U.S. Securities and Exchange Commission
                   Washington, D.C.  20549
                              
                          Form 10-Q
                              
          For the Quarter Ended September 30, 1997
                              
[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 (614) 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, $0.50 par value,
                2,637,498 shares outstanding
                   as of October 28, 1997
                              
                          FORM 10-Q
                      BELMONT BANCORP.
              Quarter Ending September 30,1997
                              
                            INDEX
                             
Part I.  Financial information

Management's report on the financial statements

Financial highlights

Consolidated Statements of Condition - September 30, 1997,
     December 31, 1996, and September 30, 1996

Consolidated Statements of Income-Three Months
Ended September 30, 1997 and September 30, 1996

Consolidated Statements of Income-Nine Months
Ended September 30, 1997 and September 30, 1996

Consolidated Statements of Cash Flows-Nine Months
     Ended September 30, 1997 and September 30, 1996

Consolidated Statements of Changes in Shareholders' Equity
     Nine Months Ended September 30, 1997 and 1996

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

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 provides reasonable 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 five 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.

     The annual consolidated financial statements of Belmont
Bancorp. and subsidiaries will be examined by S.R. Snodgrass
A.C., the Corporation's independent certified public
accountants.  Their examination will be conducted in
accordance with generally accepted auditing standards and
will include a review of internal controls and a test of
transactions in sufficient detail to allow them to report on
the fair presentation of the consolidated operating results
and financial condition of Belmont Bancorp. and
subsidiaries.

BASIS OF PRESENTATION

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

BELMONT BANCORP. AND                                     
SUBSIDIARIES
Financial Highlights                                     
                                                         
                                                         
September 30                   1997        1996          % Change
Earnings and dividends                                   
($000's)
Net income                     $    4,408  $    3,657      20.5
Operating earnings (1)              5,423       4,712      15.1
Cash dividends declared on                      
common stock                        1,166         910      28.1
Per common share (2):                                    
Net income                     $     1.67  $     1.36      22.8
Cash dividends declared             0.442       0.344      28.5
Book value                          11.64        9.60      21.2
Market price :                                           
  High                              30.00       22.40      33.9
  Low                               25.13       20.80      20.8
At quarter-end ($000's)                                  
Assets                         $  375,871  $  349,315       7.6
                                                  
Loans and leases                  220,188     181,465      21.3
Deposits                          268,817     256,309       4.9
Stockholders' equity               30,701      26,380      16.4
Key Ratios                                               
Return on average assets            1.61%       1.45%      
Return on average common          
shareholders' equity               20.43%      19.22%      
Net interest margin (TE)            4.40%       4.42%     
Number of shares                2,637,498   2,643,123     (0.2)
                                            
Number of full time equivalent     
employees                           142.0       120.0      18.3
Total assets per FTE employee  $    2,647  $    2,911     (9.1)
                                                         
(1) Operating earnings are defined as earnings before income taxes
    minus securities and trading gains or plus securities and trading losses.
(2) All per share amounts have been restated for the effect of a 25% common
    stock dividend paid on July 1, 1997.

Consolidated Condensed Balance Sheet

(Unaudited)  ($000s except per      September    December    September
share amounts)                         30,        31,         30,
                                      1997        1996       1996
ASSETS                                                               
                                                                     
    Cash and due from banks           $ 11,006   $ 10,948    $ 11,970
    Federal funds sold                       -     24,450         665
    Securities available for sale                                    
    at market value                    115,024     78,728     122,516
    Securities held to maturity (1)     16,583     19,299      20,056
    Loans                              220,188    188,783     181,465
    Less allowance for possible                                      
    loan losses                        (3,671)    (3,153)     (3,060)
          Net loans                    216,517    185,630     178,405
    Premises and equipment, net          7,397      7,260       6,272 
    Other real estate owned                 20         66         645
    Accrued income receivable            2,560      1,921       2,547
    Other assets                         6,764      5,601       6,239
          Total Assets                $375,871   $333,903    $349,315
                                                                     
LIABILITIES                                                          
                                                                     
    Non-interest bearing deposits                                    
           Demand                     $ 29,764   $ 29,232    $ 28,499
     Interest-bearing deposits:                                      
           Demand                       41,937     40,569      40,285
           Savings                      79,234     80,961      79,070
           Time                        117,882    110,777     108,455
           Total deposits              268,817    261,539     256,309
     Securities sold under                                          
     repurchase agreements               5,972      8,280       5,572
     Short-term borrowings              39,494     10,000      37,352
     Long term debt                     29,111     19,676      21,910
     Accrued interest on deposits                                   
     and other borrowings                  810        664         700
     Other liabilities                     966      6,412       1,092
            Total liabilities         $345,170   $306,571    $322,935
                                                                     
