U.S. Securities and Exchange Commission
                Washington, D.C.  20549

                       Form 10-Q

          For the Quarter Ended June 30, 1999

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

[  ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
THE EXCHANGE ACT
For the transition period from ___________________ to
__________________

            Commission file number 0-12724

                   Belmont Bancorp.
                  An Ohio Corporation
          IRS Employer ID number - 34-1376776
                    325 Main Street
                Bridgeport, Ohio  43912
               Telephone (740) 695-3323

Check whether the issuer (1) filed all reports
required to be filed by Section 13 or 15(d) of the
Exchange Act during the past 12 months, and (2) has
been subject to such filing requirements for the past
90 days.  Yes   X   No ___

The number of shares outstanding of each of the
issuer's classes of common equity, as of the latest
practicable date:

             Common Stock, $0.25 par value,
                 5,236,534 shares
                    outstanding
                 as of August 4, 1999
<PAGE>

                       FORM 10-Q
                   BELMONT BANCORP.
              Quarter Ending June 30,1999

                         INDEX

Part I.  Financial information

Management's report on financial statements

Consolidated Statements of Condition - June 30, 1999,
December 31, 1998, and June 30, 1998

Consolidated Statements of Income-Six Months Ended
June 30, 1999 and June 30, 1998

Consolidated Statements of Income-Three Months
Ended June 30, 1999 and June 30, 1998

Consolidated Statements of Cash Flows-Six Months
Ended June 30, 1999 and June 30, 1998

Consolidated Statements of Changes in Shareholders'
Equity Six Months Ended June 30, 1999 and June 30, 1998

Notes to the Consolidated Financial Statements

Management's Discussion and Analysis of Financial
Condition and Results of Operations

Part II - Other Information

Legal Proceedings
Changes in Securities
Defaults upon Senior Securities
Submission of Matters to a Vote of Security Holders
Other Information
Signature page
<PAGE>

PART I - FINANCIAL INFORMATION

ITEM 1. - FINANCIAL STATEMENTS

MANAGEMENT'S REPORT ON FINANCIAL STATEMENTS

     The following consolidated financial statements
and related notes of Belmont Bancorp. and subsidiaries
were prepared by management, which has the primary
responsibility for the integrity of the financial
information.  The statements are prepared in conformity
with generally accepted accounting principles
appropriate in the circumstances, and include amounts
that are based on management's best estimates and
judgments.  Financial information elsewhere in the
quarterly report is prepared on a basis consistent with
that in the financial statements.

     In meeting its responsibility for the accuracy of
the financial statements, management relies on the
Corporation's comprehensive system of internal
accounting controls.  This system is intended to provide reason-
able assurance that assets are safeguarded and transactions
are recorded to permit the preparation of appropriate
financial information.  The system of internal controls
is characterized by an effective control oriented
environment within the Corporation which is augmented
by written policies and procedures, internal audits and
the careful selection and training of qualified
personnel.

     The functioning of the accounting system and
related internal accounting controls is under the
general oversight of the Audit Committee of the Board
of Directors, which is comprised of seven outside
directors.  The accounting system and related controls
are reviewed by a program of internal audits and by the
Corporations' independent accountants.  The Audit
Committee meets regularly with the contract internal
auditor and the independent public accountants to
review the work of each and ensure that each group is
properly discharging its responsibilities.  In
addition, the Committee reviews and approves the scope
and timing of the internal and external audits and any
findings with respect to the system of internal
controls.  Reports of examinations conducted by federal
regulatory agencies are also reviewed by the Committee.

BASIS OF PRESENTATION

     The consolidated financial statements include the
accounts of Belmont Bancorp. and its subsidiaries,
Belmont National Bank and Belmont Financial Network.
<PAGE>


Belmont Bancorp. and Subsidiaries
Consolidated Condensed Balance Sheet       `
(Unaudited)  ($000s except per share amounts)
                                             June 30,   December 31,  June 30,
                                             1999       1998          1998
ASSETS

    Cash and due from banks                  $ 10,272   $  9,439      $ 11,190
    Federal funds sold                              -          -           475
    Loans held for sale                         2,548      1,734         1,615
    Trading securities                              -      2,281           988
    Securities available for sale at
    market value                              165,485    184,995       148,187
    Securities held to maturity                     -     12,516        14,254
    Loans                                     197,515    206,452       221,954
    Less allowance for possible loan
    losses                                    (6,932)    (5,475)       (4,307)
          Net loans                           190,583    200,977       217,647
    Premises and equipment, net                 7,485      7,377         7,445
    Other real estate owned                       205          -             -
    Accrued income receivable                   2,826      2,731         2,921
    Other assets                               19,551     16,233        11,576
          Total assets                       $398,955   $438,283      $416,298

LIABILITIES

    Non-interest bearing deposits:
           Demand                            $ 26,757   $ 30,219      $ 27,524
    Interest-bearing deposits:
           Demand                              36,723     42,437        43,554
           Savings                             81,424     88,265        81,593
           Time                               134,778    143,430       136,593
           Total deposits                     279,682    304,351       289,264
    Securities sold under repurchase
    agreements                                  5,397      6,239         7,685
    Federal funds purchased and other
    short-term borrowings                          66      3,950             -
    Long term debt                             91,021     91,401        72,214
    Accrued interest on deposits and
      other borrowings                            845        896           928
    Other liabilities                           2,355      6,082        12,991
            Total liabilities                $379,366   $412,919      $383,082

