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, 2001
  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. YesxNoo 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. 716,991   LOGAN COUNTY BANCSHARES, INC.



PART
  I -
  FINANCIAL INFORMATIONITEM
  I
  FINANCIAL STATEMENTS:Consolidated
  Statement of Condition As of March 31,2001 and 2000 and
  December 31, 2000.Consolidated
  Statement of Income For the Three MonthPeriod Ended March 31,
  2001 and 2000.Consolidated  Statement 
  of Changes in Stockholders'Equity
  for the Three Month Period Ended March31,
  2001 and 2000.Consolidated
  Statement of Cash Flows for the ThreeMonth Period Ended
  March 31, 2001 and 2000.Notes to
  Consolidated Financial StatementsITEM
  2.
  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIALCONDITION
  AND RESULTS OF OPERATIONS.PART II - OTHER INFORMATIONSIGNATURESLOGAN COUNTY BANCSHARES, INC.
AND SUBSIDIARIESConsolidated Statement of Income
For the Three Month Periods Ended March 31, 2001 and 2000
(In Thousands)

2001
  2000INTEREST INCOME:INTEREST ON LOANS
  $2,442
  $2,241INTEREST ON INVESTMENTS
  420
  478INTEREST ON FEDERAL FUNDS
  SOLD
  160
  53,022
  2,724INTEREST EXPENSE:INTEREST ON DEPOSITS
  1,273
  1,156INTEREST OTHER
  34
  0NET INTEREST
  INCOME
  1,715
  1,568PROVISION FOR LOAN
  LOSSES
  30
  0NET INTEREST INCOME AFTER
  PROVISION FOR LOAN LOSSES
  1,685
  1,568OTHER INCOME:SERVICE FEES
  150
  146OTHER OPERATING INCOME
  35
  41TOTAL OTHER
  INCOME
  185
  187OTHER EXPENSES:SALARIES AND BENEFITS
  513
  539EXPENSE OF BANK PREMISES
  AND EQUIPMENT
  142
  137OTHER OPERATING EXPENSES
  423
  354TOTAL OTHER
  EXPENSES
  1,078
  1,030INCOME BEFORE INCOME
  TAXES
  792
  725INCOME TAXES
  285
  257NET INCOME
  $507
  $468PER SHARE OF COMMON
  STOCK NET INCOME
  $0.71
  $0.65SEE ACCOMPANYING NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS.

LOGAN COUNTY BANCSHARES, INC. AND SUBSIDIARIESConsolidated Statement of
Condition
March 31, 2001 and 2000 and December 31, 2000
(In Thousands)

March 31,
  December 31,ASSETS
  2001
  2000
  2000CASH AND DUE FROM
  BANKS
  $6,144
  $5,000
  $4,686INVESTMENT SECURITIES:AVAILABLE FOR SALE
  30,806
  28,967
  29,618HELD TO MATURITY
  0
  0
  0FEDERAL FUNDS SOLD
  13,110
  750
  4,280LOANS:TOTAL LOANS
  112,405
  109,059
  113,641RESERVE FOR LOAN
  LOSSES
  737
  701
  702NET LOANS
  111,668
  108,358
  112,939BANK PREMISES AND
  EQUIPMENT
  3,552
  3,732
  3,594ACCRUED INTEREST AND
  OTHER ASSETS
  2,059
  3,008
  2,363$167,339
  $149,815
  $157,480LIABILITIES
  AND STOCKHOLDERS' EQUITYDEPOSITS:DEMAND DEPOSITS:NON-INTEREST
  $25,337
  $20,159
  $23,343INTEREST BEARING
  22,264
  22,237
  19,435SAVINGS DEPOSITS
  33,602
  33,029
  32,288TIME DEPOSITS
  66,735
  59,040
  63,657TOTAL DEPOSITS
  147,938
  134,465
  138,723FEDERAL FUNDS
  PURCHASED
  2,000
  0
  2,000ACCRUED AND OTHER
  LIABILITIES
  640
  448
  718INCOME TAXES PAYABLE:CURRENT
  274
  239
  18DEFERRED
  97
  72
  7TOTAL LIABILITIES
  150,949
  135,224
  141,466STOCKHOLDERS' EQUITY:COMMON STOCK-$1.67 PAR VALUE;AUTHORIZED
  - 780,000 SHARES OUTSTANDING-716,991 SHARES IN 2000 AND 1999
  1,300
  1,300
  1,300SURPLUS
  2,408
  2,408
  2,408RETAINED EARNINGS
  13,542
  11,743
  13,166TREASURY STOCK
  (860)
  (860)
  (860)TOTAL STOCKHOLDERS'
  EQUITY
  16,390
  14,591
  16,014$167,339
  $149,815
  $157,480SEE ACCOMPANYING NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS.

