<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              September 30,1997
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Commission File Number         2-95114
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                          LOGAN COUNTY BANCSHARES, INC.
------------------------------------------------------------------------------
            (Exact Name of Registrant as Specified in Its Charter)

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

                                  55-0660015

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                     (IRS Employer Identification Number)

P.O. BOX 597, LOGAN, WEST VIRGINIA                 25601
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(Address of Principal Executive Offices)        (Zip Code)

                                (304) 752-1166
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              (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 September
                     30, 1997 and 1996 and December 31, 1996.
         
                 Consolidated Statement of Income for the Three Month
                     Period Ended September 30, 1997 and 1996.

                 Consolidated Statement of Income for the Nine Month
                     Period Ended September 30, 1997 and 1996.

                 Consolidated Statement of Changes in Stockholders'
                     Equity for the Nine Month Period Ended September
                     30, 1997 and 1996.

                 Consolidated Statement of Cash Flows for the Nine
                     Month Period Ended September 30, 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
           September 30, 1997 and 1996 and December 31, 1996
                            (In Thousands)

<TABLE>
<CAPTION>

                                    ASSETS
                                    ------
                                                September 30,      December 31,
                                              1997        1996         1996    
                                          ---------    ---------   ------------
<S>                                       <C>          <C>          <C>        
CASH AND DUE FROM BANKS                     $  5,023    $  3,246      $  4,435 

INVESTMENT SECURITIES:                                                         
  AVAILABLE FOR SALE                          16,937      10,744        14,326 
  HELD TO MATURITY                             4,060       8,383         7,069 

FEDERAL FUNDS SOLD                             7,860      11,860         7,275 

LOANS:
    TOTAL LOANS                               82,515      69,435        71,553 

      RESERVE FOR LOAN LOSSES                    595         680           681 
                                           ---------   ---------    -----------
      NET LOANS                               81,920      68,755        70,872 

BANK PREMISES AND EQUIPMENT                    2,122       1,927         2,121 

ACCRUED INTEREST AND OTHER ASSETS              1,416       1,286         1,282
                                           ---------   ---------    ----------
                                            $119,338    $106,201      $107,380 
                                           ---------   ---------    -----------
                                           ---------   ---------    -----------

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

DEPOSITS:
  DEMAND DEPOSITS                           $ 31,955    $ 30,830      $ 28,030 
  SAVINGS DEPOSITS                            30,113      28,968        30,560 
  TIME DEPOSITS                               44,086      34,667        36,643 
                                           ---------   ---------    -----------
    TOTAL DEPOSITS                           106,154      94,465        95,233 

LONG-TERM BORROWINGS                               0           0             0 

ACCRUED AND OTHER LIABILITIES                    535         423           689 

INCOME TAXES PAYABLE:
  CURRENT                                         99          60            39 
  DEFERRED                                        41           0             4 
                                           ---------   ---------    -----------
    TOTAL LIABILITIES                         106,829      94,948        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                           10,024       8,768         8,930 
  TREASURY STOCK                                (860)       (860)         (860)
                                           ---------   ---------    -----------
    TOTAL STOCKHOLDERS' EQUITY                12,509      11,253        11,415 
                                           ---------   ---------    -----------
                                            $119,338    $106,201      $107,380 
                                           ---------   ---------    -----------
                                           ---------   ---------    -----------
</TABLE>

SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.


<PAGE>


                           LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
                                     Consolidated Statements of Income
                  For the Three Month Periods Ended September 30, 1997 and 1996
                                           (In Thousands)

                                                          1997            1996
                                                          ----            ----


INTEREST INCOME:
         INTEREST ON LOANS                            $  1,759        $  1,460
         INTEREST ON INVESTMENTS                           382             320
         INTEREST ON FEDERAL FUNDS SOLD                    119             120
                                                       -------         -------
                                                         2,260           1,900

INTEREST EXPENSE:
         INTEREST ON DEPOSITS                              938             761
         OTHER INTEREST EXPENSE                              0               0
                                                       -------         -------

                  NET INTEREST INCOME                    1,322           1,139

PROVISION FOR LOAN LOSSES                                   15              15
                                                       -------         -------

