SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q

(Mark One)

[ X ]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the quarterly period ended March 31, 2000

                                    OR

[   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the transition period from                     to

                    Securities Exchange Act Number 000-25101

                             ONEIDA FINANCIAL CORP.
                             ----------------------
             (Exact name of registrant as specified in its charter)

           Delaware                                      16-1561678
--------------------------------------------------------------------------------
(State or other jurisdiction of                         (IRS Employer)
incorporation or organization)                          Identification
Number)

                     182 Main Street, Oneida, New York 13421
--------------------------------------------------------------------------------
                    (Address of Principal Executive Offices)


Registrant's telephone number, including area code:  (315) 363-2000

Former name, former address and former fiscal year, if changed since last report

Indicate by check x whether the Registrant has filed all reports  required to be
filed by Sections 13, or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the Registrant was required
to file such reports),  and (2) has been subject to such filing requirements for
the past 90 days. Yes [ X ] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest  practicable date: There were 3,216,702 shares of
the Registrant's common stock outstanding as of May 1, 2000.

<PAGE>
                             ONEIDA FINANCIAL CORP.
                                      INDEX

                                                                          Page
PART I.  FINANCIAL INFORMATION

    Item 1. Financial Statements                                            1

         Consolidated Statements of  Condition (unaudited)                  2
         As of  March 31, 2000 and  December 31, 1999 (audited)

         Consolidated Statements of Operations (unaudited)                  3
         For the three months ended March 31, 2000 and 1999

         Consolidated Statements of Comprehensive Income (unaudited)        4
         For the three months ended March 31, 2000 and 1999

         Consolidated Statements of Cash Flows (unaudited)                  5
         For the three months ended March 31, 2000 and 1999

         Notes to Consolidated Financial Statements (unaudited)             6

   Item 2.  Management's Discussion and Analysis of  Financial Condition    7
            and Results of Operations

   Item 3.  Quantitative and Qualitative Disclosures About Market Risk     14

PART II. OTHER INFORMATION                                                 15


<PAGE>
PART I.      FINANCIAL INFORMATION
                      Item I.    Financial Statements



















                                  Page 1 of 18
<PAGE>
<TABLE>
<CAPTION>
ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
At March 31, 2000 and December 31, 1999

                                                            (unaudited)    (audited)
                                                                At             At
                                                             March 31,     December 31,
                                                              2000           1999
                                                            ---------      ---------
ASSETS                                                             (in thousands)
<S>                                                         <C>            <C>
         Cash and due from banks                            $   6,446      $   8,815
         Federal funds sold                                       400
                                                            ---------      ---------
  TOTAL CASH AND CASH EQUIVALENTS                               6,846          8,815

         Investment securities, at fair value                  91,073         85,543
         Mortgage-backed securities, at fair value             33,536         26,355
                                                            ---------      ---------
    TOTAL INVESTMENT SECURITIES                               124,609        111,898

         Mortgage loans held for sale                             501            341
         Loans receivable                                     156,939        150,328
         Allowance for credit losses                           (1,545)        (1,523)
                                                            ---------      ---------
   LOANS RECEIVABLE, NET                                      155,394        148,805

         Bank premises and equipment, net                       5,221          5,301
         Accrued interest receivable                            2,273          1,766
         Refundable income taxes                                    0              0
         Other real estate                                        116             94
         Other assets                                           3,537          3,192
                                                            ---------      ---------
          TOTAL ASSETS                                      $ 298,497      $ 280,212
                                                            =========      =========

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
         Due to Depositors                                  $ 195,047      $ 188,271
         Mortgagors' escrow funds                                 613            849
         Borrowings                                            63,000         50,200

         Other Liabilities                                        913            941
                                                            ---------      ---------
 TOTAL LIABILITIES                                            259,573        240,261
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                         <C>            <C>
Shareholders' equity:
         Common stock ( $.10 par value; 8,000,000
              shares authorized;  3,580,200 issued)               358            358
         Additional paid-in capital                            15,413         15,413

         Retained earnings                                     29,744         29,682
         Common shares issued under employee
               stock plans - unearned                          (1,167)        (1,167)

         Accumulated other comprehensive income (loss)         (2,895)        (2,584)
         Treasury Stock (at cost, 238,600
                                    and 167,100 shares)        (2,529)        (1,751)
                                                            ---------      ---------
   TOTAL SHAREHOLDERS' EQUITY                                  38,924         39,951
                                                            ---------      ---------
         TOTAL LIABILITIES AND
         SHAREHOLDERS' EQUITY                               $ 298,497      $ 280,212
                                                            =========      =========

</TABLE>

The  accompanying  notes  are an  integral  part of the  consolidated  financial
statements

