SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q

(Mark One)

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

      For the quarterly period ended September 30, 1999

                                    OR

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

For the transition period from                       to
                              -----------------------  -------------------------
                                   Securities Exchange Act Number 000-25101

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

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


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


Registrant's telephone number, including area code:  (315) 363-2000
--------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report

Indicate by check x whether the Registrant has filed all reports required to be
  filed by Sections 13, or 15(d) of the Securities Exchange Act of 1934 during
    the preceding 12 months (or for such shorter period that the Registrant
          was required to file such reports), and (2) has been subject
           to such filing requirements for the past 90 days. Yes X No
<PAGE>
                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDING DURING THE PRECEDING FIVE YEARS:

   Indicate by check mark whether the Registrant has filed all documents and
      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

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

  Indicate the number of shares outstanding of each of the issuer's classes of
  common stock, as of the latest practicable date: There were 3,461,300 shares
      of the Registrant's common stock outstanding as of November 4, 1999.
<PAGE>
                             ONEIDA FINANCIAL CORP.
                                      INDEX




PART I.  FINANCIAL INFORMATION

    Item 1.       Financial Statements

         Consolidated Statements of  Condition (unaudited)
         As of  September 30, 1999, December 31, 1998 (audited) and
         September 30, 1998

         Consolidated Statements of Operations (unaudited)
         For the three months ended and nine months ended September 30, 1999
         and 1998

         Consolidated Statements of Comprehensive Income (unaudited)
         For the nine months ended September 30, 1999 and 1998

         Consolidated Statements of Cash Flows (unaudited)
         For the three months ended and nine months ended September 30, 1999
         and 1998

         Notes to Consolidated Financial Statements (unaudited)

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

   Item 3.        Quantitative and Qualitative Disclosures About Market Risk

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

ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
At September 30, 1999, December 31, 1998 and September 30, 1998
<TABLE>
<CAPTION>
                                                          (unaudited)     (audited)     (unaudited)
                                                               At             At            At
                                                          September 30,  December 31,   September 30,
                                                              1999          1998           1998
                                                           ---------------------------------------
                                                                        (in thousands)
<S>                                                        <C>            <C>            <C>
ASSETS
         Cash and due from banks                           $   6,766      $   4,056      $   3,530
         Federal funds sold                                    2,700         22,100          6,900
                                                           ---------------------------------------

   TOTAL CASH AND CASH EQUIVALENTS                             9,466         26,156         10,430

         Investment securities, at fair value                 84,397         62,669         44,661
         Mortgage-backed securities, at fair value            28,746         20,022         18,736
                                                           ---------------------------------------
   TOTAL INVESTMENT SECURITIES                               113,143         82,691         63,397

         Mortgage loans held for sale                              0          1,863          1,041
         Loans receivable                                    142,616        131,936        138,148
         Allowance for credit losses                          (1,519)        (1,543)        (1,695)
                                                           ---------------------------------------
   LOANS RECEIVABLE, NET                                     141,097        130,393        136,453

         Bank premises and equipment, net                      5,217          4,854          4,972
         Accrued interest receivable                           2,119          1,600          1,540
         Refundable income taxes                                 154            421            240
         Other real estate                                       193            224            395
         Other assets                                          2,313            579          1,001
         -----------------------------------------------------------------------------------------
         TOTAL ASSETS                                      $ 273,702      $ 248,781      $ 219,469
         =========================================================================================
</TABLE>
(continued
<PAGE>
<TABLE>
<CAPTION>
                                                          (unaudited)     (audited)     (unaudited)
                                                               At             At            At
                                                          September 30,  December 31,   September 30,
                                                              1999          1998           1998
                                                           ---------------------------------------
                                                                          (in thousands)
<S>                                                        <C>            <C>            <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
         Due to Depositors                                 $ 192,385      $ 193,398      $ 190,100
         Mortgagors' escrow funds                                421            807            561
         Borrowings                                           40,000         10,000              0
         Other Liabilities                                       394            442            131
                                                           ---------------------------------------
   TOTAL LIABILITIES                                         233,200        204,647        190,792
Shareholders' equity:
         Common stock ( $.10 par value; 8,000,000
              shares authorized;  3,580,200 issued)              358            358              0
         Additional paid-in capital                           15,422         15,545              0
         Retained earnings                                    28,962         27,710         27,950
         Common shares issued under employee
               stock plans - unearned                         (1,314)          (401)             0
         Accumulated other comprehensive income (loss)        (1,796)           922            727
         Treasury Stock (at cost,  108,900 shares)            (1,130)             0              0
                                                           ---------------------------------------
   TOTAL SHAREHOLDERS' EQUITY                                 40,502         44,134         28,677
         -----------------------------------------------------------------------------------------
         TOTAL LIABILITIES AND
         SHAREHOLDERS' EQUITY                              $ 273,702      $ 248,781      $ 219,469
         =========================================================================================
</TABLE>
The  accompanying  notes  are an  integral  part of the  consolidated  financial
statements

