U.S. Securities and Exchange CommissionWashington, D.C. 20549

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
|   | **Form 10-QSB **QUARTERLY OR TRANSITIONAL REPORT UNDERSECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934QUARTERLY OR TRANSITIONAL REPORT**
(**X**) Quarterly Report Pursuant to    Section 13 or 15(d) of the Securities Exchange Act of 1934  for the quarterly period    ended**September 30, 2004**   
( ) Transition Report Pursuant to    Section 13 or 15(d) of the Securities Exchange Act of 1934   for the transition period    from_______________to _______________
 

Commission File Number000-50267

 

 
 
 **GREAT LAKES BANCORP, INC.**
(Exact name of smallbusiness issuer as specified in its charter)

 
****
 
 
 
 **DELAWARE**13-4237490 
(State or other jurisdiction of 
(IRS Employer  
incorporation or organization)  
Identification Number) ******2421 MAIN STREET, BUFFALO, NEW YORK 14214 
(Address of principal executive offices)  **(716) 961-1900
(Issuer's telephone number, including area code)    
Check whether the issuer (1) filed all reports required bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past90 days. Yes [**X**] No [ ]
      
Common Stock - voting, par value $.001 per share 
3,955,565 shares  
(Title of Class) **Outstanding at November 12, 2004 
** ****GREAT LAKES BANCORP, INC.Form 10-QSBFor the Quarterly Period Ended September 30, 2004

TABLE OF CONTENTS
    Part I.    FINANCIAL INFORMATION    PAGE      Item 1.    Financial Statements       Consolidated Balance Sheets (Unaudited) -     at September 30, 2004 and December 31, 2003    3      Consolidated Statements of Income (Unaudited) -      Three and nine months ended September 30, 2004 and 2003    4      Consolidated Statements of Changes in Shareholders' Equity (Unaudited) -     Nine months ended September 30, 2004 and 2003    5      Consolidated Statements of Cash Flows (Unaudited) -     Nine months ended September 30, 2004 and 2003    6      Notes to Consolidated Financial Statements (Unaudited)    7      Item 2.    Management's Discussion and Analysis of Financial     13    Condition and Results of Operations       Item 3.    Controls and Procedures    20        Part II.    OTHER INFORMATION       Item 1.    Legal Proceedings    21      Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds    21      Item 3.    Defaults Upon Senior Securities    21      Item 4.    Submission of Matters to a Vote of Security Holders    21      Item 5.    Other Information    21      Item 6.    Exhibits    21      Signatures    22
 **
2

**GREAT LAKES BANCORP, INC.Consolidated Balance Sheets (Unaudited)

 
     September 30,      December 31,     2004    2003    Assets    Cash and cash equivalents:    Cash and due from banks    $                 6,909,967      $              5,165,380     Interest-bearing deposits in other financial institutions               36,220,252              4,038,151     Total cash and cash equivalents               43,130,219              9,203,531     Securities available for sale, at fair value             306,216,069          137,232,916     Securities held to maturity, at amortized cost (fair value of $3,001,250 at    September 30, 2004     and $1,987,500 at December 31, 2003)                 3,010,129              2,000,000     Federal Home Loan Bank stock, at cost                 4,450,000              1,580,800     Loans, net of allowance for loan losses             285,863,312          225,951,599     Premises and equipment, net               11,149,561              7,765,696     Deferred tax asset, net     -                 519,378     Other assets                   4,165,810              1,888,878     Total assets    $              657,985,100       $          386,142,798      Liabilities and Shareholders' Equity    Deposits:    Noninterest-bearing    $                33,702,021      $            13,009,820     Interest-bearing             442,772,309          347,630,276     Total deposits             476,474,330          360,640,096     Short-term borrowings                    144,969              1,358,549     Securities sold under agreement to repurchase             129,000,000      -     Long-term debt     -              5,000,000     Subordinated debentures               12,372,000      -     Deferred tax liability, net                    960,689      -     Accrued expenses and other liabilities                 1,720,857              1,081,051     Total liabilities              620,672,845            368,079,696     Shareholders' equity:    Preferred stock, $0.001 par value, 2,000,000 and 5,000,000 shares    authorized, none issued     -      -     Common stock - voting, $0.001 par value, 16,000,000 and 20,000,000 shares    authorized,                   3,955,565 and 1,961,620 shares issued and outstanding,    respectively                        3,956                     1,962     Class B Common stock - non-voting, $0.001 par value, 0 and 5,000,000 shares    authorized,                   0 and 115,750 shares issued and outstanding, respectively     -                        116     Additional paid-in capital               35,422,384            18,622,473     Retained earnings (accumulated deficit)                 2,299,614               (161,479)    Accumulated other comprehensive loss, net                   (413,699)              (399,970)    Total shareholders' equity                    37,312,255                  18,063,102     Total liabilities and shareholders' equity    $             657,985,100       $          386,142,798 **
The accompanying notes are an integral part of the unaudited consolidatedfinancial statements.
****
3