SHAREHOLDERS' EQUITY

    Preferred stock - authorized 90,000
    shares with
    no par value; issued and
    outstanding, none                               -          -             -
    Common stock  - $0.25 par value,
    17,800,000 shares
    authorized; 5,288,326 issued at
    6/30/99                                  $  1,321   $  1,321      $  1,321
    Surplus                                     7,904      7,854         7,854
    Treasury stock (51,792 shares at
    6/30/99;  66,174 shares at 12/31/98;
    52,660 shares at 6/30/98)                 (1,170)    (1,400)         (501)
    Retained earnings:
             Unappropriated                    13,757     17,938        23,910
             Appropriated for
             contingencies                        850        850           850
    Accumulated other comprehensive
    (loss)                                    (3,073)    (1,199)         (218)
          Total shareholders' equity         $ 19,589   $ 25,364      $ 33,216
          Total liabilities and
          shareholders' equity               $398,955   $438,283      $416,298
<PAGE>
<PAGE>
Belmont Bancorp. and Subsidiaries
Consolidated Condensed Statement of Income
(Unaudited)  ($000s except per share amounts)
                                     For the Six Months Ended June 30,
                                     1999        1998
INTEREST INCOME

    Loans and lease financing
        Taxable                      $    9,031  $   10,451
        Tax-exempt                          142         133
    Investment securities:
        Taxable                           3,687       3,517
        Tax-exempt                          915         635
    Dividends                               180         163
    Interest on trading
    securities                               86           6
    Interest on fed funds sold               48          56

        Total interest income            14,089      14,961

INTEREST EXPENSE

      Deposits                            5,639       5,515
      Borrowings                          2,707       2,228
         Total interest expense           8,346       7,743
         Net interest income              5,743       7,218
      Provision for possible
      loan losses                         7,606         275
         Net interest income
         (loss) after provision
         for possible loan
         losses                         (1,863)       6,943

NON-INTEREST INCOME

      Trust fees                            232         237
      Service charges on
      deposits                              424         353
      Other operating income                428         452
      Investment securities
      gains (losses)                        (1)         (1)
      Trading profits (losses)             (10)          31
      Gains (losses) on
      securities available for sale        (16)         587
      Total non-interest
      income                              1,057       1,659

NON-INTEREST EXPENSE

      Salary and employee
      benefits                            2,153       2,129
      Net occupancy expense of
      premises                              473         405
      Equipment expenses                    439         476
      Other operating expenses            1,839       1,502

          Total non-interest
          expense                         4,904       4,512
          Income (loss) before
          income taxes                  (5,710)       4,090
INCOME TAXES (CREDIT)                   (2,156)       1,085
          Net income (loss)            ($3,554)  $    3,005

PER COMMON SHARE DATA

        Net income (loss) per
        share                           ($0.68)  $     0.57
        Cash dividend per share      $    0.120  $    0.185
        Book value per share         $     3.74  $     6.31
        Weighted average shares
        outstanding                   5,234,309   5,262,797
<PAGE>
Belmont Bancorp. and Subsidiaries
Consolidated Condensed Statement of Income
(Unaudited)  ($000s except per share amounts)
                                         Three months ended June 30,
                                         1999        1998
INTEREST INCOME

    Loans and lease financing
        Taxable                      $    4,172   $   5,236
        Tax-exempt                           72          67
        Investment securities:
        Taxable                           1,710       1,689
        Tax-exempt                          530         344
    Dividends                                92          82
    Interest on trading
    securities                               34           5
    Interest on fed funds sold               11          17

        Total interest income             6,621       7,440

INTEREST EXPENSE

      Deposits                            2,747       2,855
      Borrowings                          1,352       1,068
      Total interest expense              4,099       3,923
      Net interest income                 2,522       3,517
      Provision for possible
      loan losses                         1,871         125
      Net interest income
      (loss) after provision
      for possible loan losses              651       3,392

NON-INTEREST INCOME

      Trust fees                            104         128
      Service charges on
      deposits                              237         182
      Other operating income                203         222
      Investment securities
      gains (losses)                          -         (1)
      Trading profits (losses)               50          17
      Gains (losses) on
      securities available for sale        (57)         267
      Total non-interest income             537         815

NON-INTEREST EXPENSE

      Salary and employee
      benefits                            1,071       1,063
      Net occupancy expense of
      premises                              222         206
      Equipment expenses                    210         255
      Other operating expenses            1,129         762
          Total non-interest
          expense                         2,632       2,286
          Income (loss) before
          income taxes                  (1,444)       1,921
INCOME TAXES (CREDIT)                     (499)         494
           Net income (loss)             ($945)      $1,427

PER COMMON SHARE DATA

        Net income (loss) per
        share                           ($0.18)       $0.27
        Cash dividend per share               -      $0.100
        Weighted average shares
        outstanding                   5,236,534   5,261,996
<PAGE>

Belmont Bancorp. and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
Six Months Ended June 30 (Unaudited)


                                                   1999        1998
Operating Activities

Net income (loss)                                   ($3,554)   $   3,005

Adjustments to reconcile net income to net
cash flows provided by operating activities:
Provision for possible loan losses                     7,606         275
Depreciation and amortization expense                    360         403
Amortization of investment security
premiums                                               1,599         897
Accretion of investment security discounts and
interest recorded on zero-coupon securities            (279)       (126)
Trading (gains) losses                                    10        (31)
Investment securities (gains) losses                       1           1
(Gains) losses on securities available for sale           17       (587)
Gain on sale of loans                                   (25)        (70)
Proceeds on sale of trading assets                    13,592       3,152
Purchase of trading assets                          (15,516)     (3,640)
(Increase) decrease in interest receivable              (95)       (335)
Increase (decrease) in interest payable                 (51)         197
Others, net                                          (6,083)       9,543
   Net cash provided (used) by operating
   activities                                        (2,418)      12,684

Investing Activities
Net decrease in federal funds sold                         0       (475)
Proceeds on sale of securities available for
sale                                                  32,104      37,845
Proceeds from maturities and calls of investment
securities                                               171       3,161
Purchase of securities available for sale           (27,754)    (81,826)
Principal collected on mortgage-backed
securities                                            27,526      14,206
Net (increase) decrease in loans and
leases, net of charge offs                           (5,408)    (12,952)
Proceeds on sale of loans                              6,922      14,220
Recoveries on loans previously charged off               280          12
Proceeds from sale of other real estate owned              0          39
Purchases of premises and equipment                    (468)       (447)
Net cash provided (used) by investing
activities                                            33,373    (26,217)