SHAREHOLDERS' EQUITY                                                 
                                                                     
Preferred stock -                                             
authorized 90,000 shares with
no par value; issued and
outstanding, none                            -          -           -
Senior cumulative preferred                                   
stock - authorized, issued and
outstanding, no shares at                                   
Sept. 30, 1997 and December 31,
1996; 10,000 shares of $100   
par value at Sept. 30, 1996           $      0   $      0    $  1,000
Common stock  - $0.50 par                                   
value, 8,900,000 shares
authorized; 2,644,163                                         
issued in 1997 and 1996                  1,321      1,057       1,057
Surplus                                  7,781      7,781       7,781
Treasury stock ( 6,665
shares at Sept.30, 1997; 1,040
shares at December 31, 1996
and Sept. 30, 1996)                      (131)        (8)         (8)
Retained earnings:                                            
  Unappropriated                        20,790     17,820      16,835 
  Appropriated for                                        
  contingencies                            850        850         850
Net unrealized gain (loss)                                    
on securities available for sale            90      (168)     (1,135)
   Total shareholders' equity         $ 30,701   $ 27,332    $ 26,380
   Total liabilities and      
   shareholders' equity               $375,871   $333,903    $349,315
                                                                     
(1)  Market value at Sept.30, 1997, $16,704; December 31, 1996,
     $19,302; Sept. 30, 1996, $19,813.

Consolidated Condensed Statement of Income
(Unaudited)  ($000s except per share amounts)

                                 Three months ended September 30,
                                        1997        1996
INTEREST INCOME                                           
                                                          
    Loans and lease financing                             
        Taxable                         $4,984      $4,079
        Tax-exempt                          80          83
    Investment securities:                                
        Taxable                          1,837       1,999
        Tax-exempt                         342         363
     Dividends                              84          52
     Interest on fed funds sold             10           0
        Total interest income            7,337       6,576
                                                          
INTEREST EXPENSE                                          
                                                          
      Deposits                           2,574       2,384
      Borrowings                         1,112         817
         Total interest expense          3,686       3,201
         Net interest income             3,651       3,375
      Provision for possible              
      loan losses                          200         105
         Net interest income                              
         after provision
         for possible loan              
         losses                          3,451       3,270
                                                          
NON-INTEREST INCOME                                       
                                                          
      Trust fees                            27         111
      Service charges on                  
      deposits                             181         166       
      Other operating income               224         150
      Investment securities                              
      gains (losses)                       (2)           0
      Trading profits (losses)               -           0
      Gains (losses) on                                
      securities available for sale        236          34
          Total non-interest             
          income                           666         461
                                                          
NON-INTEREST EXPENSE                                      
                                                          
      Salary and employee                 
      benefits                             947         843
      Net occupancy expense of            
      premises                             199         175
      Equipment expenses                   121         206
      Other operating expenses             857       1,100
          Total non-interest           
          expense                        2,124       2,324
          Income before income          
          taxes                          1,993       1,407
INCOME TAXES                               570         324
           Net income                   $1,423      $1,083
                                                          
PER COMMON SHARE DATA                                     
                                                          
        Net income per share            $ 0.54      $ 0.40
        Cash dividend per share         $0.170      $0.120

Consolidated Condensed Statement of Income
(Unaudited)  ($000s except per share amounts)
                              For the Nine Months Ended September 30,
                                       1997         1996
INTEREST INCOME                                               
                                                              
    Loans and lease financing                                 
        Taxable                        $   13,999   $   11,647
        Tax-exempt                            262          244
    Investment securities:                                    
        Taxable                             5,553        6,021
        Tax-exempt                            966        1,005
     Dividends                                208          133
     Interest on fed funds sold                63            7
        Total interest income              21,051       19,057
                                                              
INTEREST EXPENSE                                              
                                                              
      Deposits                              7,454        6,997
      Borrowings                            2,875        2,111
         Total interest expense            10,329        9,108
         Net interest income               10,722        9,949
      Provision for possible                 
      loan losses                             555          360
         Net interest income                                  
         after provision
         for possible loan                
         losses                            10,167        9,589
                                                              
