U.S. Securities and Exchange Commission
                   Washington, D.C.  20549
                              
                          Form 10-Q
                              
            For the Quarter Ended March 31, 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,
2,113,644 shares outstanding
as of April 30, 1997

<PAGE>

FORM 10-Q
BELMONT BANCORP.
Quarter Ending March 31, 1997

INDEX

Part I.  Financial information

Financial highlights

Management's report on financial statements

Consolidated Statements of Condition - March 31, 1997,
   December 31, 1996, and March 31, 1996

Consolidated Statements of Income-Three Months
   Ended March 31, 1997  and March 31, 1996

Consolidated Statements of Cash Flows-Three Months
   Ended March 31, 1997 and March 31, 1996

Consolidated Statements of Changes in Shareholders' Equity
   Three Months Ended March 31, 1997 and Year Ended
   December 31, 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

<PAGE>

BELMONT BANCORP. AND                                   
SUBSIDIARIES
Financial Highlights                                   
                                                      
March 31                            1997        1996   % Change
Earnings and dividends                                  
($000's)
Net income                    $    1,421  $    1,409     0.9
Operating earnings (1)             1,832       1,728     6.0
Cash dividends declared on           
common stock                         361         275    31.3
Per common share (2):                                  
Net income                    $     0.67       $0.66     1.5
Cash dividends declared            0.170       0.130    30.8
Book value                         13.09       11.66    12.2
Market price :                                         
  High                             28.00       27.50     1.8
  Low                              25.50       25.00     2.0
At quarter-end ($000's)                                
Assets                        $  371,963  $  323,141    15.1
                                              
Loans and leases                 199,085     167,563    18.8
Deposits                         266,310     260,558     2.2
Stockholders' equity              27,673      25,664     7.8
Key Ratios                                             
Return on average assets           1.68%       1.74%   (4.0)
Return on average common         
shareholders' equity              20.42%      22.35%   (8.6)
Net interest margin (TE)           4.65%       4.66%   (0.2)
Number of shares               2,114,644   2,114,644     0.0
                                             
Number of full time equivalent    
employees                          128.0       112.5    13.8
Total assets per FTE employee $    2,906  $    2,872     1.2
                                                       
(1) Operating earnings are defined as earnings before income taxes
minus securities and trading gains or plus securities and
trading losses.                                  

<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.
<TABLE>
Belmont Bancorp. Consolidated Balance Sheets                                            

<CAPTION>                                                       
                                                       March 31,      December 31, March 31,  
                                                       1997           1996         1996   
<S>                                                    <C>            <C>          <C>
ASSETS                                                                                  
                                                                                        
    Cash and due from banks                            $ 12,917       $ 10,948     $  9,283 
    Federal funds sold                                        0         24,450            0 
    Securities available for sale at market value       123,755         78,728      111,827 
    Securities held to maturity (1)                      18,207         19,299       22,912 
    Loans                                               199,085        188,783      167,563 
    Less allowance for possible loan losses             (3,263)        (3,153)      (2,853) 
          Net loans                                     195,822        185,630      164,710 
    Premises and equipment, net                           7,191          7,260        5,290 
    Other real estate owned                                   0             66          579 
    Accrued income receivable                             2,957          1,921        2,430 
    Other assets                                         11,114          5,601        6,110 
          Total Assets                                 $371,963       $333,903     $323,141 
                                                                        
LIABILITIES                                                                             
                                                                                        
    Non-interest bearing deposits                                                       
           Demand                                      $ 30,329       $ 29,232     $ 25,309 
     Interest-bearing deposits:                                                         
           Demand                                        43,653         40,569       41,468 
           Savings                                       79,471         80,961       79,379 
           Time                                         112,857        110,777      114,402 
           Total deposits                               266,310        261,539      260,558 
      Securities sold under repurchase agreements         8,815          8,280        5,345 
      Short-term borrowings                              47,609         10,000       15,087 
      Long term debt                                     19,514         19,676       14,772 
      Accrued interest on deposits and other 
      borrowings                                            736            664          706
      Other liabilities                                   1,306          6,412        1,009 
            Total liabilities                          $344,290       $306,571     $297,477 
                                                                        
