SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 11-K

                                 ANNUAL REPORT
                        PURSUANT TO SECTION 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

[X]      ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES  EXCHANGE ACT
         OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].

For the fiscal year ended        December 31, 2006
                           ----------------------------------------------------

                                       OR

[_]      TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES  EXCHANGE
         ACT OF 1934 [NO FEE REQUIRED].

For the transition period from _______________ to  ______________________

                        Commission File Number 000-25101
                                               ---------

         A. Full  title of the plan and the  address of the plan,  if  different
from that of the issuer named below:

                   The Oneida Savings Bank 401(k) Savings Plan

         B: Name of issuer of the  securities  held pursuant to the plan and the
address of its principal executive office:

                             Oneida Financial Corp.
                                 182 Main Street
                           Oneida, New York 13421-1676

<PAGE>

                                   SIGNATURES


         The Plan.  Pursuant to the requirements of the Securities  Exchange Act
of 1934,  the trustees (or other  persons who  administer  the employee  benefit
plan)  have duly  caused  this  annual  report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                  THE ONEIDA SAVINGS BANK 401(k) SAVINGS PLAN




Date: June 29, 2007               By:      /s/ Eric E. Stickels
                                           ----------------------------
                                           Name:  Eric E. Stickels
                                           Title: Executive Vice President
                                                  and Chief Financial Officer,
                                                  The Oneida Savings Bank


<page>

                               Oneida Savings Bank
                               401(k) Savings Plan

                              Financial Statements

                           December 31, 2006 and 2005





<page>


                     Oneida Savings Bank 401(k) Savings Plan

                                      Index



                                                                            Page
Report of Independent Registered Public Accounting Firm........................2

Financial Statements:

     Statements of Net Assets Available for Benefits
       at December 31, 2006 and 2005...........................................3

     Statement of Changes in Net Assets Available for Benefits
       for the year ended December 31, 2006....................................4

     Notes to the Financial Statements......................................5-10

Supplemental Schedule: *

     Schedule of Assets (Held at End of Year), Schedule H, Line 4i
       at December 31, 2006...................................................11


*    All other  schedules are omitted  since they are not  applicable or are not
     required based on the disclosure  requirements  of the Employee  Retirement
     Income  Security  Act of 1974  and  applicable  regulations  issued  by the
     Department of Labor.



<page>


             Report of Independent Registered Public Accounting Firm




To the Participants and Administrator of the
Oneida Savings Bank 401(k) Savings Plan
Oneida, New York

We have audited the accompanying statements of net assets available for benefits
of the Oneida Savings Bank 401(k) Savings Plan as of December 31, 2006 and 2005,
and the related  statement of changes in net assets  available  for benefits for
the  year  ended  December  31,  2006.   These  financial   statements  are  the
responsibility  of the Plan's  management.  Our  responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management  as well as  evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the net assets available for benefits of the Plan as of
December 31, 2006 and 2005, and the changes in net assets available for benefits
for the year ended December 31, 2006, in conformity with U.S. generally accepted
accounting principles.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets (held
at end of year) is presented for the purpose of additional analysis and is not a
required part of the basic financial statements but is supplementary information
required by the  Department of Labor's Rules and  Regulations  for Reporting and
Disclosure  under the Employee  Retirement  Income  Security  Act of 1974.  This
supplemental  schedule  is the  responsibility  of the  Plan's  management.  The
supplemental  schedule has been subjected to the auditing  procedures applied in
the audit of the basic 2006 financial  statements and, in our opinion, is fairly
stated  in all  material  respects  in  relation  to the  basic  2006  financial
statements taken as a whole.