NON-INTEREST INCOME                                           
                                                              
      Trust fees                              254          374 
      Service charges on                                      
      deposits                                527          481
      Other operating income                  606          458
      Investment securities                                   
      gains (losses)                          (4)          (1)
      Trading profits (losses)                  -            - 
      Gains (losses) on                                  
      securities available for sale           590          268
          Total non-interest              
          income                            1,973        1,580
                                                              
NON-INTEREST EXPENSE                                          
                                                              
      Salary and employee                  
      benefits                              2,627        2,463
      Net occupancy expense of            
      premises                                583          515
      Equipment expenses                      588          593
      Other operating expenses              2,333        2,619
          Total non-interest             
          expense                           6,131        6,190
          Income before income            
          taxes                             6,009        4,979
INCOME TAXES                                1,601        1,322
           Net income                  $    4,408   $    3,657
                                                              
PER COMMON SHARE DATA                                         
                                                              
        Net income per share           $     1.67   $     1.36
        Cash dividend per share        $    0.442   $    0.344
        Book value per share           $    11.64   $     9.60
                                                              
        Weighted average shares                               
        outstanding                     2,639,608    2,643,123


CONSOLIDATED STATEMENT OF CASH FLOWS                       
For the Nine Months Ended September 30
(Unaudited) ($ expressed in 000s)                         
                                                           
                                            1997      1996
Operating Activities:                                      
                                                           
Net income                                  4,408     3,657
                                                           
Adjustments to reconcile net income                        
to net cash flows provided by operating                           
activities:
Provision for loan losses                     555       360
Depreciation expense                          619       483
Amortization of investment security                        
premiums                                      969     1,147
Accretion of investment security                           
discounts                                   (174)     (294)
Investment and trading securities          
(gains) losses                              (586)     (267)
Proceeds  on sale of securities          
available for sale                         71,098    60,003
Purchase of securities available for  
sale                                    (119,794)  (90,103)
Loss (gain)  on sale of fixed assets          (1)         7
Gain on sale of loans                        (59)      (50)
Gain on sale of other real estate           
owned                                         (7)         0
(Increase) decrease in interest           
receivable                                  (639)     (397)
Increase (decrease) in interest              
payable                                       146        39
Others, net                               (6,741)       668
   Net cash provided by                                    
   operating activities                  (50,206)  (24,747)
                                                           
Investing Activities:                                      
Net (increase) decrease in federal        
funds sold                                 24,450     (665)
Proceeds from maturities and calls of    
investment securities                       3,119     1,198
Proceeds from sale of investment              
securities                                      0       551
Purchases of investment securities              0         0
Principal collected on mortgage-                           
backed securities                          12,179    18,800
Net (increase) decrease in loans and                       
leases, net of charge offs               (32,380)  (28,359)
Proceeds on loans sold                     10,088     6,787
Loans purchased                           (9,124)         0
Recoveries on loans previously              
charged off                                    13        45
Proceeds on sale of other real estate         
owned                                          73         0
Purchases of fixed assets                   (776)   (1,679)
Proceeds on sale of fixed assets               20         8
Net cash used by                                        
investing activities                        7,662   (3,314)
                                                           
Financing Activities:                                      
Net increase (decrease) in deposits         7,278     9,459
Net increase (decrease) in repurchase    
agreements                                (2,308)   (8,967)
Net increase (decrease) in short-term   
borrowings                                 29,494    13,226
Dividends paid on common and            
preferred stock                           (1,167)     (970)
Purchase of treasury stock                  (123)         0
Fractional shares purchased in five-                       
for-four stock split effected in the
form of a stock dividend                      (7)         0
Proceeds on long term borrowings           12,300    17,225
Repayments on long term borrowings        (2,865)     (117)
Net cash provided by financing            
activities                                 42,602    29,856
                                                           
Increase (decrease) in cash and                            
cash equivalents                               58     1,795
                                                           
Cash and equivalents, beginning            10,948    10,175
Cash and equivalents, ending               11,006    11,970
                                                           



Consolidated Statement of Changes in Shareholders' Equity
(Unaudited) ($000s except per share amounts)
                                                       Nine Months Ended
                                                       September 30,
                                                       1997       1996
                                                                    
Balance, beginning of period                           $ 27,332   $ 25,164
Net income                                                4,408      3,657
                                                         
Cash dividends:                                                   
   Common stock ($0.442 per share in 1997; $0.344 in                
   1996)                                                (1,167)      (910)
   Senior cumulative preferred stock, $100 par value          -       (60)
                                                            
Fractional shares purchased in five-for-four stock                  
split effected in the form of a stock dividend              (7)          -  
                                                          
Change in unrealized holding losses on securities                   
available for sale, net of tax                              258    (1,471)
                                                          
Purchase of treasury stock                                (123)          -     
                                                         
                                                       $ 30,701   $ 26,380

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

     The foregoing financial statements are unaudited,
however, in the opinion of Management, all adjustments
necessary for a fair presentation of the financial
statements have been included. A summary of the
Corporation's significant accounting policies is set forth
in Note 1 to the Consolidated Financial Statements in the
Corporation's Annual Report on Form 10-K for 1996.