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 March 31,                                   
       1997 and December 31,1996; 10,000 shares of  
       $100 par value at March 31, 1996                $      0       $      0     $  1,000 

       Common stock  - $0.50 par value, 8,900,000                                       
       shares authorized; 2,115,476 issued in 1997        
       and 1996                                           1,057          1,057        1,057
       Surplus                                            7,781          7,781        7,781 
       Treasury stock (832 shares)                          (8)            (8)          (8) 
       Retained earnings:                                                               
             Unappropriated                              18,880         17,820       15,262 
             Appropriated for contingencies                 850            850          850 
       Net unrealized loss on securities available for     
       sale                                               (887)          (168)        (278)
          Total shareholders' equity                   $ 27,673       $ 27,332     $ 25,664 
          Total liabilities and shareholders' equity   $371,963       $333,903     $323,141 
                                                                         
(1)  Market value at March 31, 1997, $18,061; December 31, 1996, $19,302;
     March 31, 1996, $22,789.
(2)  Performance ratios are presented on an annualized basis.
     Net interest margins are presented on a fully taxable equivalent basis.
</TABLE>

Consolidated Condensed Statement of Income                         
(Unaudited)  ($000s except per share amounts)
                                        For the Three Months Ended March 31,   
                                            1997         1996         
INTEREST INCOME                                                    
                                                                   
    Loans and lease financing                                      
        Taxable                             $    4,354   $    3,669
        Tax-exempt                                  89           78       
    Investment securities:                                         
        Taxable                                  1,703        2,039       
        Tax-exempt                                 276          321       
     Dividends                                      54           37       
     Interest on fed funds sold                     52            6       
        Total interest income                    6,528        6,150       
                                                                   
INTEREST EXPENSE                                                   
                                                                   
      Deposits                                   2,444        2,282       
      Borrowings                                   607          567       
         Total interest expense                  3,051        2,849       
         Net interest income                     3,477        3,301       
      Provision for possible loan losses           105          150       
         Net interest income after provision                       
         for possible loan losses                3,372        3,151       
                                                                   
NON-INTEREST INCOME                                                
                                                                   
      Trust fees                                    78          160       
      Service charges on deposits                  171          156       
      Other operating income                       197          154       
      Investment securities gains (losses)         (1)          (1)       
      Trading profits (losses)                       0            0       
      Gains (losses) on securities available              
      for sale                                     156          230
          Total non-interest income                601          699       
                                                                   
NON-INTEREST EXPENSE                                               
                                                                   
      Salary and employee benefits                 835          826       
      Net occupancy expense of premises            190          170       
      Equipment expenses                           229          182       
      Other operating expenses                     732          715       
          Total non-interest expense             1,986        1,893       
          Income before income taxes             1,987        1,957       
INCOME TAXES                                       566          548       
           Net income                       $    1,421   $    1,409       
                                                       
PER COMMON SHARE DATA                                              
                                                                   
        Net income per share                $     0.67   $     0.66       
        Cash dividend per share             $     0.17   $     0.13       
        Book value per share                $    13.09   $    11.66       
                                                                   