**GREAT LAKES BANCORP, INC.Consolidated Statements of Income (Unaudited)

 

Three months

Nine months

ended September 30,

ended September 30,

2004

2003

2004
2003Interest income:Loans $   3,587,281  $   2,603,171  $   10,030,589  $   7,335,323 Securities  2,664,275      937,541     5,780,133   2,207,507 Other interest income     108,755        40,660        156,101      121,790 Total interest income  6,360,311   3,581,372   15,966,823   9,664,620 Interest expense:Deposits  2,288,139   1,554,845     5,620,114   4,516,038 Short-term borrowings         1,529        13,251          11,182           26,005  Securities sold under agreement to repurchase     500,256  -        672,403  - Long-term debt -          4,484        101,839          4,484 Subordinated debentures     134,019  -        154,112  - Total interest expense  2,923,943   1,572,580     6,559,650   4,546,527 Net interest income  3,436,368   2,008,792     9,407,173   5,118,093 Provision for loan losses     117,167        97,000        210,949      249,947 Net interest income after provision for loan losses  3,319,201   1,911,792     9,196,224   4,868,146 Noninterest income:Gain on sale of securities, net     708,639      135,644        878,961      489,448 Service charges on deposit accounts       97,889        76,109        277,427      163,889 Gain on sale of loans -  -  -        63,862 Loss on other real estate owned, net -  -          (7,684) - Other operating income     123,748      112,062        336,302      276,299 Total noninterest income      930,276      323,815     1,485,006      993,498 Noninterest expenses:Salaries and employee benefits  1,283,375      796,860     3,506,338   1,992,930 Occupancy, equipment and furnishings     352,810      260,889        965,734      720,340 Data processing and operations     197,982      155,490        562,417      450,863 Advertising     131,798        79,649        392,058      207,547 Professional services       84,250        73,246        255,584      261,508 Printing, postage and supplies       51,125        94,708        237,308      244,694 Other operating expenses     251,225      187,047        801,544      449,925 Total noninterest expenses  2,352,565   1,647,889     6,720,983   4,327,807 Income before income taxes  1,896,912      587,718     3,960,247   1,533,837 Income tax provision     720,827      213,874     1,499,154      582,998 Net income $   1,176,085  $      373,844  $     2,461,093  $      950,839 Net income per share - basic and diluted $            0.30      $            0.18      $              0.74      $            0.46    Weighted average number of common shares 

outstanding - basic and diluted

  3,949,856    

  2,077,370    

    3,346,666    

  2,077,370    
The accompanying notes are an integral part of the unaudited consolidatedfinancial statements.

4

**GREAT LAKES BANCORP, INC.Consolidated Statements of Shareholders' Equity (Unaudited)Nine months ended September 30, 2004 and 2003

 
 Retained  Accumulated  Class B  Additional  earnings  other  Total  Common  Common stock  paid-in  (accumulated  comprehensive  shareholders'  stock - voting  non-voting  capital  deficit)  income (loss)  equity Balances at December 31, 2002     $         9,808,100      $         578,750      $           8,237,701      $       (1,487,356)     $          466,147      $        17,603,342 Reorganization - Great Lakes Bancorp, Inc.exchanges all outstanding GBSB shares,one-for-one; par value reduced from$5.00 per share to $0.001 per share      (9,806,138)      (578,634)        10,384,772      -      -      - Comprehensive income:Net income     -      -      -            950,839      -             950,839 Other comprehensive income, net of tax:Unrealized losses on securities, netof reclassification adjustment      -      -      -      -        (414,828)           (414,828)Total comprehensive income              536,011 Balances at September 30, 2003     $                  1,962       $                    116       $         18,622,473       $           (536,517)      $              51,319       $         18,139,353 Balances at December 31, 2003     $                  1,962      $                    116      $         18,622,473      $            (161,479)     $       (399,970)     $         18,063,102 Issuance of 1,878,195 sharesof Common stock - voting                 1,878      -          16,901,877      -      -        16,903,755 Payment of underwriting costs     -      -              (101,966)     -      -             (101,966)Issuance of 115,750 shares of Common stockin exchange for 115,750 shares of Class BCommon stock                     116                  (116)     -      -      -      - Comprehensive income:Net income     -      -      -         2,461,093      -          2,461,093 Other comprehensive loss, net of tax: Unrealized losses on securities, netof reclassification adjustment      -      -      -      -           (13,729)             (13,729)Total comprehensive income        2,447,364 Balances at September 30, 2004     $                 3,956       $      -       $        35,422,384       $         2,299,614       $        (413,699)      $        37,312,255**
 

