Belmont Bancorp. Announces Record Year-End Results.

ST. CLAIRSVILLE, Ohio--(BUSINESS WIRE)--Feb. 3, 1999--Belmont Bancorp. (Nasdaq:BLMT), parent corporation of Belmont National Bank, reported record earnings for 1998 of $6,147,000.

Earnings for 1997 totaled $5,945,000. On a year over year basis, this represents a 3.40 percent increase. On a per share basis, 1998 and 1997 earnings were $1.17 and $1.13 respectively.

Earnings for the fourth quarter of 1998 totaled $1,538,000 compared to prior year income of $1,537,000, which represents a 0.07 percent increase. On an earnings per share basis, fourth quarter results were 29 cents for 1998 and 1997.

Return on average common equity for the year was 18.45 percent, and return on average assets was 1.49 percent. For the quarter, return on average common equity was 18.44 percent vs. 19.60 percent in 1997, and return on average assets was 1.39 percent compared to 1.64 percent for the same period last year.

Net interest income for 1998 was $14.35 million, up 0.08 percent from last year. The net interest margin was 3.89 percent in 1998 compared to 4.37 percent in 1997. Comparable ratios for the current and prior year quarter were 3.51 percent and 4.27 percent respectively.

Non-interest income for the year totaled $3.966 million vs. $2.809 million for 1997. Included in non-interest income was a gain on sale of real estate totaling $383,000 for the sale of the Jewett, Ohio branch office. Gain on sale of securities equaled $1.338 million compared to $799,000 for 1997. Non-interest expenses increased $764,000 to $9.496 million. For the quarter, non-interest income was $1.126 million, a 35 percent increase while non-interest expense was $2.625 million, a .9 percent increase over the same period last year.

Nonperforming assets for the year decreased to 0.12 percent of total assets from 0.41 percent in 1997. Nonperforming assets as a percentage of allowance for loan losses was 11.83 percent compared to 38.20 percent in 1997. Allowance for possible loan loss as a percentage of total loans equaled 2.06 percent vs. 1.84 percent in 1997.

Leverage ratio was 7.64 percent compared to 8.00 percent in 1997, while Tier 1 capital ratio equaled 11.60 percent vs. 11.81 percent in 1997. Total risk-based capital ratio was 12.85 percent in 1998 compared to 13.06 percent in the previous year.

J. Vincent Ciroli Jr., president and chief executive officer of Belmont Bancorp., stated, "We are very pleased to report another record performance year with earnings over $6,000,000."

Belmont National Bank has offices in Bellaire, Bridgeport, Cadiz, Lansing, New Philadelphia, the Ohio Valley Mall, St. Clairsville, Schoenbrunn and Shadyside, Ohio, and in the Woodsdale and Elm Grove areas of Wheeling, W.Va. Belmont Bancorp. stock trades in the Small Cap Market of Nasdaq under the symbol BLMT. Information about Belmont National Bank can be accessed on the Internet at http://www.belmontbank.com. -0-

($000s except per share amounts)

Dec. 31                            1998         1997      % change

Total assets                    $ 446,349    $ 388,713     14.83%
Total loans                       219,413      224,900     -2.44%
Allowance for possible
 loan losses                        4,529        4,134      9.55%
Nonperforming assets                  536        1,579    -66.05%
Nonperforming assets as a %
 of total assets                    0.12%        0.41%
Nonperforming assets as a %
 of allowance for loan
 losses                            11.83%       38.20%
Total deposits                  $ 304,351    $ 263,908     15.32%


Capital Ratios
Tier 1 capital ratio               11.60%       11.81%
Total risk-based capital ratio     12.85%       13.06%
Leverage ratio                      7.64%        8.00%


For the three months ended Dec. 31   1998        1997

Net income                      $   1,538    $   1,537      0.07%
Operating income                    1,715        1,144     49.91%
Securities gains                       77          213    -63.85%
Provision for loan losses             250          500    -50.00%

Earnings per share (a)          $    0.29    $    0.29      0.00%
Cash dividends per share (a)    $   0.100    $   0.085     17.65%

Return on average common equity     18.44%      19.60%
Return on average assets             1.39%       1.64%
Net interest margin                  3.51%       4.27%


For the year ended Dec. 31           1998         1997

Net income                     $     6,147   $    5,945     3.40%
Operating income                     6,778        6,567     3.21%
Securities gains                     1,338          799    67.46%
Provision for loan losses              710        1,055   -32.70%

Earnings per share (a)         $      1.17   $     1.13     3.54%
Cash dividends per share (a)   $     0.385   $    0.306    25.82%

Return on average common
 equity                             18.45%       20.21%
Return on average assets             1.49%        1.62%
Net interest margin                  3.89%        4.37%

(a) Per share amounts have been restated to reflect the effect of a
    25% common stock dividend paid on July 1, 1997 and a 2-for-1 stock
    split paid May 22, 1998.