                                                    Crowe Chizek and Company LLC

Columbus, Ohio
June 29, 2007



<page>
<table>
<caption>

Oneida Savings Bank 401(k) Savings Plan

Statements of Net Assets Available for Benefits
December 31, 2006 and 2005
------------------------------------------------------------------------------------
Assets
                                                               2006          2005
                                                           -----------   -----------

                                                                 <c>       <c>

Investments, at fair value                                 $11,527,874   $ 9,843,667

Receivable
     Employer contribution                                          10        11,636
     Participant contribution                                       17        29,609
                                                           -----------   -----------

            Total assets                                    11,527,901     9,884,912
                                                           -----------   -----------

     Net assets reflecting all investments at fair value    11,527,901     9,884,912

     Adjustment from fair value to contract value for
     fully benefit-responsive contracts                         86,247       112,710
                                                           -----------   -----------

Net Assets Available for Benefits                          $11,614,148   $ 9,997,622
                                                           ===========   ===========
</table>

                 See accompanying notes to financial statements.


                                       3
<page>


Oneida Savings Bank 401(k) Savings Plan

Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2006
--------------------------------------------------------------------------------

                                                            2006
                                                            ----
Additions to net assets attributed to:
     Investment income                                  $   158,146
     Interest from loans                                      4,106
     Net appreciation in fair value of investments        1,220,399
                                                        -----------
         Total investment income                          1,382,651

     Participant contributions                              803,282
     Employer contributions                                 378,576
                                                        -----------

            Total additions                               2,564,509

Deductions to net assets attributed to:
     Benefits paid to participants                          947,128
     Administrative expenses                                    855
                                                        -----------

            Total deductions                                947,983

            Net increase                                  1,616,526

Net Assets Available for Benefits - Beginning of Year     9,997,622
                                                        -----------

Net Assets Available for Benefits - End of Year         $11,614,148
                                                        ===========

                 See accompanying notes to financial statements.

                                       4
<page>

Oneida Savings Bank 401(k) Savings Plan
Notes to the Financial Statements
December 31, 2006 and 2005
--------------------------------------------------------------------------------

1.   Description of the Plan

     The following  brief  description of the Oneida Savings Bank 401(k) Savings
     Plan (the  "Plan") is  provided  for  general  information  purposes  only.
     Participants   should  refer  to  the  Plan  Agreement  for  more  complete
     information.

     General

     The Plan is a defined  contribution  plan, which covers  substantially  all
     employees of Oneida  Savings Bank ("the Sponsor" or "the Company") who have
     completed  three  months  of  service  with  respect  to  salary  reduction
     contributions  and one year of service  with  respect to  participation  in
     employer  matching  contributions.  It is subject to the  provisions of the
     Employee Retirement Income Security Act of 1974 (ERISA).

     Contributions

     Each  year,   participants  may  contribute  a  portion  of  pretax  annual
     compensation   through  direct  payroll   withholding  subject  to  maximum
     allowable  contributions  under the  Internal  Revenue  Code of $15,000 and
     $14,000 for 2006 and 2005,  respectively.  The Plan allows participants who
     have  attained  age  50 by the  end  of the  Plan  year  to  make  catch-up
     contributions  in accordance  with Code Section  414(v).  Participants  are
     immediately vested in their contributions. The employer matching formula is
     100% of the  first 4% of  compensation  deferred  and 50% of the next 2% of
     compensation  deferred.  Effective January 1, 2005, the Plan was amended to
     state a  participant  is 100% vested in employer  contributions  made after
     January 1, 2005.  The vesting on prior employer  contributions  is based on
     years of continuous service. A participant is 20% vested after each year of
     service and is 100% vested after five years of service.

     Investment Options

     Upon enrollment in the Plan, participants have a choice of allocating their
     contribution  and the Company  matching  contribution  in 1%  increments to
     several  pooled  separate  accounts,  a guaranteed  account,  or the Oneida
     Financial Corp. common stock fund. Investment elections and allocations can
     be changed at any time.

