SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 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 September 30, 2004

                                       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)

            Federal                                           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 mark whether the Registrant (1) 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 |_|

      Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act) Yes |_| No |X|

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

      Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12,13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes |_| No |X|

                      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 7,489,357 shares
      of the Registrant's common stock outstanding as of November 1, 2004.


<PAGE>

                             ONEIDA FINANCIAL CORP.
                                      INDEX

<TABLE>
<CAPTION>
                                                                                             Page
                                                                                             ----
<S>                                                                                           <C>
PART I.  FINANCIAL INFORMATION

    Item 1.  Financial Statements                                                              1

             Consolidated Statements of Condition                                              2
             As of September 30, 2004 (unaudited) and December 31, 2003 (audited)

             Consolidated Statements of Operations (unaudited)                                 3
             For the three months ended and nine months ended September 30, 2004 and 2003

             Consolidated Statements of Comprehensive Income (Loss) (unaudited)                4
             For the three months ended and nine months ended September 30, 2004 and 2003

             Consolidated Statements of Changes in Stockholders' Equity
             (unaudited) For the three months ended and nine months ended                      5
             September 30, 2004

             Consolidated Statements of Cash Flows (unaudited)                                 6
             For the three months ended and nine months ended September 30, 2004 and 2003

             Notes to Consolidated Financial Statements (unaudited)                            8

   Item 2.   Management's Discussion and Analysis of Financial Condition                      13
             And Results of Operations

   Item 3.   Quantitative and Qualitative Disclosures about Market Risk                       21

   Item 4.   Controls and Procedures                                                          21

PART II.     OTHER INFORMATION                                                                22

   Item 1.   Legal Proceedings                                                                22

   Item 2.   Changes in Securities and Use of Proceeds                                        22

   Item 3.   Defaults Upon Senior Securities                                                  23

   Item 4.   Submission of Matters to a Vote of Security Holders                              23

   Item 5.   Other Information                                                                23

   Item 6.   Exhibits and Reports on Form 8-K                                                 23
</TABLE>


<PAGE>

PART I. FINANCIAL INFORMATION

            Item I. Financial Statements


                                  Page 1 of 23
<PAGE>

ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
At September 30, 2004 and December 31, 2003

<TABLE>
<CAPTION>
                                                               (unaudited)         (audited)
                                                                   At                  At
                                                              September 30,       December 31,
                                                                  2004                2003
                                                                  ----                ----
                                                              (in thousands, except share data)
<S>                                                           <C>                 <C>
ASSETS
         Cash and due from banks                              $     12,725        $     12,289
                                                              --------------------------------
   TOTAL CASH AND CASH EQUIVALENTS                                  12,725              12,289

         Investment securities, at fair value                      123,474             122,049
         Mortgage-backed securities, at fair value                  36,328              51,788

         Mortgage loans held for sale                                3,266               1,960

         Loans receivable                                          212,456             200,752
         Allowance for loan losses                                  (2,340)             (2,115)
                                                              --------------------------------
   LOANS RECEIVABLE, NET                                           210,116             198,637

         Bank premises and equipment, net                            9,967              10,258
         Accrued interest receivable                                 1,991               2,191
         Other real estate                                              --                 115
         Other assets                                                5,370               5,798
         Cash surrender value - life insurance                      10,714              10,373
         Goodwill                                                   12,284              11,632
         Other intangible assets                                     1,014               1,099
         -------------------------------------------------------------------------------------
         TOTAL ASSETS                                         $    427,249        $    428,189
         =====================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
         Interest bearing deposits                            $    252,572        $    255,871
         Non-interest bearing deposits                              53,750              49,644
         Borrowings                                                 65,570              67,400
         Other liabilities                                           3,620               4,439
                                                              --------------------------------
TOTAL LIABILITIES                                                  375,512             377,354
Stockholders' equity:
         Preferred stock, 1,000,000 shares authorized                   --                  --
         Common stock ($.01 par value; 20,000,000
              shares authorized;
               8,242,452 and 5,495,069 issued)                          82                  55
         Additional paid-in capital                                 17,585              17,552
         Retained earnings                                          38,564              37,144
         Common shares issued under employee
               stock plans - unearned                                 (581)               (581)
         Accumulated other comprehensive income (loss)                (690)                 21
         Treasury stock (at cost, 587,287
                          and 401,625 shares)                       (3,047)             (3,039)
         Unearned stock-based compensation                            (176)               (317)
         -------------------------------------------------------------------------------------
         TOTAL STOCKHOLDERS' EQUITY                                 51,737              50,835
         -------------------------------------------------------------------------------------
         TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY                                 $    427,249        $    428,189
         =====================================================================================
</TABLE>

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


                                  Page 2 of 23
<PAGE>

ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months and Nine Months Ended September 30, 2004 (unaudited) and
2003 (unaudited)

<TABLE>
<CAPTION>
                                                                Three Months Ended            Nine Months Ended
                                                           September 30,  September 30,  September 30   September 30,
                                                               2004           2003           2004           2003
                                                               ----           ----           ----           ----
                                                                (in thousands, except Earnings per Share Data)
<S>                                                          <C>            <C>            <C>            <C>
INTEREST INCOME:
     Interest and fees on loans                              $  3,252       $  3,353       $  9,650       $ 10,341
     Interest on investment and mortgage-
        backed securities                                       1,443          1,626          4,517          4,776
     Dividends on equity securities                               165            211            520            637
     Interest on federal funds sold and
        Interest-earning deposits                                   8             15             20             80
------------------------------------------------------------------------------------------------------------------
   Total interest and dividend income                           4,868          5,205         14,707         15,834
------------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE:
     Savings deposit                                               88            119            246            342
     Money market and interest-bearing checking                   111            144            303            433
     Time deposits                                                780            956          2,448          3,036
     Borrowings                                                   732            836          2,122          2,543
------------------------------------------------------------------------------------------------------------------
              Total interest expense                            1,711          2,055          5,119          6,354
------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME                                             3,157          3,150          9,588          9,480
     Less: Provision for loan losses                              150            106            450            410
------------------------------------------------------------------------------------------------------------------
   Net interest income after provision for loan losses          3,007          3,044          9,138          9,070
------------------------------------------------------------------------------------------------------------------
OTHER INCOME:
     Investment security gains, net                               103             41             48            228
     Gain on sale of mortgages, net                                79             69            136            383
     Insurance commission income                                2,054          1,516          5,855          4,943
     Other operating income                                       867            776          2,413          2,219
------------------------------------------------------------------------------------------------------------------
   Total other income                                           3,103          2,402          8,452          7,773
------------------------------------------------------------------------------------------------------------------
OTHER EXPENSES:
     Compensation and employee benefits                         2,887          2,664          8,729          8,208
     Occupancy expenses, net                                      847            802          2,441          2,476
     Other operating expense                                      878            953          2,704          2,629
------------------------------------------------------------------------------------------------------------------
   Total other expenses                                         4,612          4,419         13,874         13,313
------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES                                      1,498          1,027          3,716          3,530
------------------------------------------------------------------------------------------------------------------
   Provision for income taxes                                     412            276          1,012          1,036
------------------------------------------------------------------------------------------------------------------
NET INCOME                                                   $  1,086       $    751       $  2,704       $  2,494
==================================================================================================================
EARNINGS PER SHARE - BASIC                                   $   0.14       $   0.10       $   0.36       $   0.34
==================================================================================================================
EARNINGS PER SHARE - DILUTED                                 $   0.14       $   0.10       $   0.35       $   0.33
==================================================================================================================
</TABLE>

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


                                  Page 3 of 23
<PAGE>

ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the Three Months and Nine Months Ended September 30, 2004 (unaudited) and
2003 (unaudited)

<TABLE>
<CAPTION>
                                                           Three Months Ended                Nine Months Ended
                                                     September 30,    September 30,    September 30     September 30,
                                                         2004             2003             2004             2003
                                                         ----             ----             ----             ----
                                                                             (In thousands)
<S>                                                    <C>              <C>              <C>              <C>
Net income                                             $   1,086        $     751        $   2,704        $   2,494
                                                       ---------        ---------        ---------        ---------

Other comprehensive income (loss), net of tax:
  Unrealized gains on assets available for sale:
      Unrealized holding gains (losses)
        arising during period                              4,115           (2,888)          (1,137)          (1,086)
      Less: reclassification adjustment for
        Gains included in net income                         103               41               48              228
                                                       ---------        ---------        ---------        ---------
                                                           4,012           (2,929)          (1,185)          (1,314)
   Net income tax benefit (effect)                        (1,605)           1,171              474              526
                                                       ---------        ---------        ---------        ---------
Other comprehensive income (loss), net of tax              2,407           (1,758)            (711)            (788)

