U.S. Securities and Exchange Commission
                   Washington, D.C.  20549
                              
                          Form 10-Q
                              
             For the Quarter Ended June 30, 1998
                              
[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,
                5,251,252 shares outstanding
                    as of August 4, 1998

                          FORM 10-Q
                      BELMONT BANCORP.
                 Quarter Ending June 30,1998
                              
                            INDEX
                              
Part I.  Financial information

Financial highlights

Management's report on financial statements

Consolidated Statements of Condition - June 30, 1998,
     December 31, 1997, and June 30, 1997

Consolidated Statements of Income- Six Months Ended
     June 30, 1998 and June 30, 1997

Consolidated Statements of Income-Three Months
     Ended June 30, 1998 and June 30, 1997

Consolidated Statements of Income-Three Months and
     Six Months Ended June 30, 1998 and June 30, 1997

Consolidated Statements of Cash Flows-Six Months
     Ended June 30, 1998 and June 30, 1997

Consolidated Statements of Changes in Shareholders' Equity
     Six Months Ended June 30, 1998 and Year Ended
     December 31, 1997

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

BELMONT BANCORP. AND SUBSIDIARIES
Financial Highlights                                    
                                                        
June 30                          1998        1997        % Change
                                                      
Earnings and dividends ($000's)                         
Net income                       $   3,005   $    2,985     0.7
Operating earnings (1)               3,504        3,664   (4.4)
Cash dividends declared on           
common stock                           973          719    35.3
Per common share (2):                                   
Net income                       $    0.57   $     0.57     0.0
Cash dividends declared              0.185        0.136    36.0
Book value                            6.31         5.57    13.4
Market price :                                          
  High                               28.44        12.60   125.7
  Low                                22.25        10.40   113.9
At quarter-end ($000's)                                 
Assets                           $  416,298  $  384,599     8.2
Loans and leases                    223,569     205,116     9.0
Deposits                            289,264     261,717    10.5
Stockholders' equity                 33,216      29,376    13.1
Key Ratios                                              
Return on average assets              1.52%       1.67%   (9.0)
Return on average common            
shareholders' equity                 18.10%      21.30%  (15.0)
Net interest margin (TE)              4.14%       4.47%   (7.4)
Number of shares outstanding      5,261,996   5,274,996   (0.2)
Number of full time equivalent       
employees                             147.5       132.5    11.3
Total assets per FTE employee    $    2,822  $    2,903   (2.8)
                                                        
(1) Operating earnings are defined as earnings before
income taxes minus securities gains or plus securities losses.
                                                        
(2) All per share amounts have been restated for the effect of
a 25% common stock dividend paid on July 1, 1997 and a
2-for-1 split paid on May 22, 1998.

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 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.
Consolidated Balance Sheet
(Unaudited) ($000s except per share amounts)
                                      June 30,  December 31, June 30,
                                      1998      1997         1997
ASSETS                                                          
    Cash and due from banks           $ 11,190  $ 10,265     $ 13,037
    Federal funds sold                     475         -            -          
    Assets held for trading                988         -            -
    Securities available for sale at                            
    market value                       148,187   121,156      135,898
    Securities held to maturity         14,254    15,955       17,584
    Loans held for sale                  1,615       884            -
    Loans                              221,954   224,016      205,116
    Less allowance for possible loan                           
    losses                             (4,307)   (4,134)      (3,474)     
    Net loans                          217,647   219,882      201,642
    Premises and equipment, net          7,445     7,401        7,256
    Other real estate owned                  -        20           20
    Accrued income receivable            2,921     2,586        2,678
    Other assets                        11,576    10,564        6,484
          Total Assets                $416,298  $388,713     $384,599
                                                                
LIABILITIES                                                     
    Non-interest bearing deposits                                
           Demand                     $ 27,524  $ 29,987     $ 29,581
     Interest-bearing deposits:                                 
           Demand                       43,554    33,463       38,075           
           Savings                      81,593    79,829       79,040 
           Time                        136,593   120,629      115,021           
           Total deposits              289,264   263,908      261,717
      Securities sold under                                     
      repurchase agreements              7,685     5,256        7,569
      Short-term borrowings                  -    14,635       67,193
      Long term debt                    72,214    69,635       16,989
      Accrued interest on deposits                              
      and other borrowings                 928       731          984
      Other liabilities                 12,991     2,649          771
            Total liabilities         $383,082  $356,814     $355,223
                                                                