                                  Page 2 of 18
<PAGE>
ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended and Nine Months Ended September 30, 1999  (unaudited)
and 1998 (unaudited)
<TABLE>
<CAPTION>
                                                                 Three Months Ended             Nine Months Ended
                                                           September 30,    September 30,  September 30,  September 30,
                                                               1999             1998           1999           1998
                                                               ----             ----           ----           ----
                                                                  (in thousands)                   (in thousands)
<S>                                                          <C>             <C>             <C>             <C>
         Interest and fees on loans                          $ 2,872         $ 3,093         $ 8,312         $ 9,187
         Interest on investment and mortgage-
                  backed securities                            1,846             880           5,007           2,609
         Dividends on equity securities                           37              25              92              65
         Interest on federal fund sold and
              interest-bearing deposits                           66              98             269             246
--------------------------------------------------------------------------------------------------------------------
   Total interest and dividend income                          4,821           4,096          13,680          12,107
--------------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE:
         Savings deposit                                         277             321             822             948
         Money market and Super NOW                              175             140             464             381
         Time deposits                                         1,361           1,544           4,141           4,598
         Borrowings                                              507               0           1,110               0
--------------------------------------------------------------------------------------------------------------------
   Total interest expense                                      2,320           2,005           6,537           5,927
--------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME                                            2,501           2,091           7,143           6,180
         Less: Provision for credit losses                        45               0             135               0
--------------------------------------------------------------------------------------------------------------------
   Net interest income after provision for credit losses       2,456           2,091           7,008           6,180
--------------------------------------------------------------------------------------------------------------------
</TABLE>
(continued)
<PAGE>
<TABLE>
<CAPTION>
                                                                 Three Months Ended             Nine Months Ended
                                                           September 30,    September 30,  September 30,  September 30,
                                                               1999             1998           1999           1998
                                                               ----             ----           ----           ----
                                                                  (in thousands)                   (in thousands)
<S>                                                          <C>             <C>             <C>             <C>
OTHER INCOME:
         Investment security gain, net                             0               0             281               9
         Other operating income                                  205             149             641             528
--------------------------------------------------------------------------------------------------------------------
   Total other income                                            205             149             922             537
--------------------------------------------------------------------------------------------------------------------
OTHER EXPENSES:
         Compensation and employee benefits                    1,017             787           2,926           2,397
         Occupancy expenses, net                                 338             335             990             984
         Other operating expense                                 390             402           1,226           1,266
--------------------------------------------------------------------------------------------------------------------
   Total other expenses                                        1,745           1,524           5,142           4,647
--------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES                                       916             716           2,788           2,070
--------------------------------------------------------------------------------------------------------------------
   Provision for income taxes                                    340             217             999             769
--------------------------------------------------------------------------------------------------------------------
NET INCOME                                                   $   576         $   499         $ 1,789         $ 1,301
====================================================================================================================
EARNINGS PER SHARE                                           $  0.16             N/M         $  0.50             N/M
====================================================================================================================
</TABLE>
The  accompanying  notes  are an  integral  part of the  consolidated  financial
statements.

                                  Page 3 of 18
<PAGE>
ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended and Nine Months Ended  September 30,  1999(unaudited)
and 1998 (unaudited)
<TABLE>
<CAPTION>
                                                        Three Months Ended              Nine Months Ended
                                                  September 30,   September 30,   September 30,    September 30,
                                                      1999           1998             1999            1998
                                                      ----           ----             ----            ----
                                                         (in thousands)                   (in thousands)
<S>                                                 <C>             <C>             <C>             <C>
      Net income                                    $   576         $   499         $ 1,789         $ 1,301
                                                    -------         -------         -------         -------

      Other comprehensive income, net of tax:
       Unrealized  gains(losses) on assets
           available for sale:
         Unrealized holding gains(losses)
             arising during period                   (1,637)            245          (4,249)            418
         Less: reclassificaion adjustment for
                   gains included in net income          (0)             (0)           (281)             (9)
                                                    -------         -------         -------         -------
                                                     (1,637)            245          (4,530)            409
         Net income (tax) benefit effect                655             (98)          1,812            (153)
                                                    -------         -------         -------         -------
 Other comprehensive income(loss), net of tax          (982)            147          (2,718)            256

      Comprehensive Income (Loss)                   $  (406)        $   646         $  (929)        $ 1,557
                                                    =======================================================
</TABLE>
The  accompanying  notes  are an  integral  part of the  consolidated  financial
statements