                                  Page 2 of 18
<PAGE>
<TABLE>
<CAPTION>
ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended  March 31, 2000 (unaudited) and 1999 (unaudited )

                                                               Three Months Ended
                                                                    March 31,
                                                                2000       1999
                                                               ------     ------
                                                  (in thousands, except Earnings Per Share Data)

<S>                                                            <C>        <C>
INTEREST INCOME:
         Interest and fees on loans                            $3,180     $2,763
         Interest on investment and mortgage-
                  backed securities                             1,618      1,454
         Dividends on equity securities                           286         23

         Interest on federal fund sold and
              interest-bearing deposits                            16        125

                                                               ------     ------
   Total interest and dividend income                           5,100      4,365
                                                               ------     ------
INTEREST EXPENSE:
         Savings deposit                                          275        275
         Money market and Super NOW                               170        134
         Time deposits                                          1,340      1,406
         Borrowings                                               807        202
                                                               ------     ------
                  Total interest expense                        2,592      2,017
                                                               ------     ------
NET INTEREST INCOME                                             2,508      2,348
         Less: Provision for credit losses                         66         45
                                                               ------     ------
   Net interest income after provision for credit losses        2,442      2,303
                                                               ------     ------
OTHER INCOME:
         Investment security gain, net                              0          1
         Other operating income                                   259        234
                                                               ------     ------
   Total other income                                             259        235
                                                               ------     ------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                            <C>        <C>
OTHER EXPENSES:
         Compensation and employee benefits                     1,085        879
         Occupancy expenses, net                                  347        336
         Other operating expense                                  407        329
                                                               ------     ------
   Total other expenses                                         1,839      1,544
                                                               ------     ------
INCOME BEFORE INCOME TAXES                                        862        994
                                                               ------     ------
   Provision for income taxes                                     254        389
                                                               ------     ------
NET INCOME                                                     $  608     $  605
                                                               ======     ======

EARNINGS PER SHARE                                             $ 0.19     $ 0.17
                                                               ======     ======
</TABLE>

The  accompanying  notes  are an  integral  part of the  consolidated  financial
statements.

                                  Page 3 of 18

<PAGE>
<TABLE>
<CAPTION>
ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended  March 31, 2000 (unaudited) and 1999 (unaudited)


                                                        Three Months Ended
                                                 March 31,           March 31,
                                                   2000                 1999
                                                  -----                -----
                                                          in thousands)
<S>                                               <C>                  <C>
Net income                                        $ 608                $ 605
                                                  -----                -----
Othercomprehensive income, net of tax:
   Unrealized  gains(losses) on assets
     available for sale:
   Unrealized holding losses
       arising during period                       (518)                (620)
   Less: reclassification adjustment for
             gains included in net income            (0)                  (1)
                                                  -----                -----
                                                   (518)                (621)
   Net income tax benefit effect                    207                  248
 Other comprehensive income(loss), net of tax      (311)                (373)
                                                  -----                -----

Comprehensive Income                              $ 297                $ 232
                                                  =====                =====

</TABLE>
The  accompanying  notes  are an  integral  part of the  consolidated  financial
statements.

                                  Page 4 of 18


<PAGE>
<TABLE>
<CAPTION>
ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Three Months Ended  March 31, 2000 (unaudited) and 1999 (unaudited)

                                                                 Three Months Ended
                                                                March 31,      March 31,
                                                                  2000          1999
                                                                --------      --------
 Operating Activities:                                               (in thousands)
<S>                                                             <C>           <C>
   Net income                                                   $    608      $    605
   Adjustments to reconcile net income to net
    cash provided by operating activities:
      Depreciation                                                   170           165
      Amortization of premiums/discounts on securities, net            5             6
      Provision for credit losses                                     66            45
      Loss on sale of other real estate                                7             0
      Gain on sale/call of securities, net                             0            (1)
      Gain on sale of loans, net                                      (3)          (28)
      Income tax refundable (payable)                               (234)          335
      Accrued interest receivable                                   (507)         (190)
      Other assets                                                  (136)         (209)
      Other liabilities                                              206           (69)
      Origination of loans held for sale                            (466)       (3,984)
      Proceeds from sales of loans                                   309         3,754
                                                                --------      --------
          Net cash provided by operating activities                   25           429
                                                                --------      --------
Investing Activities:
  Purchase of investment securities                               (5,958)      (28,465)
  Principal collected on and proceeds of maturities
      or calls from investments                                       12        10,522
  Purchase of mortgage-backed securities                          (7,982)       (3,033)
  Principal collected from mortgage-backed securities                693         1,832
  Net (increase) decrease in loans                                (6,727)        2,295
  Purchase of bank premises and equipment                            (90)         (235)
  Proceeds from sale of other real estate                             43            83
                                                                --------      --------
          Net cash used in investing activities                  (20,009)      (17,001)
                                                                --------      --------
Financing Activities:
  Net increase (decrease) in demand deposit, savings,
      money market, super now and escrow                           5,014        (4,525)
  Net increase (decrease) in time deposits                         1,525        (2,191)

