,000., resulting in an overall increase of $205,000. or
20.90% in net interest income between March 31, 1997 and March 31, 1996.


PROVISION FOR LOAN LOSSES AND ASSET QUALITY

    The  provision  for  loan   losses  represents  charges  to  earnings
necessary  to maintain  an adequate  allowance for  potential future  loan
losses.   Management's  determination  of  the appropriate  level  of  the
allowance  is based  on an  ongoing analysis  of credit  quality and  loss
potential in the  loan portfolio, actual loan loss  experience relative to
the  size  and  characteristics  of  the loan  portfolio,  change  in  the
composition  and  risk  characteristics  of the  loan  portfolio  and  the
anticipated  influence of  national  and local  economic conditions.   The
adequacy  of the  allowance  for  loan losses  is  reviewed quarterly  and
adjustments are made as considered necessary.

    For the  three month period ended  March 31, 1997, the  provision for
loan losses  decreased $10,000.  to $0.  or 100.00%  compared to  the same
period ended March 31, 1996.

    The reserve for loan losses was  $681,000. at March 31, 1997 compared
to $666,000. at  March 31, 1996.  Expressed as a  percentage of loans (net
of unearned  income), the reserve  for loan losses  was .92% at  March 31,
1997 and 1.05% at March 31, 1996.


<PAGE>

A summary  of the  Company's past  due loans  and nonperforming  assets is
provided in the following table.

                 SUMMARY OF PAST DUE LOANS AND NONPERFORMING ASSETS
                             (in thousands of dollars)

                                             March 31,
                                       --------------------
                                       1997           1996
                                      -------        -------
Loans past due 90 or more days
   still accruing interest             $246            $217
                                     -------         -------
Nonperforming assets:
   Nonaccruing loans                    683           1,719
   Other real estate owned              259             180
                                     -------         -------
                                       $942          $1,899
                                     =======         =======
NONINTEREST INCOME

    Noninterest  income includes  revenues  from all  sources other  than
interest  income.   For the  three  month  period  ended March  31,  1997,
noninterest  income  totalled  $289,000.,   representing  an  increase  of
$118,000., or 69.01% from the $171,000. recorded during the same period of
1996.  This increase was primarily due to increases in service fees income
of $121,000.

    Logan County  Bancshares intends to  strive in the future  to enhance
its  overall profitability  by identifying  new opportunities  for earning
additional noninterest income.

NONINTEREST EXPENSE

    Noninterest expense comprises overhead costs which are not related to
interest expense or  to losses from loans or securities.   As of March 31,
1997,  the Company's  noninterest  expense  totalled $771,000.,  remaining
consistent with total noninterest expense for the three months ended March
31, 1996.   Expressed as  a percentage  of assets,  annualized noninterest
expense was 2.73% at March 31, 1997, compared to 3.06% at March 31, 1996.

    Salaries and  employee benefits are Logan  County Bancshares' largest
noninterest  cost, representing  approximately  54%  of total  noninterest
expense  at March  31,  1997  and 1996.   Salaries  and employee  benefits
increased $31,000., or 8.05% at March 31, 1997 compared to March 31, 1996.
This increase is primarily due to increased personnel.

INCOME TAXES

    Logan County  Bancshares' federal income tax  expense, for  the three
month period ended March  31, 1997,  reflected a  $93,000.   increase when
compared to the  same period of 1996.  Income tax  expense equalled 32.95%
and   33.98%  of  income  before   taxes  at  March  31,  1997  and  1996,
respectively.  For  financial reporting purposes, income  tax expense does
not equal  the Federal statutory  income tax rate  of 34% when  applied to
pretax income, primarily because of tax-exempt interest income included in
income before income taxes.




<PAGE>

Balance Sheet Data:

    Total assets grew by $5,758,000. between  year end and March 31, 1997
to a balance  of $113,138,000.  The major component of  this growth was an
increase  in  Investment Securities  of  $1,000,000.  and an  increase  in
Federal Funds Sold of $1,935,000.,  and loan increases of $2,435,000.  The
primary source  of funds for  this growth was  an increase in  deposits of
$5,442,000., and net income of $472,000.

Liquidity:

    Managing  Logan's liquidity  requirements primarily  involves meeting
the  loan  demand, deposit  withdrawal  and  the cash  flow  requirements.
Logan's  primary sources  of  liquid  assets are  federal  funds sold  and
investment securities maturing in less than  one year.  These items can be
converted  into funds  in a  short  period of  time.  At  March 31,  1997,
Federal Funds Sold amounted to  $9,210,000. and securities maturing within
one year  amounted to $7,180,000.  These  are compared to the  balances at
March  31,  1996  of  $8,635,000.  in  Federal  Funds  Sold  and  maturing
Investment Securities of $5,337,000. due within one year.

    Traditionally, banks  have been able  to manage liquidity based  on a
relatively  stable  group of  core  deposits.   The deposits,  demand  and
consumer deposits under $l00,000. are considered the most stable and least
expensive source  of funds.  During 1997  and 1996, banks have  been faced
with more volatile,  interest sensitive funds and have had  to match their
funding requirements by using assets and liability management techniques.

Capital Resources:

    Logan's capital position is based on its stockholders' equity and the
primary source of  such equity has been retained  earnings.  Since Logan's
formation and merger, it has  accumulated Retained Earnings of $9,318,000.
and has a total Stockholders' Equity of $11,686,000. as of March 31, 1997;
as compared  to $8,256,000. of  Retained Earnings and  total Stockholders'
equity of $10,669,000. at March 31, 1996.

    The equity capital was  10.33% and  11.15% of  total assets at  March
31, 1997  and 1996 respectively.  At  present, there are no  plans for any
significant  capital expenditures.   Logan County  Bancshares exceeds  all
regulatory capital guide lines and has  not been advised by any regulatory
agency of any minimum capital requirement.

Effects of Inflation:

    The  impact   of  inflation   on  a  financial   institution  differs
significantly  from  that  exerted  on an  industrial  concern,  primarily
because a  financial institution's  assets and liabilities  consist almost
entirely of  monetary items.  The low  proportion of the Bank's  net fixed
assets to  total assets  reduces both the  potential of  inflated earnings
resulting  from   understated  depreciation  charges  and   the  potential
significant understatement of asset  values.  However, inflation does have
a considerable indirect impact on  banks, including increased loan demand,
as it becomes necessary for  producers and consumers to acquire additional
funds to  maintain the  same levels of  consumption, inventories,  and new
investments.  Inflation  also frequently results in  higher interest rates
which can affect both yields on  earning assets and rates paid on deposits
and other interest-bearing liabilities.


<PAGE>



PART II. - OTHER INFORMATION

           NONE.
           ----


                                     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.

                                        LOGAN COUNTY BANCSHARES, INC.
                                   -------------------------------------

                                            (Registrant)




Date
    ----------------------------  -------------------------------------
                                       Frank Oakley, President
                                       (Signature)