Comprehensive income (loss)                            $   3,493        $  (1,007)       $   1,993        $   1,706
                                                       =========        =========        =========        =========
</TABLE>

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


                                  Page 4 of 23
<PAGE>

ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Months and Nine Months Ended September 30, 2004 (unaudited)

<TABLE>
<CAPTION>

                                                                                                 Accumulated
                                                                       Additional                   Other
                                                  Common Stock          Paid-In     Retained    Comprehensive   Treasury
                                               Shares       Amount      Capital     Earnings    Income (Loss)     Stock
                                                               (In thousands, except number of shares)
<S>                                           <C>            <C>       <C>          <C>           <C>           <C>

Balance as of December 31, 2003               5,495,069      $ 55      $ 17,552     $ 37,144      $     21      $ (3,039)
Net income                                                                               722
Three-for-two stock split effected in the
         form of a 50% stock dividend         2,747,383        27                        (27)
Other comprehensive income, net of tax                                                                 717
Shares earned under stock plans
Common stock dividends: $0.28 per share                                                 (624)
Treasury stock reissued                                                      15                                       69
------------------------------------------------------------------------------------------------------------------------

Balance as of March 31, 2004                  8,242,452      $ 82      $ 17,567     $ 37,215      $    738      $ (2,970)
Net income                                                                               896
Other comprehensive income, net of tax                                                              (3,835)
Shares issued under stock plans                                              18
Shares earned under stock plans
Stock repurchased                                                                                      (95)
Treasury stock reissued                                                                                               13
------------------------------------------------------------------------------------------------------------------------

Balance as of June 30, 2004                   8,242,452      $ 82      $ 17,585     $ 38,111      $ (3,097)     $ (3,052)
Net income                                                                             1,086
Other comprehensive income, net of tax                                                               2,407
Shares earned under stock plans
Common stock dividends: $0.19 per share                                                 (633)
Treasury stock reissued                                                                                                5
------------------------------------------------------------------------------------------------------------------------

Balance as of September 30, 2004              8,242,452      $ 82      $ 17,585     $ 38,564      $   (690)     $ (3,047)
========================================================================================================================

<CAPTION>
                                               Common Stock
                                               Issued Under    Unearned
                                                 Employee       Stock
                                               Stock Plans-     Based
                                                 Unearned    Compensation      Total
                                              (In thousands, except number of shares)
<S>                                               <C>           <C>          <C>

Balance as of December 31, 2003                   $ (581)       $ (317)      $ 50,835
Net income                                                                        722
Three-for-two stock split effected in the
         form of a 50% stock dividend                                              --
Other comprehensive income, net of tax                                            717
Shares earned under stock plans                                     52             52
Common stock dividends: $0.28 per share                                          (624)
Treasury stock reissued                                                            84
-------------------------------------------------------------------------------------

Balance as of March 31, 2004                      $ (581)       $ (265)      $ 51,786
Net income                                                                        896
Other comprehensive income, net of tax                                         (3,835)
Shares issued under stock plans                                    (18)            --
Shares earned under stock plans                                     57             57
Stock repurchased                                                                 (95)
Treasury stock reissued                                                            13
-------------------------------------------------------------------------------------

Balance as of June 30, 2004                       $ (581)       $ (226)      $ 48,822
Net income                                                                      1,086
Other comprehensive income, net of tax                                          2,407
Shares earned under stock plans                                     50             50
Common stock dividends: $0.19 per share                                          (633)
Treasury stock reissued                                                             5
-------------------------------------------------------------------------------------

Balance as of September 30, 2004                  $ (581)       $ (176)      $ 51,737
=====================================================================================
</TABLE>

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


                                  Page 5 of 23
<PAGE>

ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Three Months and Nine Months Ended September 30, 2004 (unaudited) and
2003 (unaudited)

<TABLE>
<CAPTION>
                                                                     Three Months Ended             Nine Months Ended
                                                                 September 30,  September 30   September 30,  September 30,
                                                                     2004           2003           2004           2003
                                                                     ----           ----           ----           ----
                                                                                       (in thousands)
<S>                                                               <C>            <C>            <C>            <C>
Operating Activities:
   Net income                                                     $   1,086      $     751      $   2,704      $   2,494
   Adjustments to reconcile net income to net
    cash provided by operating activities:
      Depreciation and amortization                                     318            301            861            866
      Amortization of premiums/discounts on securities, net             151             67            403            337
      Provision for loan losses and other real estate losses            150            106            450            410
      Stock compensation earned                                          50             50            158            158
      Loss on sale of other real estate                                  --             14             --             14
      Gain on sale/call of securities, net                             (103)           (41)           (48)          (228)
      Gain on sale of loans, net                                        (78)           (69)          (136)          (383)
      Income tax payable                                                162             76            263            106
      Accrued interest receivable                                       336            143            200            160
      Other assets                                                     (384)           739            203         (1,547)
      Other liabilities                                                 445         (1,398)          (725)          (407)
      Origination of loans held for sale                             (6,495)       (17,018)       (13,394)       (45,315)
      Proceeds from sales of loans                                    6,284         12,831         12,224         39,907
------------------------------------------------------------------------------------------------------------------------
          Net cash provided by (used by) operating activities         1,922         (3,448)         3,163         (3,428)
------------------------------------------------------------------------------------------------------------------------
Investing Activities:
  Purchase of investment securities                                 (11,634)       (21,152)       (44,738)       (58,650)
  Principal collected on and proceeds of maturities
     sales or calls from investments                                 20,870         14,551         42,223         53,666
  Purchase of mortgage-backed securities                                 --         (5,023)            --        (23,070)
  Principal collected on and proceeds from sales
     of mortgage-backed securities                                    4,847         10,079         15,012         27,635
  Net (increase) decrease in loans                                   (7,297)        (1,980)       (12,108)          (898)
  Purchase of bank premises and equipment                              (199)          (391)          (485)        (1,036)
  Proceeds from sale of other real estate                               143            136            294            184
  Purchase of insurance agency                                           --             --           (652)          (294)

------------------------------------------------------------------------------------------------------------------------
          Net cash provided by (used in) investing activities         6,730         (3,780)          (454)        (2,463)
------------------------------------------------------------------------------------------------------------------------
Financing Activities:
  Net increase (decrease) in demand deposit, savings,
      money market, interest-bearing checking and escrow              2,459          8,668         11,441         21,782
  Net increase (decrease) in time deposits                           (5,023)        (1,903)       (10,634)        (4,346)
  Proceeds from borrowings                                           16,000             --         49,575          2,000
  Repayment of borrowings                                           (20,405)        (7,500)       (51,405)       (11,500)
  Cash dividends                                                       (633)          (619)        (1,257)        (1,207)
  Purchase of treasury stock                                             --             --            (95)            --
 Exercise of stock options (using treasury stock)                         5             41            102             85
------------------------------------------------------------------------------------------------------------------------
          Net cash (used in) provided by financing activities        (7,597)        (1,313)        (2,273)         6,814
------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in cash and cash equivalents                      1,055         (8,541)           436            923
------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period                     11,670         27,307         12,289         17,843
------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period                        $  12,725      $  18,766      $  12,725      $  18,766
========================================================================================================================
</TABLE>


                                  Page 6 of 23
<PAGE>

ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Three Months and Nine Months Ended September 30, 2004 (unaudited) and
2003 (unaudited)

<TABLE>
<CAPTION>
                                                                 Three Months Ended            Nine Months Ended
                                                            September 30,  September 30   September 30,   September 30,
                                                                2004           2003           2004            2003
                                                                ----           ----           ----            ----
                                                                                  (in thousands)
<S>                                                             <C>            <C>            <C>             <C>
Supplemental disclosures of cash flow information:
Cash paid for interest                                          1,697          1,976          5,127           6,324
Cash paid for income taxes                                        250            200            770             931
Non-cash investing activities:
Unrealized (loss) gain on investment and mortgage-backed
     securities designated as available for sale                2,407         (1,754)          (711)           (788)
Transfer of loans to other real estate                             56            224            179             365
===================================================================================================================
</TABLE>

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


                                  Page 7 of 23
<PAGE>

                             ONEIDA FINANCIAL CORP.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)
                               SEPTEMBER 30, 2004

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 (consisting
of normal recurring accruals) necessary to fairly present the consolidated
financial position of the Oneida Financial Corp. (the "Company") at September
30, 2004 and the results of its consolidated operations and cash flows for the
period then ended have been included. Operating results for the three-month
period and nine-month period are not necessarily indicative of the results that
may be expected for the year ended December 31, 2004.