     Payment of Benefits

     Distributions resulting from retirement,  death, or termination are made in
     the  form  of a  lump  sum  payment  representing  the  net  value  of  the
     participant's account at the valuation date. In lieu of a lump sum payment,
     the participant may elect to receive installment  payments equal to the net
     value of the participant's account. Upon termination of employment,  if the
     account balance is less than $5,000, and the participant has not elected to
     receive the benefit  pursuant to an optional form of benefit  payment,  the
     participant will receive a single lump sum amount equal to the value of his
     or her account.  In the case of death,  the  surviving  spouse may elect to
     defer payment up to the age of 70 1/2.  Hardship  withdrawals are available
     of up to 100% of  employee  contributions  and the vested  interest  of the
     matching  contribution   account,   subject  to  Internal  Revenue  Service
     guidelines.  Distributions, without penalty, may be made upon attainment of
     age 59 1/2.

     Retirement, Death and Disability

     A participant is entitled to a  distribution  of 100% of his or her account
     balance upon retirement, death, or disability.

     Participant Loans

     The Plan  provides that  participants  may borrow up to a maximum of 50% of
     the participant's  vested account balance not to exceed $50,000.  The loans
     shall be repaid by the  participant  in such manner and in such time as the
     Plan's trustee, in its sole discretion, may determine, but in no event over
     a period greater than five years unless the loan is a "home loan", in which
     case the loan may be  repaid  over a term of not more  than 15  years.  The
     loans bear a rate of interest commensurate with prevailing market rates.


                                       5
<page>

Oneida Savings Bank 401(k) Savings Plan
Notes to the Financial Statements
December 31, 2006 and 2005
--------------------------------------------------------------------------------

1.   Description of the Plan (Continued)

     Forfeited Accounts

     At December 31, 2006 and 2005,  forfeited nonvested accounts totaled $4,934
     and $10,118,  respectively.  Forfeitures  are  reallocated  to the matching
     contribution   account  of  each   eligible   participant   based  on  each
     participant's  elective  deferrals  for the  year.  During  the year  ended
     December 31, 2006,  forfeitures  of $10,118 were  allocated to  participant
     accounts.

     Plan Termination

     Although  it has not  expressed  any intent to do so, the  Company  has the
     right under the Plan to discontinue contributions at any time and terminate
     the Plan subject to the provisions of ERISA.  In the event of a termination
     of the  Plan,  the net  assets  of the Plan  would be  distributed  to each
     participant  based upon his or her account  balances as of the distribution
     date. In the event of  termination of the Plan,  participants  would become
     100% vested.

2.   Summary of Significant Accounting Policies

     Basis of Presentation

     The accompanying financial statements of the Plan have been prepared on the
     accrual method of accounting based on U.S.  generally  accepted  accounting
     principles.

     Valuation of Investments

     Oneida Financial Corp. common stock is valued at fair value based on quoted
     market prices as of the Plan's year end. Units of pooled separate  accounts
     are valued by the custodian at the daily net asset value,  which represents
     the cumulative  market values of the pooled separate  accounts'  underlying
     investments.  The fair values of the Plan's investment  contracts have been
     estimated with a discounted cash flows methodology, utilizing current rates
     of return available for similar contracts, with comparable credit risks, as
     of the  respective  financial  statement  dates.  Net assets  available for
     benefits  reflects the contract  value of the Plan's  investments  in fully
     benefit-responsive  contracts because a separate adjustment is presented in
     the statement of net assets available for benefits to increase the carrying
     amount of these  investments to contract value.  Contract value  represents
     contributions   made  under  the  contract,   plus  earnings,   participant
     withdrawals and administrative expenses.

     Purchases and sales of securities  are accounted for as of the trade dates.
     Dividend income is recorded on the ex-dividend  date and interest income is
     recorded as earned.  Unrealized  and realized gains and losses are combined
     in the Statement of Changes in Net Assets Available for Benefits and in the
     Notes to the Financial  Statements.  Participant  loans are valued at cost,
     which approximates fair value.