  Proceeds from  borrowings                                       23,200        10,000
  Repayment of borrowings                                        (10,400)            0
  Cash dividends                                                    (546)            0
  Purchase of treasury stock                                        (778)            0
  Adjust net proceeds                                                  0          (123)
  Common stock acquired by ESOP                                        0          (913)
                                                                --------      --------
          Net cash provided by financing activities               18,015         2,248
                                                                --------      --------
Decrease in cash and cash equivalents                             (1,969)      (14,324)
                                                                --------      --------
Cash and cash equivalents at beginning of year                     8,815        26,156
                                                                --------      --------
Cash and cash equivalents at end of year                           6,846        11,832
                                                                ========      ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                             <C>           <C>
Supplemental disclosures of cash flow information:
Cash paid for interest                                             2,482         2,016
Cash paid for income taxes                                             5             0
Non-cash investing activities:
Unrealized loss on investment and mortgage-backed
     securities designated as available for sale                    (518)         (621)
Transfer of loans to other real estate                                72            42
                                                                ========      ========

</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.

                                  Page 5 of 18


<PAGE>

                             Oneida Financial Corp.
                   Notes to Consolidated Financial Statements

                                   (Unaudited)
                                 March 31, 2000


Note A - Basis of Presentation

The accompanying  unaudited consolidated financial statements have been prepared
in  accordance  with  generally  accepted  accounting   principles  for  interim
financial  information and with the  instructions to Form 10-Q and Rule 10-01 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of management, all adjustments necessary to
fairly present the consolidated  financial  position of the Company at March 31,
2000 and the  results  of its  consolidated  operations  and cash  flows for the
period then ended,  all of which are normal and  recurring in nature,  have been
included.

Note B - Earnings Per Share

Basic  earnings  per share is  computed  based on the  weighted  average  shares
outstanding.  The following represents the calculation of earnings per share for
the three months ended March 31:

                                       Income           Shares         Per Share

March 31, 2000:
---------------
Net income (Three Months Ended)        $607,743        3,284,141           $0.19
                                       ========        =========           =====

March 31, 1999:
---------------
Net income (Three Months Ended)        $605,078        3,580,200           $0.17
                                       ========        =========           =====


Note C - Formation of Real Estate Investment Trust Subsidiary

On April 26, 1999,  the Bank funded Oneida  Preferred  Funding  Corp.,  a wholly
owned subsidiary corporation that will elect under Federal tax law to be treated
as a Real Estate  Investment  Trust (REIT).  The REIT was initially  funded with
$43.1 million of 1-4 family  residential  real estate loans and commercial  real
estate loans. The REIT is expected to allow the Bank to more competitively price
real estate loans and provide  other  benefits in future  periods.  At March 31,
2000, the principal balance outstanding of real estate loans in the REIT totaled
$41.9 million.

Note D - Subsequent Events

On April 25,  2000,  the  Company  announced  that a Letter  of intent  has been
executed  to  acquire  Bailey  and  Haskell  Associates,  Inc.,  an  independent
insurance  agency  located n Central  New York  State.  The  agency  provides  a
diversified  portfolio of insurance  products  and services to  individuals  and
businesses  in Madison,  Oneida,  and  Onondaga  counties.  The  acquisition  is
expected to be completed before the end of the year, subject to the execution of
a definitive purchase agreement and necessary regulatory approval.
<PAGE>
On April 25, 2000,  shareholder approval was obtained by more than a majority of
total  shareholders  for the acceptance of the Oneida Financial Corp. 2000 Stock
Option Plan and the Oneida  Financial Corp. 2000 Recognition and Retention Plan.
The plans as approved  authorize 166,475 and 83, 238 shares  respectively of the
Company's  common stock to be used for the purpose of granting  awards under the
terms of the plans as submitted to shareholders. In addition, a majority vote of
shares held by  shareholders  other than Oneida  Financial  MHC was received for
both plans, allowing board members to participate in the plans




                                  Page 6 of 18

<PAGE>
  ITEM 2. Management's Discussion and Analysis of Financial Condition and
          Results Of Operations




































                                  Page 7 of 18


<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


         This  section  presents  Management's  discussion  and  analysis of and
changes  to the  Company's  consolidated  financial  results of  operations  and
condition  and  should  be read in  conjunction  with  the  Company's  financial
statements and notes thereto included herein.