Financing Activities
Net increase (decrease) in deposits                 (24,669)      25,356
Net increase (decrease) in repurchase agreements       (842)       2,429
Net increase (decrease) in short-term borrowings     (3,884)    (14,635)
Proceeds on long-term debt                                 0      15,000
Payments on long-term debt                             (380)    (12,421)
Purchase of treasury stock                                 0       (409)
Treasury stock issued                                    280         112
Dividends paid on common and preferred stock           (627)       (974)
Net cash provided (used) by financing
activities                                          (30,122)      14,458

Increase (Decrease) in Cash and Cash Equivalents         833         925

Cash and Equivalents at Beginning of Year              9,439      10,265
Cash and Equivalents at June 30                    $  10,272   $  11,190

<PAGE>

<TABLE>
Belmont Bancorp. and Subsidiaries
Consolidated Statements of Shareholders' Equity
For the Six Months Ended June 30, 1999 and 1998
<CAPTION>
                                                      Accumulated
                                                      Other
                                            Compre-   Compre-                    Retained Earnings
                                            hensive   hensive Common         Unappro- Appro-  Treasury
                                   Total    Income    Income  Stock  Surplus priated  priated Stock

<S>                                <C>      <C>       <C>     <C>    <C>     <C>      <C>     <C>
Balance, December 31, 1997         $31,899             $ 199  $1,321 $7,781  $21,879  $850    ($131)

1998 Year-to-date net income         3,005   3,005                             3,005
Change in unrealized loss-
securities available-for-sale,
net of reclassification
adjustment (1)                       (417)   (417)     (417)
Comprehensive income                        $2,588
Purchase of treasury stock           (409)                                                     (409)
Issuance of treasury stock             112                               73                      39
Cash dividends declared:
Common stock ($.185 per
share)                               (974)                                     (974)
Balance, June 30, 1998             $33,216            ($218)  $1,321 $7,854  $23,910  $850    ($501)

(1)  Disclosure of
reclassification adjustment:
Unrealized holding losses
arising during period                        ($30)
Less:  reclassification
adjustment for gains (loss)
included in net income, net
of tax                                         387
Net unrealized losses on
securities                                  ($417)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                                                    Accumulated
                                                    Other
                                           Compre-  Compre-                      Retained Earnings
                                           hensive  hensive  Common         Unappro- Appro-  Treasury
                                   Total   Income   Income   Stock  Surplus priated  priated Stock
<S>                                <C>     <C>      <C>      <C>    <C>     <C>      <C>     <C>
Balance, December 31, 1998, as
previously reported                $33,430          ($1,199) $1,321 $7,854  $26,004  $850    ($1,400)
Prior period adjustment, net of
tax                                (8,066)                        0      0  (8,066)     0           0
Balance as restated, December 31,
1998                                25,364           (1,199)  1,321  7,854   17,938   850     (1,400)
1999 Year-to-date net loss         (3,554) ($3,554)                         (3,554)

Change in unrealized loss-
securities available-for-sale,
net of reclassification
adjustment (2)                     (1,874)  (1,874)  (1,874)
Comprehensive loss                         ($5,428)

Purchase of treasury stock               0
Issuance of treasury stock             280                              50                        230
Cash dividends declared:
Common stock ($.12 per share)        (627)                                    (627)
Balance, June 30, 1999             $19,589          ($3,073) $1,321 $7,904  $13,757  $850    ($1,170)

(2)  Disclosure of
reclassification adjustment:
Unrealized holding losses
arising during period                      ($1,885)
Less:  reclassification
adjustment for gains (loss)
included in net income, net of tax             (11)
Net unrealized losses on
securities                                 ($1,874)
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

SUMMARY

     For the six months ended June 30, 1999, Belmont
Bancorp. incurred a loss of $3,554,000, or a loss of
$0.68 per share, compared to earnings of $3,005,000, or
$0.57 per share, for the first six months of 1998.  For
the second quarter ended June 30, 1999, the Corporation
incurred a loss of $945,000,or a loss of $0.18 per
common share, compared to earnings of $1,427,000, or
$0.27 per common share for the comparative quarter last
year.

     The losses reported for the year and quarter to
date periods for 1999 were primarily the result of a provision
for loan losses totaling $$7,606,000 for the first six
months of 1999 and a provision for loan losses totaling
$1.871,000 during the second quarter of 1999.  Loans
charged off against the reserve for loan losses, net of
recoveries, totaled $6,149,000 for the first six months
of 1999 and $1,621,000 for the three months ended June
30, 1999.

     The following table presents the annualized return
on average shareholders' equity and the annualized
return on average assets for comparative periods of
1999 and 1998.

                       Quarter ended      Six months ended
                       June 30,           June 30,
($000s)                1999     1998      1999     1998

Return on average
assets                   -0.91%    1.44%    -1.69%    1.52%
Return on
shareholders' equity    -16.94%   17.23%   -31.86%   18.10%

Average assets         $414,692 $396,090  $421,010 $394,923
Average shareholders'
equity                 $ 22,316 $ 33,125  $ 22,310 $ 33,202

NET INTEREST INCOME

     A major share of the Corporation's income results
from the spread between income on earning assets and
interest expense on the liabilities used to fund those
assets.   Net interest income is affected by changes in
interest rates and the amounts and distributions of
interest earning assets and interest bearing
liabilities outstanding.  Net interest margin is net
interest income divided by the average earning assets
outstanding.  A third frequently used measure is net
interest rate spread which is the difference between
the average rate earned on assets and the average rate
paid on liabilities without regard to the amounts
outstanding in either category.

     Tables 1 and 3, Consolidated Average Balance
Sheets and Analysis of Net Interest Income, compares
interest revenue and interest earning assets
outstanding with interest cost and liabilities
outstanding for the six months and three months ended
June 30, 1999, 1998, and 1997.  The tables contain net
interest income, net interest margin and net interest
rate spread for each period.  All three of these
measures are reported on a taxable equivalent basis.