The accompanying notes are an integral part of the unaudited consolidatedfinancial statements.

 

5

**GREAT LAKES BANCORP, INC.Consolidated Statements of Cash Flows (Unaudited)

 
Nine months ended September 30,20042003Cash flows from operating activities: Net income $     2,461,093   $       950,839 Adjustments to reconcile net income to net cashprovided by operating activities:Depreciation           421,540               306,015    Net amortization of premiums and discounts on securities           662,981               555,023    Net amortization of deferred loan fees and costs           601,790               351,620    Deferred income tax expense        1,512,826            584,476    Realized gains on sales of securities         (878,961)         (489,448)Gain on sale of loans -            (63,862)Provision for loan losses            210,949               249,947    Increase in other and deferred tax assets      (2,190,932)         (325,756)Increase in other and deferred tax liabilities           639,806                 34,972    Net cash provided by operating activities        3,441,092         2,153,826      Cash flows from investing activities:Purchases of securities available for sale  (289,819,145)  (115,042,026)Purchases of securities to be held to maturity      (1,011,250)      (2,000,000)Proceeds from sales of securities available for sale      90,059,231       10,375,144 Proceeds from principal payments, maturities and calls on securities    available for sale      30,971,374       35,345,477 Purchase of Federal Home Loan Bank stock      (2,869,200)         (897,800)Net increase in loans receivable    (60,724,452)    (55,679,534)Purchase of premises and equipment      (3,805,405)      (2,013,612)Net cash used by investing activities  (237,198,847)  (129,912,351)     Cash flows from financing activities:Net increase in deposits    115,834,234     109,017,893 Net (decrease) increase in short-term borrowings      (1,213,580)        4,955,062 Proceeds from securities sold under agreement to repurchase    139,000,000  - Repayment of securities sold under agreement to repurchase    (10,000,000) - Proceeds from issuance of subordinated debentures, net of costs      12,262,000  - Proceeds from issuance of long-term debt -         5,000,000 Repayment of long-term debt      (5,000,000) - Proceeds from stock offering      16,903,755  - Payment of stock offering costs         (101,966) - Net cash provided by financing activities267,684,443   118,972,955     Net increase (decrease) in cash and cash equivalents      33,926,688       (8,785,570)     Cash and cash equivalents at beginning of period $    9,203,531  $  17,104,529 Cash and cash equivalents at end of period $  43,130,219  $    8,318,959 Supplemental disclosure of cash flow information: Cash paid for interest $    6,070,117  $    4,443,652  Cash paid for income taxes $         12,200   $              226    
The accompanying notes are an integral part of the unaudited consolidatedfinancial statements.

6

**GREAT LAKES BANCORP, INC.Notes to Consolidated Financial Statements (Unaudited)

(1.)     BASIS OF PRESENTATION**
The accompanying unaudited consolidated financial statementsinclude the accounts of Great Lakes Bancorp, Inc. (the "Company") and its whollyowned subsidiary, Greater Buffalo Savings Bank (the "Bank"), after eliminationof all material intercompany accounts and transactions. These consolidatedstatements have been prepared in accordance with accounting principles generallyaccepted in the United States of America for interim consolidated financialinformation and with the instructions for Form 10-QSB. Accordingly, they do notinclude all of the information and footnotes required by accounting principlesgenerally accepted in the United States of America for complete consolidatedfinancial statements. The preparation of financial statements in conformity withaccounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts ofrevenues and expenses during the reporting period. In the opinion of management,all adjustments, consisting of normal recurring adjustments, considerednecessary for a fair presentation have been included.