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         
in 1998 and 1997                      $  1,321  $  1,321     $  1,057
Surplus                                  7,854     7,781        7,781         
Treasury stock ( 26,330 shares                           
at June 30, 1998; 13,330 shares at
December 31, 1997 and June 30,                           
1997)                                    (501)     (131)        (131)
Retained earnings:                                       
  Unappropriated                        23,910    21,879       19,817
  Appropriated for                                   
  contingencies                            850       850          850
Common stock dividend to be                              
distributed (527,354 shares)                 -         -          269
Accumulated other                                        
comprehensive income                     (218)       199        (267)
Total shareholders' equity            $ 33,216  $ 31,899     $ 29,376
Total liabilities and                
shareholders' equity                  $416,298  $388,713     $384,599

Belmont Bancorp.
Consolidated Statement of Income
(Unaudited) ($000s except per share amounts)

                                            Three months ended June 30,
                                            1998        1997     
INTEREST INCOME                                                     
    Loans and lease financing                                       
        Taxable                             $    5,236  $    4,661  
        Tax-exempt                                  67          93
        Investment securities:
        Taxable                                  1,689       2,013
        Tax-exempt                                 344         348
     Dividends                                      82          70
     Interest on trading securities                  5           -
     Interest on fed funds sold                     17           1
     Total interest income                       7,440       7,186 
                                               
INTEREST EXPENSE                                                    
      Deposits                                   2,855       2,436
      Borrowings                                 1,068       1,156
         Total interest expense                  3,923       3,592
         Net interest income                     3,517       3,594
      Provision for possible loan losses           125         250
         Net interest income after                                  
         provision for possible loan losses      3,392       3,344
                                                 
NON-INTEREST INCOME                                                 
      Trust fees                                   128         149
      Service charges on deposits                  182         175
      Other operating income                       222         185
      Investment securities gains (losses)         (1)         (1)
      Trading profits (losses)                      17           -
      Gains (losses) on securities                                  
      available for sale                           267         198
          Total non-interest income                815         706
                                                  
NON-INTEREST EXPENSE                                                
      Salary and employee benefits               1,063         845
      Net occupancy expense of premises            206         194
      Equipment expenses                           255         238
      Other operating expenses                     762         744
          Total non-interest expense             2,286       2,021
          Income before income taxes             1,921       2,029
                                              
INCOME TAXES                                                        
                                                   494         465
        Net income                          $    1,427  $    1,564
                                                                    
PER COMMON SHARE DATA                                               
        Net income per share                $     0.27  $     0.30  
        Cash dividend per share             $    0.100  $    0.068  
        Weighted average shares                                     
        outstanding                          5,261,996   5,278,754


Belmont Bancorp.
Consolidated Statement of Income
(Unaudited) ($000s except per share amounts)
                                           For the Six Months Ended June 30,
                                            1998        1997
INTEREST INCOME                                                   
    Loans and lease financing:                                    
        Taxable                             $   10,451  $    9,015
        Tax-exempt                                 133         182
                                                
    Investment securities:                                        
        Taxable                                  3,517       3,716
        Tax-exempt                                 635         624
    Dividends                                      163         124
    Interest on trading securities                   6           -
    Interest on fed funds sold                      56          53
    Total interest income                       14,961      13,714
                                              
INTEREST EXPENSE                                                  
      Deposits                                   5,515       4,880
      Borrowings                                 2,228       1,763
         Total interest expense                  7,743       6,643
         Net interest income                     7,218       7,071
      Provision for possible loan losses           275         355
      Net interest income after                                
      provision for possible loan losses         6,943       6,716
                                                
                                                                  
NON-INTEREST INCOME                                               
      Trust fees                                   237         227
      Service charges on deposits                  353         346
      Other operating income                       452         382
      Investment securities gains (losses)         (1)         (2)
      Trading profits (losses)                      31           -
      Gains (losses) on securities                                
      available for sale                           587         354
          Total non-interest income              1,659       1,307
                                              
