The table above summarizes the Company 's operating results excluding the non-cash charge to earnings recognized in connection with the adoption of FAS 159 ( The Fair Value Option of Financial Assets and Financial Liabilities ) . This accounting pronouncement was effective as of January 1 , 2008 and requires that the change in fair value of certain financial instruments be reflected through the income statement . Oneida Financial Corp. adopted this accounting treatment for the preferred and common equity securities it holds in the investment portfolio of the Bank . Cumulative non-cash charges related to the change in fair value of these investment securities represents the difference between reported results and operating results , as presented in the above tables.The Company intends to continue holding these securities . Future earnings may reflect an increase in value as market conditions improve .