Note B - Earnings per Share

Basic earnings per share is computed based on the weighted average shares
outstanding at September 30, 2004. Diluted earnings per share is computed based
on the weighted average shares outstanding adjusted for the dilutive effect of
the assumed exercise of stock options and awards during the year. The Company
paid a three-for-two stock dividend on February 24, 2004. All share and per
share data from prior periods have been restated to reflect the retroactive
effect of the stock dividend. The following is a reconciliation of basic to
diluted earnings per share for the three months ended and nine months ended
September 30, 2004 and 2003 respectively:

                                        Income        Shares      Per Share
September 30, 2004:
-------------------

Net income (Three Months Ended)       $1,085,652
                                      ----------

Basic Earnings Per Share:             $1,085,652     7,488,949       $0.14
                                                                     -----
Effect of dilutive securities:
         Stock options and awards             --       133,683
                                      ------------------------
Diluted Earnings Per Share            $1,085,652     7,622,632       $0.14
                                                                     -----

September 30, 2003:
-------------------
Net income (Three Months Ended)       $  751,021
                                      ----------

Basic Earnings Per Share              $  751,021     7,405,848       $0.10
                                                                     -----
Effect of dilutive securities:
         Stock options and awards             --       216,770
                                      ------------------------
Diluted Earnings Per Share            $  751,021     7,622,618       $0.10
                                                                     -----

September 30, 2004:
-------------------

Net income (Nine Months Ended)        $2,703,689
                                      ----------

Basic Earnings Per Share:             $2,703,689     7,470,721       $0.36
                                                                     -----
Effect of dilutive securities:
         Stock options and awards             --       161,870
                                      ------------------------
Diluted Earnings Per Share            $2,703,689     7,632,591       $0.35
                                                                     -----

September 30, 2003:
-------------------
Net income (Nine Months Ended)        $2,493,567
                                      ----------

Basic Earnings Per Share:             $2,493,567     7,365,911       $0.34
                                                                     -----
Effect of dilutive securities:
         Stock options and awards             --       238,081
                                      ------------------------
Diluted Earnings Per Share            $2,493,567     7,603,992       $0.33
                                                                     -----


                                  Page 8 of 23
<PAGE>

Note C - Nature of Operations

      On October 1, 2003, the Bank completed its acquisition of MacDonald/Yando
Agency, Inc., an insurance agency. The Bank paid $219,783 in cash and
established a note payable for $219,783 to be over 24 months with interest at
5.0% per annum to acquire 100% of the capital stock of the MacDonald/Yando
Agency, Inc. Goodwill of approximately $434,000 was recorded in conjunction with
this transaction. An intangible asset was also established in the amount of
$22,000 which will be amortized over a five year period. Amortization expense
was $1,100 and $3,300 for the three months and nine months ended September 30,
2004 respectively. MacDonald/Yando Agency, Inc. has been subsequently merged
into the Agency.

      On May 31, 2002, the Bank completed its acquisition of SBC Financial
Corporation, the holding company of State Bank of Chittenango; a New York state
chartered commercial bank. The two banking offices of Chittenango became banking
offices of the Bank. The Bank has retained SBC as a special purpose commercial
bank subsidiary of the Bank. SBC is permitted to accept municipal deposit
accounts from various municipalities, school districts and other public sources;
a source of funds not available to the Bank under New York law. The results of
SBC's operations have been included in the consolidated financial statements
since that date. The Bank paid $11.9 million ($243,000 was paid to Oneida
Financial Corp. for shares previously owned) or $102.60 in cash for each of the
116,079 shares of common stock outstanding in SBC Financial Corporation. Assets
acquired as a result of the acquisition totaled $66.5 million and resulted in
additional goodwill of $5.6 million and a core deposit intangible of
approximately $1.2 million. Amortization of the core deposit intangible
approximated $82,000 for the nine months ended September 30, 2004 and 2003, and
$27,000 for the three months ended September 30, 2004 and 2003.

      On October 2, 2000, the Bank completed its acquisition of Bailey & Haskell
Associates, Inc., an insurance agency (the "Agency"). The Bank paid $3,075,000
in cash and $500,000 in Company stock, of which 45,496 shares of stock were
issued in January 2001, to the Agency's shareholders. Goodwill in the amount of
$3,350,000 was recorded in conjunction with the transaction. Under terms of the
agreement, contingent purchase payments based on future performance levels may
be made over a five-year period. As of September 30, 2004 and 2003, $651,599 and
$294,166 additional goodwill was recorded for the contingent purchase payment
for 2004 and 2003, respectively.

The acquisitions were accounted for under the purchase method of accounting.

Note D - Stock-Based Compensation

The Company maintains a fixed award stock option plan and restricted stock plan
for certain officers and directors providing service to the Company. The Company
accounts for those plans under the recognition and measurement principles of APB
Opinion No. 25, "Accounting for Stock Issued to Employees," and related
Interpretations. No stock-based employee compensation cost is reflected in net
income, as all options granted under the stock option plan had an exercise price
equal to the market value of the underlying common stock on the date of grant.
Compensation expense equal to the market value of ONFC's stock on the grant date
is accrued ratably over the vesting period for shares of restricted stock
granted.

Compensation expense recorded in conjunction with this plan was $49,931 and
$49,727 for the three months ended September 30, 2004 and 2003 respectively. For
the nine months ended September 30, 2004 and 2003, compensation expense recorded
was $158,295 and $157,680, respectively.

The following table illustrates the effect on net income per share if the
Company had applied the fair value recognition provisions of FASB Statement No.
123, "Accounting for Stock-Based Compensation," to stock-based employee
compensation.

<TABLE>
<CAPTION>
                                                 Three Months Ended September 30,   Nine Months Ended September 30,
                                                       2004             2003             2004             2003
                                                       ----             ----             ----             ----
                                                                           (In thousands)
<S>                                                  <C>              <C>              <C>              <C>
Net income:
        As reported                                  $ 1,086          $   751          $ 2,704          $ 2,494
Deduct: Total stock-based employee
        Compensation expense determined under
        fair value method, net of related taxes          (30)             (35)             (91)            (101)
                                                     -------          -------          -------          -------
Pro forma                                            $ 1,056          $   716          $ 2,613          $ 2,393
                                                     =======          =======          =======          =======
</TABLE>


                                  Page 9 of 23
<PAGE>

Note E - Stock-Based Compensation (continued)

Earnings per share:
  As reported
         Basic                            $0.14      $0.10      $0.36      $0.34
         Diluted                          $0.14      $0.10      $0.35      $0.33

  Pro forma
         Basic                            $0.14      $0.10      $0.35      $0.32
         Diluted                          $0.14      $0.09      $0.34      $0.31

Note E - Dividend Restrictions

Oneida Financial MHC, which owns 4,309,750 or 57.54% of the outstanding shares
as of September 30, 2004 of Oneida Financial Corp., filed a notice with the OTS
regarding its intent to waive its right to receive cash dividends declared by
Oneida Financial Corp. The notice was approved by the OTS subject to the
condition that Oneida Financial Corp.'s retained earnings be restricted by the
dollar amount of dividends waived by Oneida Financial MHC. As of September 30,
2004 and December 31, 2003, the retained earnings restricted for cash dividends
waived was $5,368,034 and $3,744,695, respectively.

Note F - Stock Split

On February 24, 2004, the Company paid a three-for-two stock dividend. The stock
dividend was paid with authorized but unissued shares of common stock and
fractional shares were paid in cash based on the last sales price of the common
stock on the first trading date following the record date, as adjusted for the
stock dividend. The Company recorded the stock dividend as of the ex-dividend
date. All per share data from previous periods have been retroactively restated
to reflect the effect of the stock dividend.

Note G - Allowance for Loan Losses

The allowance for loan losses is established through a provision for loan losses
based on management's evaluation of the probable or incurred risk in the loan
portfolio and current economic conditions. The allowance is established based
upon management's evaluation of the probable and estimable losses in the loan
portfolio, the composition of the loan portfolio and other quantitative and
qualitative factors. Management's evaluation of the adequacy of the allowance is
based on the Bank's past loan loss experience, known and inherent risks in the
portfolio, adverse circumstances that may affect the borrower's ability to
repay, the estimated value of any underlying collateral, and an analysis of the
levels and trends of delinquencies, charge-offs, and the risk ratings of the
various loan categories. Quarterly, management evaluates the adequacy of the
allowance and determines the appropriate level of provision of loan losses by
applying a range of estimated loss percentages to each category of performing
loans and classified loans. The allowance adjustment is based upon the net
change in each portfolio category, as well as adjustment related to impaired
loans, since the prior quarter. Management monitors and modifies the level of
the allowance for loan losses to maintain it at a level which it considers
adequate to provide for probable loan losses. Loans are charged against the
allowance for loan losses when management believes that the collectibility of
principal is unlikely. A loan is considered impaired, based on current
information and events, if it is probable that the Bank will be unable to
collect the scheduled payments of principal and interest when due according to
the contractual terms of the loan agreement. The measurement of impaired loans
is generally based on the present value of expected future cash flows discounted
at the historical effective interest rate, except that all collateral-dependent
loans are measured for impairment based on the estimated fair value of the
collateral. At September 30, 2004 the allowance for loan losses as a percentage
of net loans receivable was 1.10% as compared to 1.05% on September 30, 2003.