         When used in this  quarterly  report the words or phrases  "will likely
result," "are  expected  to," "will  continue,"  "is  anticipated,"  "estimate,"
"project"  or similar  expressions  are  intended to  identify  "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995.  Such  statements  are  subject  to  certain  risks and  uncertainties,
including,  among other things,  changes in economic conditions in the Company's
market  area,  changes in  policies  by  regulatory  agencies,  fluctuations  in
interest rates,  demand for loans in the Company's  market area and competition,
that could cause actual results to differ  materially from  historical  earnings
and those  presently  anticipated  or projected.  The Company  wishes to caution
readers not to place  undue  reliance  on any such  forward-looking  statements,
which speak only as of the date made.  The Company wishes to advise readers that
the factors listed above could affect the Company's  financial  performance  and
could cause the Company's actual results for future periods to differ materially
from any opinions or statements  expressed with respect to future periods in any
current statements.

         The  Company  does  not  undertake,   and  specifically   declines  any
obligation, to publicly release the result of any revisions which may be made to
any forward-looking statements to reflect events or circumstances after the date
of such statements or to reflect the occurrence of anticipated or  unanticipated
events.


GENERAL

         On December 30, 1998 Oneida  Financial Corp. (the "Company")  completed
its  reorganization and initial public stock offering providing a total of $15.9
million in  additional  paid in capital.  A total of 3,580,200  shares of common
stock were issued  with  1,915,445  shares  issued to Oneida  Financial  MHC the
mutual  holding  company  parent of the Company.  Approximately  half of the net
proceeds of the stock offering were invested into the Bank.

         Oneida Financial Corp. is the parent company of The Oneida Savings Bank
(the  "Bank").  The Company  conducts no business  other than holding the common
stock of the Bank and general investment  activities  resulting from the capital
raised and retained in the initial public stock offering.  Consequently, the net
income of the Company is primary  derived from its  investment in the Bank.  The
Bank's net income is primarily  dependent on its net interest  income,  which is
the  difference  between  interest  income earned on its  investments  in loans,
investment  securities  and  mortgage-backed  securities  and its  cost of funds
consisting of interest paid on deposits and borrowings. The Bank's net income is
also  affected by its  provision  for loan  losses,  as well as by the amount of
other  income,  including  income from fees and service  charges,  net gains and
losses  on sales of  investments  and  loans,  and  operating  expenses  such as
employee  compensation  and benefits,  occupancy and equipment  costs and income
taxes. Earnings of the Bank are also affected  significantly by general economic
and competitive conditions, particularly changes in market interest rates, which
tend to be highly  cyclical,  and government  policies and actions of regulatory
authorities, which events are beyond the control of the Bank.
<PAGE>

RECENT DEVELOPMENTS

         On April 26, 1999,  the Bank funded Oneida  Preferred  Funding Corp., a
wholly owned subsidiary  corporation that will elect under Federal tax law to be
treated as a Real Estate Investment Trust (REIT).  The REIT was initially funded
with $43.1 million of 1-4 family  residential  real estate loans and  commercial
real estate loans. The REIT is expected to allow the Bank to more  competitively
price real estate loans and provide other benefits in future  periods.  At March
31, 2000 the  principal  balance  outstanding  of real estate  loans in the REIT
totaled $41.9 million.

         The  Bank  continues   employing  a  wholesale  arbitrage  strategy  to
compliment  traditional  retail  deposit  and  loan  activities.  The  arbitrage
transactions have involved entering into borrowing transactions with the Federal
Home Loan Bank of New York  ("FHLB")  as a funding  source for the  purchase  of
investment securities and mortgage-backed securities. At March 31, 2000 the Bank
had total  borrowings of $63.0  million at an average cost of 5.86%.  The Bank's
net income is enhanced  through the positive  spread  between the borrowing rate
and investment returns.

         On July 1, 1999 the Company  commenced a 5% stock  repurchase  program,
representing  179,010  shares  of  common  stock.  The  repurchase  program  was
completed  during  the  first  quarter  of 2000  with  11,900  remaining  shares
purchased.  The average cost of the shares  purchased in the program was $10.493
per share.

                                  Page 8 of 18
<PAGE>
         On  February  2,  2000  the  Company  commenced  its  second  5%  stock
repurchase program,  representing  170,000 shares of the Company's common stock.
The repurchase  program is expected to be completed  within six months.  Through
March 31, 2000 at total of 59,590 shares were repurchased at an average price of
$10.919. The Company considers the common stock to be an attractive  investment,
particularly  in view of the current  price at which the common stock is trading
relative to the  Company's  earnings per share,  book value per share and market
and economic factors generally, as well as other factors.

