Annual Report (Form 10-K), fiscal year 1994

ITEM 1 - BUSINESS
BELMONT BANCORP.
Belmont Bancorp. is a bank holding company which was organized under the laws of the State of Ohio in 1982. On April 4, 1984, Belmont Bancorp. acquired all of the outstanding capital stock of Belmont National Bank (formerly Belmont County National Bank), a banking corporation organized as a national banking association. Belmont National Bank provides a variety of financial services. In addition to Belmont National Bank, the Corporation owns Belmont Financial Network, Inc., a non-bank subsidiary.
BELMONT NATIONAL BANK
Belmont National Bank resulted from the merger on January 2, 1959, of the First National Bank of St. Clairsville, and the First National Bank of Bridgeport. Both banks were organized as national associations prior to the turn of the century. Belmont National Bank operates through a network of ten branches located in Belmont, Harrison and Tuscarawas Counties in Ohio. The main office is located in the city of St. Clairsville. Other branch locations in Belmont County include Bridgeport, Lansing, Shadyside, and the Ohio Valley Mall. Branches in Harrison County are located in Jewett and Cadiz, Ohio. Branches in Tuscarawas County are located in New Philadelphia, Ohio. The three New Philadelphia offices were acquired on October 2, 1992, when Belmont National Bank acquired the deposits and loans of these offices from Diamond Savings and Loan.
Belmont National Bank provides a wide range of retail banking services to individuals and small to medium-sized businesses. These services include various deposit products, business and personal loans, credit cards, residential mortgage loans, home equity loans, and other consumer oriented financial services including IRA and Keogh accounts, safe deposit and night depository facilities. Belmont National Bank also owns automatic teller machines located at the Ohio Valley Mall and in New Philadelphia, Ohio providing 24 hour banking service to our customers. Belmont National Bank belongs to Cirrus, a nationwide ATM network with thousands of locations nationwide. Belmont National Bank offers a wide variety of fiduciary services. The trust department of the Bank administers pension, profit-sharing, employee benefit plans, personal trusts and estates.
BELMONT FINANCIAL NETWORK
On July 1, 1985, Belmont Bancorp. formed a subsidiary corporation, Belmont Financial Network, Inc.(BFN). The purpose of the subsidiary was primarily to engage in lease consulting for personal or real property. Changes to the federal tax code that eliminated new investment tax credits as of December 31, 1987 adversely affected the leasing business. The daily operations of Belmont Financial Network were suspended during 1989 to reduce overhead costs. The leases formerly serviced by Belmont Financial Network are presently administered by Belmont National Bank. BFN was inactive throughout 1994.
BELMONT INVESTMENT AND FINANCIAL SERVICES, INC.
During 1988, Belmont National Bank began the operations of Belmont Investment and Financial Services, Inc., a wholly-owned subsidiary of the Bank. Belmont Investment and Financial Services, Inc. was organized so that the Bank's customers would have available to them a wider array of financial products as well as sound investment and financial planning. Through Belmont Investment and Financial Services, Inc., customers can purchase government or corporate bonds, and mutual fund products. In 1990, the services provided by the Corporation, other than advisory services, were reorganized into a department of the Bank.
SUPERVISION AND REGULATION
Belmont Bancorp. is subject to regulation under the Bank Holding Company Act of 1956, as amended (the "Act"). The Act requires the prior approval of the Federal Reserve Board for a bank holding company to acquire or hold more than a 5% voting interest in any bank, and restricts interstate banking activities. The Act restricts Belmont's non-banking activities to those which are closely related to banking. The Act does not place territorial restrictions on the activities of nonbank subsidiaries of bank holding companies. Belmont's banking subsidiary is subject to limitations with respect to intercompany loans and investments. A substantial portion of Belmont's cash revenues is derived from dividends paid by its subsidiary bank. These dividends are subject to various legal and regulatory restrictions as summarized in Note 14 of the financial statements.
The Bank is subject to the provisions of the National Banking Act and the regulations of the Federal Reserve Board and the Federal Deposit Insurance Corporation. Under the Bank Holding Company Act of 1956, as amended, and under regulations of the Federal Reserve Board pursuant thereto, a bank holding company is prohibited from engaging in certain tie-in arrangements in connection with extensions of credit.
The monetary policies of regulatory authorities, including the Federal Reserve Board, have a significant effect on the operating results of banks and bank holding companies. The nature and future monetary policies and the effect of such policies on the future business and earnings of Belmont Bancorp. and its subsidiary bank cannot be predicted.
FOREIGN OPERATIONS
Belmont Bancorp. has no foreign operations.
EXECUTIVE OFFICERS
For information concerning executive officers of Belmont Bancorp. and Belmont National Bank, see Item 10 of Form 10-K.
ITEM 2