         NET INTEREST INCOME AFTER  
          PROVISION FOR LOAN LOSSES                      1,307           1,124

OTHER INCOME:  
         SERVICE FEES                                      347             281
         OTHER OPERATING INCOME                              7              11
                                                       -------         -------

          TOTAL OTHER INCOME                               354             292

OTHER EXPENSES:
         SALARIES AND BENEFITS                             433             389
         EXPENSE OF BANK PREMISES AND
          EQUIPMENT                                        103              80
         OTHER OPERATING EXPENSES                          303             284
                                                       -------         -------

          TOTAL OTHER EXPENSES                             839             753

INCOME BEFORE INCOME TAXES                                 822             663

FEDERAL INCOME TAXES                                       278             227
                                                       -------         -------

         NET INCOME                                   $    544        $    436
                                                       -------         -------
                                                       -------         -------

PER SHARE OF COMMON STOCK NET INCOME                  $   1.16        $   0.93
                                                       -------         -------
                                                       -------         -------


   SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
                

<PAGE>

                 LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
                       Consolidated Statement of Income
          For the Nine Month Period Ended September 30, 1997 and 1996
                                (In Thousands)

                                                           1997          1996
                                                           ----          ----
INTEREST INCOME:
     INTEREST ON LOANS..............................      $4,963        $4,173
     INTEREST ON INVESTMENTS........................       1,080           835
     INTEREST ON FEDERAL FUNDS SOLD.................         349           369
                                                          ------        ------
                                                           6,392         5,377

INTEREST EXPENSE:
     INTEREST ON DEPOSITS...........................       2,631         2,174
     OTHER INTEREST EXPENSE.........................           0             8
                                                          ------        ------
          NET INTEREST INCOME.......................       3,761         3,195

PROVISION FOR LOAN LOSSES...........................          30            35
                                                          ------        ------
          NET INTEREST INCOME AFTER PROVISION
            FOR LOAN LOSSES.........................       3,731         3,160

OTHER INCOME:
     SERVICE FEES...................................         909           666
     OTHER OPERATING INCOME.........................          34            41
                                                          ------        ------
          TOTAL OTHER INCOME........................         943           707

OTHER EXPENSES:
     SALARIES AND BENEFITS..........................       1,272         1,159
     EXPENSE OF BANK PREMISES AND EQUIPMENT.........         286           241
     OTHER OPERATING EXPENSES.......................         873           821
                                                          ------        ------
          TOTAL OTHER EXPENSES......................       2,431         2,221

INCOME BEFORE INCOME TAXES..........................       2,243         1,646

FEDERAL INCOME TAXES................................         753           555
                                                          ------        ------
     NET INCOME.....................................       1,490         1,091
                                                          ------        ------
                                                          ------        ------

PER SHARE OF COMMON STOCK NET INCOME................      $ 3.19        $ 2.33
                                                          ------        ------
                                                          ------        ------

SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

<PAGE>


              LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
          CONSOLIDATED STATEMENT IN CHANGES IN STOCKHOLDERS' EQUITY
         FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 1997 AND 1996

<TABLE>
<CAPTION>
                                                                             NET UNREALIZED
                                                                              (LOSSES) ON
                                            COMMON              RETAINED     AVAILABLE-FOR-     TREASURY
                                             STOCK   SURPLUS    EARNINGS    SALES SECURITIES     STOCK       TOTAL
                                            ------   -------    --------    ----------------    --------    -------
<S>                                         <C>      <C>        <C>         <C>                 <C>         <C>
BALANCE - DECEMBER 31
       1996..............................   $1,274    $2,071     $8,986           ($56)           ($860)    $11,415

CHANGE IN NET UNREALIZED
       HOLDING GAINS (LOSSES)
       ON AVAILABLE FOR-SALE
       SECURITIES........................                                           58                           58

DIVIDENDS ON 467,612 SHARES COMMON
       STOCK @ $.97 PER SHARE............                          (454)                                       (454)