     Administrative Costs

     Investment  manager  fees are paid by the Plan;  all  other  administrative
     expenses  of the Plan  are  paid by the  Sponsor.  The  Plan  Sponsor  paid
     administrative   expenses   of  $19,649  and  $22,166  in  2006  and  2005,
     respectively.

                                       6
<page>

Oneida Savings Bank 401(k) Savings Plan
Notes to the Financial Statements
December 31, 2006 and 2005
--------------------------------------------------------------------------------

2.   Summary of Significant Accounting Policies (Continued)

     Use of Estimates

     The  preparation  of the  financial  statements  in  conformity  with  U.S.
     generally  accepted  accounting  principles  requires  management  to  make
     significant  estimates and assumptions  that affect the reported amounts of
     assets and liabilities and disclosure of contingent  assets and liabilities
     at the  date of the  financial  statements  and  the  reported  amounts  of
     additions and deductions during the reporting period.  Actual results could
     differ from these estimates.

     Adoption of New Accounting Standard

     The Plan retroactively  adopted Financial Accounting Standards Board (FASB)
     Staff   Position   AAG   INV-1   and  SOP   94-4-1,   Reporting   of  Fully
     Benefit-Responsive  Investment  Contracts  Held by the  Certain  Investment
     Companies   Subject   to   the   AICPA   Investment   Company   Guide   and
     Defined-Contribution  Health and Welfare  and Pension  Plans ("the FSP") in
     2006.  Pursuant  to the  adoption  of  the  FSP,  fully  benefit-responsive
     investment  contracts held directly by the Plan are to be presented at fair
     value. In addition, any material difference between the fair value of these
     investments  and their  contract  value is to be  presented  as a  separate
     adjustment line in the statement of net assets available for benefits.  The
     adoption of the FSP had no impact on the net assets  available for benefits
     as of December  31,  2006 and 2005.  The net  appreciation  reported in the
     statement  of changes in net assets  available  for  benefits  was also not
     impacted by the  adoption of the FSP, as the amount  reflects  the contract
     value of fully benefit responsive contracts held directly by the Plan.

     Adoption of the FSP  resulted  in a decrease  of  $112,710  from the amount
     previously reported as Plan investments in the 2005 statement of net assets
     available  for  benefits,  since this amount now reflects the fair value of
     the plan's  direct  interests in fully  benefit-responsive  contracts.  The
     decrease in the amount reported for the Plan investments as of December 31,
     2005 is  completely  offset  by an  adjustment  which  reduces  net  assets
     reflecting investments at fair value to net assets available for benefits.

     Risks and Uncertainties

     The Plan  provides for various  investment  options in any  combination  of
     pooled separate  accounts,  a guaranteed  fixed account and common stock of
     Oneida Financial Corp.  Investment securities are exposed to various risks,
     such  as  interest  rate,  market  and  credit.  Due to the  level  of risk
     associated with certain investment  securities and the level of uncertainty
     related to changes in the value of  investment  securities,  it is at least
     reasonably possible that changes in risks in the near term would materially
     affect  participants'  account  balances  and the  amounts  reported in the
     statement of net assets available for benefits and the statement of changes
     in net assets available for benefits.

     Concentration of Credit Risk

     At December 31, 2006 and 2005, approximately 27% and 26%, respectively,  of
     the Plan's  assets were  invested in Oneida  Financial  Corp.  common stock
     fund.