ITEM 2 - PROPERTIES
DESCRIPTION OF PROPERTIES
The principal executive offices of Belmont National Bank are located in St. Clairsville, Ohio, the seat of Belmont County. This office consists of a two story brick building owned by the Bank with attached drive-in facilities. The building consists of 9,216 square feet which houses the commercial bank operations and the executive, marketing and human resources offices. In addition, the Bank transacts business in the following branch locations:
Mall Office-This office is located at the Ohio Valley Mall, a major shopping mall located two miles east of St. Clairsville, Ohio, and consists of a 4,000 square foot office inside the mall proper, plus a stand alone drive-in facility at the perimeter of the Mall. Automatic teller machines are located at the drive-in location and inside the branch office.
Lansing Office-This 1,352 square foot office is located in Lansing, Ohio, a small community approximately six miles east of St. Clairsville on US. Route 40. The facility is a masonry building with adjoining drive-in facilities.
Bridgeport Office-This office is located in Bridgeport, Ohio, a community located on the Ohio/West Virginia border, approximately 10 miles east of St. Clairsville. This 5,096 square foot facility is a recently remodeled masonry building with adjoining drive-in facilities.
Shadyside Office-This 1,792 square foot office is located in Shadyside, a village located on Ohio State Route 7. The facility is a masonry building with accompanying drive-in facilities.
Jewett Office-This office is located in Harrison County approximately twenty-six miles north of St. Clairsville, across from Cross Street, the intersection of State Routes 9 and 151. The building is constructed of masonry brick and contains 2,400 square feet with an accompanying drive-in facility.
Cadiz Office-This office is located in Cadiz, Ohio in Harrison County, approximately seventeen miles north of St. Clairsville at the intersection of State Routes 9 and 22. The brick and tile building contains 1,800 square feet with an accompanying drive-in facility.
New Philadelphia Office-This office, located at 152 North Broadway Avenue, is a 33,792 square foot site improved with two inter-connected, two story brick office buildings with a total building area of 13,234 square feet. Part of the office space is leased to other businesses. This location also has a drive-in facility and an automatic teller machine.
New Philadelphia Office-This office, located at 2300 East High Avenue, is comprised of a one story, 1,605 square foot brick structure with a 783 square foot drive-thru canopy.
New Philadelphia Office-This office, located at 525 Wabash Avenue, is comprised of a 14,250 square foot site with a 246 square foot drive-thru banking facility.
All offices are owned by the Bank except for the Mall Office. The lease at the Mall location is in effect until the year 1996 with options to renew thereafter.
ITEM 3

ITEM 3 - LEGAL PROCEEDINGS
None.
ITEM 4

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the fourth quarter of the fiscal year covered by this report.
PART II
ITEM 5

ITEM 5 - MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SHAREHOLDERS' MATTERS
Dividend Quarter High Low per Share 1st $22.00 $21.00 $0.1680 2nd 24.50 22.00 0.1680 3rd 25.75 21.00 0.2100 4th 36.00 23.00 0.2100 Total $0.7560
Dividend Quarter High Low per Share 1st $21.00 $21.00 $0.1527 2nd 21.00 20.50 0.1527 3rd 21.00 21.00 0.1527 4th 22.00 21.00 0.2036 Total $0.6617
The number of shareholders of record for the Corporation's stock as of March 10, 1995 was 598. The latest available market price based on an actual trade price was $35.00 per share on March 10, 1995.
Belmont Bancorp.'s common stock has a par value of $3.57 and is traded in the over-the-counter market, principally in St. Clairsville, Ohio, and in Wheeling, WV areas. The tables above show its high and low market prices and dividend information for the past two years. In October 1994, the Corporation's stock was listed on The Nasdaq SmallCap Market. Previously, market prices were based on actual trades known to the Corporation due to lack of an established market. Cash dividends paid per share have been restated to reflect the effect of a 10% common stock dividend paid in January 1994 and a 25% common stock dividend paid in July 1994.
Information regarding the limitations on dividends available to be paid can be located in Footnote 15 of the Notes to the Consolidated Financial Statements in the Corporation's Annual Report (Exhibit 2).
Treasury stock is accounted for using the cost method. There were 424 shares held in treasury on December 31, 1994 and 728 shares in treasury on December 31 1993.
ITEM 6.