Note H - Impaired Loans

<TABLE>
<CAPTION>
Impaired loans were as follows:                 September 30, 2004   December 31, 2003

<S>                                                 <C>                  <C>
     Impaired loans                                 $2,435,408           $  700,012
     Allocated allowance for loan losses            $  322,250           $  352,505
     Average of impaired loans during the year      $1,556,596           $  927,073
     Cash-basis interest income recognized          $   21,806           $   41,370
</TABLE>


                                 Page 10 of 23
<PAGE>

The increase in the impaired loans is due to the reclassification of a $2.0
million unsecured commercial loan to a large multinational Corporation. The
Corporation's debt was restructured during the third quarter of 2004 and as a
result, the Company calculated the potential loss on the loan based on a
liquidation value. The Company believes that both the specific allocation for
the credit and the overall level of the allowance at September 30, 2004 are
adequate. In October 2004, the Company sold the impaired credit to another
financial institution based on the liquidation value. The allocated allowance
for loan losses was adequate to cover the value that the credit was sold for.

Note I - Segment Information

The Company has determined that it has two primary business segments, its
banking franchise and its insurance activities. For the three months ended and
nine months ended September 30, 2004 and 2003, the Company's insurance
activities consisted of those conducted through its wholly owned subsidiary,
Bailey & Haskell Associates, Inc. Information about the Company's segments is
presented in the following table for the periods indicated (amounts in
thousands):

<TABLE>
<CAPTION>
                                                  ----------------------------------------
                                                  Three Months Ended September 30, 2004
                                                  ----------------------------------------
                                                   Banking       Insurance
                                                  Activities     Activities         Total

<S>                                                <C>             <C>             <C>
Net interest income                                $ 3,157         $    --         $ 3,157
Provision for loan losses                              150              --             150
                                                   -------         -------         -------
         Net interest income after provision
                  for loan losses                    3,007              --           3,007
Other income                                         1,049           2,054           3,103
Other expenses                                       2,950           1,662           4,612
                                                   -------         -------         -------
         Income before income taxes                  1,106             392           1,498
Income tax expense                                     292             120             412
                                                   -------         -------         -------
         Net income                                $   814         $   272         $ 1,086
                                                   =======         =======         =======

<CAPTION>
                                                  ----------------------------------------
                                                    Three Months Ended September 30, 2003
                                                  ----------------------------------------
                                                   Banking        Insurance
                                                  Activities      Activities        Total

<S>                                                <C>             <C>             <C>
Net interest income                                $ 3,150         $    --         $ 3,150
Provision for loan losses                              106              --             106
                                                   -------         -------         -------
         Net interest income after provision
                  for loan losses                    3,044              --           3,044
Other income                                           875           1,527           2,402
Other expenses                                       3,021           1,398           4,419
                                                   -------         -------         -------
         Income before income taxes                    898             129           1,027
Income tax expense                                     232              44             276
                                                   -------         -------         -------
         Net income                                $   666         $    85         $   751
                                                   =======         =======         =======
</TABLE>


                                 Page 11 of 23
<PAGE>

<TABLE>
<CAPTION>
                                                    ----------------------------------------
                                                      Nine Months Ended September 30, 2004
                                                    ----------------------------------------
                                                     Banking        Insurance
                                                    Activities      Activities        Total

<S>                                                  <C>             <C>             <C>
Net interest income                                  $ 9,588         $    --         $ 9,588
Provision for loan losses                                450              --             450
                                                     -------         -------         -------
         Net interest income after provision
                  for loan losses                      9,138              --           9,138
Other income                                           2,597           5,855           8,452
Other expenses                                         9,065           4,809          13,874
                                                     -------         -------         -------
         Income before income taxes                    2,670           1,046           3,716
Income tax expense                                       702             310           1,012
                                                     -------         -------         -------
         Net income                                  $ 1,968         $   736         $ 2,704
                                                     =======         =======         =======

<CAPTION>
                                                    ----------------------------------------
                                                      Nine Months Ended September 30, 2003
                                                    ----------------------------------------
                                                     Banking        Insurance
                                                    Activities      Activities        Total

<S>                                                  <C>             <C>             <C>
Net interest income                                  $ 9,480         $    --         $ 9,480
Provision for loan losses                                410              --             410
                                                     -------         -------         -------
         Net interest income after provision
                  for loan losses                      9,070              --           9,070
Other income                                           2,819           4,954           7,773
Other expenses                                         9,052           4,261          13,313
                                                     -------         -------         -------
         Income before income taxes                    2,837             693           3,530
Income tax expense                                       800             236           1,036
                                                     -------         -------         -------
         Net income                                  $ 2,037         $   457         $ 2,494
                                                     =======         =======         =======
</TABLE>


                                 Page 12 of 23
<PAGE>

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


                                 Page 13 of 23
<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

      Oneida  Financial Corp. is the parent company of 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
results of operations are 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,  revenue derived
from the insurance agency  activities of the Bank, 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. In addition,  the
Company  derives  a  significant  portion  of  its  income  from  its  insurance
activities conducted through Bailey and Haskell Associates, Inc. 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.  At  December  31,  2003 and
September  30,  2004 the  Company  had  7,437,982  shares and  7,489,132  shares
outstanding of which 4,309,750 were held by Oneida  Financial MHC, the Company's
mutual holding company parent.

RECENT DEVELOPMENTS

      On February 24, 2004, the Company paid a three-for-two stock dividend. The
stock dividend was paid with  authorized but unissued shares of common stock and
fractional  shares were paid in cash based on the last sales price of the common
stock on the first  trading date  following the record date, as adjusted for the
stock  dividend.  The Company  recorded the stock dividend as of the ex-dividend
date. All per share data from previous periods have been retroactively  restated
to reflect the effect of the stock dividend.

      The Company  announced a cash  dividend as of July 27, 2004 which was paid
on August 10, 2004 of $0.19 per share to its shareholders.  Oneida Financial MHC
waived its receipt of dividends.  As of September 30, 2004 and December 31, 2003
the retained  earnings  restricted for cash dividends  waived was $5,368,034 and
$3,744,695.

FINANCIAL CONDITION

      ASSETS. Total assets at September 30, 2004 were $427.2 million, a decrease
of $1.0  million  from $428.2  million at December  31,  2003.  The  decrease is
primarily due to a decrease in mortgage-backed  securities offset by an increase
in investment  securities,  loans  receivable and mortgages loans held for sale.
Mortgage-backed  securities  decreased  $15.5  million  at  September  30,  2004
compared with December 31, 2003,  while  investment  securities  increased  $1.4
million at September 30, 2004 compared with December 31, 2003.  Loans receivable
increased $11.7 million at September


                                 Page 14 of 23
<PAGE>

30,  2004 as compared  with  December  31,  2003.  Mortgage  loans held for sale
increased  $1.3 million  after  recording  sales of $12.2  million in fixed rate
one-to-four  family  residential real estate loans during the nine month period.
At September 30, 2004,  total consumer and commercial  business loans  increased
$3.1  million to $70.7  million from $67.6  December  31, 2003.  The increase in
consumer and commercial loans for the nine months ending September 30, 2004 is a
result of increased  demand due to the continued low interest rate  environment.
The loans were funded by the sales and maturities of investments  since December
31, 2003.