Operating results for the three and nine-month periods endedSeptember 30, 2004 are not necessarily indicative of the results that may beexpected for the year ended December 31, 2004. Certain amounts in theconsolidated financial statements for the three and nine-month periods endedSeptember 30, 2003 have been reclassified to conform to the consolidatedfinancial statement presentation for the three and nine-month periods endedSeptember 30, 2004.

The organization and business, accounting policies followedby the Company and other information are consistent with those contained in theconsolidated financial statements filed as part of the Company's 2003 annualreport on Form 10-KSB, except for the impact of new accounting pronouncementsdetailed below. This quarterly report should be read in conjunction with suchannual report.
***Recent Accounting Pronouncements***
On January 17, 2003, the Financial Accounting Standards Board("FASB") issued FASB Interpretation No. 46, "Consolidation of Variable InterestEntities" ("FIN 46"), which addresses consolidation by business enterprises ofvariable interest entities. FIN 46 clarifies the application of AccountingResearch Bulletin ("ARB") No. 51, "Consolidated Financial Statements", tocertain entities in which equity investors do not have the characteristics of acontrolling financial interest or do not have sufficient equity at risk for theentity to finance its activities without additional subordinated financialsupport from other parties. FIN 46 applies immediately to variable interestentities created after January 31, 2003, and to variable interest entities inwhich an enterprise obtains an interest after that date. It applies in the firstfiscal year or interim period beginning after December 15, 2003, to variableinterest entities in which an enterprise holds a variable interest that itacquired before February 1, 2003. The Company formed a statutory business trustsubsequent to January 31, 2003, for the sole purpose of issuing trust preferredsecurities as further described in Note 7 to the accompanying consolidatedfinancial statements. FIN 46 was revised and reissued in December 2003 ("FIN46R").

In March 2004, the FASB reached a consensus on EITF 03-1,"The Meaning of Other-Than-Temporary impairment and Its Application to CertainInvestments" ("EITF 03-1").  EITF 03-1 provides guidance for determining when aninvestment is impaired and whether the impairment is other than temporary. EITF03-1 also incorporates into its consensus the required disclosures aboutunrealized losses on investments announced by the EITF in late 2003 and adds newdisclosure requirements relating to cost-method investments. The impairmentaccounting guidance for evaluating whether an investment isother-than-temporarily impaired is effective for reporting periods beginningafter June 15, 2004 and the new disclosure requirements for annual reportingperiods ending after June 15, 2004. The adoption of the impairment guidancecontained in EITF 03-1 is not expected to have a material impact on thefinancial position or results of operations of the Company.

In September 2004, the FASB issued FASB Staff Position EITF03-1-1, Effective Date of Paragraphs 10-20 of EITF Issue No. 03-1, "The Meaningof Other-Than-Temporary impairment and Its Application to Certain Investments"("FSP 03-1-1").   FSP 03-1-1 delays the effective date for themeasurement and recognition guidance contained in paragraphs 10-20 of EITF 03-1,previously defined as annual reporting periods ending after June 15, 2004. Thisdelay does not suspend the requirement to recognize other-than-temporaryimpairments as required by existing authoritative  

7

literature, nor the disclosureguidance effective for annual reporting periods ending after June 15, 2004. Thedisclosure requirements for FSP 03-1-1 were adopted for the quarter endedSeptember 30, 2004.
**(2.)     STOCK OPTIONS**
The Company maintains a stock benefit plan under which fixedaward stock options may be granted to employees, officers and directors.Statement of Financial Accounting Standards ("SFAS") No. 123, *Accounting forStock-Based Compensation*, encourages all entities to adopt a fair valuebased method of accounting for employee stock compensation plans, wherebycompensation cost is measured at the grant date based on the value of the awardand is recognized over the service period, which is usually the vesting period.However, it also allows an entity to continue to measure compensation cost forthose plans using the intrinsic value based method of accounting prescribed byAccounting Principles Board ("APB") Opinion No. 25, *Accounting for StockIssued to Employees*, whereby compensation cost is the excess, if any, of thequoted market price of the stock at the grant date (or other measurement date)over the amount an employee must pay to acquire the stock. Stock options issuedunder the Company's stock option plan have no intrinsic value at the grant date,and under Opinion No. 25 no compensation cost is recognized. 