     The taxable equivalent yield on interest earning
assets decreased from 8.39% during the first six months
of 1998 to 7.50% in 1999, a decrease of 89 basis
points.  (A basis point (bp) is equivalent to .01%.)
The yield on earning assets was negatively impacted by
a decline in loan volume and lower yields on both the
loan and investment portfolio.  The cost of interest
bearing liabilities decreased 13 basis points from
4.72% during the first half of 1998 to 4.59% in 1999.
The net interest margin (net interest income divided by
interest earning assets)  was 3.21% during the first
half of 1999 compared to 4.14% during the same period
last year.

     The taxable equivalent yield on interest earning
assets decreased from 8.27% during the second quarter
of 1998 to 7.21% in 1999, a decrease of 106 basis
points. The cost of interest bearing liabilities
declined 19 basis points from 4.74% during the second
quarter of 1998 to 4.55% in 1999.  The net interest
margin decreased from 4.01% to 2.93%.

     Tables 2 and 4, Analysis of Net Interest Income
Changes, separates the dollar change in the
Corporation's net interest income into three
components:  changes caused by (1) an increase or
decrease in the average asset and liability balances
outstanding (volume); (2) the changes in average yields
on interest earning assets and average rates for
interest bearing liabilities (yield/rate); and (3)
combined volume and yield/rate effects (mix).
<PAGE>
<TABLE>
TABLE 1. - CONSOLIDATED AVERAGE BALANCE SHEETS AND ANALYSIS OF NET
           INTEREST INCOME (Fully Taxable Equivalent Basis)($000's)
<CAPTION>
                                            Six Months Ended June 30,
                             1999                       1998                        1997
                   Average           Average Average            Average  Average            Average
                   Out-     Revenue/ Yield/  Out-      Revenue/ Yield/   Out-      Revenue/ Yield/
                   standing Cost     Rate    standing  Cost     Rate     standing  Cost     Rate
<S>                <C>      <C>      <C>     <C>       <C>      <C>      <C>       <C>      <C>
Assets
Interest earning
assets
  Loans and leases $203,160 $ 9,240  9.17%   $224,414  $10,646  9.57%    $198,140  $9,283   9.45%
  Securities
  Taxable           144,755   3,864  5.38%    117,436    3,683  6.32%     111,257   3,837   6.95%
  Exempt from
  income tax         38,095   1,336  7.07%     23,973      916  7.71%      24,157     906   7.56%
  Trading account
  assets              3,573      86  4.85%        199        6  6.08%           0       0
  Federal funds
  sold                2,040      48  4.74%      2,081       56  5.43%       2,036      53   5.25%
Total interest
earning assets      391,623  14,574  7.50%    368,103   15,307  8.39%     335,590  14,079   8.46%
Cash and due from
banks                10,783                    10,770                       9,954
Other assets         27,660                    20,242                      15,710
Valuation
allowance-
available for
sale securities     (2,237)                         9                     (1,013)
Allowance for
possible loan loss  (6,728)                   (4,201)                     (3,261)
Total assets        421,101                   394,923                     356,980

Liabilities
Interest bearing
liabilities
  Interest
  checking           43,310     657  3.06%     43,156      718  3.36%      43,319     729   3.39%
  Savings            85,627   1,338  3.15%     81,465    1,323  3.27%      79,263   1,202   3.06%
  Other time
  deposits          137,911   3,644  5.33%    127,322    3,475  5.50%     112,987   2,949   5.26%
  Other Borrowings  100,169   2,707  5.45%     78,903    2,227  5.69%      62,335   1,763   5.70%
Total interest
bearing
liabilities         367,017   8,346  4.59%    330,846    7,743  4.72%     297,904   6,643   4.50%
Demand deposits      29,125                    29,703                      28,883
Other liabilities     2,649                     1,172                       2,161
Total liabilities   398,792                   361,721                     328,948
Shareholders'
equity               22,310                    33,202                      28,032
Liabilities &
shareholders'
equity              421,101                   394,923                     356,980
Net interest
income
Margin on a
taxable equivalent
basis                         6,228  3.21%               7,564  4.14%               7,436   4.47%
Net interest rate
spread                               2.92%                      3.67%                       3.96%
Interest bearing
liabilities
to interest
earning assets                      93.72%                     89.88%                      88.77%
</TABLE>
<PAGE>
<TABLE>
TABLE 2. - ANALYSIS OF NET INTEREST INCOME CHANGES
(Taxable Equivalent Basis) ($000's)
<CAPTION>

                                   Six Months Ended June 30, 1998
                      1999 Compared to 1998           1998 Compared to 1997
                     Volume   Yield   Mix    Total    Volume Yield  Mix    Total
<S>                  <C>      <C>     <C>    <C>      <C>    <C>    <C>    <C>
Increase (Decrease)
in Interest Income
  Loans and Leases    (1,008)   (439)     41 (1,406)  1,231    117    15   1,363
  Securities
    Taxable               857   (548)  (128)     181    213  (348)  (18)   (153)
    Exempt from
    Income Taxes          540    (75)   (45)     420    (7)     17     -      10
  Trading account
  assets                  102     (1)   (21)      80      -      -     6       6
  Federal Funds Sold      (1)     (7)      -     (8)      1      2     -       3

Total Interest
Income Change             490 (1,070)  (153)   (733)  1,438  (212)     3   1,229

Increase (Decrease)
in Interest Expense
  Interest Checking         3    (63)      -    (60)    (3)    (8)     -    (11)
  Savings                  68    (50)    (3)      15     33     85     2     120
  Other Time
  Deposits                289   (111)    (9)     169    374    135    17     526
  Other
  Borrowings              600    (95)   (26)     479    469    (4)     -     465
Total Interest
Expense Change            960   (319)   (38)     603    873    208    19   1,100
Increase (Decrease)
in Net Interest
Income on a Taxable
Equivalent Basis        (470)   (751)  (115) (1,336)    565  (420)  (16)     129

(Increase) Decrease
in Taxable
Equivalent
Adjustment                                     (139)                          19
Net Interest Income
Change                                       (1,475)                         148
</TABLE>