     Related party transactions - The Corporation's and it
Subsidiaries' directors and officers and their associates
were customers of, and had other transactions with, the
subsidiary bank in the ordinary course of business during
1997.  All loans and commitments included in such
transactions were made on substantially the same terms,
including interest rates and collateral, as those prevailing
at the time for comparable transactions with other persons
and did not involve more than the normal risk of
collectibility.

     Per share data has been restated in previous periods
for a 5 for 4 common stock split payable in the form of a
25% common stock dividend paid in July 1997.

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

RESULTS OF OPERATIONS

SUMMARY

     The third quarter of 1997 added another quarter of
solid earnings to Belmont Bancorp.'s year to date
performance. The net income of Belmont Bancorp. for the
third quarter of 1997 increased 31.39% to $1,423,000,
compared to $1,083,000 in the third quarter of 1996.  The
third quarter of 1996 included a "one time" deposit
insurance premium assessment on deposits insured by the
Savings Association Insurance Fund ("SAIF") of the Federal
Deposit Insurance Corporation (FDIC) totaling $397,000, or
$262,000 after the effect of income taxes.  Results for the
third quarter remained strong with return on common
shareholders' equity (ROE) at 18.82%.  Earnings per common
share were $0.54 for the quarter, up from $0.40 per share
during the comparable quarter last year.  The SAIF
assessment reduced earnings per share by  $0.10 in 1996.

     For the nine months ended September 30, 1997, net
income increased 20.54% to $4,408,000, compared to
$3,657,000 for the first nine months of 1996. Earnings per
common share for the nine months were $1.67, up $0.31 per
share or 22.79% from the first nine months of 1996. ROE for
the year to date period was 20.43%.

     Operating earnings increased to $5,423,000 for the nine
months ended September 30, 1997, up 15.09% from $4,712,000
for the same period last year.  For the third quarter of
1997, operating earnings were $1,759,000, up 28.11% from
$1,373,000 during the year ago quarter.

     The following table presents the return on average
shareholders' equity and the return on average assets for
comparative periods of 1997 and 1996.

                       Quarter ended        Nine Months ended
                       September 30,        September 30,
($000s)                1997      1996       1997      1996
                                                         
Return on average        
assets                    1.50%     1.25%      1.61%     1.45%
Return on               
shareholders' equity     18.82%    16.55%     20.43%    18.78%
Return on average        
common equity            18.82%    16.89%     20.43%    19.22%
                                                         
Average assets         $378,374  $346,453   $364,112  $336,798
Average shareholders' 
equity                 $ 30,250  $ 26,171   $ 28,771  $ 25,959

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 nine months and three
months ended September 30, 1997, 1996, and 1995.  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
increased from 8.26% during the first nine months of 1996 to
8.43% in 1997, an increase of 17 basis points.  (A basis
point (bp) is equivalent to .01%.)   The cost of interest
bearing liabilities increased 22 basis points from 4.33%
during the first nine months of 1996 to 4.55% in 1997.  The
net interest margin (net interest income divided by interest
earning assets)  declined from 4.42% to 4.40% during the
comparative year-to-date periods.

     The taxable equivalent yield on interest earning assets
increased from 8.21% during the third quarter of 1996 to
8.38% in 1997, an increase of 17 basis points. The cost of
interest bearing liabilities rose 24 basis points from 4.39%
during the third quarter of 1996 to 4.63% in 1997.  The net
interest margin decreased 5 basis points from 4.33% to 4.28%
during the comparative quarters.

     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).