LOGAN COUNTY BANCSHARES, INC.
AND SUBSIDIARIESConsolidated Statement in
Changes in Stockholders' Equity
For the Three Month Periods Ended March 31, 2001 and 2000
(In Thousands)

Common
  Stock
  Surplus
  Retained
  Earnings
  Accumulated
  Other
  Comprehensive
  Income, Net
  Treasury
  Stock
  TotalBALANCE - DECEMBER 312000
  $1,300
  $2,408
  $13,237
  ($71)
  ($860)
  $16,014COMPREHENSIVE INCOMENET INCOME FOR THE THREE MONTHS ENDED
  MARCH 31, 2001
  0
  0
  507
  0
  0
  507NET UNREALIZED GAINS
  (LOSSES) ON AVAILABLE FOR-SALE SECURITIES
  
  
  
  105
  
  105TOTAL COMPREHENSIVE
  INCOME
  0
  0
  507
  105
  0
  612DIVIDENDS ON 716,991
  SHARES COMMON STOCK @ $0.33
  
  
  (236)
  
  
  (236)$1,300
  $2,408
  $13,508
  $34
  ($860)
  $16,390BALANCE - DECEMBER 31
  1999
  $1,300
  $2,408
  $12,236
  ($641)
  ($860)
  $14,443COMPREHENSIVE INCOMENET INCOME FOR THE THREE MONTHS
  ENDED    MARCH 31, 2000
  0
  0
  468
  0
  0
  468CHANGE IN NET
  UNREALIZEDHOLDING
  GAINS (LOSSES) ON AVAILABLE FOR-SALE SECURITIES
  
  
  
  (91)
  
  (91)TOTAL COMPREHENSIVE
  INCOME
  0
  0
  468
  (91)
  0
  377DIVIDENDS ON 716,991
  SHARESCOMMON STOCK @ $0.32
  
  
  (229)
  
  
  (229)Balance March 31, 2000
  $1,300
  $2,408
  $12,475
  ($732)
  ($860)
  $14,591SEE
ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

LOGAN COUNTY BANCSHARES, INC.
AND SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH
FLOWS
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2001 AND 2000

2001
  2000CASH FLOWS FROM
  OPERATING ACTIVITIES:NET INCOME
  $507
  $468ADJUSTMENTS TO RECONCILE NET INCOME TO
  NET CASH PROVIDED BY OPERATING ACTIVITIES:DEPRECIATION
  67
  67SECURITY AMORTIZATION AND
  ACCREATION
  0
  3MARKET VALUE AMORTIZATION
  (1)
  (1)PROVISION FOR LOAN LOSSES
  30
  0(INCREASE) DECREASE IN OTHER
  ASSETS
  304
  (52)INCREASE (DECREASE) IN OTHER
  LIABILITIES
  163
  (84)NET CASH PROVIDED BY OPERATING ACTIVITIES
  1,070
  401CASH FLOWS FROM
  INVESTING ACTIVITIES:PROCEEDS FROM SALE OF SECURITIES
  AVAILABLE FOR SALE
  11,000
  0PROCEEDS FROM MATURITIES OF SECURITIES
  AVAILABLE FOR SALE
  2,000
  900PURCHASE OF SECURITIES AVAILABLE FOR SALE
  (13,977)
  0NET (INCREASE) DECREASE IN FEDERAL FUNDS
  SOLD
  (8,830)
  (750)NET (INCREASE) DECREASE IN LOANS
  1,241
  513PURCHASE OF BANK PREMISES AND EQUIPMENT
  (25)
  (25)NET CASH PROVIDED BY INVESTING ACTIVITIES
  (8,591)
  638CASH FLOWS FROM
  FINANCING ACTIVITIES:NET INCREASE (DECREASE) IN DEMAND
  DEPOSITS
  4,823
  4,065NET INCREASE (DECREASE) IN SAVINGS
  DEPOSITS
  1,314
  2,005NET INCREASE (DECREASE) IN TIME DEPOSITS
  3,078
  776NET INCREASE (DECREASE) IN FEDERAL FUNDS
  PURCHASED
  0
  (9,840)DIVIDENDS PAID
  (236)
  (229)NET CASH PROVIDED BY FINANCING ACTIVITIES
  8,979
  (3,223)NET INCREASE
  (DECREASE) IN CASH AND CASH EQUIVALENTS
  1,458
  (2,184)CASH AND CASH
  EQUIVALENT AT BEGINNING OF PERIOD
  4,686
  7,184CASH AND CASH
  EQUIVALENT AT END OF PERIOD
  $6,144
  $5,000SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS.