                                                                  
NON-INTEREST EXPENSE                                              
      Salary and employee benefits               2,129       1,680
      Net occupancy expense of premises            405         384
      Equipment expenses                           476         467
      Other operating expenses                   1,502       1,476
          Total non-interest expense             4,512       4,007
          Income before income taxes             4,090       4,016
                                               
INCOME TAXES                                     1,085       1,031
          Net income                        $    3,005  $    2,985
                                                                  
PER COMMON SHARE DATA                                             
        Net income per share                $     0.57  $     0.57
        Cash dividend per share             $    0.185  $    0.136
        Book value per share                $     6.31  $     5.57
        Weighted average shares                                   
        outstanding                          5,262,797   5,281,360

Belmont Bancorp.
CONSOLIDATED STATEMENT OF CASH FLOWS
Six Months Ended June 30
(Unaudited)
                
                                                        1998         1997
Operating Activities:
Net income                                            $3,005       $2,985 
Adjustments to reconcile net income to net
cash flows provided by operating activities:
Provision for possible loan losses                       275          355 
Depreciation and amortization expense                    403          411 
Amortization of investment security premiums             897          594 
Accretion of investment security discounts and
     interest recorded on zero-coupon securities        (126)        (122)
Trading (gains) losses                                   (31)           0
Investment securities (gains) losses                       1            2 
(Gains) losses on securities available for sale         (587)        (354)
Gain on sale of loans                                    (70)         (30)
Gain on sale of other real estate owned                    0           (7)
Proceeds on sale of trading assets                     3,152            0 
Purchase of trading assets                            (3,640)           0 
(Increase) decrease in interest receivable              (335)        (757)
Increase (decrease) in interest payable                  197          320 
Others, net                                            9,543       (6,473)
   Net cash provided (used) by operating activities   12,684       (3,076)

Investing Activities:
Net decrease in federal funds sold                      (475)      24,450 
Proceeds from sales of investment securities               0            0 
Proceeds on sale of securities available for sale     37,845       25,319 
Proceeds from maturities and calls of investment
 securities                                            3,161        2,833
Purchase of securities available for sale            (81,826)     (91,300)
Principal collected on mortgage-backed
   securities                                         14,206        7,422 
Net (increase) decrease in loans and
   leases, net of charge offs                        (12,952)     (22,971)
Proceeds on sale of loans                             14,220        6,603 
Recoveries on loans previously charged off                12           10 
Proceeds from sale of other real estate owned             39           73 
Purchases of premises and equipment                     (447)        (425)
Proceeds on sale of fixed assets                           0           20 
   Net cash provided (used) by investing activities  (26,217)     (47,966)
                                     
Financing Activities:

Net increase (decrease) in deposits                   25,356          178 
Net increase (decrease) in repurchase agreements       2,429         (711)
Net increase (decrease) in short-term borrowings     (14,635)      57,193 
Proceeds on long-term debt                            15,000            0 
Payments on long-term debt                           (12,421)      (2,687)
Purchase of treasury stock                              (409)        (123)
Treasury stock issued                                    112            0
Dividends paid on common and preferred stock            (974)        (719)
   Net cash provided (used) by financing activities   14,458       53,131 
  
Increase (Decrease) in Cash and Cash Equivalents         925        2,089 
Cash and Equivalents at Beginning of Year             10,265       10,948 
Cash and Equivalents at June 30                      $11,190      $13,037 
   

<TABLE>
Belmont Bancorp. and Subsidiaries
Consolidated Statements of Shareholders' Equity
For the Six Months Ended                            
June 30, 1998 and 1997
<CAPTION>
                                                                                
                                                Accumulated
                                      Compre-   Other 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,       
1996                        $27,332             ($168)   $1,057  $7,781  $17,820  $850    ($8)  
1997 Year-to-date net         
income                        2,985    2,985                               2,985          
Change in unrealized                                                       
loss-securities available-    
for-sale                       (99)     (99)      (99)                            
Comprehensive income                  $2,886                                     
Purchase of treasury         
stock                         (123)                                                      (123)
Cash dividends                                                              
declared:
Common stock ($.136          
per share)                    (719)                                        (719)          
Balance, June 30, 1997      $29,376             ($267)   $1,057  $7,781  $20,086  $850  ($131)

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
included in net income,                                          
net of tax                               387     
Net unrealized                                                   
losses on securities                   (417) 
</TABLE>

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 1997.