<TABLE>
TABLE 1. - CONSOLIDATED AVERAGE BALANCE SHEETS AND ANALYSIS OF NET
INTEREST INCOME (Fully Taxable Equivalent Basis) ($000's)
<CAPTION>                                                                             
                                                                             
                                             Nine Months Ended September 30,
                              1997                         1996                          1995      
                   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           $203,432  $14,385   9.45%    $171,028   $11,987   9.37%    $151,005  $10,668    9.45%       
  Securities                                                                 
    Taxable         112,583    5,757   6.84%     121,267     6,150   6.78%     114,616    5,926    6.91%
    Exempt from     
    income tax       24,940    1,401   7.51%      24,952     1,466   7.86%      25,757    1,554    8.07%
  Trading               
  account assets          0        0   0.00%           0         0   0.00%           0        0    0.00%
  Federal funds      
  sold                1,578       63   5.34%         188         7   4.98%       1,054       46    5.84%
  Interest              
  bearing
  deposits                0        0   0.00%           0         0   0.00%           0        0    0.00%
Total interest     
earning assets      342,533   21,606   8.43%     317,435    19,610   8.26%     292,432   18,194    8.32%                       
Cash and due        
from banks           10,069                        8,860                         8,424            
Other assets         15,630                       14,100                        12,926            
  Valuation                                                              
  allowance-
  available for
  sale              
  securities          (771)                        (725)                         (955)            
Allowance for      
possible loan         
loss                (3,349)                      (2,872)                       (2,016)                                 
Total assets        364,112                      336,798                       310,811            
                                           
Liabilities                                                                  
Interest                                                                     
bearing
liabilities
  Interest           
  checking           43,924    1,107   3.37%      37,639       888   3.15%      25,570      450    2.35%
  Savings            78,827    1,832   3.11%      79,272     1,808   3.05%      79,067    1,771    2.99%
  Other time       
  deposits          114,104    4,516   5.29%     112,334     4,301   5.12%     123,089    4,570    4.96%                          
  Other             
  borrowings         66,968    2,874   5.74%      52,198     2,111   5.41%      33,840    1,393    5.50%
Total interest     
bearing                                    
liabilities         303,823   10,329   4.55%     281,443     9,108   4.33%     261,566    8,184    4.18%
Demand deposits      29,399                       27,144                        25,377            
Other                
liabilities           2,119                        2,252                         1,619            
Total                          
liabilities         335,341                      310,839                       288,562                        
Shareholders'       
equity               28,771                       25,959                        22,249            
Liabilities        
& shareholders'                            
equity              364,112                      336,798                       310,811            
Net interest                                                                 
income
Margin on a                   
taxable                                 
equivalent
basis                         11,277   4.40%                10,502   4.42%               10,010    4.58%
Net interest                          
rate spread                            3.89%                         3.93%                         4.14%
Interest                                                                     
bearing
liabilities
to interest                          
earning assets                        88.70%                        88.66%                        89.45%
</TABLE>

<TABLE>
TABLE 2. - ANALYSIS OF NET INTEREST INCOME CHANGES
(Taxable Equivalent Basis) ($000's)
<CAPTION>                                                                 
                                                                  
                                    Nine Months Ended September 30,
                         1997 Compared to 1996           1996 Compared to 1995
                     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             $2,271  $ 107   $ 20   $2,398   $1,415   ($84)   ($12)   $1,319   
  Securities                                                      
    Taxable           (440)     51    (4)    (393)      344   (113)     (7)      224
    Exempt from        
    Income Taxes        (1)   (64)      0     (65)     (49)    (41)       1     (89)               
  Trading Account       
  Assets                  0      0      0        0        0       0       0        0                                        
  Federal Funds         
  Sold                   52      1      4       57     (38)     (7)       6     (39)
  Interest              
  Bearing Deposits        0      0      0        0        0       0       0        0
Total Interest        
Income Change         1,882     95     20    1,997    1,672   (245)    (12)    1,415
Increase                                                 
(Decrease) in
Interest Expense
  Interest             
  Checking              148     61     10      219      212     153      72      437
  Savings              (10)     34      0       24        5      32       0       37
  Other Time           
  Deposits               68    145      2      215    (399)     143    (12)    (268)
  Other                
  Borrowings            597    129     37      763      756    (24)    (15)      717
Total Interest         
Expense Change          803    369     49    1,221      574     304      45      923
Increase                                                 
(Decrease) in Net
Interest
Income on a        
Taxable               
Equivalent Basis     $1,079 ($274)  ($29)     $776   $1,098  ($549)   ($57)     $492
(Increase)                                                 
Decrease in
Taxable
Equivalent
Adjustment                                     (3)                                26
Net Interest                                 
Income Change                                 $773                              $518
</TABLE>