      The  allowance  for loan losses  increased  $225,000  from $2.1 million at
December  31, 2003 to $2.3 million as of September  30, 2004.  The  allowance is
established  through  a  provision  for  loan  losses  based  upon  management's
evaluation  of the  probable and  estimable  losses in the loan  portfolio,  the
composition  of the  loan  portfolio,  current  economic  conditions  and  other
quantitative and qualitative factors. Management's evaluation of the adequacy of
the  allowance  is based on the  Bank's  past  loan loss  experience,  known and
inherent  risks in the  portfolio,  adverse  circumstances  that may  affect the
borrower's ability to repay the loan in accordance with its terms, the estimated
value of any underlying collateral,  and an analysis of the levels and trends of
delinquencies, charge-offs, and the risk ratings of the various loan categories.
Quarterly, management evaluates the adequacy of the allowance and determines the
appropriate  level of provision for loan losses by applying a range of estimated
loss percentages to each category of performing loans and classified  loans. The
allowance adjustment is based upon the net change in each portfolio category, as
well as adjustment related to impaired loans, since the prior quarter. A loan is
considered impaired,  based on current information and events, if it is probable
that the Bank will be unable to collect the scheduled  payments of principal and
interest when due according to the contractual terms of the loan agreement.  The
measurement  of  impaired  loans  is  generally  based on the  present  value of
expected future cash flows discounted at the historical effective interest rate,
except that all collateral-dependent  loans are measured for impairment based on
the estimated fair value of the collateral. Management monitors and modifies the
level of the  allowance  for loan  losses  to  maintain  it at a level  which it
considers  adequate  to provide for  potential  loan  losses.  Loans are charged
against the  allowance  for credit  losses  when  management  believes  that the
collectibility of principal is unlikely. At September 30, 2004 the allowance for
loan losses as a  percentage  of net loans  receivable  was 1.10% as compared to
1.05% on December 31, 2003.

      Impaired loans increased at September 30, 2004 to $2.4 million as compared
to $700,000 at December 31, 2003 due to the  reclassification  of a $2.0 million
unsecured   commercial   loan  to  a  large   multinational   Corporation.   The
Corporation's  debt was  restructured  during the third quarter of 2004 and as a
result,  the  Company  calculated  the  potential  loss on the  loan  based on a
liquidation  value.  In October  2004,  the Company sold the impaired  credit to
another  financial  institution  based on the liquidation  value.  The allocated
allowance  for loan  losses was  adequate to cover the value that the credit was
sold for. The Company believes that both the specific  allocation for the credit
and the overall level of the allowance at September 30, 2004 are adequate.

      LIABILITIES.  Total  liabilities  decreased  by $1.9  million  or 0.50% to
$375.5  million at September 30, 2004 from $377.4  million at December 31, 2003.
The decrease is primarily the result of a decrease in borrowings of $1.8 million
due to  maturities  and  paydowns of  borrowings.  Total  deposits  increased by
$800,000  since  December 31, 2003. The Bank continues to emphasize core deposit
savings and checking  accounts,  which  increased by $5.6 million since December
31, 2003. Money market and interest-bearing  checking accounts increased by $5.8
million since December 31, 2003.  Offsetting  these  increases was a decrease in
time deposits of $10.6 million since December 31, 2003.

      STOCKHOLDERS' EQUITY. Total stockholders' equity at September 30, 2004 was
$51.7  million,  an increase of $900,000  million from $50.8 million at December
31, 2003.  The increase in  stockholders'  equity was  primarily a result of the
contributions  of net earnings of $2.7 million for the nine months period ending
September 30, 2004.  Offsetting  this  increase were  decreases in the valuation
adjustments   made  for  the  Company's   available  for  sale   investment  and
mortgage-backed  securities,  as well management efforts to manage the Company's
capital  through  a  combination  of cash  dividends  and other  strategies.  An
increase in interest rates  generally has a negative  effect on the market value
of  the  Company's  investments  and  mortgage-backed   securities   portfolios.
Accumulated other  comprehensive  income (loss) decreased $711,000 from December
31, 2003.

      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 rates earned or paid on the
assets or liabilities.

      AVERAGE BALANCE SHEET. The following tables set forth certain  information
relating  to the  Company  for the  three  months  ended and nine  months  ended
September  30, 2004 and 2003 and for the year ended  December 31, 2003.  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.


                                 Page 15 of 23
<PAGE>

      TABLE 1. Average Balance Sheet.

<TABLE>
<CAPTION>
                                                             Three Months Ended September 30,
                                        -----------------------------------------------------------------------
                                                        2004                                  2003
                                          Average     Interest                 Average      Interest
                                        Outstanding    Earned/     Yield/    Outstanding     Earned/     Yield/
                                          Balance       Paid        Rate       Balance        Paid        Rate
                                          -------       ----        ----       -------        ----        ----
                                                                  (Dollars in Thousands)
<S>                                      <C>           <C>          <C>        <C>           <C>          <C>
Assets
------
Interest-earning Assets:
------------------------
  Loans Receivable*                      $211,299      $3,252       6.16%      $207,275      $3,353       6.47%
  Investment Securities                   159,665       1,589       3.98%       154,844       1,791       4.63%
  Federal Funds                             2,616           8       1.22%         7,160          15       0.84%
  Equity Securities                         6,327          19       1.20%         6,325          46       2.91%
                                         --------      ------       ----       --------      ------       ----
    Total Interest-earning Assets         379,907       4,868       5.13%       375,604       5,205       5.54%
                                         --------      ------       ----       --------      ------       ----
Non interest-earning assets:
----------------------------
  Cash and due from banks                  10,676                                11,221
  Other assets                             40,143                                39,962

              Total assets               $430,726                              $426,787
                                         ========                              ========
Liabilities and Stockholders' Equity
------------------------------------
Interest-bearing Liabilities:
-----------------------------
  Money Market Deposits                  $ 39,072          80       0.81%      $ 39,835      $  120       1.20%
  Savings Accounts                         75,964          88       0.46%        73,005         119       0.65%
  Interest-bearing Checking                27,393          31       0.45%        18,038          24       0.53%

  Time Deposits                           113,990         780       2.71%       126,315         956       3.00%
  Borrowings                               66,998         732       4.33%        66,019         836       5.02%
                                         --------      ------       ----       --------      ------       ----
    Total Interest-bearing Liabs          323,417       1,711       2.10%       323,212       2,055       2.52%
                                         --------      ------       ----       --------      ------       ----
Non interest-bearing liabilities:
---------------------------------
  Demand deposits                        $ 50,571                                47,203
  Other liabilities                         8,423                                 6,455
                                         --------                              --------
      Total liabilities                  $382,411                              $376,870
                                         --------                              --------
Stockholders' equity                       48,315                                49,917
                                         --------                              --------
Total liabilities and stockholders'
equity                                   $430,726                              $426,787
                                         ========                              ========

    Net Interest Income                                $3,157                                $3,150
                                                       ======                                ======
    Net Interest Spread                                             3.03%                                 3.02%
                                                                    ====                                  ====
    Net Earning Assets                   $ 56,490                              $ 52,392
                                         ========                              ========
    Net yield on average
      Interest-earning assets                            3.32%                                 3.35%
                                                       ======                                ======
    Average interest-earning
      assets to average
      Interest-bearing liabs                           117.47%                               116.21%
                                                       ======                                ======

<CAPTION>
                                                Year Ended December 31,
                                         -----------------------------------
                                                          2003
                                           Average      Interest
                                         Outstanding     Earned/      Yield/
                                           Balance        Paid         Rate
                                           -------        ----         ----
                                                 (Dollars in Thousands)
<S>                                        <C>           <C>           <C>
Assets
------
Interest-earning Assets:
------------------------
  Loans Receivable*                        $204,119      $13,592       6.66%
  Investment Securities                     153,136        6,956       4.54%
  Federal Funds                               8,767           94       1.07%
  Equity Securities                           6,459          152       2.35%
                                           --------      -------       ----
    Total Interest-earning Assets           372,481       20,794       5.58%
                                           --------      -------       ----
Non interest-earning assets:
----------------------------
  Cash and due from banks                    11,156
  Other assets                               39,625
                                           --------
              Total assets                 $423,262
                                           ========
Liabilities and Stockholders' Equity
------------------------------------
Interest-bearing Liabilities:
-----------------------------
  Money Market Deposits                    $ 38,818      $   481       1.24%
  Savings Accounts                           71,342          440       0.63%
  Interest-bearing Checking                  15,982           78       0.49%

  Time Deposits                             127,094        3,942       3.10%
  Borrowings                                 68,757        3,282       4.77%
                                           --------      -------       ----
    Total Interest-bearing Liabs            321,993        8,223       2.55%
                                           --------      -------       ----
Non interest-bearing liabilities:
---------------------------------
  Demand deposits                            47,884
  Other liabilities                           4,226
                                           --------
      Total liabilities                    $374,103
                                           --------
Stockholders' equity                         49,159
                                           --------
Total liabilities and stockholders'
equity                                     $423,262
                                           ========

    Net Interest Income                                  $12,571
                                                         =======
    Net Interest Spread                                                3.03%
                                                                       ====
    Net Earning Assets                     $ 50,488
                                           ========
    Net yield on average
      Interest-earning assets                               3.37%
                                                         =======
    Average interest-earning
      assets to average
      Interest-bearing liabs                              115.68%
                                                         =======
</TABLE>