<TABLE>
<PAGE>
TABLE 3. - CONSOLIDATED AVERAGE BALANCE SHEETS AND
           ANALYSIS OF NET INTEREST INCOME
           (Fully Taxable Equivalent Basis)($000's)
<CAPTION>

                                           Three Months Ended June 30,
                               1999                    1998                          1997
                   Average           Average  Average            Average  Average             Average
                   Out-     Revenue/ Yield/   Out-      Revenue/ Yield/   Out-      Revenue/  Yield/
                   standing Cost     Rate     standing  Cost     Rate     standing  Cost      Rate
<S>                <C>      <C>      <C>      <C>       <C>      <C>      <C>       <C>       <C>
Assets
Interest earning
assets
  Loans and leases $203,093 $4,288   8.47%    $223,588  $5,334   9.57%    $203,096  $4,799    9.48%
  Securities
    Taxable         135,026  1,800   5.35%     118,143   1,775   6.03%     122,944   2,083    6.80%
    Exempt from
    income tax       42,515    775   7.31%      26,327     491   7.48%      27,104     503    7.44%
 Trading account
 assets               2,955     34   4.62%         322       5   6.23%           0       0
 Federal funds
 sold                   955     11   4.62%       1,248      17   5.46%          70       1    5.73%
Total interest
earning assets      384,544  6,908   7.21%     369,628   7,622   8.27%     353,214   7,386    8.39%
Cash and due from
banks                11,156                     10,701                       9,883
Other assets         28,154                     20,214                      16,325
Valuation
allowance-
available for
sale securities     (2,500)                      (198)                     (1,448)
Allowance for
possible loan loss  (6,662)                    (4,255)                     (3,330)
Total assets        414,692                    396,090                     374,644

Liabilities
Interest bearing
liabilities
  Interest
  checking           39,622    293   2.97%      42,101     345   3.29%      40,440     337    3.34%
  Savings            84,285    661   3.15%      81,292     665   3.28%      79,092     605    3.07%
  Other time
  deposits          138,141  1,793   5.21%     132,834   1,846   5.57%     114,102   1,494    5.25%
  Other Borrowings   99,402  1,352   5.46%      75,492   1,067   5.67%      81,361   1,156    5.70%

Total interest
bearing
liabilities         361,450  4,099   4.55%     331,719   3,923   4.74%     314,995   3,592    4.57%
Demand deposits      28,321                     30,167                      29,227
Other liabilities     2,605                      1,079                       2,189
Total liabilities   392,376                    362,965                     346,411
Shareholders'
equity               22,316                     33,125                      28,233
Liabilities &
shareholders'
equity              414,692                    396,090                     374,644
Net interest
income
Margin on a
taxable equivalent
basis                        2,809   2.93%               3,699   4.01%               3,794    4.31%
Net interest rate
spread                               2.66%                       3.53%                        3.81%
Interest bearing
liabilities
to interest
earning assets                      93.99%                      89.74%                       89.18%
</TABLE>
<PAGE>

<TABLE>
TABLE 4. - ANALYSIS OF NET INTEREST INCOME CHANGES
           (Taxable Equivalent Basis) ($000's)
<CAPTION>
                                   Three Months Ended June 30
                      1999 Compared to 1998           1998 Compared to 1997
                      Volume  Yield   Mix  Total    Volume Yield  Mix  Total
<S>                   <C>     <C>     <C>  <C>      <C>    <C>    <C>  <C>
Increase (Decrease)
in Interest Income
  Loans and Leases    (489)   (613)     56 (1,046)   484      46    5    535
  Securities
    Taxable             254   (200)   (29)      25  (81)   (236)    9  (308)
    Exempt from
    Income Taxes        302    (11)    (7)     284  (14)       2    -   (12)
  Trading account
  assets                 41     (1)   (11)      29     -       -    5      5
  Federal Funds Sold    (4)     (3)      1     (6)    17       -  (1)     16
Total Interest
Income Change           104   (828)     10   (714)   406   (188)   18    236
 Increase (Decrease)
 in Interest Expense
  Interest Checking    (20)    (34)      2    (52)    14     (6)    -      8
  Savings                24    (27)    (1)     (4)    17      42    1     60
  Other Time
  Deposits               74   (122)    (4)    (52)   245      92   15    352
  Other
  Borrowings            338    (40)   (14)     284  (83)     (6)    -   (89)
Total Interest
Expense Change          416   (223)   (17)     176   193     122   16    331
Increase (Decrease)
in Net Interest
Income on a Taxable
Equivalent Basis      (312)   (605)     27   (890)   213   (310)    2   (95)
(Increase) Decrease
in Taxable
Equivalent
Adjustment                                   (105)                        18
Net Interest Income
Change                                       (995)                      (77)
</TABLE>

OTHER OPERATING INCOME

     Other operating income, excluding securities gains
and losses, were nearly the same for the first six
months of 1999 compared to 1998.  For the quarter ended
June 30, 1999, other operating income, excluding
securities gains and losses, increased 8.2% or $45,000
compared to the respective period last year. Securities
gains realized on the Available for Sale portfolio fell
from $587,000 for the first six months of 1998 to a
loss of $16,000 for the first six months of 1999.
Changes in various categories of other income are
depicted in the table below.