<TABLE>
TABLE 3. - CONSOLIDATED AVERAGE BALANCE SHEETS AND ANALYSIS OF NET
           INTEREST INCOME (Fully Taxable Equivalent Basis) ($000's)
<CAPTION>                                                                            
                                                                            
                                           Three Months Ended September 30,
                               1997                        1996                          1995      
                   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           $214,017   $5,102   9.46%   $178,969   $4,182    9.27%    $155,384   $3,682   9.40%             
  Securities                                                                
    Taxable         115,234    1,920   6.61%    121,462    2,049    6.69%     111,329    1,914   6.82%
    Exempt from     
    income tax       26,506      495   7.41%     26,892      541    7.98%      27,588      550   7.91%
    Trading              
    account assets        0        0   0.00%          0        0    0.00%           0        0   0.00%
    Federal funds       
    sold                664       10   5.97%         25        0    0.00%       1,158       16   5.48%
    Interest             
    bearing deposits      0        0   0.00%          0        0    0.00%           0        0   0.00%
Total interest     
earning assets      356,421    7,527   8.38%    327,348    6,772    8.21%     295,459    6,162   8.27%                   
Cash and due        
from banks           10,299                       9,064                         8,575             
Other assets         15,467                      14,933                        12,808             
Valuation                                                            
allowance-
available for
sale                 
securities            (289)                     (1,899)                         (416)                    
Allowance for      
possible loan                           
loss                (3,524)                     (2,993)                       (2,318)             
Total assets        378,374                     346,453                       314,108             
                                      
Liabilities                                                                 
Interest bearing                                                            
liabilities
  Interest          
  checking           45,134      378   3.32%     42,131      356    3.35%      25,618      153   2.37%                       
  Savings            77,953      630   3.21%     79,844      618    3.07%      79,033      598   3.00%
  Other time       
  deposits          116,340    1,566   5.34%    108,970    1,410    5.13%     115,916    1,452   4.97%                       
  Other            
  borrowings         76,233    1,112   5.79%     58,430      817    5.55%      42,522      587   5.48%
Total interest      
bearing                                 
liabilities         315,660    3,686   4.63%    289,375    3,201    4.39%     263,089    2,790   4.21%
Demand deposits      30,430                      28,594                        26,082             
Other                
liabilities           2,034                       2,313                         1,448             
Total               
liabilities         348,124                     320,282                       290,619                                 
Shareholders'        
equity               30,250                      26,171                        23,489                                 
Liabilities &      
shareholders'                           
equity              378,374                     346,453                       314,108             
Net interest                                                                
income
Margin on a                  
taxable
equivalent basis               3,841   4.28%               3,571    4.33%                3,372   4.53%
Net interest                           
rate spread                            3.75%                        3.82%                        4.07%
Interest bearing                                                            
liabilities
to interest                         
earning assets                        88.56%                       88.40%                       89.04%        
</TABLE>

TABLE 4. - ANALYSIS OF NET INTEREST INCOME CHANGES
           (Taxable Equivalent Basis) ($000's)
                                                                   
                                                                      
                                      Three Months Ended September 30,
                            1997 Compared to 1996        1996 Compared to 1995
                          Volume Yield   Mix  Total    Volume Yield  Mix  Total
                                        
Increase (Decrease) in                                               
Interest Income
  Loans and Leases        $819   $  84   $17  $  920   $559   ($51)  ($8) $500
  Securities                                                          
    Taxable              (105)    (25)     2   (128)    174    (36)   (3)  135
    Exempt from Income    
    Taxes                  (8)    (39)     1    (46)   (14)       5     0  (9)
  Trading Account            
  Assets                     0       0     0       0      0       0     0    0
  Federal Funds Sold         0       0    10      10   (16)    (16)    16 (16)
  Interest Bearing          
  Deposits                   0       0     0       0      0       0     0    0
Total Interest Income     
Change                     706      20    30     756    703    (98)     5  610
 Increase (Decrease) in                                               
 Interest Expense
  Interest Checking         25     (3)     0      22     99      63    41  203
  Savings                 (15)      27     0      12      6      14     0   20
  Other Time Deposits       95      57     4     156   (87)      48   (3) (42)
  Other Borrowings         249      35    11     295    220       8     1  229
Total Interest Expense     
Change                     354     116    15     485    238     133    39  410
Increase (Decrease) in                                               
Net Interest
Income on a Taxable      
Equivalent Basis          $352   ($96)   $15    $271   $465  ($231) ($34) $200
(Increase) Decrease in                                               
Taxable Equivalent
Adjustment                                         5                        11
Net Interest Income                            
Change                                          $276                      $211

OTHER OPERATING INCOME

     Other operating income, excluding securities gains and
losses, increased 5.6%, or $74,000, and totaled $1,387,000
for the first nine months of 1997, compared to $1,313,000
for the respective period last year.  Changes in various
categories of other income are depicted in the table below.