         The Company paid its second  semiannual  cash  dividend  following  the
completion of the year as a publicly traded stock company. The dividend was paid
to all shareholders of record as of January 25, 2000 and was paid on February 8,
2000 at $0.16 per share of common stock.

         On April 25,  2000 the  Company  announced  that a Letter of Intent had
been  executed to acquire  Bailey and Haskell  Associates,  Inc. an  independent
insurance  agency  located  in Central  New York  State.  The agency  provides a
diversified  portfolio of insurance  products  and services to  individuals  and
businesses in Madison, Oneida and Onondaga counties. The acquisition is expected
to be  completed  before  the end of the year,  subject  to the  execution  of a
definitive purchase agreement and necessary regulatory approvals.

         On April 25,  2000,  shareholder  approval  was obtained by more than a
majority of total  shareholders for the acceptance of the Oneida Financial Corp.
2000 Stock  Option Plan and the Oneida  Financial  Corp.  2000  Recognition  and
Retention  Plan.  The plans as  approved  authorize  166,475  and 83, 238 shares
respectively  of the  Company's  common  stock  to be used  for the  purpose  of
granting  awards under the terms of the plans as submitted to  shareholders.  In
addition,  a majority  vote of shares  held by  shareholders  other than  Oneida
Financial  MHC was received in favor of both plans,  allowing  board  members to
participate in the plans


FINANCIAL CONDITION

         ASSETS. Total Assets at March 31, 2000 were $298.5 million, an increase
of $18.3 million from $280.2 million at December 31, 1999. The increase in total
assets  was  achieved  through  a  balance  of  retail  and  wholesale   banking
activities. Investment and mortgage-backed securities increased $12.7 million as
a result of the Bank's continuing leveraging  strategies.  Asset growth was also
supported by an increase of $6.7 million in net loans receivable. Management has
sought to increase the Bank's  consumer and commercial  business loan portfolios
with the intent of increasing  the average yield on the Bank's  interest-earning
assets.  At March  31,  2000,  total  consumer  and  commercial  business  loans
increased by $4.4 million from December 31, 1999.

         LIABILITIES.  Total  liabilities  increased by $19.3 million or 8.0% to
$259.6  million at March 31, 2000 from $240.3  million at December 31, 1999. The
increase is primarily  the result of an increase of $12.8  million in borrowings
as well as an increase of $6.5 million in total deposits.  The Bank continues to
emphasize core deposits and checking  accounts,  which increased by $2.6 million
since  December 31, 1999.  The Bank's newest branch  addition in Canastota,  New
York,  which opened in November  1999,  has deposits of $2.6 million as of March
31, 2000 with $1.7 million in deposit growth during the first quarter of 2000.

         STOCKHOLDERS'  EQUITY. Total stockholders' equity at March 31, 2000 was
$38.9  million,  a decrease of $1.1 million  from $40.0  million at December 31,
1999. The decrease in  stockholder's  equity is primarily a result of management
efforts to  effectively  manage the Company's  capital  through a combination of
stock  repurchases and dividends as well as valuation  adjustments  made for the

<PAGE>
Company's available for sale investment and mortgage-backed  security portfolio.
The Company has acquired  71,500  additional  shares of its common stock,  at an
average  price of $10.878 per share,  since  December  31, 1999  resulting in an
increase  of  $778,000 in Treasury  stock  held.  The current  stock  repurchase
program authorizes an additional 110,400 shares for purchase by the Company. The
Company also paid its second semiannual  dividend at the rate of $0.16 resulting
in an equity reduction of $546,000. In addition, Accumulated Other Comprehensive
Income (Loss) decreased $311,000 from December 31, 1999 primarily as a result of
an adjustment for the net unrealized loss on available for sale  mortgage-backed
and other investment securities due to higher market interest rates at March 31,
2000 as compared  with  December  31,  1999.  The  increase  in  interest  rates
generally has a negative affect on the market value of the Company's investments
and mortgage-backed securities portfolios. The decreases in stockholders' equity
were  partially  offset by the addition of after-tax net income of $608,0000 for
the three months ended March 31, 2000.


ANALYSIS OF NET INTEREST INCOME

         Net  interest  income  represents  the  difference  between  income  on
interest-earning  assets  and  expense  on  interest-bearing   liabilities.  Net
interest income also depends on the relative amounts of interest-earning  assets
and  interest-bearing  liabilities  and the interest  rate earned or paid on the
assets or liabilities.