                                  Page 4 of 18
<PAGE>
ONEIDA FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Three Months Ended and Nine Months Ended September 30, 1999  (unaudited)
and 1998 (unaudited)
<TABLE>
<CAPTION>
                                                                         Three Months Ended              Nine Months Ended
                                                                    September 30,  September 30,  September 30,     September 30,
                                                                       1999           1998           1999              1998
                                                                       ----           ----           ----              ----
                                                                         (in thousands)                 (in thousands)
<S>                                                                  <C>           <C>           <C>                <C>
  Operating Activities:
   Net income                                                        $    576      $    499      $  1,789           $  1,301
   Adjustments  to  reconcile  net  income  to net
     cash provided by operating activities:
      Depreciation                                                        178           145           505                381
      Amortization of premiums/discounts on securities, net               (10)           19           (32)                63
      Provision for credit losses                                          45             0           135                  0
      Provision for deferred taxes                                          0             0                            0 100
      Loss on sale of other real estate                                     0             0            26                 23
      Gain on sale/call of securities, net                                  0             0          (281)                (9)
      (Gain) loss on sale of loans                                          0           (19)          (22)                58
      Income tax refundable                                               340           (67)          267                (96)
      Accrued interest receivable                                        (223)           45          (519)                28
      Other assets                                                        147          (168)           78
      Other liabilities                                                  (148)         (263)          (48)              (248)
      Origination of loans held for sale                                    0        (3,264)       (3,984)           (11,703)
      Proceeds from sales of loans                                          0         2,390         5,678             10,795
------------------------------------------------------------------------------------------------------------------------------------
       Net cash provided by (used in) operating activities                905          (683)        3,592                489
------------------------------------------------------------------------------------------------------------------------------------
 Investing Activities:
  Purchase of investment securities                                   (10,225)      (11,073)      (68,488)           (25,488)
  Principal collected on and proceeds of maturities
     or calls from investments                                         12,942         6,019        37,967             24,570
  Purchase of mortgage-backed securities                                    0        (3,227)       (8,212)           (10,303)
  Principal collected from mortgage-backed securities                   1,663         1,297                         4,0643,502
  Net (increase) decrease in loans                                     (7,039)        3,105       (10,913)             5,090
  Purchase of bank premises and equipment                                (235)         (234)         (869)            (1,541)
  Proceeds from sale of other real estate                                 137           234           271                523
------------------------------------------------------------------------------------------------------------------------------------
          Net cash used in investing activities                        (2,757)       (3,879)      (46,180)            (3,647)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(continued)
<PAGE>
<TABLE>
<CAPTION>
                                                                         Three Months Ended              Nine Months Ended
                                                                    September 30,  September 30,  September 30,     September 30,
                                                                       1999           1998           1999              1998
                                                                       ----           ----           ----              ----
                                                                         (in thousands)                 (in thousands)
<S>                                                                  <C>           <C>           <C>                <C>
Financing Activities:
  Net increase (decrease) in demand deposit, savings,
      money market, super now and escrow                                  747           575         2,514              6,987
  Net (decrease) increase in time deposits                             (1,603)          869        (3,913)               537
  Proceeds from  borrowings                                             5,000             0        35,000                  0
  Repayment of borrowings                                                   0             0        (5,000)                 0
  Adjust net proceeds                                                       0             0          (123)                 0
  Common stock acquired by ESOP                                             0             0          (913)                 0
  Cash dividends                                                         (537)            0          (537)                 0
  Purchase of treasury stock                                           (1,130)            0        (1,130)                 0
------------------------------------------------------------------------------------------------------------------------------------
          Net cash provided by financing activities                     2,477         1,444        25,898              7,524
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents                          623        (3,118)      (16,690)             4,366
------------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at beginning of year                          8,843        13,548        26,156              6,064
------------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of year                                9,466        10,430         9,466             10,430
============================================================================================================================
Supplemental disclosures of cash flow information:
Cash paid for interest                                                  2,264         2,005         6,282              5,861
Cash paid for income taxes                                                  0           284           678                865
Non-cash investing activities:
Unrealized gain (loss) on investment and mortgage-backed
     securities designated as available for sale                       (1,637)          246        (4,530)               427
Transfer of loans to other real estate                                     65           337           266                634
============================================================================================================================
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
                                  Page 5 of 18
<PAGE>
                             Oneida Financial Corp.
                   Notes to Consolidated Financial Statements

                                   (Unaudited)
                               SEPTEMBER 30, 1999


Note A - Basis of Presentation

The accompanying  unaudited consolidated financial statements have been prepared
in  accordance  with  generally  accepted  accounting   principles  for  interim
financial  information and with the  instructions to Form 10-Q and Rule 10-01 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of management, all adjustments necessary to
fairly present the consolidated  financial  position of the Company at September
30, 1999 and the results of its  consolidated  operations and cash flows for the
period then ended,  all of which are normal and  recurring in nature,  have been
included.

Note B - Earnings Per Share

Basic  earnings  per share is  computed  based on the  weighted  average  shares
outstanding.  The following represents the calculation of earnings per share for
the three months ended and nine months ended September 30, 1999:
<TABLE>
<CAPTION>
                                       Income        Shares       Per Share

September 30, 1999
------------------

<S>                                  <C>            <C>             <C>
Net income (Three Months Ended)      $  576,215     3,524,747       $0.16
                                     ==========     =========       =====
Net income (Nine Months Ended)       $1,788,881     3,561,512       $0.50
                                     ==========     =========       =====
</TABLE>
Earnings per share  information  is not presented for the quarter ended and nine
months  ended  September  30,  1998 as the  Company  completed  its  offering on
December 30, 1998 and accordingly such data would not be meaningful.


Note C - Formation of Real Estate Investment Trust Subsidiary

On April 26, 1999,  the Bank funded Oneida  Preferred  Funding  Corp.,  a wholly
owned subsidiary corporation that will elect under Federal tax law to be treated
as a Real Estate  Investment  Trust (REIT).  The REIT was initially  funded with
$43.1 million of 1-4 family  residential  real estate loans and commercial  real
estate loans. The REIT is expected to allow the Bank to more competitively price
real estate loans and provide other benefits in future periods. At September 30,
1999 the principal balance outstanding of real estate loans in the REIT totalled
$41.7 million.
                                  Page 6 of 18
<PAGE>
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results
        Of Operations


                                  Page 7 of 18
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


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

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

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


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

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

         On April 26, 1999,  the Bank funded Oneida  Preferred  Funding Corp., a
wholly owned subsidiary  corporation that will elect under Federal tax law to be
treated as a Real Estate Investment Trust (REIT).  The REIT was initially funded
with $43.1 million of 1-4 family  residential  real estate loans and  commercial
real estate loans. The REIT is expected to allow the Bank to more  competitively
price real  estate  loans and  provide  other  benefits  in future  periods.  At
September 30, 1999 the principal balance outstanding of real estate loans in the
REIT totaled $41.7 million.