        Weighted average shares outstanding  2,114,644    2,114,644       
        
<TABLE>                                                
Belmont Bancorp. and Subsidiaries
Consolidated Statements of Shareholders' Equity
For the Year Ended December 31, 1996 and Three Months Ended March 31, 1997($000s)
<CAPTION>                                                                                     
                                                                                               Unrealized
                                                                                               Loss On
                                                               Retained Earnings               Securities
                                Preferred    Common            Unappro-   Appro-    Treasury   Available
                                Stock        Stock   Surplus   priated    priated   Stock      for-Sale
<S>                             <C>          <C>     <C>       <C>        <C>       <C>        <C>
Balance, December 31, 1995      $  1,000     $1,057  $7,781    $14,148    $850      ($8)       $336
1996 Net income                                                  5,002                         
  Cash dividends declared:                                                         
     Preferred stock                                              (61)                         
     Common stock ($.60 per                                                             
     share)                                                    (1,269)
Redemption of preferred          
stock                            (1,000)                                                                             
   Change in unrealized loss-                                                      
   securities available-                                                                    
   for-sale                                                                                   (504)
Balance, December 31, 1996      $      0     $1,057  $7,781    $17,820    $850      ($8)     ($168)
1997 YTD Net income                                              1,421                         
  Cash dividends declared:                                                         
     Common stock ($.17 per   
     share)                                                      (361)                                                    
   Change in unrealized loss-                                                                
   securities available-                                                                     
   for-sale                                                                                   (719)
Balance, March 31, 1997         $      0     $1,057  $7,781    $18,880    $850      ($8)     ($887)
</TABLE>                                                                       

Belmont Bancorp.                                                 
CONSOLIDATED STATEMENT OF CASH FLOWS                             
Three Months Ended March 31, 1997                                
(Unaudited)                                                      
                                              1997           1996
Operating Activities                                             
                                                                 
Net income                                    $   1,421   $   1,409
                                                                 
Adjustments to reconcile net income to net                       
cash flows provided by operating                                 
activities:
Provision for possible loan losses                  105         150
Depreciation and amortization expense               199         155
Amortization of investment security                              
premiums                                            255         301
Accretion of investment security discounts                       
and interest recorded on zero-coupon              
securities                                         (51)        (50)
Investment securities (gains) losses                  1           1
(Gains) losses on securities available for        
sale                                              (156)       (230)
Purchase of securities for trading account            -           -
Loss (gain)  on sale of fixed assets                  -           -
Gain on sale of loans                               (6)           -
(Increase) decrease in interest receivable      (1,036)       (280)
Increase (decrease) in interest payable              72          45
Others, net                                    (10,247)         273
   Net cash provided (used) by operating        
   activities                                   (9,443)       1,774
                                                                 
Investing Activities                                             
Net (increase) decrease in federal funds         
sold                                             24,450           - 
Proceeds  on sale of securities available        
for sale                                         13,397      42,197
Proceeds from maturities and calls of                            
investment securities                               172       1,065
Purchase of securities available for sale      (61,922)    (48,463)
Principal collected on mortgage-backed                           
   securities                                     3,279       5,345
Net (increase) decrease in loans and                             
  leases, net of charge offs                   (13,583)    (10,037)
Proceeds on sale of loans                         3,277       2,427
Recoveries on loans previously charged off           14           4
Purchases of premises and equipment               (130)       (355)
Proceeds on sale of other real estate                           
owned                                                66           0
Net cash provided (used) by investing         
activities                                     (30,980)     (7,817)
                                                                 
Financing Activities                                             
Net increase (decrease) in deposits               4,771      13,708
Net increase (decrease) in repurchase               
agreements                                          535     (9,194) 
Net increase (decrease) in short-term            
borrowings                                       37,609     (9,039)
Proceeds on long-term debt                            -      10,000
Payments on long-term debt                        (162)        (30)
Dividends paid on common and preferred            
stock                                             (361)       (294)
   Net cash provided (used) by financing        
   activities                                    42,392       5,151
                                                                 
Increase (Decrease) in Cash and Cash             
Equivalents                                       1,969       (892)
Cash and Equivalents at Beginning of Year        10,948      10,175
Cash and Equivalents at March 31              $  12,917   $   9,283

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.

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

RESULTS OF OPERATIONS

SUMMARY

     The net income of Belmont Bancorp. for the three months
ended March 31, 1997 increased 0.9% to $1,421,000, compared
to $1,409,000 for the first three months of 1996.  Earnings
per common share were $0.67 for the first three months of
1997, compared to $0.66 for the corresponding period last
year, an increase of 1.5%.  Operating earnings increased to
$1,832,000 for the three months of 1997, up 6.0% from
$1,728,000 for the same period last year.