                                  Page 9 of 18
<PAGE>
         AVERAGE  BALANCE  SHEET.   The  following   tables  set  forth  certain
information  relating to the Company for the three  months  ended March 31, 2000
and 1999 and for the year ended  December 31, 1999.  For the periods  indicated,
the dollar amount of interest  income from average  interest-earning  assets and
the   resultant   yields,   as  well  as  the   interest   expense   on  average
interest-bearing   liabilities,   is  expressed  in  thousands  of  dollars  and
percentages.  No tax equivalent adjustments were made. The average balance is an
average daily balance.

         TABLE 1.  Average Balance Sheet. (Quarterly)

<TABLE>
<CAPTION>
                                                  Three Months Ended March 31,                       Twelve Months Ended Dec. 31,
                                 ----------------------------------------------------------------   -------------------------------
                                               2000                              1999                             1999

                                  Average     Interest               Average    Interest              Average    Interest
                                 Outstanding  Earned/     Yield/   Outstanding   Earned/   Yield/   Outstanding   Earned/    Yield/
                                  Balance       Paid       Rate      Balance      Paid      Rate      Balance      Paid       Rate
                                  -------       ----       ----      -------      ----      ----      -------      ----       ----
Interest-earning Assets:                                             (Dollars in Thousands)
------------------------
<S>                                <C>          <C>        <C>      <C>         <C>        <C>        <C>        <C>         <C>
  Loans Receivable                 $153,852     $3,180     8.27%    $130,578    $2,763     8.46%      $136,765   $11,358     8.30%
  Investment Securities             111,000      1,852     6.67%      90,068      1454     6.46%       104,294     6,757     6.48%
  Federal Funds                       2,182         16     2.93%      10,808       125     4.63%         6,565       323     4.92%
  Equity Securities                   4,997         52     4.16%       3,122        23     2.95%         3,709       144     3.88%
                                   --------     ------     ----     --------    ------     ----       --------   -------     ----
    Total Interest-earning          272,031      5,100     7.50%     234.576     4,365     7.44%       251,333    18,582     7.39%
                                   --------     ------     ----     --------    ------     ----       --------   -------     -----
Assets
Interest-bearing Liabilities:
  Money Market Deposits             $16,064       $131     3.26%     $12,846      $101     3.14%       $14,985      $491     3.28%
  Savings Accounts                   45,267        276     2.44%      46,187       275     2.38%        45,824     1,094     2.39%
  Interest-bearing Checking           8,319         38     1.83%       7,201        33     1.83%         7,890       143     1.81%
  Time Deposits                     101,316      1,340     5.29%     101,520     1,406     5.54%       103,018     5,488     5.33%

Borrowings                           55,100        807     5.86%      15,363       202     5.26%        32,841     1,769     5.39%
                                   --------     ------     ----     --------    ------     ----       --------   -------     -----
    Total Interest-bearing Liabs    226,066      2,592     4.59%     183,117     2,017     4.41%       204,558     8,985     4.39%
                                   --------     ------     ----     --------    ------     ----       --------   -------     -----
    Net Interest Income                         $2,508                          $2,348                            $9,597
                                                =====                           ======                            ======
    Net Interest Spread                                    2.91%                           3.04%                             3.00%
                                                           =====                           =====                             =====
    Net Earning Assets             $ 45,965                         $ 51,459                          $ 46,775
                                   ========                         ========                          ========
   Net yield on average
      Interest-earning assets                    3.69%                           4.00%                             3.82%
                                                 ====                            ====                              =====
    Average interest-earning
      assets to average
      Interest-bearing liabs                   120.33%                         128.10%                           122.87%
                                               ======                          ======                            ======
</TABLE>
                                  Page 10 of 18
<PAGE>
RESULTS OF OPERATIONS

         GENERAL. Net income for the three months ended March 31, 2000 increased
by $3,000 to $608,000  for the first  quarter  2000 from  $605,000 for the three
months ended March 31, 1999.  The increases were due primarily to an increase in
net interest  income and other income and a decrease in the provision for income
taxes.  The increases in income were partially  offset by increases in operating
and other expenses and an increase in the provision for credit losses.

         INTEREST  INCOME.  Interest  Income  increased by $735,000 or 15.1%, to
$5.1  million for the three  months  ended March 31, 2000 from $4.4  million for
three months ended March 31, 1999. The increase in interest income was primarily
derived from an increase in income on loans receivable of $417,000 for the first
quarter of 2000 compared  with the same period in 1999.  In addition,  income on
investment and mortgage-backed securities increased $164,000 and dividend income
on equity  securities  increased  $263,000.  Interest on federal funds decreased
$109,000  for the first  quarter  2000  partially  offsetting  the  increases in
interest income.