                                       7
<page>

Oneida Savings Bank 401(k) Savings Plan
Notes to the Financial Statements
December 31, 2006 and 2005
--------------------------------------------------------------------------------

3.   Investments

     The fair market value of individual  investments  that represent 5% or more
     of the net assets available for benefits as of December 31 are as follows:

                                                           2006         2005
                                                           ----         ----
     Guaranteed Account:
          ING Fixed Account (contract number PHX149)   $1,091,509   $1,154,024
     Pooled Separate Accounts:
          ING Fidelity VIP Equity - Income              1,310,955    1,075,883
          ING Oppenheimer Main Street Fund              1,084,974      929,748
          ING Fidelity VIP Growth Portfolio               854,679      794,778
     Oneida Financial Corp. Common Stock                3,030,943    2,565,921

     During  2006,  the  Plan's  investments  (including  gains  and  losses  on
     investments   bought   and  sold,   as  well  as  held   during  the  year)
     appreciated/(depreciated) in fair value as follows:

                                                               2006
                                                               ----

     ING VP Money Market Portfolio                         $     5,583
     ING VP Bond Portfolio                                      10,765
     ING Pioneer High Yield Fund                                 2,819
     ING American Balanced Fund                                 13,858
     ING VP Balanced Portfolio, Inc.                            29,796
     ING Fidelity VIP Equity-Income                            207,735
     ING VP Index Plus Large Cap Portfolio                      18,522
     ING Oppenheimer Main Street Fund                          137,264
     Fidelity VIP Growth Portfolio                              49,617
     ING Fidelity VIP Contrafund Port I                         34,295
     ING American Century Select Portfolio                      (2,535)
     ING Baron Growth Fund                                      64,634
     ING VP Int'l Value Portfolio                               14,537
     ING Ariel Fund                                                876
     ING VIP Index Plus Mid Cap Port (I)                           412
     ING Lord Abbett Sm Cap Value Fund (A)                       6,612
     ING Lord Abbett Mid Cap Value Fund                          3,245
     ING Solution 2015 Portfolio I                               6,193
     ING Solution 2025 Portfolio I                                 992
     ING Solution 2035 Portfolio I                               1,215
     ING Solution 2045 Portfolio I                                  48
     ING Solution Income Portfolio I                               222
     ING Solution 2015 Portfolio Service                        16,353
     ING Solution 2025 Portfolio Service                         7,448
     ING Solution 2035 Portfolio Service                        12,002
     ING Solution 2045 Portfolio Service                         2,123
     ING Solution Income Portfolio Service                         456
     ING Washington Mutual Investors Fund (R3)                   6,395
     ING Fidelity Advisor Mid Cap Fund                          28,302
     ING Legg Mason Partners Aggressive Growth Portfolio        18,087
     ING Oppenheimer Global Portfolio                           63,822
                                                           -----------
          Total appreciation on pooled separate accounts       761,693
                                                           -----------

     Oneida Financial Corp. Common Stock                       458,706
                                                           -----------
          Total Appreciation                               $ 1,220,399
                                                           ===========

                                       8
<page>

Oneida Savings Bank 401(k) Savings Plan
Notes to the Financial Statements
December 31, 2006 and 2005
--------------------------------------------------------------------------------

4.   Income Tax Status

     The Internal  Revenue  Service has  determined  and informed the Company by
     letter  dated  November  26,  2002,  that the Plan and  related  trust  are
     designed in accordance  with  applicable  sections of the Internal  Revenue
     Code (IRC).  The Plan has been amended since  receiving this  determination
     letter.  However, the Plan administrator believes that the Plan is designed
     and  is  currently   being  operated  in  compliance  with  the  applicable
     requirements of the IRC.

5.   Party in Interest Transactions

     Parties in interest  are defined  Department  of Labor  regulations  as any
     fiduciary  of the  Plan,  any party  rendering  services  to the Plan,  the
     employer,  and certain others. At December 31, 2006 and 2005,  certain Plan
     investments are units of pooled separate accounts and a guaranteed  account
     managed by ING Life  Insurance  and  Annuity  Company  ("ING").  ING is the
     trustee as defined by the Plan;  therefore,  these transactions  qualify as
     party-in-interest  transactions.  These investments  totaled $8,370,268 and
     $7,208,951 at December 31, 2006 and 2005,  respectively.  The Plan also has
     participant  loans of $97,837 and  $56,186 at  December  31, 2006 and 2005,
     which constitute party-in-interest investments.