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

                              March 31,
($000s)                       1997      1996
                                              
Return on average assets         1.68%     1.74%
Return on shareholders'         
equity                          20.42%    21.80%
Return on average common        
equity                          20.42%    22.35%
                                              
Average assets                $339,316  $322,997
Average shareholders'         
equity                        $ 27,831  $ 25,859

Average assets increased $16.3 million from $323.0
million to $339.3 million from  March 31, 1996 to March 31,
1997.  Average shareholders' equity increased $2.0 million
primarily through the retention of earnings.

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.

     Table 1,  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 three months ended March
31, 1997, 1996 and 1995.  The table contains 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 8.47% during the first quarter of 1996 to
8.54% in 1997, an increase of 7 basis points. (A basis point
(bp) is equivalent to .01%.)  The cost of interest bearing
liabilities rose 12 basis points from 4.29% during the first
quarter of 1996 to 4.41% in 1997.  The net interest margin
decreased from 4.66% to 4.65% during the comparative
quarters.  The net interest margin for the first quarter of
1995 was 4.58%.

     Table 2,  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 1. - CONSOLIDATED AVERAGE BALANCE SHEETS AND ANALYSIS OF 
NET INTEREST INCOME

      (Fully Taxable Equivalent Basis) ($000's)
<TABLE>                                                                              
<CAPTION>
                                                Three Months Ended March 31,                                                  
                                             1997                          1996                         
                                Average               Average Average                Average    
                                Out-        Revenue   Yield/  Out-        Revenue    Yield/     
                                standing    Cost      Rate    standing    Cost       Rate       
                            
<S>                             <C>         <C>       <C>     <C>         <C>        <C>
Assets                                                                        
Interest earning assets                                                       
  Loans and leases              $193,184    $4,484    9.41%   $161,434    $3,783     9.50%
  Securities                                                                  
    Taxable                       99,570     1,757    7.16%    117,365     2,074     7.17%
    Exempt from income tax        21,211       400    7.65%     23,867       467     7.94%
  Trading account assets               0         0    0.00%          0         0     0.00%
  Federal funds sold               4,001        52    5.27%        469         6     5.19%
Total interest earning assets    317,966     6,693    8.54%    303,135     6,330     8.47%
Cash and due from banks           10,024                         8,664               
Other assets                      15,095                        13,311               
Valuation allowance-available                                                 
for sale securities                (577)                           627               
Allowance for possible loan      
loss                             (3,192)                       (2,740)                                               
Total assets                     339,316                       322,997               
Liabilities                                                                   
Interest bearing liabilities                                                  
  Interest checking               46,197       392    3.44%     33,229       242     2.95%
  Savings                         79,435       597    3.05%     78,320       588     3.04%
  Other time deposits            111,871     1,455    5.27%    114,449     1,452     5.15%
  Other Borrowings                43,310       607    5.68%     43,244       567     5.32%
Total interest bearing           
liabilities                      280,813     3,051    4.41%    269,242     2,849     4.29%                  
Demand deposits                   28,540                        25,820               
Other liabilities                  2,132                         2,077               
Total liabilities                311,485                       297,139               
Shareholders' equity              27,831                        25,858               
   Liabilities & shareholders'   
   equity                        339,316                       322,997                                                 
Net interest income                                                           
  Margin on a taxable                        
  equivalent basis                           3,642    4.65%                3,481     4.66%                        
Net interest rate spread                              4.13%                          4.18%
Interest bearing liabilities                                                  
  to interest earning assets                         88.32%                         88.82%
                                                                              