NET INCOME FOR THE NINE MONTHS
       ENDED SEPTEMBER 30, 1997..........                         1,490              0                0       1,490
                                            ------   -------    --------    ----------------    --------    -------
                                            $1,274    $2,071    $10,022             $2            ($860)    $12,509
                                            ------   -------    --------    ----------------    --------    -------
                                            ------   -------    --------    ----------------    --------    -------


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........................                                          (19)                         (19)

DIVIDENDS ON 467,612 SHARES COMMON
       STOCK @ $0.45 PER SHARE...........                          (211)                                       (211)

NET INCOME FOR THE NINE MONTHS
       ENDED SEPTEMBER 30, 1996..........                         1,091                                       1,091
                                            ------   -------    --------    ----------------    --------    -------
                                            $1,274    $2,071     $8,866           ($98)           ($860)    $11,253
                                            ------   -------    --------    ----------------    --------    -------
                                            ------   -------    --------    ----------------    --------    -------
</TABLE>


SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.


<PAGE>

                    Logan County Bancshares, Inc. and Subsidiaries
                                Statement of Cash Flows
                                Consolidated Cash Flows
                For the Nine Month Periods Ended September 30, 1997 and 1996
                                     (in thousands)

<TABLE>
<CAPTION>
                                                1997              1996
                                                ----              ----
<S>                                           <C>               <C>
Cash flows from Operating Activities:
 Net income                                     $1,490            $1,091
 Adjustment to Reconcile Net Income to
  net cash provided by operating
  activities:
   Depreciation                                    108               109
   Security amortization and accreation              6                10
   Market value amortization                        (3)               (3)
   Provision for loan losses                        30                35
   (Gain) loss on sale of investment
    securities                                      (5)                0
   (Increase) decrease in other assets            (134)             (251)
   Increase (decrease) in other
    liabilities                                    (15)             (127)
                                              --------          --------
 Net cash provided by operating activities       1,477               864

Cash flows from investing activities:
 Proceeds from sale of securities available
  for sale                                       4,000             1,000
 Proceeds from maturities of securities          3,000             4,000
 Purchase of securities available for sale      (6,500)           (6,227)
 Purchase of securities held to maturity             0            (1,491)
 Net (increase) decrease in federal 
  funds sold                                      (585)           (4,390)
 Net (increase) decrease in loans              (11,165)           (5,088)
 Proceeds from sale of assets                        0                 0
 Purchase of bank premises and equipment          (106)             (320)
                                              --------          --------
 Net cash provided by investing activities     (11,356)          (12,516)

Cash flows from financing activities:
 Net increase (decrease) in demand
  deposits                                       3,925             3,585
 Net increase (decrease) in savings 
  deposits                                        (447)              519
 Net increase (decrease) in time
  deposits                                       7,443             6,644
 Dividends paid                                   (454)             (211)
 Proceeds from long-term borrowings                  0               187
 Repayment of borrowings                             0              (187)
                                              --------          --------
 Net cash provided by financing 
  activities                                    10,467            10,537
Net increase (decrease) in cash and
 cash equivalents                                  588            (1,115)
Cash and cash equivalent at beginning
 of period                                       4,435             4,361
                                              --------          --------
Cash and cash equivalent at end of
 period                                         $5,023            $3,246
                                              --------          --------
                                              --------          --------
</TABLE>

   See Accompanying Notes to Consolidated Financial Statements.

<PAGE>


                                September 30, 1997

                 LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements

1. Financial Statements:
         The foregoing statements are unaudited; however, in the opinion of 
   the Management, all adjustments (comprising of only normal recurring 
   accruals) necessary for a fair presentation of the financial statements 
   have been included.

2. Basis of Consolidation:
         The Consolidated Statement of Condition and Consolidated Statement 
   of Income of Logan County BancShares, Inc. include the activity of Logan 
   Bank and Trust Company, a wholly owned subsidiary.




<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 $1,490,000. for the nine months ended 
September 30, 1997 compared to $1,091,000. for the nine months ended 
September 30, 1996, representing a 36.57% increase. This increase was 
primarily the result of the increase in net interest income of $571,000., 
increase in other income of $236,000. These were offset by increase in all 
operating expenses of 408,000.

    Earnings per common share were $3.19 for the nine months ended September 
30, 1997 compared with $2.33 for the same period of 1996.