ITEM 6.-SELECTED FINANCIAL DATA
The Summarized Quarterly Financial Information and the Consolidated Five Year Summary of Operations contained in the Corporation's annual report (Exhibit 2) are hereby incorporated by reference.
ITEM 7

ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The data presented in this discussion should be read in conjunction with the audited consolidated financial statements.
RESULTS OF OPERATIONS
SUMMARY
Net income increased during 1994 by 25.89% from the previous year. Net income per common share for 1994 was $2.98 compared to $2.35 per common share in 1993. The Corporation's net income to average assets, referred to as return on assets, increased to 1.12% for the year ended 1994 from .96% last year. Operating income consists of earnings before income taxes, minus net investment and trading gains or plus net investment and trading losses. Operating income increased by $2,292,000 from 1994 to 1993. The table below summarizes earnings performance for the past three years.
($000s) except per 1994 1993 1992 share data Operating income $4,324 $2,032 $2,089 Net income 3,234 2,569 1,838
Net income per share $2.98 $2.35 $1.71
Return on average assets 1.12% 0.96% 0.87%
Return on average common equity 16.71% 14.57% 11.30% Return on average total equity 16.27% 14.21% 11.33%
NET INTEREST REVENUE
A major share of the Corporation's income results from the spread between income on interest earning assets and interest expense on the liabilities used to fund those assets, known as net interest income. Net interest income is affected by changes in interest rates and 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 incurred on liabilities without regard to the amounts outstanding in either category.
The Consolidated Average Balance Sheets and Analysis of Net Interest Income Changes included in the Corporation's annual report (Exhibit 2), compare interest revenue and interest earning assets outstanding with interest cost and liabilities outstanding for the years ended December 31, 1994, 1993, and 1992, and computes 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 Corporation's net interest income grew by $2,963,000 on a taxable equivalent basis during 1994 compared to the same period last year, a 34.82% increase. The increase in net interest income was primarily attributable to the increase in average earning assets and improved net interest margins. During 1994, the Corporation's average interest-earning assets grew by approximately $21.2 million, up 8.48% from 1993.
The yield on interest earning assets improved from 6.86% during 1993 to 7.49% during 1994, and increase of 63 basis points. (A basis point (bp) is equivalent to .01%.) The cost of interest bearing liabilities declined by 17 basis points from 1993 to 1994. Consequently, the net interest rate spread increased from 3.07% during 1993 to 3.87% during 1994.
The 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 assets 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).
This table shows that the increase in the Corporation's net interest income during the year-to-date periods presented from 1993 to 1994 was generated by growth in the levels of earning assets and average interest bearing liabilities outstanding (depicted by the volume column). In addition, higher yields on taxable investment securities and lower costs on retail deposits (depicted by the yield column) contributed to the improvement in net interest margin.
OTHER OPERATING INCOME
Other operating income excluding securities gains and losses, increased 6.64% or $84,000 and totaled $1,349,000 in 1994, compared to $1,265,000 in 1993. The table below shows the dollar amounts and growth rates of the components of other operating income.
Service charges on deposits increased 11.18%, or $53,000 during 1994 compared to the prior period. This increase was partially offset by a decline in Other Service Charges which are primarily comprised of late charges on loans. Other income declined 5.17% from $445,000 in 1993 to $422,000 in 1994; this decline was the result of lower commissions earned in the discount brokerage operation as customers' demand for mutual funds declined as deposit rates improved.
Losses on investments held in the maturity portfolio occurred as a result of calls on municipal bonds in the portfolio. These losses totalled $9,000 during 1994. Net losses were realized on securities available for sale during 1994 totalling $55,000 when securities were sold to reinvest at higher yields.
Trading gains netted to $1,000 during 1994 compared to $116,000 in losses during 1993. Securities held in the trading account are valued at market value with a corresponding adjustment to income. No securities were held in the trading account at December 31, 1994. One security, a collateralized mortgage obligation, was held in the trading account at December 31, 1993. The following table summarizes trading gains and losses realized during the past three years.
($000s) 1994 1993 1992 Trading gains $ 1 $ 5 $ 34 Trading losses - (121) (101) Net trading gains (losses) $ 1 $ (116) $ (67)
The related income taxes on securities transactions, including trading and securities available for sale, were $67,000 and $77,000 for the years ended 1993 and 1992, respectively. A tax credit of $15,000 was attributable to securities transactions for 1994.
OPERATING EXPENSES
Successful expense control is an essential element in maintaining the Corporation's profitability. The table below details the percentage changes in various categories of expense for the three years ended 1994, 1993, and 1992.