                                                          
                      Three months ended Sept. 30   Nine months ended Sept. 30
($000s)               1997   1996  % Change         1997     1996      % Change
       
Trust fees            $ 27   $111  -75.7%           $  254   $   374    -32.1%
Service charges on    
deposits               181    166    9.0%              527       481      9.6%
Gain on sale of        
loans                   29     19   52.6%               59        50     18.0%
Other income           195    131   48.9%              547       408     34.1%
     Subtotal          432    427    1.2%            1,387     1,313      5.6%
Security gains        
(losses)               (2)      0      na              (4)       (1)   -300.0%
Gains (losses)                                             
securities held
for sale               236     34  594.1%              590       268    120.1%
     Total            $666   $461   44.5%           $1,973   $ 1,580     24.9%
                                                           
Trust fees are down during the comparative year to date
periods based upon a change in accounting for trust fees
from the cash to accrual basis during 1996.

INVESTMENT SECURITIES

     The amortized cost and estimated market values of
securities held to maturity at September 30, 1997 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        $ 2,261      $  0        $ 65        $ 2,196
Obligations of states and         
political subdivisions             4,588       149          20          4,717
Mortgage-backed securities         9,734       112          55          9,791
     Total                       $16,583      $261        $140        $16,704

Included above in U.S. Government corporations and
agencies is a structured note with a book value of
$2,261,000 and a market value of $2,196,000 which matures in
the year 2000.

     The amortized cost and estimated market values of
securities available for sale at September 30, 1997 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       $ 10,769      $ 24        $ 24       $ 10,769
Obligations of states and           
political subdivisions            27,204       160          52         27,312
Mortgage-backed securities        48,990       372         223         49,139
Mortgage derivatives              23,301        19         139         23,181
Marketable equity securities       4,623         0           0          4,623
     Total                      $114,887      $575        $438       $115,024

The mortgage derivatives are comprised solely of
collateralized mortgage obligations (CMOs) including one
principal only CMO issued by FNMA with a book value of
$105,000 and an estimated market value of $82,000.
Privately issued CMOs included in the table above have a
book value of $2,664,,000 and an estimated market value of
$2,606,000.  Credit risk on privately issued CMOs is
evaluated based upon independent rating agencies and on the
underlying collateral of the obligation.  At September 30,
1997, no privately issued bonds from any issuer exceeded ten
percent of shareholders' equity.

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

OPERATING EXPENSES

     Successful expense control is an essential element in
maintaining the Corporation's profitability.  Historically,
when comparing the Corporation to various peer groups, the
overhead costs of the Corporation have been significantly
lower than peer.  The following table shows the dollar
amounts and growth in various components of operating
expenses.

                  Three Months ended Sept. 30   Nine Months ended Sept. 30
($000s)           1997     1996     % Change    1997     1996      % Change
                              
Salaries and     
wages             $  737   $  654   12.7%       $2,000   $1,856    7.8%
Employee             
benefits             210      189   11.1%          627      607    3.3%
Net occupancy        
expense              199      175   13.7%          583      515   13.2%
Equipment            
expense              121      206  -41.3%          588      593   -0.8%
Other operating     
expenses             857    1,100  -22.1%        2,333    2,619  -10.9%
     Total        $2,124   $2,324   -8.6%       $6,131   $6,190   -1.0%
                                                            
Increases in employee related costs and occupancy
expenses during the quarter and year-to-date comparative
periods are due to the opening of new offices in the Elm
Grove section of Wheeling, WV and at Plaza West in St.
Clairsville, Ohio.  In addition, the Bank accelerated
depreciation on some data processing equipment beginning in
September of 1996.  Other operating expenses were positively
impacted by the a reduction in a nonrecurring expense for
other real estate owned during 1996 of $140,000.  As
discussed above during the third quarter of 1996, the
subsidiary bank was assessed $397,000 in insurance premiums
on deposits insured through the Savings Association
Insurance Fund ("SAIF"), included in other operating expense
in the table above.   These reductions were partially offset
by an increase in corporate state net income and franchise
taxes, corporate development expense and telecommunication
charges.  Eliminating the impact of the SAIF assessment in
1996, other operating expense increased $111,000 for the
comparative nine month period.  Also, total operating
expenses would have reflected an increase of $338,000, or
5.8%.