March 31, 2001







LOGAN
COUNTY BANCSHARES, INC. AND SUBSIDIARIESNotes 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.3.          Year 2000 Assessment


Management has initiated a Company-wide program to
assess its data processing, information systems and customer service programs
to ensure the  Company's operating
capabilities in the year 2000. Currently, the Company's Subsidiary Bank, L B
& T, uses EDS, a regional provider of financial institution data
processing, as it's primary provider of computer services and  data processing. EDS has certified it's
hardware and software are Year 2000, and beyond, compliant.The Company  had
their computer hardware evaluated  for
Year 2000 compliance and  purchased
additional computer hardware and software at a cost of  approximately $175,000.  These costs were capitalized and will be
amortized over five  years.  It is the opinion of management that the
cost of converting  these systems and
the annual amortization, thereof, will not materially impact the results of
operation or its financial position.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 $507,000.  for the 
three months ended March  31,
2001  compared to  $468,000. for  the three  months ended
March  31,  2000,  representing  a 
8.34%  increase.   This 
increase  was primarily the result
of the increase  in net interest income
of $147,000., increase  in all  operating expenses  of $48,000.  and
decrease  in income taxes of $28,000.

Earnings
per common share were $0.71 for the three months ended March 31, 2001 compared
with $0.65 for the same period of 2000.

Logan
County Bancshares' annualized return on assets (ROA) for the three month period
ended March 31,  2001 was 1.21%
compared  to 1.25% for the three month
period ended  March 31,  2000. 
Annualized return on shareholders' equity (ROE) was 12.37% and
12.83%  at March 31, 2001 and 2000,
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 $3,022,000. at March 31, 2001, an increase of $298,000. from
March 31, 2000.  Interest expense also
increased $151,000., resulting in an overall increase of $147,000. or 9.38% in
net interest income between March 31, 2001 and March 31, 2000.

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, 2001
and 2000,  the provision for loan losses
was $30,000 and $0. respectively.

The
reserve for loan losses was  $737,000.
at March 31, 2001 compared to $701,000. at 
March 31, 2000.  Expressed as a  percentage of loans (net of unearned  income), the reserve  for loan losses  was .66% at  March 31,
2001 and .64% at March 31, 2000.

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 31,2001
  2000Loans past due 90 or
  more days still accruing interest
  $2,397
  $3,266Nonperforming assets:Nonaccruing loans
  423
  684Other real estate owned
  257
  373$680
  $1,057NONINTEREST INCOME

Noninterest  income includes  revenues  from all  sources other  than interest 
income.   For the  three 
month  period  ended March 
31,  2001, noninterest income
totalled $185,000., representing a decrease of $2,000., or 1.07% from the $187,000.
recorded during the same period of 2000. 
This decrease was primarily due to decreases  in other income of $6,000. offset by increased fees of $4,000.

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, 2001,
the  Company's noninterest expense
totalled  $1,078,000., increasing
$48,000. over the $1,030,000. of 
noninterest expense for the three months ended March  31, 2000.  
Expressed as a  percentage
of  assets, annualized noninterest
expense  was 2.57%  at March 
31, 2001,  compared to  2.75% at March 31, 2000.

Salaries
and employee benefits are Logan County Bancshares' largest noninterest cost,
representing  approximately  50% 
of total  noninterest expense at
March 31, 2001 and 2000.  Salaries and
employee benefits decreased $26,000., 
or 10.90%  at March  31, 2001 
compared to  March 31, 2000.  This decrease is primarily due to timing of
personnel benefit accruals.

INCOME TAXES

Logan
County Bancshares' federal income tax expense, for the three month period ended
March 31,  2001, reflected a $28,000.
increase when compared to the same period of 2000.  Income tax expense equalled 35.98% and  35.45% of income before 
taxes at  March 31,  2001 
and 2000, respectively.  For  financial reporting purposes, income tax
expense does not equal  the
statutory  income tax  rate of 43% 
when applied  to pretax income,
primarily because  of timing differences
in expense  items for tax purposes.

Balance Sheet Data:

Total
assets increased by $9,859,000. between year end and March 31, 2001 to a
balance of $167,339,000.  The major
component of this change was a increase 
in Federal  Funds Sold  of $8,830,000.  and cash  increased by
$1,458,000.  The primary  source of funds for this change  was an increase in deposits of $9,215,000.,
and net income of $507,000.

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,  2001, Federal Funds Sold
amounted to $13,110,000. and securities maturing within one year  amounted to $2,995,000.  These 
are compared to the  balances at
March 31, 2000 of $750,000. in  Federal
Funds Sold and maturing Investment Securities of $2,499,000. 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 
2001 and  2000, banks
continue  to be 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, it has accumulated Retained  Earnings of $13,542,000. and has a
total  Stockholders' Equity  of 
$16,390,000.  as of  March 
31, 2001;  as compared  to $11,743,000.  of  Retained Earnings  and total 
Stockholders' equity of $14,591,000. at March 31, 2000.

The
equity capital  was 9.79% and 9.74% of
total  assets at March 31, 2001  and  
2000  respectively.   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.

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)DateHarvey
  Oakley, President(Signature)DateEddie
  D. Canterbury, Exec. Vice Pres.(Signature)