     Related party transactions - The Corporation's and its
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 1998.  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 25%
common stock dividend paid on July 1, 1997 and a 2-for-1 stock split
effected in the form of a 100% stock dividend paid May 22, 1998.

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

RESULTS OF OPERATIONS

SUMMARY

     For the six months ended June 30, 1998, earnings for Belmont
Bancorp. increased slightly to $3,005,000 compared to $2,985,000 for
the first six months of 1997.  Earnings per common share were $0.57
for the first six months of 1998 and 1997.

     The net income of Belmont Bancorp. for the second quarter of 1998
decreased 8.8% to $1,427,000, compared to $1,564,000 in the second
quarter of 1997.  Earnings per common share decreased to $0.27 in the
second quarter of 1998, compared to $0.30 in the second quarter of
1997.

     Operating earnings decreased to $3,504,000 for the six months
ended June 30, 1998, down 4.4% from $3,664,000 for the same period
last year.  For the second quarter of 1998, operating earnings were
$1,655,000, down 9.7% from $1,832,000 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
1998 and 1997.

                          Quarter ended          Six months ended
                          June 30,               June 30,
($000s)                   1998       1997        1998       1997
                                                           
Return on average           
assets                       1.44%      1.67%       1.52%      1.67%
Return on shareholders'    
equity                      17.23%     22.16%      18.10%     21.30%
                                                           
Average assets            $396,090   $374,644    $394,923   $356,980
Average shareholders'     
equity                    $ 33,125   $ 28,233    $ 33,202   $ 28,032

Average assets increased $37.9 million during the six months
ended June 30, 1998 compared to the same period during 1997.  Average
shareholders' equity increased $5.2 million for the same period.

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, 1998, 1997, and 1996.
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 8.46% during the first six months of 1997 to 8.39% in 1998, a
decrease of 7 basis points.  (A basis point (bp) is equivalent to
 .01%.)   The cost of interest bearing liabilities increased 22 basis
points from 4.50% during the first half of 1997 to 4.72% in 1998.  The
net interest margin (net interest income divided by interest earning
assets)  was 4.14% during the first half of 1998 compared to 4.47%
during the same period last year.

     The taxable equivalent yield on interest earning assets decreased
from 8.39% during the second quarter of 1997 to 8.27% in 1998, a
decrease of 12 basis points. The cost of interest bearing liabilities
rose 17 basis points from 4.57% during the second quarter of 1997 to
4.74% in 1998.  The net interest margin decreased from 4.31% to 4.01%.

     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>                                                                             
                                           Six Months Ended June 30,
                           1998                       1997                    1996     
                  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          $224,414  $10,646  9.57%  $198,140  $9,283   9.45%  $167,058   $7,805   9.42%  
  Securities                                                                 
  Taxable          117,436    3,683  6.32%   111,257   3,837   6.95%   121,107    4,101   6.83%
  Exempt from     
  income tax        23,973      916  7.71%    24,157     906   7.56%    24,044      924   7.75%  
  Trading           
  account assets       199        6  6.08%         0       0                 0        0     
Federal funds        
sold                 2,081       56  5.43%     2,036      53   5.25%       270        7   5.23%
Total interest     
earning assets     368,103   15,307  8.39%   335,590  14,079   8.46%   312,479   12,837   8.28%
Cash and due from   
banks               10,770                     9,954                     8,758             
Other assets        20,242                    15,710                    13,683            
Valuation                                                                    
allowance-
available for
sale securities          9                   (1,013)                     (138)                             
Allowance for      
possible loan      
loss               (4,201)                   (3,261)                   (2,811)            
Total assets       394,923                   356,980                   331,971            
                  