                       Three months ended     Six months ended
($000s)                1999   1998  % Change  1999   1998   % Change

Trust fees             $104   $128  -18.8%    $  232   $237   -2.1%
Service charges on
deposits                237    182   30.2%       424    353   20.1%
Gain on sale of
loans                     3     29  -89.7%        25     70  -64.3%
Trading gains
(losses)                 50     17  194.1%      (10)     31 -132.3%
Other income            200    193    3.6%       403    382    5.5%
Subtotal                594    549    8.2%     1,074  1,073    0.1%
Security gains
(losses)                  0    (1)  100.0%       (1)    (1)    0.0%
Gains (losses)
securities held
for sale               (57)    267 -121.3%      (16)    587 -102.7%
     Total             $537   $815  -34.1%    $1,057 $1,659  -36.3%

INVESTMENT SECURITIES

     The amortized cost and estimated market values of
securities available for sale at June 30, 1999 are as
follows:

                                               Gross      Gross       Estimated
                                  Amortized    Unrealized Unrealized  Market
($000s)                           Cost         Gains      Losses      Value
U.S. Treasury securities and
obligations of
U.S. Government
corporations and agencies         $ 11,106     $  9       $  427      $ 10,688
Obligations of states and
political subdivisions              44,875       90        2,756        42,209
Mortgage-backed securities          80,653      164        1,257        79,560
Mortgage derivatives                24,523      100          498        24,125
Corporate trust preferred
securities                           3,109        0           88         3,021
Marketable equity securities         5,875      119          129         5,865
     Total                        $170,141     $482       $5,155      $165,468

     The Corporation elected to transfer the balance of
securities previously classified as Held to Maturity to
the Available for Sale portfolio effective April 1,
1999 in accordance with Statement of Financial Accounting
Standard No. 133, Accounting for Derivative Instruments
and Hedging Activities.

     The mortgage derivatives are comprised solely of
collateralized mortgage obligations.  Privately issued
CMOs included in the table above have a book value of
$10,716,000 and an estimated market value of
$10,425,000.  Credit risk on privately issued CMOs is
evaluated based upon independent rating agencies and on
the underlying collateral of the obligation.

     At June 30, 1999, the Corporation owned an
aggregate par value of $3,599,000 in privately issued
collateralized mortgage obligations issued by the
Residential Funding Mortgage Securities Corporation and
an aggregate par value of $3,699,000 of privately
issued collateralized mortgage obligations issued by
Norwest Asset Securities Corporation.  No other
securities of a single issuer, other than U.S. Treasury
or other U.S. government agency securities, exceeded
10% of shareholders' equity.

     Corporate trust preferred securities consist of
four separate issues, none with a par value in excess
of $1 million.

     Market factors and prepayment speeds can have an
impact on the yield and average lives of mortgage-
backed securities including mortgage derivatives.

OPERATING EXPENSES

     The following table shows the dollar amounts and
growth in various components of operating expenses.

                   Three months ended June 30,  Six months ended June 30,
($000s)            1999   1998   % change       1999   1998    % change

Salaries and
wages              $  817 $  803   1.7%         $1,608 $1,577   2.0%
Employee benefits     254    260  -2.3%            545    552  -1.3%
Net occupancy
expense               222    206   7.8%            473    405  16.8%
Equipment expense     210    255 -17.6%            439    476  -7.8%
Other operating
expenses            1,129    762  48.2%          1,839  1,502  22.4%
     Total         $2,632 $2,286  15.1%         $4,904 $4,512   8.7%

     Operating expenses were higher during 1999
compared to 1998 due to legal and collection expenses
associated with the failure of a large commercial
borrower, a retailer of manufactured housing.  Costs
associated with the workout of this credit totaled
$215,000 for the first half of 1999 and additional expenses
are anticipated.

     In June 1999, the Board of Directors engaged FiCap
Strategic Partners, L.L.C. to provide interim executive
management services following the resignations of the
Corporation's former chief executive officer, J.
Vincent Ciroli, Jr., in June 1999 and the Bank's former
executive vice president and chief operating officer,
William Wallace, in March 1999.  Expenses related to the
interim management group for the quarter and year to
date periods total $178,000.  The Board of Directors
anticipates that the interim management group will
provide their services, including assisting the Board
with the recruitment of permanent executive management,
through the end of 1999.

PROVISION AND ALLOWANCE FOR POSSIBLE LOAN LOSSES

     The Corporation provides as an expense an amount
which reflects expected loan losses.  This provision is
based on the growth of the loan and lease portfolio and
on historical loss experience.  The expense is called
the provision for possible loan losses in the
Consolidated Statement of Income.  Actual losses on
loans and leases are charged against the allowance
built up on the Consolidated Balance Sheet through the
provision for possible loan losses.  The amount of
loans and leases actually removed as assets from the
Consolidated Balance Sheets is referred to as charge-
offs and, after netting out recoveries previously
charged-off assets, becomes net charge-offs.

     For the first half of 1999, $7,606,000 was added
to the allowance and charged to expense compared to
$275,000 in 1998.  At June 30, 1999, the allowance for
possible loan losses to total loans and leases was
3.46% compared to 1.93% last year.  The ratio of the
Allowance for Possible Loan Losses to under-performing
assets was 68.05% at June 30, 1999.  The following
table details the Allowance for Possible Loan Losses
and also includes various loan charge-off statistics
for 1999 and 1998.

Allowance for Possible Loan Losses
                               Three months ended          Six months ended
                               June 30,                    June 30,
($000s)                        1999      1998              1999      1998
Balance, beginning of period   $  6,681  $  4,186          $  5,475  $  4,134

Provision for possible loan
losses                            1,872       125             7,606       275
Loans charged-off                 1,900         5             6,429       114
Recoveries on loans
previously charged-off              279         1               280        12
     Net charge offs              1,621         4             6,149       102

Balance, end of period         $  6,932  $  4,307          $  6,932  $  4,307

Loans and leases outstanding
at period                      $200,063  $223,569          $200,063  $223,569
Average loans and leases       $203,093  $223,588          $203,160  $224,414
Annualized net charge offs
as a percent of:
   Average loans and leases       3.19%     0.01%             6.05%     0.09%
   Total loans at end of
   period                         3.24%     0.01%             6.15%     0.09%
   Reserve for possible loan
   losses                        93.54%     0.37%           177.41%     4.74%
Reserve for possible loan
losses to:
   Average loans and leases       3.41%     1.93%             3.41%     1.92%
   Total loans at end of
   period                                                     3.46%     1.93%
   Under-performing assets                                   68.05%   504.33%

UNDER-PERFORMING ASSETS

     Under-performing assets consist of (1) non-accrual
loans, leases and debt securities on which the ultimate
collectibility of the full amount of interest is
uncertain, (2) loans and leases past due ninety days or
more as to principal or interest and (3) other real
estate owned.  A summary of under-performing assets at
June 30 follows:

Under-performing assets             June 30,
($000s)                          1999      1998
Non-accrual loans and
leases                           $ 9,963   $849
Ninety days past due loans
and leases still accruing
interest                              19      5
Other real estate owned              205      -

     Total                       $10,187   $854

     Loans restructured and in compliance with modified
terms are not included in total under-performing
assets.   Total under-performing assets were
$10,187,000 or 2.55% of total assets at June 30, 1999
compared to $854,000 or 0.21% of total assets at June
30, 1998.  Included in under-performing assets are $5.8
million in consumer homebuilder loans related to the
cessation of business of the manufactured housing
retailer previously reported.  These loans were placed
on non-accrual status until such time as the home is
complete and the consumer can obtain permanent
financing or the valuation for the collateral
supporting the loan is complete.  Also included in non-
accrual loans are $2.8 million in commercial loans
associated directly with the manufactured housing
retailer.   An allocation of the Allowance for Loan
Losses related to these consumer and commercial loans
totals $3,058,000.  The commercial loans are secured by
real estate, equipment and inventory.

     Management maintains a watch list of loans requiring a
higher level of monitoring due to a change in the financial
position of the borrower, delinquency, deteriorating
collateral or other adverse trends or uncertainties that
might increase the risk of loss associated with the credit.
At June 30, 1999, loans, excluding nonaccrual loans,
monitored based upon these conditions totaled $9,927,000.
The management of under-performing and problem loans is an
ongoing process.  While management believes the reserve for
loan losses is adequate based on current estimates, there
can be no assurance that future losses will not occur.

LOAN CONCENTRATIONS

     The Corporation uses the Standard Industry Code
(SIC) system to determine concentrations of credit risk
by industry.  While there are no aggregate loan
balances based on a single SIC classification that
exceed 10% of total loans, loans to the amusement
industry including amusement services and manufacturers
of amusement rides and concession trailors totaled
$23.2 million, or 11.6% of total loans, at June 30, 1999.

LONG TERM DEBT

     Long term debt consists of advances from the
Federal Home Loan Bank.  Details are as follows:

                       Amount   Current
Type                   ($000s)  Rate    Maturity
Fixed rate, non-
amortizing advance     $ 5,000  6.10%   09/17/1999
Fixed rate, non-
amortizing advance       5,000  6.20%   09/15/2000
Fixed rate, non-
amortizing advance      10,000  6.56%   10/01/2007
Fixed rate, non-
amortizing advance      30,000  5.09%   12/10/2007
Fixed rate, non-
amortizing advance       7,000  5.60%   04/30/2008
Fixed rate, non-
amortizing advance       8,000  5.46%   06/19/2008
Fixed rate, non-
amortizing advance      10,000  4.78%   09/25/2008
Fixed rate, non-
amortizing advance      10,000  4.53%   10/02/2008
Fixed rate, amortizing
advance                  1,290  6.05%   11/18/2001
Fixed rate, amortizing
advance                     85  5.80%   12/01/2005
Fixed rate, amortizing
advance                  1,065  6.85%   06/06/2011
Fixed rate, amortizing
advance                     99  6.75%   06/06/2011
Fixed rate, amortizing
advance                    617  6.85%   06/12/2011
Fixed rate, amortizing
advance                    241  6.95%   08/31/2015
Fixed rate, amortizing
advance                  2,126  6.70%   08/01/2012
Fixed rate, amortizing
advance                    498  6.25%   11/01/2017
                       $91,021

LIQUIDITY AND CAPITAL RESOURCES

     At June 30, 1999, shareholders' equity was
$19,589,000 compared to $25,364,000 at December 31,
1998 and $33,216,000 at June 30, 1998.  The following
table presents various capital ratios as of June 30:

June 30,                      1999   1998
Average shareholder's
equity to :
  Average assets               5.3%   8.4%
  Average deposits             7.5%  11.8%
  Average loans and
  leases                      11.0%  14.8%
Primary capital                6.6%   9.0%
Risk-based capital
ratio:
   Tier 1                      8.6%  11.9%
   Total                       9.8%  13.2%
Leverage ratio                 5.6%   7.9%

     The Federal Reserve Board has adopted risk-based
capital guidelines that assign risk weightings to
assets and off-balance sheet items.  The guidelines
also define and set minimum capital requirements (risk-
based capital ratios).  Banks are required to have core
capital (Tier 1) of at least 4.0% of risk-weighted
assets and total capital of 8.0% of risk-weighted
assets.  Tier  1 capital consists principally of
shareholders' equity less goodwill, while total capital
consists of core capital, certain debt instruments and
a portion of the reserve for possible loan losses.  At
June 30, 1999, the Corporation had a Tier 1 capital
ratio of 8.6% and a total capital ratio of 9.8%.

     National banks are required to maintain Tier 1
capital in an amount equal to at least 3.0% of adjusted
total assets, referred to as a total assets leverage
ratio.  At June 30, 1999, the Corporation's leverage
ratio was 5.6%.

     The Corporation meets its liability based needs through
the operation of Belmont National Bank's branch banking
network that gathers demand and retail time deposits.  The
Bank also acquires funds through repurchase agreements and
overnight federal funds that provide additional sources of
liquidity.  Average total deposits were $290.4 million for
the second quarter of 1999 compared to $301.6 million for
the first quarter of 1999.  Approximately $5.6 million of
the decline in deposits is related to public funds which
fluctuate based on the timing of tax collections or other
investment alternatives available to the depository.

     The Bank also has secured and unsecured lines of credit
with various correspondent banks totaling $6,500,000 which
may be used as an alternative funding source; at June 30,
1999 none of these lines were utilized.


Year 2000

     The Corporation is aware of the overall potential
impact the 1999 to 2000 calendar changes could present.
The loss of hardware and/or software systems as well as
the loss of electricity and/or telecommunications are
areas of concern throughout the entire industry.  A
smooth transition to the Year 2000 is planned with
little or no impact to our customer base.