         The  Bank  continues   employing  a  wholesale  arbitrage  strategy  to
compliment  traditional  retail  deposit  and  loan  activities.  The  arbitrage
transactions have involved entering into borrowing transactions with the Federal
Home Loan Bank of New York  ("FHLB")  as a funding  source for the  purchase  of
investment securities and mortgage-backed  securities. At September 30, 1999 the
Bank had total  borrowings  of $40.0  million at an average  cost of 5.29%.  The
Bank's net income is enhanced  through the positive spread between the borrowing
rate and investment returns.
<PAGE>
         The  Company  commenced  a 5% stock  repurchase,  representing  179,010
shares of common stock,  on July 1, 1999. The repurchase  program is expected to
be completed within six months.  The Company considers the common stock to be an
attractive  investment,  particularly  in view of the current price at which the
common stock is trading relative to the Company's earnings per share, book value
per share and market and economic factors generally, as well as other factors.

         The Company declared its first  semiannual cash dividend  following the
completion  of the first six  months as a publicly  traded  stock  company.  The
dividend was paid to all shareholders of record as of July 27, 1999,  payable on
August 10, 1999 at $0.15 per share of common  stock.  It is the intention of the
Company  to pay an annual  cash  dividend  of $0.30 per  common  share,  payable
semi-annually.


FINANCIAL CONDITION

         ASSETS.  Total Assets at  September  30, 1999 were $273.7  million,  an
increase of $24.9 million from $248.8 million at December 31, 1998. The increase
in total assets was  primarily  attributable  to an increase of $30.4 million in
investments and mortgage-backed  securities. The increase in assets reflects the
Bank's  leveraging  strategy as well as the  investment of net proceeds from the
sale of common  stock.  Asset growth was also  supported by an increase of $10.7
million in net loans  receivable.  The increase in net loans was achieved  while
Management  sold  a  total  of  $5.0  million  of  newly  originated  fixed-rate
residential  real  estate  loans  into the  secondary  mortgage  market  without
recourse and on a servicing  retained  basis during 1999. The increase in assets
was  partially  offset by a decrease of $19.4  million in federal  funds sold to
$2.7  million at September  30, 1999 from $22.1  million at December 31, 1998 as
net offering  proceeds were  invested in  mortgage-backed  securities  and other
investments.

         Management  has sought to increase the Bank's  consumer and  commercial
business loan  portfolios with the intent of increasing the average yield on the
Bank's  interest-earning  assets.  At  September  30, 1999,  total  consumer and
commercial business loans increased by $8.8 million from December 31, 1998.

         LIABILITIES.  Total liabilities  increased by $28.6 million or 14.0% to
$233.2  million at September 30, 1999 from $204.6  million at December 31, 1998.
The  increase  is  primarily  the  result of an  increase  of $30.0  million  in
borrowings partially offset by a decrease of $1.0 million in total deposits. The
decrease in deposits was a result of a decrease in Time Deposits of $3.9 million
from $108.9  million at December  31, 1998 to $105.0  million at  September  30,
1999. The Bank continues to emphasize core deposits and checking accounts, which
increased by $2.9 million during the same period.
<PAGE>
         STOCKHOLDERS'  EQUITY. Total stockholders' equity at September 30, 1999
was $40.5 million,  an increase of $11.8 million from $28.7 million at September
30, 1998. The increase in stockholder's  equity is primarily a result of the net
proceeds  received  from the stock  offering  completed  on December  30,  1998.
Stockholder's equity decreased $3.6 million from December 31, 1998 primarily due
to a decrease of $2.7 million in Accumulated Other  Comprehensive  Income (Loss)
as a result of an adjustment for the net  unrealized  loss on available for sale
mortgage-backed  and other  investment  securities due to higher market interest
rates at September 30, 1999 as compared with December 31, 1998.  The increase in
interest  rates  generally  has a  negative  affect on the  market  value of the
Company's investments and mortgage-backed securities portfolios. The decrease in
stockholders' equity is also attributable to the open market purchases of common
stock acquired during the first quarter of 1999 to fully fund the Employee Stock
Ownership  Plan  ("ESOP")  and an equity  adjustment  necessary  to  reflect  an
additional  $123,000 in stock offering expenses.  At September 30, 1999, a value
of $1.3 million in common  shares were issued and unearned  under the ESOP Plan.
In addition,  the Company has  acquired a total of 108,900  shares of its common
stock,  at an average  price of $10.41 per  share,  under the stock  repurchased
program previously  approved.  At September 30, 1999, a value of $1.1 million in
Treasury Stock was carried as a reduction of stockholders' equity as a result of
the repurchase program.  The Company also declared and paid its first semiannual
dividend at the rate of $0.15 resulting in an equity reduction of $537,000.  The
decreases  in  stockholders'  equity were  partially  offset by the  addition of
after-tax  net income of $1.8  million for the nine months ended  September  30,
1999.