Liabilities                                                                  
Interest bearing                                                             
liabilities
  Interest          
  checking          43,156      718  3.36%    43,319     729   3.39%    35,393      532   3.03%  
  Savings           81,465    1,323  3.27%    79,263   1,202   3.06%    78,986    1,191   3.04%
  Other time       
  deposits         127,322    3,475  5.50%   112,987   2,949   5.26%   114,016    2,890   5.11%  
  Other            
  Borrowings        78,903    2,227  5.69%    62,335   1,763   5.70%    49,081    1,294   5.32%
Total interest     
bearing                
liabilities        330,846    7,743  4.72%   297,904   6,643   4.50%   277,476    5,907   4.29%
Demand deposits     29,703                    28,883                    26,419            
Other liabilities    1,172                     2,161                     2,223            
Total liabilities  361,721                   328,948                   306,118            
Shareholders'       
equity              33,202                    28,032                    25,853            
Liabilities &      
shareholders'       
equity             394,923                   356,980                   331,971            
Net interest                                                                 
income
Margin on a                   
taxable                                                           
equivalent basis              7,564  4.14%             7,436   4.47%              6,930   4.47%
Net interest rate                    
spread                               3.67%                     3.96%                      3.99%
Interest bearing                                                             
liabilities
to interest                        
earning assets                      89.88%                    88.77%                     88.80%
</TABLE>

TABLE 2. - ANALYSIS OF NET INTEREST INCOME CHANGES
(Taxable Equivalent Basis) ($000's)
                                                                               
                                     Six Months ended June 30, 1998
                        1998 Compared to 1997          1997 Compared to 1996   
                      Volume Yield   Mix   Total     Volume  Yield   Mix  Total
Increase (Decrease)                                                            
in Interest Income
  Loans and Leases    1,231    117     15  1,363     1,452     22      4  1,478
  Securities                                                                   
    Taxable             213  (348)   (18)  (153)     (334)     76    (7)  (265) 
    Exempt from                                                                
    Income Taxes        (7)     17      -     10         4   (22)      -   (18)
  Trading account                                                              
  assets                  -      -      6      6         -      -      -      -
  Federal Funds Sold      1      2      -      3        46      -      -     46
                         
Total Interest                                                                 
Income Change         1,438  (212)      3  1,229     1,168     76    (3)  1,241
 Increase (Decrease)                                                           
 in Interest Expense
  Interest Checking     (3)    (8)      -   (11)       119     64     14    197 
  Savings                33     85      2    120         4      7      -     11
  Other Time                                                                   
  Deposits              374    135     17    526      (26)     86    (1)     59
  Short Term                                                                   
  Borrowings            469    (4)      -    465       349     94     26    469
Total Interest                                                                 
Expense Change          873    208     19  1,100       446    251     39    736
Increase (Decrease)                                                            
in Net Interest
Income on a Taxable                                                            
Equivalent Basis        565  (420)   (16)    129       722  (175)   (42)    505
(Increase) Decrease                                                           
in Taxable
Equivalent
Adjustment                                    19                            (8)
Net Interest Income                                                            
Change                                       148                            497

<TABLE>
TABLE 3. - CONSOLIDATED AVERAGE BALANCE SHEETS AND ANALYSIS OF NET
INTEREST INCOME (Fully Taxable Equivalent Basis) ($000's)
<CAPTION>                                                                         
                                          Three Months Ended June 30,
                             1998                      1997                      1996       
                   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           $223,588  $5,334   9.57%  $203,096  $4,799   9.48%  $172,681  $4,022   9.34%   
  Securities                                                              
    Taxable         118,143   1,775   6.03%   122,944   2,083   6.80%   124,849   2,027   6.51%
    Exempt from     
    income tax       26,327     491   7.48%    27,104     503   7.44%    24,221     458   7.58%
    Trading account          
    assets              322       5   6.23%         0       0                 0       0  
Federal funds        
sold                  1,248      17   5.46%        70       1   5.73%        72       1   5.57%
Total interest      
earning assets      369,628   7,622   8.27%   353,214   7,386   8.39%   321,823   6,508   8.11% 
Cash and due        
from banks           10,701                     9,883                     8,852            
Other assets         20,214                    16,325                    14,056            
                                          