Had the Company determined compensation expense related tostock option grants based on the fair value method under SFAS No. 123, theCompany's net income would have been reduced to the pro forma amounts indicatedbelow. These amounts may not be representative of the effects on reported netincome for future years due to changes in market conditions and the number ofoptions outstanding:
Three months endedNine months endedSeptember 30,September 30,200420032004**2003**Net income:           As reported$  1,176,085   $   373,844  $  2,461,093  $  950,839 Total stock-based employee compensationexpense determined under the fair value methodfor all awards, net of related tax effects     (14,099)  (14,099)     (42,297)  (42,297)Proforma$  1,161,986   $   359,745  $  2,418,796  $  908,542 
Basic and diluted net income per share:
 
 
 
 
 
 
 
 
 
 
 As reported$           0.30      $         0.18  $           0.74     $        0.46 Proforma$           0.29      $         0.17  $           0.72     $        0.44 **(3.)    EARNINGS PER SHARE**
In accordance with Statement of Financial AccountingStandards No. 128, "Earnings Per Share", the Company is required to report basicand diluted earnings per share. Basic and diluted earnings per common share arebased upon the weighted average number of common shares outstanding during theperiods presented. As of September 30, 2004 and 2003, all outstanding stockoptions have not been considered common stock equivalents because their assumedexercise would be anti-dilutive due to the stock option price being equal to orgreater than the fair value of the Company stock.
**(4.)    SECURITIES**
Our investment policy is designed to ensure liquidity forcash flow requirements, to help manage interest rate risk, to manage assetquality diversification and to maximize yield. Ongoing review of the performanceof the investment portfolio, market values, market conditions, current economicconditions, liquidity needs and other matters related to investing activities isperformed by the Asset Liability Committee of the bank and reviewed by theBank's board of directors. At the date of purchase, we are required to classifydebt and equity securities into one of three categories: held to maturity,trading or available for sale. At each reporting date, the appropriateness ofthis classification is reassessed.

8

 
The amortized cost and approximate fair value of securities at September 30,2004 and December 31, 2003 are summarized as follows:
September 30, 2004 Amortized  Unrealized  Unrealized  Fair  cost  gains  losses  value Securities available for sale:U.S. government and federal agencies:Due from five to ten years $     15,000,000  $  -  $  -  $     15,000,000 Due after ten years    16,978,632           14,622           (246,984)    16,746,270 Mortgage-backed securities  272,744,163         848,216     (1,338,820)  272,253,559 Corporate:Due from one to five years      1,023,766           30,904     -       1,054,670 Due from five to ten years      1,147,148           14,422     -       1,161,570 Total securities available for sale $   306,893,709   $         908,164   $     (1,585,804)  $   306,216,069    Securities to be held to maturity:Other debt securities:Due after ten years $       3,010,129  $             3,750     $          (12,629) $       3,001,250 Total securities to be held to maturity $       3,010,129   $             3,750      $          (12,629)  $       3,001,250    December 31, 2003 Amortized  Unrealized  Unrealized  Fair  cost  gains  losses  value Securities available for sale:U.S. government and federal agencies:Due within one year $          499,670     $           15,408     $  -  $          515,078    Due after ten years    16,981,058  -        (689,507)    16,291,551 Mortgage-backed securities  114,531,845         632,895        (741,862)  114,422,878 Corporate:Due within one year      1,001,980           23,100     -       1,025,080 Due from one to five years      3,705,050         104,957  -       3,810,007 Due from five to ten years      1,168,465  -               (143)      1,168,322 Total securities available for sale $   137,888,068   $         776,360   $     (1,431,512)  $   137,232,916    Securities to be held to maturity:Other debt securities:Due after ten years $       2,000,000  $  -  $          (12,500) $       1,987,500 Total securities to be held to maturity $       2,000,000   $  -   $          (12,500)  $       1,987,500 
 

9

Information pertaining to securities with gross unrealizedlosses at September 30, 2004, aggregated by investment category and length oftime that individual securities have been in a continuous loss position follows:

 