ANALYSIS OF NET INTEREST INCOME

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

         AVERAGE  BALANCE  SHEET.   The  following   tables  set  forth  certain
information  relating  to the  Company  for the  three  and  nine  months  ended
September  30, 1999 and 1998 and for the year ended  December 31, 1998.  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>
         TABLE 1.  Average Balance Sheet. (Quarterly)
<TABLE>
<CAPTION>
                                            Three Months Ended September 30,                Twelve Months Ended Dec. 31,
                                -------------------------------------------------------     ----------------------------
                                              1999                         1998                         1998
                                ---------------------------------------------------------------------------------------
                                  Average   Interest           Average   Interest           Average   Interest
                                Outstanding  Earned/  Yield/ Outstanding  Earned/  Yield/ Outstanding  Earned/  Yield/
                                  Balance     Paid     Rate    Balance     Paid     Rate    Balance     Paid     Rate
                                                                  (Dollars Thousands)
<S>                                <C>         <C>     <C>      <C>         <C>     <C>      <C>        <C>      <C>
Interest-earning Assets:
  Loans Receivable                 $138,673    $2,872  8.28%    $141,638    $3,093  8.73%    $138,953   $12,063  8.68%
  Investment Securities             115,340     1,846  6.40%      57,614       880  6.11%      56,646     3,736  6.60%
  Federal Funds                       4,808        66  5.49%       6,443        98  6.08%       7,274       347  4.77%
  Equity Securities                   3,811        37  3.88%       2,722        25  3.67%       2,550        90  3.53%
                                      -----       ---  -----      ------       ---  -----      ------       ---  -----
    Total Interest-earning         262,632     4,821   7.34%    208,417     4,096   7.86%    205,423    16,236   7.90%
                                   --------    ------  -----    --------    ------  -----    --------   -------  -----
Assets
Interest-bearing Liabilities:
  Money Market Deposits             $16,375      $137  3.35%     $12,989      $108  3.33%     $12,519      $407  3.25%
  Savings Accounts                   45,873       277  2.42%      43,910       321  2.92%      44,481     1,295  2.91%
  Interest-bearing Checking           8,328        38  1.83%       6,402        32  2.00%       6,091       121  1.99%
  Time Deposits                     102,568     1,361  5.31%     110,167     1,544  5.61%     109,419     6,110  5.58%
  Borrowings                         37,365       507  5.43%           0         0  0.00%       1,264        66  5.22%
                                    -------      ----  -----          --        --  -----      ------       ---  -----
    Total Interest-bearing
      Liabilities                   210,509     2,320  4.41%     173,468     2,005  4.62%     173,774     7,999  4.60%
                                   --------    ------  -----    --------    ------  -----    --------    ------  -----

    Net Interest Income                        $2,501                       $2,091                       $8,237
                                               =======                      =======                      ======
    Net Interest Spread                                2.93%                        3.24%                        3.30%
                                                       =====                        =====                        =====
    Net Earning Assets              $52,123                      $34,949                      $31,649
                                    =======                     ========                     =======
   Net yield on average
      Interest-earning assets                    3.81%                        4.01%                        4.01%
                                                =====                        =====                        =====
    Average interest-earning
      assets to average
      Interest-bearing
      liabilities                              124.76%                      120.15%                      118.21%
                                              =======                      =======                      =======
</TABLE>
(continued)
<PAGE>
         TABLE 2.  Average Balance Sheet. (Year to Date)
<TABLE>
<CAPTION>
                                                Nine Months Ended September 30,            Twelve Months Ended Dec. 31,
                                --------------------------------------------------------  ------------------------------
                                              1999                         1998                         1998
                                ----------------------------------------------------------------------------------------
                                  Average   Interest           Average   Interest           Average    Interest
                                Outstanding  Earned/  Yield/ Outstanding  Earned/  Yield/ Outstanding   Earned/  Yield/
                                  Balance     Paid     Rate    Balance     Paid     Rate    Balance      Paid     Rate
                                                                 (Dollars in Thousands)
<S>                                <C>         <C>     <C>      <C>         <C>     <C>       <C>        <C>      <C>
Interest-earning Assets:
  Loans Receivable                 $134,037    $8,312  8.27%    $142,074    $9,187  8.62%     $138,953   $12,063  8.68%
  Investment Securities             105,585     5,007  6.32%      53,888     2,609  6.46%       56,646     3,736  6.60%
  Federal Funds                       7,381       269  4.86%       5,846       246  5.61%        7,274       347  4.77%
  Equity Securities                  3,492        92   3.51%      2,465        65   3.52%       2,550        90   3.53%
                                     ------       ---  -----      ------       ---  -----       ------       ---  -----
    Total Interest-earning
       Assets                       250,495    13,680   7.28%    204,273    12,107   7.90%     205,423    16,236   7.90%
                                   --------   -------  -----    --------   -------  -----     --------   -------  -----