Valuation                                                                 
allowance-
available for
sale                  
securities            (198)                   (1,448)                     (903) 
Allowance for       
possible loan         
loss                (4,255)                   (3,330)                   (2,883)            
Total assets        396,090                   374,644                   340,945            
                     
Liabilities                                                               
Interest bearing                                                          
liabilities
  Interest          
  checking           42,101     345   3.29%    40,440     337   3.34%    37,557     290   3.10% 
  Savings            81,292     665   3.28%    79,092     605   3.07%    79,653     603   3.04%
  Other time        
  deposits          132,834   1,846   5.57%   114,102   1,494   5.25%   113,583   1,438   5.08%
  Other              
  Borrowings         75,492   1,067   5.67%    81,361   1,156   5.70%    54,919     727   5.31%
Total interest      
bearing              
liabilities         331,719   3,923   4.74%   314,995   3,592   4.57%   285,712   3,058   4.29%
Demand deposits      30,167                    29,227                    27,018            
Other liabilities     1,079                     2,189                     2,367            
Total               
liabilities         362,965                   346,411                   315,097             
Shareholders'        
equity               33,125                    28,233                    25,848 
Liabilities &       
shareholders'        
equity              396,090                   374,644                   340,945            
Net interest                                                              
income
Margin on a                   
taxable
equivalent basis              3,699   4.01%             3,794   4.31%             3,450   4.30%
Net interest                         
rate spread                           3.53%                     3.81%                     3.82%
Interest bearing                                                          
liabilities
to interest                          
earning assets                       89.74%                    89.18%                    88.78%                
</TABLE>

<TABLE>
TABLE 4. - ANALYSIS OF NET INTEREST INCOME CHANGES
(Taxable Equivalent Basis) ($000's)
<CAPTION>                                                                               
                                       Three Months Ended June 30,
                         1998 Compared to 1997              1997 Compared to 1996             
                       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        484      46      5    535       708     58      10   776
Securities                                                                   
    Taxable            (81)   (236)      9  (308)      (31)     88     (1)    56 
    Exempt from                                                                
    Income Taxes       (14)       2      -   (12)        55    (9)     (1)    45
  Trading account                                                              
  assets                  -       -      5      5         -      -       -     -
  Federal Funds Sold     17       -    (1)     16         -      -       -     -  
Total Interest                                                                 
Income Change           406   (188)     18    236       732    137       8   877
Increase (Decrease)                                                           
in Interest Expense
  Interest Checking      14     (6)      -      8        22     23       2    47  
  Savings                17      42      1     60       (4)      6       -     2
  Other Time                                                                   
  Deposits              245      92     15    352         7     49       -    56
  Short Term                                                                   
  Borrowings           (83)     (6)      -   (89)       350     53      25   428
Total Interest                                                                 
Expense Change          193     122     16    331       375    131      27   533
Increase (Decrease)                                                            
in Net Interest
Income on a Taxable                                                            
Equivalent Basis        213   (310)      2   (95)       357      6    (19)   344
(Increase) Decrease                                                           
in Taxable
Equivalent
Adjustment                                     18                           (23)   
Net Interest Income                                                            
Change                                       (77)                            321
</TABLE>

OTHER OPERATING INCOME

     Other operating income, excluding securities gains and losses,
increased 7.8%, or $69,000, and totaled $955,000 for the first six
months of 1998, compared to $886,000 for the respective period last
year. Gains on sales of loans increased $40,000 during the year-to-
date period compared to last year, and trading profits contributed
$31,000 to other operating income.  Changes in various categories of
other income are depicted in the table below.

                      Three months ended June 30, Six months ended June 30,
($000s)               1998   1997  % Change       1998    1997 %  Change
                        
Trust fees            $128   $149  -14.1%         $  237  $  227    4.4%
Service charges on     
deposits               182    175    4.0%            353     346    2.0%
Gain on sale of         
loans                   29     24   20.8%             70      30  133.3%
Trading gains          
(losses)                17      0      na             31       0      na
Other income           193    161   19.9%            382     352    8.5%
     Subtotal          549    509    7.9%          1,073     955   12.4%
Security gains         
(losses)               (1)    (1)    0.0%            (1)     (2)   50.0%
Gains (losses)                                               
securities held
for sale               267    198   34.8%            587     354   65.8%
     Total            $815   $706   15.4%         $1,659  $1,307   26.9%