                                            1995
                                Average               Average
                                Out-        Revenue   Yield/                              
                                standing    Cost      Rate
Assets     
Interest earning assets                                       
  Loans and leases              $147,013    $3,453    9.53%     
  Securities                                                  
    Taxable                      122,429     2,099    6.95%     
    Exempt from income tax        25,177       516    8.31%     
  Trading account assets               0         0    0.00%     
  Federal funds sold               1,191        17    5.79%     
  Interest bearing deposits            0         0    0.00%     
Total interest earning assets    295,810     6,085    8.34%     
Cash and due from banks            8,472                        
Other assets                      13,165                        
Valuation allowance-available                                 
for sale securities              (1,869)                        
Allowance for possible loan      
loss                             (1,688)                                                        
Total assets                     313,890                        
Liabilities                                                   
Interest bearing liabilities                                  
  Interest checking               25,070       144    2.33%     
  Savings                         80,203       590    2.98%     
  Other time deposits            125,391     1,515    4.90%     
  Other Borrowings                35,507       497    5.68%     
Total interest bearing           
liabilities                      266,171     2,746    4.18%                                               
Demand deposits                   25,274                        
Other liabilities                  1,591                        
Total liabilities                293,036                        
Shareholders' equity              20,854                        
   Liabilities & shareholders'   
   equity                        313,890                                                                
Net interest income                                           
   Margin on a taxable                       
   equivalent basis                          3,339    4.58%                               
Net interest rate spread                              4.16%     
Interest bearing liabilities                                  
  to interest earning assets                         89.98%     
                                                              
</TABLE>

TABLE 2. - ANALYSIS OF NET INTEREST INCOME CHANGES
(Taxable Equivalent Basis) ($000's)
<TABLE>
<CAPTION>
                                                  Three Months Ended March 31                                       
                                     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              $  744    ($36)   ($7)  $  701   $ 339    ($8)    $0   $ 331
  Securities                                                                    
    Taxable                      (314)      (3)      0   (317)    (87)      64   (3)    (26)
    Exempt from Income Taxes      (52)     (17)      2    (67)    (27)    (23)     1    (49)
  Trading Account Assets             0        0      0       0       0       0     0       0
  Federal Funds Sold                45        0      1      46    (10)     (2)     1    (11)
Total Interest Income Change       423     (56)    (4)     363     215      31   (1)     245
Increase (Decrease) in                                                  
Interest Expense
  Interest Checking                 94       40     16     150      47      39    12      98
  Savings                            8        1      0       9    (14)      12     0     (2)
  Other Time Deposits             (33)       37    (1)       3   (132)      76   (7)    (63)
  Short Term Borrowings              1       39      0      40     108    (31)   (7)      70
Total Interest Expense Change       70      117     15     202       9      96   (2)     103
Increase (Decrease) in Net                                                      
Interest
Income on a Taxable Equivalent  
Basis                           $  353   ($173)  ($19)  $  161   $ 206   ($65)    $1   $ 142
(Increase) Decrease in Taxable                                                  
Equivalent Adjustment                                       15                             7
Net Interest Income Change                              $  176                         $ 149
</TABLE>                                                                     

OTHER OPERATING INCOME

     Other operating income, excluding securities gains and
losses, declined 5.1%, or $24,000, and totaled $446,000 for
the first three months of 1997, compared to $470,000 for the
respective period last year.  Changes in various categories
of other income are depicted in the table below.

                             Three months ended March 31,
($000s)                         1997   1996  % Change
                                          
Trust fees                     $ 78    $160  -51.3%
Service charges on              
deposits                        171     156    9.6%
Gain on sale of loans             6      16  -62.5%
Other income                    191     138   38.4%
     Subtotal                   446     470   -5.1%
Security gains (losses)         (1)     (1)    0.0%
Gains (losses) securities                          
held for sale                   156     230  -32.2%
     Total                     $601    $699  -14.0%

     Trust fees were down 51.3% during the first quarter of 1997 compared
to the first quarter of 1996 due to a change in the method of fee recognition
from cash basis used during the first quarter of 1996 to accrual basis for
and subsequent to the fourth quarter of 1996.