     The Corporation began gathering Year 2000 data in
August 1997.  A written project plan was researched and
delivered during the fourth quarter of 1997. The Year
2000 project plan was presented to the Board of
Directors in February 1998 and was approved at the
February board meeting.  The Year 2000 Project Team was
assigned in December 1997 and is comprised of
representatives from all affected departments.  Monthly
meetings are held to review the current project status
and to assign various tasks to departments.

     As a financial institution, the Corporation
follows Year 2000 guidelines written by the Federal
Financial Institutions Examination Council as well as
OCC Advisory Letters.  The Office of the Comptroller of
the Currency has completed three extensive examinations
of Belmont National Bank and the Year 2000 plan.  The
assigned examiner reviews all plans, research, and
results on a continual basis.

     The Belmont National Bank Year 2000 plan is
comprised of the five Y2K phases:  Awareness,
Assessment, Renovation, Validation and Implementation.
The Awareness phase consists of the institution being
aware of the potential problem(s) that could result
from the Year 2000.  This phase was completed in
December 1997.  The Assessment phase was completed in
January 1998 and included inventories of all equipment
including hardware, software, environmental controls,
fax machines, copiers, vault timers, security systems,
network systems etc.  The Renovation phase, January
1998 through October 1998, consisted of known
renovations such as upgrading network routers, servers,
and software, and the installation of a new mainframe
system.  June 1998 through December 1998 was the time
frame designated for the Validation phase.  This phase
consisted of testing the software and hardware at
Belmont National Bank.  During this phase all "mission
critical" systems were tested by changing the date and
completing transactions with calculation results
validated.  From March 1998 through the remainder of
1999 Belmont National Bank will implement new software,
hardware and/or any equipment that did not pass all Y2K
tests.

     As of January 1999, all "mission critical" systems
have been tested.  All mission critical systems passed
Year 2000 testing.  Other less critical systems that
did not pass have been replaced by June 1999.  The
regulatory agency examiner has reviewed all test
results.

     Belmont National Bank has included a customer
awareness policy dedicated to maintaining updated
communication with its customer base.  The Bank
provided a project update in June 1998 and issued a new
update in February 1999.  Both Y2K status reports were
available through the Bank's WEB site on the internet
as well as to customers and employees at all branch
locations.

     At its June 1998 meeting, the Loan Committee
established a Year 2000 evaluation form, which was
included in the lending policy for all new commercial
loan applicants.  The lending department prepared and
distributed Y2K readiness surveys to existing loan
customers with aggregate balances greater than
$150,000.  All returned survey responses were evaluated
and a rating was assigned to each commercial customer.
The customer's Y2K readiness status was reviewed
quarterly.

     Year 2000 surveys were also sent to commercial
deposit account holders with balances greater than
$250,000.  Senior Management reviewed these surveys and
took appropriate action based on a low to high risk
rating system.

     Regular update reports have been presented to the
Board of Directors of the Corporation.

Forward-looking Statements

     Various statements in this Report concerning the manner
in which the Corporation intends to conduct its future
operations and potential trends that may affect future
results of operations are forward-looking statements.  The
Corporation may be unable to realize its plans and
objectives due to various important factors.  These factors
include changes in general economic conditions, changes in
the interest rates at which the Bank borrows and lends
funds, the adoption or application of laws or regulations
relating to the banking industry or changes in the level of
regulatory review, the incurrence of loan losses, and
changes in the banking industry generally due to the effects
of mergers and competition from other financial institutions
and service providers.

ITEM 7A-QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK

     Interest rate risk management focuses on maintaining
net interest income within Board-approved policy limits.
The Corporation uses an earnings simulation model to analyze
net interest income sensitivity to movements in interest
rates.  Given an immediate, sustained 200 basis point upward
shock to the yield curve used in the simulation model, it is
estimated that net interest income for the Corporation would
decrease by approximately 6.7% over one year.  A 200 basis
point sustained downward shock in the yield curve would
increase net interest income by an estimated 3.2%.  These
estimated changes are within the policy guidelines
established by the Corporation's board of directors.


PART II - OTHER INFORMATION

Item 1.  Legal proceedings

     As disclosed on its Quarterly Report on Form 10-Q for
the quarter ended March 31, 1999, the Corporation disclosed
(1) a suit for damages brought in the Court of Common Pleas
for Belmont County, Ohio in April 1999 by George Michael
Riley, et al. against the Bank and certain former officers,
among others, alleging torts to have occurred and (2) a suit
for damages pending in the Circuit Court of Ohio County,
West Virginia by Charles N. and Gay R. Monroe against the
Bank and others based upon a loan transaction for the
purchase of a manufactured home from another named
defendant.  There have been no material developments in
either case since the filing of the Form 10-Q.  In addition,
in May 1999, Charles J. McKeegan et al. filed a lawsuit
against the Bank and certain former officers, among others,
alleging torts to have occurred. Based on the advise of
counsel, the Corporation continues to believe its exposure
to liability, if any, is minimal in each case.

     As disclosed in its Current Report on Form 8-K filed
with the SEC on August 11, 1999, in August 1999, the
Corporation's directors unanimously approved and executed
agreements with the Office of the Comptroller of the
Currency and the Federal Reserve Bank of Cleveland under
which the Corporation and the Bank agreed to meet
specified conditions relating to its future operations and
capital requirements.  The Bank had largely anticipated
these conditions and previously began instituting many of
the policies and procedures specified in the agreements.

Item 2.  Changes in securities

None

Item 3.  Defaults upon senior securities

None

Item 4.  Submission of matters to a vote of security
shareholders

None

Item 5.  Other information

None

Item 6.  Exhibits

None

SIGNATURE

     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.

                         Belmont Bancorp.
                         (Registrant)


                         s/W. Quay Mull, II
                         W. Quay Mull, II
                         Interim CEO



                         s/Jane Marsh
                         By:  Jane Marsh
                         Secretary (Principal
                         Financial Officer)

August 13, 1999