Interest-bearing Liabilities:
  Money Market Deposits             $14,685      $358  3.25%     $12,133      $294  3.23%      $12,519      $407  3.25%
  Savings Accounts                   46,716       822  2.35%      44,155       948  2.86%       44,481     1,295  2.91%
  Interest-bearing Checking           7,778       106  1.82%       5,916        87  1.96%        6,091       121  1.99%
  Time Deposits                     102,136     4,141  5.41%     109,160     4,598  5.62%      109,419     6,110  5.58%
  Borrowings                        27,765     1,110   5.33%          0         0   0.00%       1,264        66   5.22%
                                    -------    ------  -----          --        --  -----       ------       ---  -----
    Total Interest-bearing
       Liabilities                  199,080     6,537   4.38%    171,364     5,927  4.61%     173,774     7,999   4.60%
                                   --------    ------  -----    --------    ------  -----     --------    ------  -----
    Net Interest Income                       $7,143                       $6,180                        $8,237
                                              =======                      =======                       ======
    Net Interest Spread                                2.90%                        3.29%                        3.30%
                                                      =====                        =====                        =====
    Net Earning Assets             $51,415                       $32,909                      $31,649
                                   ========                      =======                      =======
   Net yield on average
      Interest-earning assets                   3.80%                        4.03%                         4.01%
                                                =====                        =====                         =====
    Average interest-earning
      assets to average
      Interest-bearing
      liabilities                              125.83%                      119.20%                       118.21%
                                              =======                      =======                       =======
</TABLE>
<PAGE>
RESULTS OF OPERATIONS

         GENERAL.  Net income for the three  months  ended  September  30,  1999
increased  by $77,000 to $576,000 for the third  quarter 1999 from  $499,000 for
the three months ended  September 30, 1998. For the nine months ended  September
30,  1999 net income was $1.8  million an increase of $488,000 or 37.5% from the
net  income  reported  for the nine  months  ended  September  30,  1998 of $1.3
million.  The increases were due primarily to an increase in net interest income
and other income.  The increases in income were partially offset by increases in
operating and other  expenses and an increase in the provision for credit losses
and the provision for income taxes.

         INTEREST  INCOME.  Interest  Income  increased by $725,000 or 18.0%, to
$4.8 million for the three months ended September 30, 1999 from $4.1 million for
three months ended  September 30, 1998. For the nine months ended  September 30,
1999 interest income was $13.7 million,  an increase of $1.6 million or 13.0% as
compared  with the same period in 1998.  The  increase  in  interest  income was
primarily  derived from an increase in income on investment and  mortgage-backed
securities  of $966,000  for the quarter and $2.4  million for the year to date.
Income on loans  decreased  by $221,000 for the third  quarter of 1999  compared
with the same  period in 1998 and  decreased  by  $875,000  for the year to date
partially offsetting the increases in investment and mortgage-backed  securities
interest income.

         The  decrease in loan income is a result of a decrease of $2.9  million
in the average balance in loans  receivable for the three months ended September
30,  1999 as compared  with the same period in 1998,  and a decrease of 45 basis
points in average  yield from 8.73% at September  30, 1998 to 8.28% at September
30, 1999.  Management's strategy is to emphasize the origination of consumer and
commercial   business  loans  for  retention  in  the  Bank's   portfolio  while
originating  for  sale in the  secondary  market  substantially  all  fixed-rate
residential  real estate loans. As of September 30, 1999 residential real estate
loans totaled $80.6 million, a decrease of $5.4 million from September 30, 1998.
During the same period a total of $11.9 million in fixed-rate  residential  real
estate loans were sold in the secondary market. The decrease in residential real
estate loans was offset by increases in consumer and  commercial  business loans
of $8.4  million  during the same period  resulting  in a net  increase in total
loans receivable of $4.5 million at September 30,1999.

         Investment income increased as a result of an increase of $57.7 million
in the average  balance of investment  and  mortgage-backed  securities  for the
three month period ended  September 30, 1999 as compared with the same period in
1998. The increase in investment  income was further supported by an increase in
the average yield of  investment  securities of 29 basis points to 6.40% for the
period.  For the nine month period ending  September 30, 1999, the average yield
on investment securities has decreased 14 basis points as compared with the same
period in 1998.  The yield  reduction is reflective  of the general  decrease in
market  interest rates between the two periods  resulting in lower  reinvestment
yields on maturities and called bonds. In addition,  the investment of borrowing
proceeds,  loan  sales  proceeds  and stock  proceeds  have  contributed  to the
tightening  of the  average  portfolio  yield as  these  additional  sources  of
invested funds have also obtained the lower current attainable interest rates.
<PAGE>
         Income  on  federal  funds  decreased  during  the three  months  ended
September 30, 1999 to $66,000 as compared with $98,000 for the 1998 period.  The
decrease in income is due to a decrease of $1.6  million in the average  balance
of federal  funds and a decrease of 59 basis points in the average yield earned.
However,  income on federal funds increased to $269,000 from $246,000 during the
nine month  periods  ended 1999 and 1998,  respectively.  The  increase for this
period is a result of an  increase  of $1.6  million in the  average  balance of
federal funds sold to $7.4 million on average  during the nine months of 1999 as
compared  with the same period in 1998.  The increase  was due to the  temporary
investment of stock proceeds  during the first quarter of 1999. The increase was
partially  offset by a reduction in the average  yield earned of 75 basis points
to 4.86% for the 1999  period.  The yield  decrease is the result of the Federal
Reserve Bank's  decreases in short term interest rates during the fourth quarter
of 1998.