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 allowance 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 nine months of 1997, $555,000 was added to the
allowance and charged to expense compared to $360,000 in
1996.  At September 30, 1997, the allowance for possible
loan losses to total loans and leases was 1.69% compared to
1.67% last year.  The ratio of the Allowance for Possible
Loan Losses to underperforming assets was 304.14% at
September 30, 1997.  The following table details the
Allowance for Possible Loan Losses and also includes various
loan charge off statistics for 1997 and 1996.

                              Three months ended    Nine months ended 
                                 Sept. 30              Sept. 30
($000s)                       1997    1996          1997    1996

Balance, beginning of period  $3,474  $2,945        $3,153  $2,703
Provision for possible loan    
losses                           200     105           555     360
Loans charged-off                  6       2            50      48
Recoveries on loans                                           
previously charged-off             3      12            13      45
     Net charge offs               3    (10)            37       3
                                                        
Balance, end of period        $3,671  $3,060        $3,671  $3,060
                                                        


                              Three months ended  Nine months ended
                                  Sept. 30            Sept. 30
($000s)                       1997      1996      1997       1996

Loans and leases outstanding             
at period                                         $220,188   $181,465     
Average loans and leases      $214,017  $178,969  $203,432   $171,028
Annualized net charge offs                              
as a percent of:
Average loans and leases         0.01%    -0.02%     0.04%      0.00%
Total loans at end of                   
period                                               0.03%      0.00%
Reserve for possible loan  
losses                           0.33%    -1.31%     2.02%      0.20%
Reserve for possible loan                               
losses to:
Average loans and leases         1.72%     1.71%     1.80%     1.79%
Total loans at end of                   
period                                               1.67%     1.69%
Under-performing assets                            304.14%   332.61%
   
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 September 30 follows:

Under-performing assets               Sept. 30,
($000s)                            1997       1996

Non-accrual loans and            
leases                             $1,175     $238
Ninety days past due loans                     
and leases still accruing
interest                               11       37
Other real estate owned                21      645
     Total                         $1,207     $920
                                               
Restructured loans and                         
leases included
in above totals                      $537     $  0
Restructured loans and                         
leases in compliance with                      
modified terms                         63      641

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                               10,000   5.40%      1/4/98
Fixed rate, non-amortizing            
advance                                2,000   5.90%      6/2/98
Fixed rate, non-amortizing            
advance                                5,000   6.10%     9/17/99
Fixed rate, non-amortizing           
advance                                5,000   6.20%     9/17/00
Fixed rate, amortizing advance           131   5.55%    12/22/98
Fixed rate, amortizing advance         2,049   6.05%    11/18/01
Fixed rate, amortizing advance         2,285   6.85%      8/1/12
Fixed rate, amortizing advance           159   5.80%     12/1/05
Fixed rate, amortizing advance         1,282   6.85%      6/6/11
Fixed rate, amortizing advance           113   6.75%      6/6/11
Fixed rate, amortizing advance           836   6.85%     6/12/11
Fixed rate, amortizing advance           256   6.95%     8/31/15
     Total                           $29,111                    


CAPITAL RESOURCES

     At September 30, 1997, shareholders' equity was
$30,701,000 compared to $27,332,000 at December 31, 1996 and
$26,380,000 at September 30, 1996.  The following table
presents various capital ratios as of September 30:

September 30,                 1997   1996

Average shareholder's
equity to :
  Average assets               7.9%   7.7%
  Average deposits            10.8%  10.1%
  Average loans and         
  leases                      14.1%  15.2%
Primary capital                9.1%   8.4%
Risk-based capital                        
ratio:
   Tier 1                     11.9%  12.0%
   Total                      13.2%  13.3%
Leverage ratio                 8.0%   7.5%

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
September 30, 1997, the Corporation had a Tier 1 capital
ratio of 11.9% and a total capital ratio of 13.2%, well
above regulatory minimum requirements.

     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
September 30, 1997, the Corporation's leverage ratio was
8.0%.

PART II - OTHER INFORMATION

Item 1.  Legal proceedings

None

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)


November 10, 1997             s/J. Vincent Ciroli, Jr.
                              J. Vincent Ciroli, Jr.
                              President & CEO