INVESTMENT SECURITIES

     The amortized cost and estimated market values of securities held
to maturity at June 30, 1998 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         $ 2,258       $  0        $35       $ 2,223
Obligations of states and           
political subdivisions              4,392        199          7         4,584
Mortgage-backed securities          7,604         97         35         7,666
     Total                        $14,254       $296        $77       $14,473

Included above in U.S. Government corporations and agencies is a
structured note with a book value of $2,258,000 and a market value of
$2,223,000 which matures in the year 2000.

     The amortized cost and estimated market values of securities
available for sale at June 30, 1998 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       $  9,071       $ 12       $ 13       $  9,070
Obligations of states and           
political subdivisions            25,820        175         43         25,952
Mortgage-backed securities        80,153        316        537         79,932
Mortgage derivatives              24,302         44        281         24,065
Corporate trust preferred            
securities                         3,942          0          3          3,939
Marketable equity securities       5,229          0          0          5,229
     Total                      $148,517       $547       $877       $148,187

     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
$96,000.  Privately issued CMOs included in the table above have a
book value of $919,000 and an estimated market value of $931,000.
Credit risk on privately issued CMOs is evaluated based upon
independent rating agencies and on the underlying collateral of the
obligation.  No privately issued bonds from any issuer exceeded ten
percent 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

     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 June 30, Six months ended June 30,
($000s)           1998    1997    % Change    1998    1996     % Change
                            
Salaries and      
wages             $  803  $  638  25.9%       $1,577  $1,263   24.9%
Employee benefits    260     207  25.6%          552     417   32.4%
Net occupancy        
expense              206     194   6.2%          405     384    5.5%
Equipment expense    255     238   7.1%          476     467    1.9%
Other operating      
expenses             762     744   2.4%        1,502   1,476    1.8%
     Total        $2,286  $2,021  13.1%       $4,512  $4,007   12.6%

Increases in employee related costs during the quarter and year-
to-date comparative periods are due to the expansion of the branch
operation at Plaza West, St. Clairsville and Bellaire, the expansion
of asset management services (trust and brokerage services), and the
fulfillment of several positions within the organization that were
previously vacant. In addition, employee benefit costs increased by
$50,000 due to the implementation of deferred compensation plans for
the Board of Directors and executive management. These plans are
funded with bank-owned life insurance contracts. The cost of the
plans are substantially offset by earnings on these policies which are
included in other operating income.

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 first half of 1998, $275,000 was added to the allowance
and charged to expense compared to $355,000 in 1997.  At June 30,
1998, the allowance for possible loan losses to total loans and leases
was 1.93% compared to 1.69% last year.  The ratio of the Allowance for
Possible Loan Losses to underperforming assets was 504.3% at June 30,
1998.  The following table details the Allowance for Possible Loan
Losses and also includes various loan charge off statistics for 1998
and 1997.

Allowance for Possible Loan                               
Losses
                                Three months ended Six months ended
                                June 30,           June 30,
($000s)                         1998     1997      1998      1997
Balance, beginning of period    $  4,186 $  3,263  $  4,134  $  3,153
                                                          
Provision for possible loan         
losses                               125      250       275       355
                                                          
Loans charged-off                      5       35       114        44
Recoveries on loans previously        
charged-off                            1      (4)        12        10
     Net charge offs                   4       39       102        34
                                                          
Balance, end of period          $  4,307 $  3,474  $  4,307  $  3,474
                                                          
Loans and leases outstanding    
at period                       $223,569 $205,116  $223,569  $205,116 
Average loans and leases        $223,588 $203,096  $224,414  $198,140
                                  
Annualized net charge offs as                             
a percent of:
   Average loans and leases        0.01%    0.08%     0.09%     0.03%
   Total loans at end of           
   period                          0.01%    0.08%     0.09%     0.03%
   Reserve for possible loan       
   losses                          0.37%    4.49%     4.74%     1.96%
Reserve for possible loan                                 
losses to:
   Average loans and leases        1.93%    1.71%     1.92%     1.75%
   Total loans at end of                             
   period                                             1.93%     1.69%
   Under-performing assets                          504.33%   514.67%
                                                  