INVESTMENT SECURITIES
<TABLE>
     The amortized cost and estimated market values of
securities held to maturity at March 31, 1997 are as follows:
<CAPTION>
                                                       Gross      Gross      Estimated
                                           Amortized   Unrealized Unrealized Market
($000s)                                    Cost        Gains      Losses     Value
<S>                                        <C>         <C>        <C>        <C>
U.S. Treasury securities and obligations                                       
of U.S. Government corporations and        
agencies                                   $2,263      $  0       $115       $ 2,148                             
Obligations of states and political         
subdivisions                                4,781        94         67         4,808                         
Mortgage-backed securities                 11,163        64        122        11,105
     Total                                $18,207      $158       $304       $18,061
</TABLE>

Obligations of U.S. Government corporations and agencies
consist of one floating rate structured note.
<TABLE>
The amortized cost and estimated market values of
securities available for sale at March 31, 1997 are as
follows:
<CAPTION>
                                                         Gross      Gross       Estimated
                                          Amortized      Unrealized Unrealized  Market
($000s)                                   Cost           Gains      Losses      Value
<S>                                       <C>            <C>        <C>         <C>
U.S. Treasury securities and obligations  
of U.S. Government corporations and       
agencies                                  $ 20,052       $ 18       $  143      $ 19,927                          
Obligations of states and political         
subdivisions                                22,179          9          389        21,799                 
Mortgage-backed securities                  60,690        270          645        60,315
Mortgage derivatives                        18,513          0          464        18,049
Marketable equity securities                 3,665          0            0         3,665
     Total                                $125,099       $297       $1,641      $123,755
</TABLE>

Obligations of U.S. Government corporations and
agencies include a structured note with a book value and an
estimated market value $2,099,000.

     The mortgage derivatives are comprised solely of
collateralized mortgage obligations (CMOs) including one
principal only CMO issued by FNMA with a book value of
$129,000 and an estimated market value of $87,000.  Privately
issued CMOs included in the table above have a book value of
$1,649,000 and an estimated market value of $1,592,000.
Credit risk on privately issued CMOs is evaluated based upon
independent rating agencies and on the underlying collateral
of the obligation.

     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 March 31,
($000s)                1997     1996         % Change
Salaries and wages     $  625   $  614        1.8%
Employee benefits         210      212       -0.9%
Net occupancy expense     190      170       11.8%
Equipment expense         229      182       25.8%
Other operating           
expenses                  732      715        2.4% 
     Total             $1,986   $1,893        4.9%

     Occupancy and equipment expenses were impacted by the
expansion of the branch network and by the acceleration of
depreciation on some data processing equipment by shortening
its useful life.

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 three months of 1997, $105,000 was added
to the allowance and charged to expense compared to $150,000
in 1996.  At March 31, 1997, the allowance for possible loan
losses to total loans and leases was 1.64% compared to 1.70%
last year.  The ratio of the Allowance for Possible Loan
Losses to underperforming assets increased to 1169.53% at
March 31, 1997, up from 295.04% last year.  The following
table details the Allowance for Possible Loan Losses and also
includes various loan charge off statistics for 1997 and
1996.

Allowance for Possible Loan Losses                     
                                      Three months ended March 31,
($000s)                               1997        1996
Balance, beginning of period          $   3,153   $  2,703
                                                       
Provision for possible loan losses          105        150
                                                       
Loans charged-off                             9          5
Recoveries on loans previously               
charged-off                                  14          5 
     Net charge offs                        (5)          0
                                                       
Balance, end of period                $   3,263   $  2,853
                                                       
Loans and leases outstanding at       
period                                $ 199,085   $167,563 
Average loans and leases              $ 193,184   $161,434
Annualized net charge offs as a                        
percent of:
   Average loans and leases              -0.01%      0.00%
   Total loans at end of period          -0.01%      0.00%
   Reserve for possible loan losses      -0.61%      0.00%
Reserve for possible loan losses to:                   
   Average loans and leases               1.69%      1.77%
   Total loans at end of period           1.64%      1.70%
   Under-performing assets             1169.53%    295.04%

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 March 31 follows:

Under-performing assets               
                                      March 31,
($000s)                               1997     1996
Non-accrual loans and leases          $252     $206
Ninety days past due loans and                      
leases still accruing interest          27      182
Other real estate owned                  0      579
     Total                            $279     $967

     Loans restructured and in compliance with modified terms
are not included in total nonperforming assets.