Less than 12 months 12 months or longer (1) TotalFairUnrealizedFairUnrealizedFairUnrealizedValueLossesValueLossesValueLossesSecurities available for sale:                 U.S. government and federal agencies $ 
 -  $ 
 -  $   13,736,880  $  (246,984) $     13,736,880  $      (246,984)Mortgage-backed  78,376,169   (1,049,423)  16,446,795  (289,397)    94,822,964   (1,338,820)Total securities available for sale $   78,376,169   $   (1,049,423)  $   30,183,675   $  (536,381)  $   108,559,844   $   (1,585,804)Securities held to maturity:Other $        997,500  $        (12,629) $  -  $  -  $          997,500     $        (12,629)Total securities held to maturity $        997,500   $        (12,629)  $  -   $  -   $          997,500      $        (12,629)Total temporarily impaired securities $   79,373,669   $   (1,062,052)  $   30,183,678   $  (536,381)  $   109,557,344   $   (1,598,433)
(1) At September 30, 2004, theS&P quality rating for each of the bonds in an unrealized loss position for 12months or longer was 'AAA'.
Management evaluates securities for other-than-temporaryimpairment at least on a quarterly basis, and more frequently when economic ormarket concerns warrant such evaluation. Consideration is given to (1) thelength of time and the extent to which the fair value has been less than cost,(2) the financial condition and near-term prospects of the issuer, and (3) theintent and ability of the Company to retain its investment in the issuer for aperiod of time sufficient to allow for any anticipated recovery in fair value.

The unrealized losses at September 30, 2004 were caused byincreases in market yields subsequent to purchase. There were no individualsecurities with unrealized losses that were significant dollar amounts atSeptember 30, 2004. There were no debt securities past due or securities forwhich the Company currently believes it is not probable that it will collect allamounts due according to the contractual terms of the security. The Company hasthe ability to hold securities with unrealized losses until a market pricerecovery (which, for debt securities may be until maturity). As a result, theCompany does not consider these securities to be other-than-temporarily impairedat September 30, 2004.
**(5.) SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE**
In May 2004, the Company began entering into sales ofsecurities under agreements to repurchase. These financing transactions arereflected as a liability on the accompanying consolidated balance sheets. Thedollar amount of securities underlying the agreements remains in the assetaccount, although the securities underlying the agreements are delivered to aprimary dealer who manages the transactions. All of the agreements are torepurchase identical securities. The Company invests the proceeds in agency andmortgage-backed securities. The following borrowings under securities repurchaseagreements with a commercial broker and the Federal Home Loan Bank of New Yorkwere outstanding at September 30, 2004:
    Repurchase    Date    Amount    Rate    October 08, 2004    $    10,000,000    1.59%    December 24, 2004    25,000,000    2.00%    January 10, 2005    10,000,000    1.88%    March 24, 2005    25,000,000    2.20%    May 11, 2005    5,500,000    2.02%    May 11, 2005    9,500,000    2.12%    July 08, 2005    15,000,000    2.28%    May 11, 2006    9,480,000    3.02%    May 11, 2006    15,520,000    3.05%    July 10, 2006    4,000,000    2.93%    Total securities sold under agreements to repurchase/weighted average rate    $    129,000,000     2.27%     
10

Securities sold under agreements to repurchase are reflectedat the amount of cash received in connection with the transaction. The Companymay be required to provide additional collateral based on the fair value of theunderlying securities.******Securities sold under agreement torepurchase are secured by investment securities. The carrying value of thesecurities at September 30, 2004 was $149.3 million.
**(6.)     LONG-TERM DEBT**
In June 2004, the Company utilized a portion of the proceedsfrom the issuance of trust preferred securities (see Note 7) to retire a $5.0million note payable to Fifth Third Bank. Interest expense on the note totaled$101.8 thousand for the nine months ended September 30, 2004.
**(7.)     SUBORDINATED DEBENTURES**
In June 2004, the Company formed Great Lakes BancorpStatutory Trust I (the "Trust") for the sole purpose of issuing trust preferredsecurities. The Company accounts for the Trust in accordance with FASBInterpretation No. 46R, "Consolidation of Variable Interest Entities, anInterpretation of ARB No. 51" and, as such, the Trust is not consolidated. TheCompany's $372.0 thousand investment in the common equity of the Trust isincluded in the consolidated balance sheets as other assets and $12.372 millionof subordinated debentures. Interest expense paid to the Trust is included inthe consolidated statements of income as expense. The Company incurred costsrelating to the issuance of the debentures totaling $130.0 thousand. Thesecosts, which are included in other assets on the balance sheet, were deferredand are being amortized to interest expense using the straight-line method overa twenty-five year period. Interest expense on the debentures was $134.0thousand and $154.1 thousand for the three and nine months ended September 30,2004, respectively. 

