Belmont Bancorp. Reports Third Quarter Results.

Business Editors

ST. CLAIRSVILLE, Ohio--(BUSINESS WIRE)--Oct. 29, 2002

Belmont Bancorp., parent corporation of Belmont National Bank, reported net income for the three-month period ending September 30, 2002 of $689,000, or $0.06 per common share, compared to a loss of $462,000, or a loss of $0.04 per common share, for the comparative period last year. For the first nine months of 2002, the Company reported net income of $4,505,000, or $0.40 per common share, versus a loss of $122,000, or a loss of $0.01 per common share, for the first nine months of 2001. Earnings during 2002 were favorably affected by the distribution of settlement proceeds from the Company's derivative action during the first and second quarters of 2002. Exclusive of settlement proceeds and related expenses, the Company would have reported earnings of $1,084,000, or $0.10 per common share, for the nine months ended September 30, 2002. Earnings for the three months ended September 30, 2002 were not impacted by the derivative settlement.

For the three months ended September 30, 2002, the Company recognized a $500,000 negative loan loss provision that positively impacted earnings due to recoveries on loans previously charged-off and continued improvements to asset quality. President and CEO Wilbur R. Roat commented, "We have been successful in improving asset quality and reducing workout expenses as well as increasing our origination of quality assets."

Total loans outstanding increased to approximately $124.6 million at September 30, 2002 compared to $115.7 million at December 31, 2001. The Company's Tier 1 leverage ratio increased to 9.4% on September 30, 2002 compared to 9.1% on June 30, 2002 and 7.1% on December 31, 2001.

Belmont Bancorp. is a holding company with total assets of $286 million and Belmont National Bank offices in Bellaire, Bridgeport, Cadiz, Lansing, New Philadelphia, St. Clairsville, Schoenbrunn and Shadyside, Ohio, and in the Woodsdale and Elm Grove areas of Wheeling, West Virginia. Belmont Bancorp. stock trades in the SmallCap Market of NASDAQ under the symbol BLMT. The closing price of Belmont Bancorp. stock on October 28, 2002 was $4.50 per share. The book value of the Company's stock at September 30, 2002 was $2.99 per share, compared to $2.80 per share at June 30, 2002.

Forward-looking Statements

In addition to historic information, this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than statements of historical fact, including statements regarding the Company's expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "expects," "should," "believes," "plans," "anticipates," "estimates," "predicts," "potential," "continue," or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward looking statements. Readers should not place undue reliance on forward-looking statements, which reflect management's opinion only as of the date on which they were made. Except as required by law, the Company disclaims any obligation to review or update these forward-looking statements to reflect events or circumstances as they occur. Readers should also carefully review any risk factors described in Company reports filed with the Securities and Exchange Commission.

Belmont Bancorp.  (continued)
October 29, 2002 Release
($000s except per share amounts)
                                               Sept. 30,     Dec. 31,
                                                  2002          2001
Total assets                                    $286,027     $288,856
Total loans                                      124,594      115,674
Allowance for loan losses                          4,858        5,310
Nonperforming assets                               1,988        2,849
Nonperforming assets as a
 % of total assets                                  0.70%        0.99%
Nonperforming assets as a
 % of allowance for loan losses                    40.92%       53.65%
Total deposits                                  $228,543     $238,486

Capital Ratios
Tier 1 risk-based capital ratio                    16.5%        12.0%
Total risk-based capital ratio                     17.8%        13.2%
Tier 1 leverage ratio                               9.4%         7.1%


For the three months ended September 30:           2002          2001
Net income (loss)                                   $689        ($462)
Provision for loan losses                           (500)           -
Earnings (loss) per common share:
  Basic                                            $0.06       ($0.04)
  Diluted                                          $0.06       ($0.04)

For the nine months ended September 30:
Net income (loss)                                 $4,505        ($122)
Provision for loan losses                           (500)           -
Earnings (loss) per common share:
  Basic                                            $0.41       ($0.01)
  Diluted                                          $0.40       ($0.01)