         INTEREST  EXPENSE.  Interest  expense  was $2.3  million  for the three
months ended  September 30, 1999; an increase of $315,000 or 15.7% from the same
period in 1998.  For the nine months ended  September 30, 1999 interest  expense
totaled  $6.5  million  compared  with $5.9  million  for the 1998  period.  The
increase in  interest  expense is due to interest  paid on borrowed  funds.  The
average balance outstanding in borrowings during the three and nine months ended
September  30, 1999 was $37.4  million  and $27.8  million,  respectively.  This
compares  with no  borrowings  during  the three and nine month  periods  ending
September 30, 1998. The borrowed funds resulted in additional  interest  expense
of $507,000 for the third  quarter of 1999 and $1.1 million for the year to date
compared with no interest expense on borrowed funds in the 1998 period. Interest
expense on deposits  decreased by $192,000 for the three months ended  September
30,  1999 to $1.8  million  from $2.0  million  for the same  period in 1998,  a
decrease of 9.6%. For the nine months ended September 30, 1999 interest  expense
on deposits  was $5.4  million,  a reduction of $500,000  from 1998 levels.  The
decrease in interest expense on deposits was due to a 43 basis point decrease in
the average rate paid on deposits for the third  quarter 1999 and a reduction of
39 basis  points  for the year to date  compared  with  the 1998  periods.  This
reduction  in the  average  rate paid on  deposits  is the  result of a shift in
deposit mix toward the lower cost source of funds  available  with core deposits
while  reducing  reliance on time deposits as a funding  source  between the two
periods.

         PROVISION FOR CREDIT LOSSES. Total provisions for credit losses for the
three months ended September 30, 1999 were $45,000,  with $135,000 in provisions
made for the nine month period. This compares with no provisions made during the
same periods of 1998.  The allowance for credit losses was $1.5 million or 1.08%
of loans receivable at September 30, 1999 as compared with $1.7 million or 1.24%
of loans  receivable  at September  30, 1998.  Although the  allowance  for loan
losses has decreased,  non-performing  assets have also  decreased  representing
0.30% of total assets at September  30, 1999 compared with 0.53% of total assets
at September  30,  1998.  Management  continues  to monitor  changes in the loan
portfolio  mix in  response to the  redirection  of loan asset  origination  and
retention toward consumer and commercial  business loans. The method utilized to
evaluate adequacy of the allowance level accounts for the higher relative degree
of credit  risk  associated  with this  activity as  compared  with  traditional
residential real estate lending.  The allowance for loan losses has decreased by
$24,000 from December 31, 1998 to September 30, 1999.
<PAGE>
         OTHER INCOME. Other operating income increased by $56,000 for the three
month period ending  September 30, 1999 compared with the same period in 1998 to
$205,000 from $149,000.  This improvement is primarily due to an increase in fee
income on deposit  accounts  of  $44,000 to  $125,000  for the 1999  period.  An
improvement  in other  operating  income is also  reported  for the nine  months
ending  September  30, 1999  increasing  71.7%,  or $385,000  for the nine month
period ended  September 30, 1999 compared with 1998.  The increase was primarily
the  result a  realized  gain upon the sale of an  investment  security  held as
available for sale.  Through the third  quarter of 1999  security  gains totaled
$281,000  compared  with  gains of  $9,000  for the 1998  period.  In  addition,
improved  revenue on deposit  accounts totaled $49,000 to $354,000 in income for
the nine months ending September 30, 1999 and trust department  income increased
$42,000 between the two periods.

         OTHER EXPENSES.  Operating and other expenses  increased by $221,000 or
14.5%,  to $1.7 million for the three months ended  September 30, 1999 from $1.5
million for the same period in 1998.  For the nine months  ended  September  30,
1999 total other expenses were $5.1 million  compared with $4.6 million in 1998.
The  increase  was  primarily  due to an increase in  compensation  and employee
benefits,  which  increased to $1.0 million for the third quarter of 1999 and to
$2.9 million for the year to date,  from  $787,000 for the third quarter of 1998
and $2.4 million for the nine months ended  September 30, 1998. This increase is
primarily due to accrued expenses relative to the Bank's ESOP plan and Incentive
Compensation  plan  which in 1998 were  recorded  in the fourth  quarter.  Total
operating  expenses  incurred  during the third quarter of 1999 and year to date
for these  benefit  plans were  $81,000 and  $261,000  respectively.  Salary and
related benefit expense increases and the recognition of one additional  payroll
period in 1999 as compared with 1998 have contributed  toward the balance of the
increase in operating and other  expenses for the third quarter of 1999 and year
to date compared with the same periods in 1998.

         INCOME TAX.  Income tax expense was $340,000 for the three months ended
September  30,  1999,  an  increase  of  $123,000  from the third  quarter  1998
provision of $217,000.  For the nine months ended  September  30, 1999 and 1998,
income tax provisions of $999,000 and $769,000  respectively were recorded.  The
effective  tax rate  decreased to 35.8% for 1999 to date from 37.1% for the nine
months of 1998 as the Company has employed various  strategies to reduce the tax
burden in this and future periods.