     At  December  31,  2006  and  2005,  the Plan had  $115,073  and  $125,319,
     respectively, invested in a money market fund managed by Investors Bank and
     Trust  (IBT).  As IBT is the  custodian of this asset,  these  transactions
     qualify as party-in-interest transactions.

     The Plan investments also included Company common stock. As of December 31,
     2006 and 2005, the investment in Oneida Financial Corp. common stock was as
     follows:

                                    2006                        2005
                           -----------------------     ----------------------
                            Number        Market        Number       Market
                           of Shares       Value       of Shares      Value
     Common stock           256,642     $3,030,943      256,592    $2,565,921

     At December  31, 2006 and 2005,  3.1% and 3.1% of shares  outstanding  were
     held by the Plan,  respectively.  During  2006,  the Plan  earned  dividend
     income of $113,868  on its  investment  in Oneida  Financial  Corp.  common
     stock.

6.   Fully Benefit-Responsive Investment Contract with Insurance Company

     The Plan holds a fully benefit-responsive investment contract with the ING.
     ING (the Issuer)  maintains the  contributions  in a general  account.  The
     account is credited with earnings on the underlying investments and charged
     for participant withdrawals and administrative  expenses.  Participants may
     ordinarily  direct the  withdrawal or transfer of all or a portion of their
     investment at contract value. Contract value represents  contributions made
     under  the  contract,  plus  earnings,  less  participant  withdrawals  and
     administrative expenses.

     This  investment   contract   specifies  certain   conditions  under  which
     distributions  from the contract would be payable at amounts below contract
     value. Such circumstances include Plan termination,  Plan merger, premature
     contract  termination   initiated  by  the  employer,   and  certain  other
     employer-initiated  events, such as a sale of a division, plant closure, or
     lay-off that results in distributions  exceeding a set amount. The contract
     limits the circumstances under which the Issuer may terminate the contract.
     Examples of  circumstances  which would allow the Issuer to  terminate  the
     contract includes the Plan's loss of its qualified status, uncured material
     breaches  of  responsibilities,  or  material  and  adverse  changes to the
     provisions  of the Plan.  If one of these events were to occur,  the Issuer
     could   terminate  the  contract  at  amounts  less  than  contract  value.
     Currently,  management  believes that the occurrence of an event that would
     cause the Plan to transact  contract  distributions  at less than  contract
     value is not probable.

                                       9
<page>

Oneida Savings Bank 401(k) Savings Plan
Notes to the Financial Statements
December 31, 2006 and 2005
--------------------------------------------------------------------------------

6.   Fully Benefit-Responsive Investment Contract with Insurance Company
     (Continued)

     The  crediting  interest  rates of the  contract  are based on  agreed-upon
     formulas with the issuer, as defined in the contract agreements, but cannot
     be less than 3 percent. Such interest rates are reviewed on a monthly basis
     for resetting.  The key factors that influence  future  interest  crediting
     rates could include the following:  the level of market interest rates; the
     amount and timing of participant  contributions,  transfers and withdrawals
     into/out of the contract;  and the duration of the  underlying  investments
     backing the contract.  The resulting  gains and losses in the fair value of
     the  investment  contract  relative  to the  contract  value,  if any,  are
     reflected  in the  Statement  of  Net  Assets  Available  for  Benefits  as
     Adjustment  from fair value to contract value for fully benefit  responsive
     contracts  ("adjustment").  If the  adjustment is positive,  this indicates
     that the contract value is greater than the fair value. The embedded losses
     will be amortized in the future  through a lower  interest  crediting  rate
     than would  otherwise be the case.  If the  adjustment  is  negative,  this
     indicates that the contract value is less than the fair value. The embedded
     gains will cause the future  interest  crediting  rate to be higher than it
     otherwise would have been.