    Logan County Bancshares' annualized return on assets (ROA) for the nine 
month period ended September 30, 1997 was 1.66% compared to 1.37% for the 
nine month period ended September 30, 1996. Annualized return on 
shareholders' equity (ROE) was 15.88% and 12.92% at September 30, 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 $6,392,000. at September 30, 1997, an 
increase of $1,015,000. from September 30, 1996. Interest expense also 
increased $449,000., resulting in an overall increase of $566,000. or 17.91% 
in net interest income between September 30, 1997 and September 30, 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.


<PAGE>

    For the nine month period ended September 30, 1997, the provision for 
loan losses decreased $5,000. to $30,000. or 16.67% compared to the same period 
ended September 30, 1996.

    The reserve for loan losses was $595,000. at September 30, 1997 compared 
to $680,000. at September 30, 1996. Expressed as a percentage of loans (net 
of unearned income), the reserve for loan losses was .72% at September 30, 
1997 and .98% at September 30, 1996.

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

<TABLE>
<CAPTION>
                SUMMARY OF PAST DUE LOANS AND NONPERFORMING ASSETS
                             (in thousands of dollars)

                                            September 30,
                                        ---------------------
                                          1997         1996
                                        --------     --------
<S>                                     <C>          <C>
Loans past due 90 or more days
  still accruing interest                  $254       $1,063
                                        --------     --------
Nonperforming assets:
  Nonaccruing loans                         550          691
  Other real estate owned                   209          262
                                        --------     --------
                                           $759       $  953
                                        --------     --------
                                        --------     --------
</TABLE>

NONINTEREST INCOME

    Noninterest income includes revenues from all sources other than interest 
income. For the nine month period ended September 30, 1997, noninterest 
income totalled $943,000., representing an increase of $236,000., or 33.38% 
from the $707,000. recorded during the same period of 1996. This increase was 
primarily due to increases in service fees income of $243,000.

    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 September 30, 
1997, the Company's noninterest expense totalled $2,431,000., remaining 
consistent with total noninterest expense for the six months ended June 30, 
1996. Expressed as a percentage of assets, annualized noninterest expense was 
2.72% at September 30, 1997, compared to 2.79% at September 30, 1996.


<PAGE>

     Salaries and employee benefits are Logan County Bancshares' largest 
noninterest cost, representing approximately 52% of total noninterest expense 
at September 30, 1997 and 1996. Salaries and employee benefits increased 
$113,000., or 9.75% at September 30, 1997 compared to September 30, 1996. 
This increase is primarily due to increased personnel.

INCOME TAXES

     Logan County Bancshares' federal income tax expense, for the nine month 
period ended September 30, 1997, reflected a $198,000, increase when compared 
to the same period of 1996. Income tax expense equalled 33.57% and 33.72% of 
income before taxes at September 30, 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.

Balance Sheet Data:

     Total assets grew by $11,958,000, between year end and September 30, 
1997 to a balance of $119,338,000. The major component of this growth was an 
increase in Federal Funds sold of $585,000, and loan increases of 
$11,048,000. The primary source of funds for this growth was an increase in 
deposits of $10,921,000, and net income of $1,490,000.


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 September 30, 1997, Federal Funds Sold 
amounted to $7,860,000, and securities maturing within one year amounted to 
$4,216,000. These are compared to the balances at June 30, 1996 of 
$11,860,000, in Federal Funds Sold and maturing Investment Securities of 
$6,385,000, 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 $100,000, 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.




<PAGE>

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 $10,024,000 
and has a total Stockholders' Equity of $12,509,000. As of September 30, 
1997; as compared to $8,768,000 of Retained Earnings and total Stockholders' 
equity of $11,253,000 at September 30, 1996.

      The equity capital was 10.48% and 10.60% of total assets at September 
30, 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  November 13, 1997                 /s/ Frank Oakley
    ------------------------------     -----------------------------------------
                                       Frank Oakley, President
                                       (Signature)



Date  November 13, 1997                 /s/ Eddie D. Canterbury
    ------------------------------     -----------------------------------------
                                       Eddie D. Canterbury, Exec. Vice President
                                       (Signature)