                                 Page 16 of 23
<PAGE>

<TABLE>
<CAPTION>
                                                              Nine Months Ended September 30,
                                        --------------------------------------------------------------------------
                                                         2004                                   2003
                                          Average      Interest                  Average      Interest
                                        Outstanding     Earned/      Yield/    Outstanding     Earned/      Yield/
                                          Balance        Paid         Rate       Balance        Paid         Rate
                                          --------      -------       ----       --------      -------       ----
                                                                   (Dollars in Thousands)
<S>                                       <C>           <C>           <C>        <C>           <C>           <C>
Assets
------
Interest-earning Assets:
------------------------
  Loans Receivable*                       $206,387      $ 9,650       6.23%      $204,664      $10,341       6.74%
  Investment Securities                    162,582        4,991       4.09%       150,905        5,264       4.65%
  Federal Funds                              1,806           20       1.48%         9,774           80       1.09%
  Equity Securities                          6,530           46       0.94%         6,481          149       3.07%
                                          --------      -------       ----       --------      -------       ----
    Total Interest-earning Assets          377,305       14,707       5.20%       371,824       15,834       5.68%
                                          --------      -------       ----       --------      -------       ----
Non interest-earning assets:
----------------------------
  Cash and due from banks                   10,146                                 10,670
  Other assets                              40,904                                 39,972
                                          --------                               --------
              Total assets                $428,355                               $422,466
                                          ========                               ========

Liabilities and Stockholders' Equity
------------------------------------
Interest-bearing Liabilities:
-----------------------------
  Money Market Deposits                   $ 38,799      $   227       0.78%      $ 37,864      $   378       1.33%
  Savings Accounts                          74,235          246       0.44%        70,949          342       0.64%
  Interest-bearing Checking                 24,077           76       0.42%        14,975           55       0.49%
  Time Deposits                            119,063        2,448       2.75%       128,118        3,036       3.17%
  Borrowings                                66,127        2,122       4.29%        69,928        2,543       4.86%
                                          --------      -------       ----       --------      -------       ----
    Total Interest-bearing Liabs           322,301        5,119       2.12%       321,834        6,354       2.64%
                                          --------      -------       ----       --------      -------       ----
Non interest-bearing liabilities:
---------------------------------
  Demand deposits                         $ 50,097                                 46,327
  Other liabilities                          5,734                                  5,116
                                          --------                               --------
      Total liabilities                   $378,132                               $373,277
                                          --------                               --------
Stockholders' equity                        50,223                                 49,189
                                          --------                               --------
Total liabilities and stockholders'
equity                                    $428,355                               $422,466
                                          --------                               --------

    Net Interest Income                                 $ 9,588                                $ 9,480
                                                        =======                                =======
    Net Interest Spread                                               3.08%                                  3.04%
                                                                      ====                                   ====
    Net Earning Assets                    $ 55,004                               $ 49,990
                                          --------                               --------
    Net yield on average
      Interest-earning assets                              3.39%                                  3.40%
                                                        =======                                =======
    Average interest-earning
      assets to average
      Interest-bearing liabs                             117.07%                                115.53%
                                                        =======                                =======
</TABLE>

*     Included in Average Loans Receivable balance for the periods presented is
      Mortgage Loans Held for Sale.

RESULTS OF OPERATIONS

      GENERAL.  Net  income  for the  three  months  ended  September  30,  2004
increased  by  $335,000 or 44.6% to $1.1  million  from  $751,000  for the three
months ended  September 30, 2003. Net income for the nine months ended September
30, 2004 increased by $210,000 or 8.4% to $2.7 million  compared to $2.5 million
for the nine months ended September 30, 2003. The increase in net income for the
three month and nine month periods ended September 30, 2004 as compared with the
same  periods in 2003 was  primarily  the result of  increases  in net  interest
income  and  non-interest  income  partially  offset by  increased  non-interest
expenses and the provision for loan losses.

      INTEREST  INCOME.  Interest and dividend  income  decreased by $337,000 to
$4.9 million for the three months ended September 30, 2004 from $5.2 million for
the three months ended  September 30, 2003. For the nine months ended  September
30, 2004,  interest and dividend  income was $14.7  million,  a decrease of $1.1
million  or 7.1% as  compared  with the same  period in 2003.  The  decrease  in
interest  and dividend  income was  primarily a result of a decrease in interest
income on loans  receivable of $101,000 for the three months ended September 30,
2004 and $691,000 for the nine months ended September 30, 2004 and a decrease in
interest income on investment and mortgage-backed securities of $202,000 for the
quarter and $273,000 year-to-date. Interest on federal funds sold also decreased
$7,000 for the three  months ended  September  30, 2004  compared  with 2003 and
$60,000 year-to-date. Dividend income on equity securities decreased $27,000 for
the third  quarter  2004 as  compared  to the same  period in 2003 and  $103,000
year-to-date.

      The  decrease in interest  income on loans is a result of a decrease of 31
basis points in the average  yield to 6.16% on September  30, 2004 from 6.47% on
September  30,  2003  partially  offset by an  increase  of $4.0  million in the
average  balance of loans  receivable  for the three months ended  September 30,
2004 as  compared  with  the same  period  in 2003.  For the nine  months  ended
September 30, 2004, the average balance  increased $1.7 million with the average
yield decreasing 51 basis points from 6.74% during the nine month period in 2003
to 6.23% during the 2004  period.  The  decrease in average  yield  reflects the
decline in market interest rates since the third quarter of 2003.

      Investment income decreased as a result of a decrease in the average yield
of investment  securities and  mortgage-backed  securities of 65 basis points to
3.98% at September 30, 2004 from 4.63% at September 30, 2003 partially offset by
an  increase  of  $4.8  million  in  the  average   balance  of  investment  and
mortgage-backed  securities for the three month period ended  September 30, 2004
as compared  with the same period in 2003.  For the nine months ended  September
30, 2004,  the


                                 Page 17 of 23
<PAGE>

average  balance of investment and  mortgage-backed  securities  increased $11.7
million with the average yield  decreasing 56 basis points from 4.65% during the
nine month period in 2003 to 4.09% during the 2004 period.

      Interest income from federal funds decreased during the three months ended
September 30, 2004 to $8,000 as compared  with $15,000 for the 2003 period.  The
decrease in interest  income is due to a decrease in the average balance of $4.5
million.

      INTEREST  EXPENSE.  Interest expense was $1.7 million for the three months
ended  September  30, 2004, a decrease of $344,000 or 16.7% from the same period
in 2003. The decrease in interest  expense is due to a decrease in interest paid
on  borrowed  funds and deposit  accounts.  Interest  expense on borrowed  funds
totaled  $732,000 for the third  quarter of 2004  compared with $836,000 for the
2003  period.  The average cost of borrowed  funds  decreased 69 basis points to
4.33% as of September  30, 2004 from 5.02% for the three months ended  September
30,  2003.  Partially  offsetting  the  decrease  in yield was that the  average
balance  outstanding  of  borrowings  increased  during the three  months  ended
September  30,  2004 to $67.0  million  compared  to $66.0  million for the same
period in 2003.  For the nine  months  ended  September  30,  2004,  the average
balance of borrowings  decreased $3.8 million with the average yield  decreasing
57 basis  points from 4.86% during the nine month period in 2003 to 4.29% during
the 2004  period.  Interest  expense on deposits  decreased  by $240,000 for the
three months ended September 30, 2004 to $1.0 million,  a decrease of 19.7%. The
decrease in interest expense on deposits was due to a 37 basis point decrease in
the average  cost of deposits  for the third  quarter 2004 and a decrease in the
average balance on  interest-bearing  deposit accounts of $774,000.  The average
balance of  interest-bearing  deposits for the nine months ended  September  30,
2004  increased  $4.3  million as compared  with the same  period of 2003.  This
increase partially offset a decrease in the average rate paid of 46 basis points
on deposits  resulting in a decrease in interest  expense for the nine months of
$814,000  compared  with the  prior  year.  The  decrease  in  average  yield is
reflective  of the decline in market  interest  rates since the third quarter of
2003.

     PROVISION FOR LOAN LOSSES. Total provisions for loan losses for the three
months ended September 30, 2004 were $150,000 as compared to $106,000 during the
same period of 2003. The allowance for loan losses was $2.3 million or 1.10% of
loans receivable at September 30, 2004 as compared with $2.1 million or 1.05% of
loans receivable at December 31, 2003. 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 the 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. Provisions to the allowance
are made as management assesses losses that are probable and reasonably
estimable. Impaired loans increased at September 30, 2004 to $2.4 million as
compared to $700,000 at December 31, 2003 due to the reclassification of a $2.0
million unsecured commercial loan to a large multinational Corporation. The
Corporation's debt was restructured during the third quarter of 2004 and as a
result, the Company calculated the potential loss on the loan based on a
liquidation value requiring the increase in the provision for loan losses during
the third quarter. In October 2004, the Company sold the impaired credit to
another financial institution based on the liquidation value. The allocated
allowance for loan losses was adequate to cover the value that the credit was
sold for. The Company believes that both the specific allocation for the credit
and the overall level of the allowance at September 30, 2004 are adequate. At
September 30, 2004 the allowance for loan losses as a percentage of net loans
receivable was 1.10% as compared to 1.05% on December 31, 2003.

