NEWS RELEASE


Release Date:     Tuesday, July 29, 2014

Release Time: At Market Close

Contact:     Eric E. Stickels, President & COO

Phone:     (315) 366-3702    



Oneida Financial Corp. Reports 2014 Second Quarter Operating Results (unaudited)

Oneida, NY, July 29, 2014 - Oneida Financial Corp. (NASDAQ Global: ONFC), the parent company of The Oneida Savings Bank, has announced second quarter operating results. Net income for the three months ended June 30, 2014 was $1,429,000 or $0.20 diluted earnings per share, compared to $1,492,000 or $0.21 diluted earnings per share, for the three months ended June 30, 2013. The decrease in net income during the respective second quarter periods is primarily the result of a decrease in net investment gains, a decrease in the change in fair value of our equity investments and an increase in non-interest expense; partially offset by an increase in net interest income, an increase in non-interest income and a decrease in income tax provision.
Net income for the six months ended June 30, 2014 was $3.4 million or $0.48 diluted earnings per share, as compared with $3.4 million or $0.49 diluted earnings per share for the same period in 2013. The slight decrease in net income during the six months ended June 30, 2014 as compared with the same period last year was primarily the result of a decrease in net investment gains, a decrease in the change in fair value of our equity investments, an increase in non-interest expense and an increase in income tax provision; partially offset by an increase in net interest income and an increase in non-interest income.
Key balance sheet changes at June 30, 2014
The Bank is categorized as well capitalized at June 30, 2014 with a Tier 1 leverage ratio of 9.10% and a total risk-based capital ratio of 16.82%. The Company’s average equity ratio as a percent of average assets was 11.89% at June 30, 2014 compared to 13.34% at June 30, 2013.
Deposit accounts were $671.2 million at June 30, 2014, an increase of $77.5 million from June 30, 2013. The increase in total deposits from June 30, 2013, represents an increase of $14.9 million in retail deposits and an increase of $62.6 million in municipal deposits over the past twelve months. The increase in municipal deposits is related to a continuing trend of local towns, villages, cities and school districts seeking a locally-based financial institution partner. The increase in deposits was invested in securities and loans receivable.
Net loans receivable totaled $344.0 million at June 30, 2014 compared to $324.7 million at June 30, 2013. The increase in net loan balances over the past twelve months reflect the Company’s continued loan origination efforts partially offset by loan sales activity. The Company has originated and sold $9.5 million in fixed rate residential loans, which


The following information was filed by Oneida Financial Corp. (ONFC) on Thursday, July 31, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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