Belmont Bancorp. reports earnings.

ST. CLAIRSVILLE, Ohio--(BUSINESS WIRE)--April 22, 1997--Belmont Bancorp., parent corporation of Belmont National Bank, has reported earnings of $1,421,000, or 67 cents per share, for the first quarter of 1997, compared to earnings of $1,409,000, or 66 cents per share, for the comparative period last year.

Earnings before taxes and securities gains totaled $1,832,000 for the three month period ended March 31, 1997, up 6 percent from $1,728,000 for the comparative period last year. Returns on average common equity were 20.42 percent and 22.35 percent for the three months ended March 31, 1997 and 1996, respectively.

J. Vincent Ciroli Jr., president and chief executive officer of Belmont Bancorp. and Belmont National Bank, said, "We are extremely pleased with our excellent performance for the first quarter and look forward to an awarding 1997. Our continued belief and investment in the people and communities we serve have been very rewarding to our organization and to our shareholders."

Belmont Bancorp. declared a 17 cents per share cash dividend for the first quarter payable on March 28, 1997, to shareholders of record as of March 17, 1997. This cash dividend represents a 30.77 percent increase from 13 cents per share paid for the first quarter of 1996.

Asset quality remains high with nonperforming assets as a percentage of total assets at 8 percent at March 31, 1997 compared to 30 percent at March 31, 1996. Also favorable was the ratio of nonperforming assets as a percentage of the allowance for loan losses which declined from 33.89 percent to 8.55 percent.

Total assets increased from $323.1 million at March 31, 1996 to $372.0 million at March 31, 1997, an increase of 15.11 percent. Total deposits increased 2.21 percent from $260.6 million at March 31, 1996 to $266.3 million at March 31, 1997.

Belmont Bancorp., parent corporation of Belmont National Bank, is a $372 million holding company with offices in Bridgeport, Cadiz, Jewett, Lansing, New Philadelphia, The Ohio Valley Mall, St. Clairsville, Schoenbrunn and Shadyside, Ohio and in the Woodsdale and Elm Grove areas of Wheeling, W.V. Belmont Bancorp. stock trades on the NASDAQ Small-Cap Issues Market under the symbol BLMT. -0-

($000s except per share amounts)

March 31                              1997        1996     % change

Total assets                       $ 371,963   $ 323,141     15.11%
Total loans                          199,085     167,563     18.81%
Allowance for possible loan losses     3,263       2,853     14.37%
Nonperforming assets                     279         967    -71.15%
Total deposits                     $ 266,310   $ 260,558      2.21%

For the three months ended March 31:   1997        1996

Net income                         $   1,421   $   1,409      0.85%
Operating income                       1,832       1,728      6.02%
Securities gains                         155         229    -32.31%
Provision for loan losses                105         150    -30.00%

Earnings per share                 $    0.67   $    0.66      1.52%
Cash dividends per share                0.17        0.13     30.77%

Performance and Asset Quality Ratios

Return on average common equity        20.42%      22.35%
Return on average assets                1.68%       1.74%
Net interest margin                     4.65%       4.66%
Nonperforming assets as a % of
 total assets                           0.08%       0.30%
Nonperforming assets as a % of
 allowance for loan losses              8.55%      33.89%

Capital Ratios

Tier 1 capital ratio                   11.81%      13.21%
Total risk-based capital ratio         13.06%      14.46%
Leverage ratio                          7.41%       7.62%

CONTACT: Belmont Bancorp., St. Clairsville

Jane R. Marsh, 614/695-3323