      OTHER INCOME.  Other  operating  income was $3.1  million,  an increase of
$701,000,  during the third  quarter of 2004  compared  with the same  period in
2003.  The increase in  non-interest  income was  primarily  due to increases in
revenue derived from the Company's  insurance agency  subsidiary  activities and
deposit  account service fee income.  Insurance  revenue  increased  $538,000 or
35.5% for the three months ended  September  30, 2004 as compared  with the same
period in 2003. Revenue derived from deposit account activity increased $98,000,
or 21.8%, during the third quarter of 2004 as compared with the third quarter of
2003. Net security gains  realized  during the three months ended  September 30,
2004 increased by $62,000 as compared with the 2003 period.

      For the nine months ended  September  30,  2004,  other  operating  income
increased $679,000 to $8.5 million as of September 30, 2004 from $7.8 million as
of  September  30,  2003.  The  increase  is  primarily  due to an  increase  in
commission  income  received from the  insurance  agency of $5.9 million for the
nine months ended  September 30, 2004 as compared with $4.9 million for the same
period  during 2003 and an  increase in revenue  derived  from  deposit  account
activity increasing to $1.5 million for the nine months ended September 30, 2004
as  compared  with $1.2  million  for the same  period  during  2003.  Partially
offsetting this increase is a decrease of $382,000 in income associated with the
sale and servicing of fixed-rate  residential  real estate loans during the nine
months of 2004 as compared to the same period of 2003.

      The Bank  continues  to expand  the  visibility  of its Trust  Department.
Management  expects that fees generated by the Trust Department will increase as
assets under  management  grow. The Trust  Department  income increased 19.8% to
$151,000 for the nine months ended September 30, 2004 from $126,000 for the nine
months ended  September 30, 2003. At September 30, 2004, the Bank maintained 479
trust/fiduciary accounts, with total assets of $79.6 million under management as
compared with 435 trust/fiduciary accounts with $79.9 million total assets as of
December 31, 2003.


                                 Page 18 of 23
<PAGE>

      OTHER  EXPENSES.  Other  expenses  increased by $193,000 or 4.4%,  to $4.6
million for the three months ended  September 30, 2004 from $4.4 million for the
same  period in 2003.  Compensation  expense  increased  $223,000 or 8.4% due to
increases in employee benefit expenses as well as additional expenses associated
with the insurance agency subsidiary. Other expenses decreased $75,000 primarily
the result of as a decrease in operating  expenses incurred  associated with our
advertising  expense  related  to a  checking  account  promotion  for the third
quarter of 2004.

      For the nine months ended September 30, 2004, operating expenses increased
$561,000 to $13.9 million from $13.3 million for the nine months ended September
30, 2003. The increase is primarily the result of expenses  associated  with the
insurance  agency  subsidiary and an increase in advertising  expense related to
the checking account promotion in the first three quarters of 2004.

      INCOME TAX.  Income tax expense was  $412,000  for the three  months ended
September  30,  2004,  an increase of  $136,000  from the third  quarter of 2003
expense of $276,000.  The  effective  tax rate  increased to 27.5% for the third
quarter  2004 from 26.9% for the same period of 2003.  For the nine months ended
2004 and 2003,  the income tax expense  was $1.0  million.  The  decrease in the
effective tax rate is primarily due to the integration of SBC.

      LIQUIDITY AND CAPITAL RESOURCES. In addition to the Company's primary
funding sources of cash flow from operations, deposits and borrowings, funding
is provided from the principal and interest payments received on loans and
investment securities, proceeds from the maturities and sale of investment
securities, as well as proceeds from the sale of fixed rate mortgage loans in
the secondary market. While maturities and scheduled amortization of loans and
securities are predictable sources of funds, deposit balances and mortgage
prepayments are greatly influenced by general interest rates, the economic
environment and local competitive conditions.

      The primary investing activities of the Company are the origination of
residential mortgages, commercial loans and consumer loans, as well as the
purchase of mortgage-backed and other debt securities. During the third quarter
of 2004, loan originations totaled $35.1 million compared to $40.9 million for
the third quarter of 2003. A decrease in loan originations during 2004 as
compared to 2003 is due to lower residential mortgage refinancing in 2004
partially offset by higher commercial mortgage and commercial business loan
originations. The purchases of investment securities totaled $11.6 million
during the third quarter of 2004 as compared to $26.2 million during the third
quarter of 2003. The decrease in the purchases of investment securities is due
to the increase in loans during the quarter as well as a decline in deposit
growth during the third quarter 2004.

      Cash flow from operations, deposit growth, as well as the sales, maturity
and principal payments received on loans and investment securities were used to
fund the investing activities described above. Additionally, the Company has
lines of credit with the Federal Home Loan Bank, Federal Reserve Bank and two
commercial banks that provide funding sources for lending, liquidity and asset
and liability management as needed. During the third quarter of 2004 cash flows
provided by the sale, principal payments and maturity of securities available
for sale remained stable at $25.7 million compared to $24.6 million for the same
period in 2003.

      In the ordinary course of business, the Company extends commitments to
originate residential and commercial loans and other consumer loans. Commitments
to extend credit are agreements to lend to a customer as long as there is no
violation of any condition established in the contract. Commitments generally
have fixed expiration dates or other termination clauses and may require payment
of a fee. Since the Company does not expect all of the commitments to be funded,
the total commitment amounts do not necessarily represent future cash
requirements. The Company evaluates each customer's creditworthiness on a
case-by-case basis. Collateral may be obtained based upon management's
assessment of the customers' creditworthiness. Commitments to extend credit may
be written on a fixed rate basis exposing the Company to interest rate risk
given the possibility that market rates may change between the commitment date
and the actual extension of credit. As of September 30, 2004, the Company had
outstanding commitments to originate loans of approximately $8.6 million, which
generally have an expiration period of less than 120 days. Commitments to sell
residential mortgages amounted to $6.4 million at September 30, 2004.

      The Company extends credit to consumer and commercial customers, up to a
specified amount, through lines of credit. The borrower is able to draw on these
lines as needed, thus the funding requirements are generally unpredictable.
Unused lines of credit amounted to $33.8 million at September 30, 2004 and
generally have an expiration period of less than one year. It is anticipated
that there will be sufficient funds available to meet the current loan
commitments and other obligations through the sources described above. The
credit risk involved in issuing these commitments is essentially the same as
that involved in extending loans to customers and is limited to the contractual
notional amount of those instruments.

      Cash, interest-bearing demand accounts at correspondent banks, federal
funds sold, and other short-term investments are the Company's most liquid
assets. The level of these assets are monitored daily and are dependent on
operating, financing, lending and investing activities during any given period.
Excess short-term liquidity is usually invested


                                 Page 19 of 23
<PAGE>

in overnight federal funds sold. In the event that funds beyond those generated
internally are required due to higher than expected loan commitment fundings,
deposit outflows or the amount of debt being called, additional sources of funds
are available through the use of repurchase agreements, the sale of loans or
investments or the Company's various lines of credit. As of September 30, 2004,
the total of cash, interest-bearing demand accounts and federal funds sold was
$12.7 million. At September 30, 2004, the Bank exceeded all regulatory capital
requirements. The current requirements and the actual levels for the Bank are
detailed in the following table.