One measure of operating efficiency is the amount of assets managed per full time equivalent employee. Total assets managed per full time equivalent employee (FTE) were $2.819 million at December 31, 1994 compared to $2.623 million of assets per FTE at December 31, 1993. Equipment expense had the largest percentage increase of the categories itemized due to the installation of a network system and the purchase of computer equipment to convert the subsidiary bank's data processing sytem to an "in-house" operation. The increase in salaries and wages is primarily attributable to compensation plans for officers that are tied to earnings performance.
FINANCIAL CONDITION
The book values of investments as of December 31, 1994 and 1993 are detailed in Footnote 3 of the Notes to the Consolidated Financial Statements in the Corporation's annual report (Exhibit 2).
MARKETABLE EQUITY SECURITIES
The Corporation held marketable equity securities in its investment portfolio as of December 31, 1994. In accordance with regulatory requirements, all equity securities were transferred to Securities Available for Sale on January 1, 1994 because these securities do not have a stated maturity. Current accounting principles require that marketable equity securities be recorded at the lower of cost or market value with a corresponding adjustment to reduce shareholders' equity if market value is lower than cost. At December 31, 1994 and 1993, estimated market values approximated original cost.
LOANS AND LEASES
The following table shows the history of commercial and consumer loans and leases by major category at December 31.
An analysis of maturity and interest rate sensitivity of business loans at the end of 1994 follows:
PROVISION AND ALLOWANCE FOR POSSIBLE LOAN LOSSES
The Corporation, as part of its philosophy of risk management, has established various credit policies and procedures intended to minimize the Corporation's exposure to undue credit risk. Credit evaluations of borrowers are performed to ensure that loans are granted on a sound basis. In addition, care is taken to minimize risk by diversifying specific industry. Credit risk is continuously monitored by Management through the periodic review of individual credits to ensure compliance with policies and procedures. Adequate collateralization, contractual guarantees, and compensating balances are also utilized by Management to mitigate risk.
Management determines the appropriate level of the allowance for possible loan losses by continually evaluating the quality of the loan portfolio. The reserve is allocated to specific loans that exhibit above average credit loss potential based upon their payment history and the borrowers' financial conditions. Management maintains a watch list of substandard loans for monthly review. Although several of these loans are not delinquent and may be adequately secured, Management believes that due to location, size, or past payment history, it is necessary to monitor these loans monthly.
The allowance for possible loan losses totaled $1,537,000, or 1.04% of total loans and leases at December 31, 1994. At the end of the previous year, the allowance for possible loan losses was $1,617,000, or 1.29% of total loans and leases. The provision charged to expense during 1994 was $805,000 compared to $577,000 in the year ago period.
Management's allocation of the allowance for possible loan losses based on estimates of potential future loan loss is set forth in the table below:
The following table sets forth the five year historical information on the reserve for loan losses:
The following schedule shows the amount of under-performing assets and loans 90 days or more past due but accruing interest.
In addition to the above schedule of non-performing assets, Management prepares a watch list consisting of loans over $100,000 which Management has determined require closer monitoring to further protect the Corporation against loss. The balance of loans classified by Management as substandard due to delinquency and a change in financial position at the end of 1994 and not included in the table above was $1,031,000.
DEPOSITS
Primarily core deposits are used to fund interest-earning assets. The Corporation has a lower volume of interest-free checking accounts than its peer group which is typical for its market area. This results in an overall higher cost of funds than peer average. The accompanying tables show the relative composition of the Corporation's average deposits and the change in average deposit sources during the last three years.
CAPITAL RESOURCES
The Corporation maintains a relatively high level of capital as a margin of safety for its depositors and shareholders. At December 31, 1994, shareholders' equity was $20,214,000 compared to $19,355,000 at December 31, 1993, an increase of $859,000 or 4.44%. The increase in capital during 1994 was due to retention of earnings, but this was partially offset by the recognition, in accordance with Financial Accounting Standard Number 115, of Unrealized Losses on Securities Available for Sale totalling $1,492,000 at December 31, 1994.
The following table presents dividend payout ratios for the past three years.
1994 1993 1992 Total dividends declared as a percentage of net income 27.18% 30.36% 39.06%
Common dividends declared as a percentage of earnings per common share 25.37% 28.16% 37.85%
The Federal Reserve Board's capital adequacy guidelines require a minimum primary capital ratio of 5.5%. At December 31, 1994, the Corporation's primary capital (shareholders' equity plus the allowance for possible loan losses) was $21,751,000 or 6.95% of total assets.