                                                                 2006     2005
                                                                 ----     ----
     Average yields:

          Based on annualized earnings (1)                       3.75%    3.75%
          Based on interest rate credited to participants (2)    3.75%    3.75%

     (1)  Computed by dividing the annualized one-day actual earnings of the
          contract on the last day of the Plan year by the fair value of the
          contract investments on the same date.

     (2)  Computed by dividing the annualized one-day earnings credited to
          participants on the last day of the Plan year by the fair value of the
          contract investments on the same date.

7.   Reconciliation of Financial Statements to Form 5500

     The following is a reconciliation  of net assets available for benefits per
     the financial statements to net assets per the Form 5500:

                                                                        2005
                                                                        ----
     Net assets available for benefits per the financial statements  $9,997,622
         Plus: Additional matching contribution due to participations        50
         Less: Participant loan repayments                                 (716)
                                                                     ----------
     Net assets per the Form 5500                                    $9,996,956
                                                                     ==========

     The following is a  reconciliation  of the changes in net assets  available
     for benefits per the financial statements to net income per the Form 5500:

                                                                        2006
                                                                        ----
     Net increase per the financial statements                       $1,616,526
     Plus: Adjustments for prior year receivables                           666
                                                                     ----------
     Net income per the Form 5500                                    $1,617,192
                                                                     ==========

8.   Subsequent Events

     Effective April 2, 2007, the Vernon Bank Corporation was acquired by Oneida
     Savings Bank. As a result of this acquisition,  the former employees of the
     Vernon Bank Corporation became participants of the Plan.

     Benefit Consulting Group LLC was acquired by Oneida Savings Bank in 2006.
     As a result of this acquisition, the former employees of Benefit Consulting
     Group LLC became participants of the Plan effective January 1, 2007 and the
     assets of the Benefit Consulting Group LLC 401(k) Profit Sharing Plan were
     merged into the Plan during 2007.


                                       10
<page>

Oneida Savings Bank 401(k) Savings Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2006
--------------------------------------------------------------------------------

Name of Plan sponsor:                            Oneida Savings Bank
                                        ----------------------------------------
Employer identification number:                      15-0405820
                                        ----------------------------------------
Three digit plan number:                                 002
                                        ----------------------------------------

<table>
<caption>
                                                                  (c)
                                                            Description of
                   (b)                                  Including Maturity Date                             (e)
      Identity  of  issue, borrower                  Rate of Interest, Collateral             (d)         Current
(a)     lessor, or similar party                        Par or Maturity Value                Cost **       Value
        ---------- -------------                               --------------               -------        -----