     Asset quality remained excellent at March 31, 1997.
Total under-performing assets were $279,000 or 0.07% of total
assets at March 31, 1997 compared to $967,000 or 0.30% of
total assets at March 31, 1996.

LONG TERM DEBT

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

                          
                                Amount     Current
Type                            ($000s)    Rate     Maturity
Fixed rate, non-amortizing     
advance                         $ 1,000    7.00%    04/11/97
Fixed rate, non-amortizing        
advance                           1,000    6.15%    06/01/97
Fixed rate, non-amortizing       
advance                          10,000    5.40%    01/04/98
Fixed rate, non-amortizing        
advance                           2,000    5.90%    06/02/98
Fixed rate, amortizing              
advance                             181    5.55%    12/22/98  
Fixed rate, amortizing            
advance                           2,262    6.05%    11/18/01
Fixed rate, amortizing              
advance                             166    5.80%    12/01/05
Fixed rate, amortizing            
advance                           1,456    6.85%    06/06/11 
Fixed rate, amortizing              
advance                             121    6.75%    06/06/11
Fixed rate, amortizing           
advance                           1,068    6.85%    06/12/11
Fixed rate, amortizing            
advance                             260    6.95%    08/31/15  
                                $19,514                

CAPITAL RESOURCES

     The Corporation maintains a relatively high level of
capital as a margin of safety for its depositors and
shareholders.  At March 31, 1997, shareholders' equity was
$27,673,000 compared to $27,332,000 at December 31, 1996 and
$25,664,000 at March 31, 1996.  The following table presents
various capital ratios as of March 31:

March 31,                        1997    1996
Average shareholder's                     
equity to :
  Average assets                  8.2%    8.0%
  Average deposits               10.5%   10.3%
  Average loans and leases       14.4%   16.0%
Primary capital                   8.3%    8.8%
Risk-based capital ratio:                 
   Tier 1                        11.8%   13.2%
   Total                         13.1%   14.5%
Leverage ratio                    7.4%    7.6%

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 March
31, 1997, the Corporation had a Tier 1 capital ratio of 11.8%
and a total capital ratio of 13.1%, 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 March 31,
1997, the Corporation's leverage ratio was 7.4%.

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

     The annual meeting of Belmont Bancorp. was held April
21, 1997.  The following items were submitted to a vote of
the shareholders:

Proposal Number 1:  Election of Directors

The following individuals were elected to serve on the Board
of Directors Election of Directors for a three-year term
expiring at the annual shareholders' meeting in 2000:

John A. Belot, President, Walden Industries, Inc.

For:           1,368,090
Against:               0

Terrence A. Lee, CPA, Chairman, Belmont Bancorp. and Belmont
National Bank; Partner, Lee & Associates

For:           1,407,492
Against:               0

Dana J. Lewis, President, Zanco Enterprises, Inc.;
owner/operator of McDonalds restaurants

For:            1,406,492
Against:                0

W. Quay Mull, II, Chairman of the Board, Mull Industries,
  Inc.

For:            1,405,679
Against:                0

William Wallace, Executive Vice President & Chief Operating
Officer, Belmont National Bank; Vice President, Belmont
Bancorp.

For:            1,407,384
Against:                0

Other members of the Board of Directors are listed in the
Corporation's proxy statement dated March 21, 1997 and which
is hereby incorporated by reference.

Proposal Number 2:  To ratify the appointment of S. R.
Snodgrass A.C. as independent auditors for the year ending
December 31, 1997.

This proposal was approved as follows:

For         1,391,038
Against        15,130
Abstain         1,764

Proposal Number 3:  To transact other such business as may
come before the meeting.

This proposal was approved as follows:

For         1,386,224
Against        17,508
Abstain         4,200

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)


May 12, 1997             s/J. Vinent Ciroli, Jr.

                         J. Vincent Ciroli, Jr.
                         President & CEO