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)                              1998     1997
Non-accrual loans and                
leases                               $  849   $443
Ninety days past due loans                      
and leases still accruing interest        5    211
Other real estate owned                   0     21
     Total                           $  854   $675
                                                
Restructured loans and                          
leases included
in above totals                      $    0   $537
Restructured loans and                          
leases in Compliance with                
modified terms                        1,225     65

Asset quality remained high since the year ago period.  Total
under-performing assets were $854,000 or 0.4% of total loans
outstanding at June 30, 1998 compared to $675,000 or 0.3% of total
loans outstanding at June 30, 1997.
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%   9/17/99          
Fixed rate, non-               
amortizing advance        5,000  6.20%   9/15/00          
Fixed rate, non-               
amortizing advance       10,000  6.56%   10/1/07          
Fixed rate, non-                
amortizing advance       30,000  5.09%   12/10/07          
Fixed rate, non-                
amortizing advance        7,000  5.60%   4/30/08
Fixed rate, non-               
amortizing advance        8,000  5.46%   6/19/08
Fixed rate, amortizing        
advance                      62  5.55%   12/22/98         
Fixed rate, amortizing         
advance                   1,755  6.05%   11/18/01         
Fixed rate, amortizing         
advance                     119  5.80%   12/1/05           
Fixed rate, amortizing         
advance                   1,244  6.85%   6/6/11
Fixed rate, amortizing         
advance                     109  6.75%   6/6/11
Fixed rate, amortizing         
advance                     811  6.85%   6/12/11          
Fixed rate, amortizing         
advance                     250  6.95%   8/31/15            
Fixed rate, amortizing         
advance                   2,224  6.70%   8/1/12
Fixed rate, amortizing        
advance                     640  6.25%   11/1/17           
                                            
                        $72,214

CAPITAL RESOURCES

     At June 30, 1998, shareholders' equity was $33,216,000 compared
to $31,899,000 at December 31, 1997 and $29,376,000 at June 30, 1997.
The following table presents various capital ratios as of June 30:

June 30,                       1998    1997
Average shareholder's                       
equity to :
  Average assets                8.4%    7.9%
  Average deposits             11.8%   10.6%
  Average loans and          
  leases                       14.8%   14.1%
Primary capital                 9.0%    8.5%
Risk-based capital                          
ratio:
   Tier 1                      11.9%   12.1%
   Total                       13.2%   13.4%
Leverage ratio                  7.9%    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% or risk-weighted assets and
total capital of 8.0% or 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, 1998,
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 June 30, 1998, the Corporation's
leverage ratio was 7.9%.

STOCK REPURCHASE

     In accordance with a plan approved by the Board of Directors and
previously announced in March 1996, the Company repurchased 9,000
shares of its common stock during the first quarter of 1998.  The cost
of the purchases was $409,375.   The plan approved by the Board of
Directors permits the Company to repurchase up to $1,000,000 of
Belmont Bancorp. common stock on the open market or in separately
negotiated transactions.  No stock was purchased under the plan during
the second quarter of 1998. Through June 30, 1998, the Corporation has
purchased a total of $532,875 of its common stock.

NEW ACCOUNTING STANDARD

     The Financial Accounting Standards Board (FASB) has issued
Statement of Financial Accounting Standards No. 130 (SFAS 130),
"Reporting Comprehensive Income," which is effective for fiscal years
beginning after December 15, 1997.  SFAS establishes standards for
reporting and presentation of comprehensive income and its components
within the Corporation's consolidated financial statements.
Generally, comprehensive income includes net income along with other
transactions not typically recorded as a component of net income,
including changes in unrealized gains and losses on securities
available for sale.  SFAS 130 requires the disclosure of an amount
that represents total comprehensive income and the components of
comprehensive income in a consolidated financial statement.  The
Corporation has disclosed the requirements of SFAS 130 within the
Statement of Changes in Shareholders' Equity.

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)


August 14, 1998          s/J. Vincent Ciroli, Jr.
                         J. Vincent Ciroli, Jr.
                         President & CEO