MANAGEMENT OF MARKET RISK

         The Bank is in the business of risk management. Various forms of market
risk are  inherent in the  business of the Bank  including  concentration  risk,
liquidity management, credit risk and collateral risk among others. However, the
Bank's  most  significant  form of market  risk is  interest  rate risk,  as the
majority  of the  Bank's  assets and  liabilities  are  sensitive  to changes in
interest rates.  Ongoing  monitoring and management of this risk is an important
component of the Company's asset and liability  management  process.  The Bank's
interest  rate risk  management  program  focuses  primarily on  evaluating  and
managing the  composition of the Bank's assets and liabilities in the context of
various interest rate scenarios.  Factors beyond Management's  control,  such as
market  interest rates and  competition,  also have an impact on interest income
and interest expense. The Bank has experienced no significant change in the risk
exposure or asset and liability management targets since December 31, 1998.
<PAGE>
         YEAR 2000.  The Bank  continues to actively  prepare all aspects of its
business  for  the  turn  of  the  century  and  the   possibility  of  business
interruptions  due to the inability of some  computers and computer  programs to
properly "read" the new year. The Bank installed a new in-house deposit and loan
processing system in 1998 and all testing has returned satisfactory results. The
Bank has also  completed  testing of ancillary  systems with all systems  either
providing  satisfactory  results or replaced,  with implementation  completed by
September 30, 1999. The FDIC  completed  their Phase II examination of Year 2000
preparedness of the Bank and the New York State Banking  Department and the FDIC
are currently reviewing Phase III of their respective examinations.  The reviews
have resulted in satisfactory reports.

         The Bank  developed  a  bank-wide  contingency  plan for the Year  2000
issue,  which was completed by June 30, 1999,  which was approved and adopted by
the Board of  Directors.  As part of the  plan,  the Bank  identified  potential
alternative  suppliers of computer services  (including third party vendors) and
processing methods. Management will continue to monitor this issue and report to
the Board of Directors on a monthly basis.

         Through  September 30, 1999 the costs incurred to address the Year 2000
issue or otherwise  upgrade and test the Bank's computer  capabilities have been
approximately $320,000.  Additional costs related to the year 2000 issue will be
expensed as they are  incurred  except for costs for new  hardware  and software
that will be  capitalized.  The funds used to  address  the year 2000 issue have
been  obtained  from  operating  income.  Management  does not  expect  that the
additional costs to be incurred in connection with the year 2000 issue will have
a material  impact on the Bank's  financial  condition or results of operations.
System  replacement  and testing has not delayed  other  information  technology
projects to date.
<PAGE>
      ONEIDA FINANCIAL CORP.
      SELECTED FINANCIAL RATIOS

      At and for the Three Months Ended and Nine Months Ended September 30, 1999
      and September 30, 1998
     (unaudited)        (annualized where appropriate)
<TABLE>
<CAPTION>
                                                        Three Months Ending    Nine Months Ending
                                                           September 30,           September 30,
                                                         1999        1998        1999        1998
                                                         ----        ----        ----        ----
<S>                                                      <C>         <C>         <C>         <C>
Performance Ratios:

  Return on average assets                               0.84%       0.91%       0.92%       0.81%
  Return on average equity                               5.50%       7.04%       5.55%       6.22%
  Net interest margin                                    3.81%       4.01%       3.80%       4.03%
  Efficiency Ratio                                      64.49%      68.04%      66.06%      69.28%
  Ratio of operating expense
    to average total assets                              2.54%       2.79%       2.64%       2.89%
  Ratio of average interest-earning assets
    to average interest-bearing liabilities            124.76%     120.15%     125.83%     119.20%

Asset Quality Ratios:

          Non-performing assets to total assets          0.30%       0.53%       0.30%       0.53%
           Allowance for loan losses
              to non-performing loans                  243.43%     212.41%     243.43%     212.41%
           Allowance for loan losses
              to loans receivable, net                   1.08%       1.24%       1.08%       1.24%

Capital Ratios:

  Total shareholders' equity to total assets            14.80%      13.07%      14.80       13.07%
     Average equity to average assets                   15.23%      12.99%      16.52%      13.01%
</TABLE>
<PAGE>
ITEM 3.           Quantitative and Qualitative Disclosure About Market Risk

         For a  discussion  of the  Company's  asset  and  liability  management
policies as well as the  potential  impact of  interest  rate  changes  upon the
earnings of the Company, see "Management's  Discussion and Analysis of Financial
Condition  and Results of  Operations"  in the  Company's  1998 Annual Report to
Stockholders.  There has been no material  change in the Company's  risk profile
since December 31, 1998.











<PAGE>
                             ONEIDA FINANCIAL CORP.
                                AND SUBSIDIARIES

                           Part II - Other Information


Item 1            Legal Proceedings


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

Item 2      Changes in Securities

            None

Item 3      Default Upon Senior Securities

            Not applicable.

Item 4      Submission of Matters to a Vote of Security Holders

            None

Item 5      Other Information

            None

Item 6      Exhibits and Reports on Form 8-K

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


            (b)   Exhibits

                  (27)  Financial Data Schedule

<PAGE>
                                   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 5,1999         By:      /s/ Michael R. Kallet
                                          --------------------------------------
                                          Michael R. Kallet
                                          President and Chief Executive Officer


Date:    November 5, 1999        By:      /s/ Eric E. Stickels
                                          --------------------------------------
                                          Eric E. Stickels
                                          Senior Vice President and Chief
                                          Financial Officer