An ailing Ohio banking company said it turned its first quarterly profit in more than a year, and has recovered $2.1 million from a defunct homebuilder, which allegedly defrauded the bank of millions more.

Belmont Bancorp of St. Clairsville reported first-quarter net income of $60,000, or 1 cent per share, compared with a loss of $2.6 million during the same period a year earlier. Belmont, with $287 million of assets, had not shown a profit since the fourth quarter of 1998, when the company earned $1.5 million.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.