         The increase in loan income is a result of an increase of $23.3 million
in the average balance in loans  receivable for the three months ended March 31,
2000 as compared with the same period in 1999,  offset by a decrease of 19 basis
points in average yield from 8.46% at March 31, 1999 to 8.27% at March 31, 2000.
Management's strategy is to emphasize the origination of consumer and commercial
business  loans for retention in the Bank's  portfolio.  Consumer and commercial
business  loans  increased  $4.4  million  during  the first  quarter  2000.  In
addition,  the Bank  increased  the  residential  real estate  portfolio by $1.3
million due to the  increased  demand for  adjustable  rate loan products in the
current rate environment.

         Investment income increased as a result of an increase of $25.8 million
in the average  balance of investment  and  mortgage-backed  securities  for the
three month  period  ended  March 31,  2000 as compared  with the same period in


                                  Page 11 of 18
<PAGE>
1999. The increase in investment  income was offset by a decrease in the average
yield of investment securities of 7 basis points to 6.39% for the period.

         Income on federal funds  decreased  during the three months ended March
31, 2000 to $16,000 as compared with $125,000 for the 1999 period.  The decrease
in income is due to a decrease of $8.6 million in the average balance of federal
funds and a  decrease  of 170 basis  points in the  average  yield  earned.  The
decrease  in  average  balance  was due to the  temporary  investment  of  stock
proceeds during the 1999 quarter and significant loan growth during 2000 quarter
which utilized excess cash.

         INTEREST  EXPENSE.  Interest  expense  was $2.6  million  for the three
months  ended  March 31,  2000;  an  increase of $575,000 or 28.5% from the same
period in 1999.  The  increase  in interest  expense is due to interest  paid on
borrowed funds. The average balance  outstanding in borrowings  during the three
months ended March 31, 2000 was $55.1 million  compared to $15.4 million for the
same period in 1999. The borrowed funds resulted in interest expense of $807,000
for the first  quarter of 2000  compared  with  $202,000 of interest  expense on
borrowed funds for the 1999 period.  Interest  expense on deposits  decreased by
$30,000 for the three months ended March 31, 2000 to $1.8 million, a decrease of
1.6%.  The decrease in interest  expense on deposits was due to a 19 basis point
decrease  in the  average  rate  paid on  deposits  for the first  quarter  2000
partially  offset by an increase in the average  balance on deposit  accounts of
$3.2 million.

         PROVISION FOR CREDIT LOSSES. Total provisions for credit losses for the
three  months  ended  March 31, 2000 were  $66,000 as  compared to $45,000  made
during the same period of 1999. The allowance for credit losses was $1.5 million
or 0.99% of loans  receivable at March 31, 2000 as compared with $1.5 million or
1.20% of loans  receivable  at March 31, 1999.  Although the  allowance for loan
losses has decreased,  non-performing  assets have also  decreased  representing
0.10% of total assets at March 31, 2000  compared  with 0.33% of total assets at
March 31, 1999.  Management  continues to monitor  changes in the loan portfolio
mix in response  to the  redirection  of loan asset  origination  and  retention
toward consumer and commercial  business loans.  The method utilized to evaluate
adequacy of the  allowance  level  accounts  for the higher  relative  degree of
credit  risk  associated  with  this  activity  as  compared  with   traditional
residential real estate lending.

         OTHER INCOME. Other operating income increased by $25,000 for the three
month  period  ending  March 31, 2000  compared  with the same period in 1999 to
$259,000 from $234,000.  This improvement is primarily due to an increase in fee
income on deposit  accounts of $27,000 from  $108,000  during the 1999 period to
$135,000  for the 2000  period.  Trust  Department  income also  increased  from
$12,000 as of March 31, 1999 to $27,000 as of March 31,  2000.  These  increases
were offset by a decrease in gain on sale of  mortgage  loans of $20,000  during
the 2000 period as compared with the first quarter of 1999.

         OTHER EXPENSES.  Operating and other expenses  increased by $295,000 or
19.1%,  to $1.8  million  for the three  months  ended  March 31, 2000 from $1.5
million  for the same  period in 1999.  The  increase  was  primarily  due to an
increase of $202,000 in  compensation  and  benefits  expense due in part to the
timing of recording certain payroll related expenses and the opening in November
1999 of the Bank's sixth full-service  banking office located in Canastota,  New
York.
<PAGE>
         INCOME TAX.  Income tax expense was $254,000 for the three months ended
March 31, 2000, a decrease of $135,000 from the first quarter 1999  provision of
$389,000.  The effective tax rate decreased to 29.5% for 2000 to date from 39.1%
for the three months of 1999 as the Company has employed  various  strategies to
reduce the tax burden in this and future periods.