<TABLE>
<CAPTION>
                                                                                          To Be Well
                                                                                       Capitalized Under
                                                                  For Capital          Prompt Corrective
                                           Actual              Adequacy Purposes       Action Provisions
                                     -------------------      --------------------    -------------------
                                     Amount       Ratio       Amount        Ratio     Amount       Ratio
                                     (In
                                     thousands)
<S>                                  <C>          <C>         <C>             <C>     <C>           <C>
As of September 30, 2004:
   Total Capital
      (to Risk Weighted Assets)      $36,948      14.26%      $20,726         8%      $25,907       10%
   Tier I Capital
      (to Risk Weighted Assets)      $34,608      13.36%      $10,363         4%      $15,544        6%
   Tier I Capital
      (to Average Assets)            $34,608       8.31%      $16,651         4%      $20,813        5%
</TABLE>

      ONEIDA FINANCIAL CORP.
      SELECTED FINANCIAL RATIOS

      At and for the Three Months Ended and Nine Months Ended September 30, 2004
and September 30, 2003 (unaudited)

      (Annualized where appropriate)

<TABLE>
<CAPTION>
                                                    Three Months Ending        Nine Months Ended
                                                       September 30,             September 30,
                                                     2004         2003         2004         2003
                                                     ----         ----         ----         ----
<S>                                                <C>          <C>          <C>          <C>
Performance Ratios:

  Return on average assets                           1.01%        0.70%        0.84%        0.79%
  Return on average equity                           8.99%        6.02%        7.18%        6.76%
  Net interest margin                                3.32%        3.35%        3.39%        3.40%
  Efficiency Ratio                                  73.23%       78.94%       76.44%       76.69%
  Ratio of operating expense
      to average total assets                        4.26%        4.14%        4.32%        4.20%
  Ratio of average interest-earning assets
      to average interest-bearing liabilities      117.47%      116.21%      117.07%      115.53%

Asset Quality Ratios:

  Non-performing assets to total assets              0.57%        0.11%        0.57%        0.11%
  Allowance for loan losses
     to non-performing loans                        95.51%      745.14%       95.51%      745.14%
  Allowance for loan losses
     to loans receivable, net                        1.10%        1.05%        1.10%        1.05%

Capital Ratios:

  Total stockholders' equity to total assets        12.11%       11.49%       12.11%       11.49%
  Average equity to average assets                  11.72%       11.53%       11.72%       11.53%
</TABLE>


                                 Page 20 of 23
<PAGE>

ITEM 3. Quantitative and Qualitative Disclosure About Market Risk

      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 expense. Based on the asset-liability
composition at September 30, 2004, in a rising interest rate environment,
Management would expect that the Company's cost of shorter-term deposits might
rise faster than its earnings on longer-term loans and investments. Conversely,
as interest rates decrease, the prepayment of principal on loans and investments
tends to increase, causing the Company to invest funds in a lower rate
environment. To mitigate the effect of interest rate changes, Management has
taken steps to emphasize core deposits, monitor certificate of deposit rates to
better match asset changes, and sell substantially all newly originated longer
term fixed rate loans in the secondary market without recourse. Management
believes this approach will help reduce the exposure to interest rate
fluctuations and enhance long-term profitability.

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 2003 Annual Report to Stockholders.
There has been no material change in the Company's risk profile since December
31, 2003.

ITEM 4. Controls and Procedures

      Under the supervision and with the participation of our management,
including our Chief Executive Officer and Chief Financial Officer, the Company
has evaluated the effectiveness of the design and operation of our disclosure
controls and procedures (as defined in Rule 13a- 15(e) and 15d - 15(e) under the
Securities Exchange Act of 1934) as of the end of the period covered by this
quarterly report. Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that, as of the period covered by this
quarterly report, the Company's disclosure controls and procedures are effective
to ensure that information to be disclosed in the reports that the Company files
or submits under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported, within the time periods or submits specified in the
Securities and Exchange Commission's rules and forms. There has been no change
in the Company's internal control over financial reporting during the most
recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the Company's internal control over financial reporting


                                 Page 21 of 23
<PAGE>

                             ONEIDA FINANCIAL CORP.
                                AND SUBSIDIARIES

                           Part II - Other Information

Item 1 Legal Proceedings

      Much of the Bank's market area is included in the 270,000-acre land claim
of the Oneida Indian Nation ("Oneidas"). The land claim area is held primarily
by private persons. Over 15 years ago the United States Supreme Court ruled in
favor of the Oneidas in a lawsuit which management believes was intended to
encourage the State of New York to negotiate an equitable settlement in a land
dispute that has existed over 200 years.

      In June 1998, the United States Justice Department intervened in the
action on behalf of the Oneidas against Madison County and Oneida County in New
York State. In September 1998, an U.S. District Court removed a stay of
litigation, having been in place since the late 1980's pending settlement
negotiations. In December 1998, both the Oneidas and the U.S. Justice Department
filed motions to amend the long outstanding claim against the State of New York.
The motion attempts to include in the claim, various named and 20,000 unnamed
additional defendants, who own real property in parts of Madison and Oneida
counties, thereby including the additional defendants in the original suit. The
U.S. District Court granted the motions to add as a defendant the State of New
York, but denied the motions to add the private landowners. Neither the Bank nor
the Company is a named defendant in the motion. The Court further rejected as
not being viable the remedies of ejectment and/or of monetary damages against
private landowners. Amended complaints were served by the Oneidas and the United
States which seek to eject the Counties of Madison and Oneida from lands owned
by the counties, and the Oneidas also seek a declaration that they have the
right to possess all land within the land claim area. In June 2001, the Court
determined that certain land purchased by the Oneidas in 1997 and 1998 are
exempt from real estate established in 1794 by the Federal Government. The State
of New York, Counties of Madison and Oneida and the City of Sherrill have
appealed the Courts decision with a court date set for March 2002. In February
2002, a joint statement was issued by the Oneidas, State of New York, and the
counties of Madison and Oneida, indicating that the framework for a settlement
had been agreed upon subject to the approval by the State legislature and the
Federal Government.

      To date neither the original claim nor the motion to amend has had an
adverse impact on the local economy or real property values. In addition, title
insurance companies continue to underwrite policies in the land claim area with
no change in premiums or underwriting standards. The Bank requires title
insurance on all residential real estate loans, excluding home equity loans.
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. The Company continues to monitor the situation.

      The Company is not involved in any other pending legal proceedings other
than routine legal proceedings occurring in the ordinary course of business
which, in the aggregate, involve amounts which are believed by management to be
immaterial to the financial condition or operations of the Company.

Item 2 Changes in Securities and Use of Proceeds

            The following table summarizes our share repurchase activity during
            the three months ended and nine months ended September 30, 2004 and
            additional information regarding our share repurchase program. The
            shares purchased during the current quarter and for the six months
            ended were received in exchange for the exercise of options or to
            satisfy tax withholding obligations that arose on the vesting of
            restricted stock. Our current repurchase plan of 250,000 was
            announced on June 8, 2004. The plan has no expiration date.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Period                    Total            Average Price Paid   Total Number of        Maximum
                          Number of        per Share            Shares Purchased       Number of
                          Shares                                as Part of Publicly    Shares that
                          Purchased                             Announced Plans        May Yet Be
                                                                                       Purchased
                                                                                       Under the Plan
-----------------------------------------------------------------------------------------------------
<S>                       <C>              <C>                  <C>                    <C>
January 1, 2004 -
January 31, 2004             --                                  --                         --
-----------------------------------------------------------------------------------------------------
February 1, 2004 -
February 29, 2004           150            $15.673               --                         --
-----------------------------------------------------------------------------------------------------
March 1, 2004 -
March 31, 2004               --                                  --                         --
-----------------------------------------------------------------------------------------------------
April 1, 2004 -
April 30, 2004               --                                  --                         --
-----------------------------------------------------------------------------------------------------
May 1, 2004 -
May 31, 2004              9,115            $12.828               --                         --
-----------------------------------------------------------------------------------------------------
June 1, 2004 -
June 30, 2004               576            $ 12.28               --                    250,000
-----------------------------------------------------------------------------------------------------
July 1, 2004 -
July 31, 2004                --                                  --                         --
-----------------------------------------------------------------------------------------------------
August 1, 2004 -
August 31, 2004              --                                  --                         --
-----------------------------------------------------------------------------------------------------
September 1, 2004 -
September 30, 2004           --                                  --                         --
-----------------------------------------------------------------------------------------------------
Total                     9,841                                  --                    250,000
-----------------------------------------------------------------------------------------------------
</TABLE>


                                 Page 22 of 23
<PAGE>

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.

                  Exhibits

                  Exhibit 31.1 - Certification of Chief Executive Officer
                  Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

                  Exhibit 31.2 - Certification of Chief Financial Officer
                  Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002

                  Exhibit 32.1 - Certification pursuant to 18 U.S.C. Section
                  1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
                  Act of 2002

            (b)   Reports on Form 8-k

                  On July 16, 2004 , the Company filed a Current Report on Form
                  8-K, which disclosed that it issued a press release reporting
                  first quarter 2004 financial results. Such Current report, as
                  an Item 99.1 exhibit, included the Company's press release
                  dated July 16, 2004


                                 Page 23 of 23
<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:  November 12, 2004             By:  /s/ Michael R. Kallet
                                          --------------------------------------
                                          Michael R. Kallet
                                          President and Chief Executive Officer

Date:  November 12, 2004             By:  /s/ Eric E. Stickels
                                          --------------------------------------
                                          Eric E. Stickels
                                          Executive Vice President and Chief
                                          Financial Officer