The Federal Reserve Board has adopted risk-based capital guidelines that assign risk weightings to assets and off-balance sheet items. The guidelines also define and set minimum capital requirements (risk-based capital ratios). Banks are required to have core capital (Tier 1) of at least 4.0% of risk-weighted assets and total capital of 8.0% of risk-weighted assets. Tier 1 capital consists principally of shareholders' equity less goodwill, while total capital consists of core capital, certain debt instruments and a portion of the reserve for loan losses. At December 31, 1994, the Corporation had a Tier 1 capital ratio of 12.26% and a total capital ratio of 13.21%, well above the regulatory minimum requirements.
National banks must maintain a total assets leverage ratio of at least 3.0%. The total assets leverage ratio is calculated by dividing capital less intangibles into assets, net of intangibles. In many cases, regulators require an additional cushion of at least 1.0% to 2.0%. At December 31, 1994, the Corporation's Tier One leverage ratio was 6.36%.
LIQUIDITY AND INTEREST RATE SENSITIVITY
The Corporation meets its liability based needs through the operation of Belmont National Bank's branch banking network that gathers demand and retail time deposits. The Bank also acquires funds through repurchase agreements and overnight federal funds that provide additional sources of liquidity. Total deposits increased by $12.7 million, or 5.22%, from the end of 1993 to 1994. Short term borrowings increased by $31.8 million over the same period. Average deposits increased .95% during 1994 compared to 1993.
The Corporation also has unused lines of credit with various correspondent banks totaling $7.7 million which may be used as an alternative funding source.
INTEREST RATE SENSITIVITY
The Corporation's net interest revenue can be vulnerable to wide fluctuations arising from a change in the general level of interest rates to the degree that the average yield on assets responds differently to such a change than does the average cost of funds. To maintain a consistent earnings performance, the Corporation actively manages the repricing characteristics of its assets and liabilities to control net interest income rate sensitivity.
The mismatching of asset and liability repricing characteristics in specific time frames is referred to as interest rate sensitivity gaps. Mismatching or "gapping" can be profitable when the term structure of interest rates (the yield curve) is positive, i.e. short term yields are lower than long term yields, but gapping entails an element of risk, particularly in volatile markets. An institution is said to have a negative gap when its liabilities reprice in a shorter time period than its assets. A positive gap exists when assets reprice more quickly than liabilities. A negative gap in a period when the general level of interest rates is declining will produce a larger net interest income spread than would be the case if all assets and liabilities were perfectly matched. Conversely, net interest income will be adversely affected by a negative gap position in a period when the general level of interest rates is rising. Gaps, therefore, must be prudently managed.
The Corporation examines its interest rate sensitivity position by categorizing the balance sheet into respective repricing time periods similar to those shown on the accompanying table. Repricing of certain assets, such as installment loans, mortgage loans and leases, is based upon contractual amortization or repricing, although experience indicates that they reprice more quickly due to early payoffs. Mortgage-backed securities are included in maturity/repricing categories based upon historical prepayment speeds. Based upon historical deposit rate relationships, savings and interest bearing checking are partially included in the non-rate sensitive category since rate changes on these products are not completely sensitive to fluctuations in the interest rate environment.
Asset/liability management encompasses both interest rate risk and liquidity management. The resulting net cumulative gap positions reflect the Corporation's sensitivity to interest rate changes over time. The calculation is a static indicator and is not a net interest income predictor of a dynamic business in a volatile environment. As a static indicator, the gap methodology does capture major trends.
Interest bearing checking and savings deposits that have no contractual maturity are scheduled in the table above according to Management's best estimate of their repricing sensitivity to changes in market rates. If all of these deposits had been included in the 1- 30 days category above, the cumulative gap as a percentage of earning assets would have been negative 37.44%, 35.22%, 40.80%, 39.46%, 20.84% and positive 8.50%, respectively, for the 1-30 days, 31-90 days, 91- 180 days, 181-365 days, 1-5 years, and greater than 5 years categories at December 31, 1994.
FINANCIAL ACCOUNTING STANDARDS BOARD STATEMENTS 114 AND 118
Statements of Financial Accounting Standards No. 114 (FAS 114) "Accounting by Creditors for Impairment of a Loan" and No. 118 (FAS 118) "Accounting by Creditors for Impairment of a Loan-Income Recognition and Disclosures" are effective for financial statements for fiscal years beginning after December 15, 1994. FAS 114 and 118 address the accounting by creditors for impairment of a loan and loans that are restructured in a troubled debt restructuring. The Corporation will adopt these standards in the first quarter of 1995. It is estimated that such adoption will have no material effect on the earnings or financial condition of the Corporation.
ITEM 8