MANAGEMENT OF MARKET RISK

         The Bank is in the business of risk management. Various forms of market
risk are  inherent in the  business of the Bank  including  concentration  risk,
liquidity management, credit risk and collateral risk among others. However, the
Bank's  most  significant  form of market  risk is  interest  rate risk,  as the
majority  of the  Bank's  assets and  liabilities  are  sensitive  to changes in
interest rates.  Ongoing  monitoring and management of this risk is an important
component of the Company's asset and liability  management  process.  The Bank's
interest  rate risk  management  program  focuses  primarily on  evaluating  and
managing the  composition of the Bank's assets and liabilities in the context of
various interest rate scenarios.  Factors beyond Management's  control,  such as
market  interest rates and  competition,  also have an impact on interest income
and interest expense. The Bank has experienced no significant change in the risk
exposure or asset and liability management targets since December 31, 1999.


                                  Page 12 of 18
<PAGE>
ONEIDA FINANCIAL CORP.
SELECTED FINANCIAL RATIOS
At and for the Three Months Ended March 31, 2000 and March 31, 1999(unaudited)

(annualized where appropriate)

                                                          Three Months Ending
                                                               March 31,
                                                          2000        1999
                                                          ----        ----

     Performance Ratios:

         Return on average assets                         0.84%       1.01%
         Return on average equity                         5.97%       5.53%
         Net interest margin                              3.64%       4.03%
         Efficiency Ratio                                66.46%      59.75%
         Ratio of operating expense
           to average total assets                        2.53%       2.57%
         Ratio of average interest-earning assets
           to average interest-bearing liabilities      121.80%     127.25%

     Asset Quality Ratios:

        Non-performing assets to total assets             0.10%       0.33%
        Allowance for loan losses
            to non-performing loans                    1331.90%     191.69%
        Allowance for loan losses
            to loans receivable, net                      0.99%       1.20%

     Capital Ratios:

        Total shareholders' equity to total assets       13.04%      17.25%
        Average equity to average assets                 14.03%      18.17%

                                  Page 13 of 18

<PAGE>
ITEM 3.           Quantitative and Qualitative Disclosure About Market Risk



         For a  discussion  of the  Company's  asset  and  liability  management
policies as well as the  potential  impact of  interest  rate  changes  upon the
earnings of the Company, see "Management's  Discussion and Analysis of Financial
Condition  and Results of  Operations"  in the  Company's  1999 Annual Report to
Stockholders.  There has been no material  change in the Company's  risk profile
since December 31, 1999.




                                  Page 14 of 18

<PAGE>
                             ONEIDA FINANCIAL CORP.
                                AND SUBSIDIARIES

                           Part II - Other Information


Item 1            Legal Proceedings


         The Company and its subsidiary are not involved in any litigation,  nor
is the Company  aware of any pending  litigation,  other than legal  proceedings
incident to the business of the Company,  such as  foreclosure  actions filed on
behalf of the Company.  The Oneida  Indian Nation (the  "Oneidas")  continues to
pursue  their land  claim over  270,000  acres on Central  New York State  which
includes much of the Bank's market area. To date neither the original  claim nor
the  amended  motion  has had an  adverse  impact on the local  economy  or real
property  values.  Both the State of New York and the Oneidas have  indicated in
their respective communications that individual landowners will not be adversely
affected by the ongoing litigation.  Neither the Company nor the Bank is a named
defendant in the pending motion. Management,  therefore, believes the results of
any  current  litigation  would  be  immaterial  to the  consolidated  financial
condition or results of operation of the Company.

Item 2            Changes in Securities

                  None

Item 3            Default Upon Senior Securities

                  Not applicable.

Item 4            Submission of Matters to a Vote of Security Holders

                  None

Item 5            Other Information

                  None

Item 6            Exhibits and Reports on Form 8-K

                  (a)      All  required  exhibits  are included in Part I under
                           Consolidated Financial Statements, Notes to Unaudited
                           Consolidated  Financial  Statements and  Management's
                           Discussion  and Analysis of Financial  Condition  and
                           Results  of  Operations,   and  are  incorporated  by
                           reference, herein.


                  (b)      Exhibits

                           (27)   Financial Data Schedule




                                  Page 15 of 18

<PAGE>






                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this  report to be signed by the  undersigned
thereunto duly authorized.

                                       ONEIDA FINANCIAL CORP.


Date:    May 10, 2000            By:   /s/ Michael R. Kallet
                                       ---------------------
                                       Michael R. Kallet
                                       President and Chief Executive Officer


Date:    May 10, 2000            By:   /s/  Eric E. Stickels
                                       ----------------------
                                       Eric E. Stickels
                                       Senior Vice President and Chief
                                       Financial Officer



                                  Page 16 of 18



<PAGE>

PART I.      FINANCIAL INFORMATION
             Item I.    Financial Statements















                                  Page 17 of 18