     <c>                                 <c>                                              <c>             <c>
                                            Pooled Separate Accounts
*    ING Life Insurance and Annuity         ING VP Money Market Portfolio;
       Company                                investment in shares of a separate account    $    --    $    142,935
*    ING Life Insurance and Annuity         ING VP Bond Portfolio; investment in shares
       Company                                of a separate account                              --         322,505
*    ING Life Insurance Annuity             American Balanced Fund; investment in shares
       Company                                of a separate account                              --         135,787
*    ING Life Insurance and Annuity         ING VP Balanced Portfolio; Inc.; investment
       Company                                in shares of a separate account                    --         347,253
*    ING Life Insurance and Annuity         Fidelity VIP Equity-Income; investment in
       Company                                shares of a separate account                       --       1,310,955
*    ING Life Insurance and Annuity         ING VP Index Plus Large Cap Portfolio;
       Company                                investment in shares of a separate account         --         145,907
*    ING Life Insurance and Annuity         Oppenheimer Main Street Fund; investment
       Company                                in shares of a separate account                    --       1,084,974
*    ING Life Insurance and Annuity         Fidelity VIP Growth Portfolio; investment
       Company                                in shares of a separate account                    --         854,679
*    ING Life Insurance and Annuity         Fidelity VIP II Contrafund; investment in
       Company                                shares of a separate account                       --         411,402
*    ING Life Insurance and Annuity         ING Am Century Sel Port; investment in
       Company                                shares of a separate account                       --         168,518
*    ING Life Insurance and Annuity         Baron Growth Fund; investment in shares
       Company                                of a separate account                              --         493,184
*    ING Life Insurance and Annuity         Fidelity Advisor Mid Cap Fund; investment in
       Company                                shares of a separate account                       --         248,159
*    ING Life Insurance and Annuity         ING Legg Mason Partners Aggr Gr Portfolio;
       Company                                investment in shares of a separate account         --         212,381
*    ING Life Insurance and Annuity         ING VP Int'l Value Portfolio (I); investment in
       Company                                shares of a separate account                       --          95,388
*    ING Life Insurance and Annuity         ING Ariel Fund; investment in
       Company                                shares of a separate account                       --          11,348
*    ING Life Insurance and Annuity         ING VP Index Plus Mid Cap Portfolio (I);
       Company                                investment in shares of a separate account         --          14,589
*    ING Life Insurance and Annuity         ING Lord Abbett Mid Cap Value Fund;
       Company                                investment in shares of a separate account         --          32,987
*    ING Life Insurance and Annuity         ING Lord Abbett Small Cap Value Fund (A);
       Company                                investment in shares of a separate account         --         131,666
*    ING Life Insurance and Annuity         ING Washington Mutual Investors Fd (R3);
       Company                                investment in shares of a separate account         --          57,758
*    ING Life Insurance and Annuity         ING Solution 2015 Portfolio Svc; investment in
       Company                                shares of a separate account                       --         268,457
*    ING Life Insurance and Annuity         ING Solution 2025 Portfolio Svc; investment in
       Company                                shares of a separate account                       --         140,769
</table>

                                       11
<page>


Oneida Savings Bank 401(k) Savings Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2006
--------------------------------------------------------------------------------

Name of Plan sponsor:                            Oneida Savings Bank
                                        ----------------------------------------
Employer identification number:                      15-0405820
                                        ----------------------------------------
Three digit plan number:                                 002
                                        ----------------------------------------

<table>
<caption>
                                                                  (c)
                                                            Description of
                   (b)                                  Including Maturity Date                             (e)
      Identity  of  issue, borrower                  Rate of Interest, Collateral             (d)         Current
(a)     lessor, or similar party                        Par or Maturity Value                Cost **       Value
        ---------- -------------                               --------------               -------        -----

     <c>                                 <c>                                              <c>             <c>

*    ING Life Insurance and Annuity         ING Solution 2035 Portfolio Svc; investment in
       Company                                shares of a separate account                       --    $    152,062
*    ING Life Insurance and Annuity         ING Solution 2045 Portfolio Svc; investment in
       Company                                shares of a separate account                       --          23,743
*    ING Life Insurance and Annuity         ING Solution Income Portfolio Svc; investment in
       Company                                shares of a separate account                       --          11,689
*    ING Life Insurance and Annuity         ING Pioneer High Yield Fund (A), investment in
       Company                                shares of a separate account                       --          26,503
*    ING Life Insurance and Annuity         ING Oppenheimer Glob Port; investment in
       Company                                shares of a separate account                       --         433,161
                                                                                                       ------------
                                                                                                          7,278,759
                                            General Account
*    ING Life Insurance and Annuity         ING Fixed Account, PHX149
       Company                                                                                   --       1,091,509

                                            Oneida Common Stock Fund
*    Oneida Financial Corp.                 Common Stock                                         --       3,030,943
*    Investors Bank & Trust                 Money Market Fund                                    --         115,073
                                                                                                       ------------
                                                                                                          3,146,016
                                            Participant Loans
*    Participant loans                      5.25% - 9.25%                                        --          97,837
                                                                                                       ------------

          Total investments                                                                            $ 11,614,121
                                                                                                       ============
</table>

*    Denotes party-in interest
** All investments are participant  directed,  therefore no cost  information is
required.


                                       12