ITEM 8 - FINANCIAL STATEMENTS & SUPPLEMENTARY DATA
The annual report of Belmont Bancorp. is hereby incorporated by reference and appears as Exhibit 2. Management's report on their responsibility for financial reporting is included in the Corporation's annual report.
ITEM 9

ITEM 9 - DISAGREEMENT OF ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III
ITEM 10



ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The information appearing in Belmont Bancorp.'s definitive proxy statement dated March 17, 1995 (Exhibit 3) is incorporated by reference in response to this item.
Each of the officers listed above has been an executive officer of the Corporation or one of its subsidiaries during the past five years.
ITEM 11

ITEM 11 - EXECUTIVE COMPENSATION
The information appearing in Belmont Bancorp.'s definitive proxy statement dated March 17, 1995 (Exhibit 3) is incorporated by reference in response to this item.
ITEM 12

ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information appearing in Belmont Bancorp.'s definitive proxy statement dated March 17, 1995 (Exhibit 3) is incorporated by reference in response to this item.
ITEM 13

ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information appearing in Belmont Bancorp.'s definitive proxy statement dated March 17, 1995 (Exhibit 3) is incorporated by reference in response to this item.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 on March 21, 1995.
By John H. Goodman, II, __________________ BELMONT BANCORP John H. Goodman, II, Chairman (Registrant)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the date indicated.
John A. Belot John A. Belot____________ Director J. Vincent Ciroli, Jr. J. Vincent Ciroli, Jr.___ Director, President & CEO; Belmont Bancorp. and Belmont National Bank William P. Goddard William P. Goddard_______ Director Mary L. Holloway Haning Mary L. Holloway Haning___ Director Charles J. Kaiser, Jr. Charles J. Kaiser, Jr.______ Director Terrence A. Lee Terrence A. Lee__________ Director Dana Lewis Dana Lewis_____________ Director Jane R. Marsh Jane R. Marsh___________ Secretary, Belmont Bancorp; Sr. Vice President & Controller, & Cashier, Belmont National Bank James Miller James Miller_____________ Director W. Quay Mull, II W. Quay Mull, II__________ Director Tom Olszowy Tom Olszowy____________ Director Keith Sommer Keith Sommer___________ Director William Wallace William Wallace__________ Director & Vice President; Executive Vice President & COO, Belmont National Bank Charles A. Wilson, Jr. Charles A. Wilson, Jr._____ Vice Chairman
John H. Goodman, II____________ Chairman of the Board John H. Goodman, II Director March 21, 1995
INDEX TO EXHIBITS
Exhibit 1 - Consent of Independent Certified Public Accountants Exhibit 2 - Belmont Bancorp.'s 1994 Annual Report to Shareholders Exhibit 3 - Belmont Bancorp.'s Proxy Statement to Shareholders, dated March 17, 1995 Exhibit 27 - Financial Data Schedule