On June 17, 2004, the Company, through the Trust, issued12,000 floating rate pooled trust preferred securities with a liquidationpreference of $1,000 per security. The trust preferred securities represent aninterest in the related junior subordinated debentures of the Company, whichwere purchased by the Trust and have substantially the same payment terms asthese trust preferred securities. The junior subordinated debentures are theonly assets of the Trust and interest payments from the debentures finance thedistributions paid on the trust preferred securities. Distributions on thedebentures are payable quarterly at a variable interest rate, reset quarterly,equal to 3-month LIBOR plus 2.70% (4.59% at September 30, 2004) and are includedin interest expense in the consolidated statements of income.

The trust preferred securities are subject to mandatoryredemption at the liquidation preference, in whole or in part, upon repayment ofthe junior subordinated debentures at maturity or their earlier redemption. Thejunior subordinated debentures are redeemable prior to the maturity date of June17, 2034, at the option of the Company on or after June 17, 2009, in whole atany time or in part from time to time. The junior subordinated debentures arealso redeemable at any time, in whole, but not in part, upon the occurrence ofspecific events defined within the trust indenture. The Company has the optionto defer distributions on the junior subordinated debentures from time to timefor a period not to exceed 20 consecutive quarters.

A portion of the proceeds from the issuance of the trustpreferred securities were used by the Company to retire long-term debt (see Note 6). The remaining proceeds were used to increase the capital of the Bank and forgeneral corporate purposes.
**(8.)    SHAREHOLDERS' EQUITY**
In March 2004, the Company completed a sale of common stockto its existing shareholders of record as of January 14, 2004. A total of1,814,291 shares of $.001 par value common stock were sold at $9.00 per share,providing $16.2 million in additional capital, net of $97.2 thousand for stockoffering costs. 

In April 2004, the Company issued 115,750 shares of Commonstock, in exchange for 115,750 shares of Class B Common stock, to the soleshareholder of the Class B Common Stock. This transaction had no effect on thenumber of authorized shares of either class of stock.

In June 2004, the Company's Board of Directors approved theadoption of an employee stock purchase plan. The plan was established to allowthe Company to offer shares to its employees and directors when shares areoffered to its 

11

existing shareholders, however, the board may elect not tomake the shares available, regardless of any stock offering made or scheduled tobe made to existing shareholders. In September 2004, the Company completed thesale of common stock through the employee stock purchase plan. A total of 63,904shares of $.001 par value common stock were sold at $9.00 per share, providing$575.1 thousand in additional capital, net of $4.8 thousand for stock offeringcosts.

Subsequent to these capital transactions, there were3,955,565 shares of Common stock issued and outstanding and no shares of Class BCommon stock issued or outstanding at September 30, 2004.
***Amendment to Certificate of Incorporation***
At the annual meeting of shareholders held in June 2004,Great Lakes Bancorp, Inc. shareholders voted to adopt an amendment to thecertificate of incorporation of the Company. This amendment reduced theCompany's authorized capital stock from a total of 30,000,000 shares to a totalof 18,000,000 shares by reducing the authorized number of shares of our commonstock from 20,000,000 shares to 16,000,000 shares, the authorized number ofshares of our preferred stock from 5,000,000 shares to 2,000,000 shares and byeliminating the 5,000,000 authorized shares of our Class B common stock.

The reduction in the number of shares of stock the Company isauthorized to issue is solely for the purpose of reducing the amount offranchise taxes paid in Delaware, which is calculated based upon a number offactors, most pertinent being the total number of authorized shares and ourtotal gross assets at year end.
****
12

**Item 2. - Management's Discussion and Analysis of FinancialCondition and Results of Operations****Forward-Looking Statements**
When used or incorporated by reference, the words"anticipate", "estimate", "expect", "believes", "project", "target", "goal", andother similar expressions are intended to identify forward-looking statementswithin the meaning of Section 27A of the Securities Act of 1933. Suchforward-looking statements are subject to certain risks, uncertainties andassumptions. Should one or more of these risks or uncertainties materialize, orshould underlying assumptions prove incorrect, actual results may varymaterially from those anticipated, estimated, expected or projected. Readers arecautioned not to place undue reliance on these forward-looking statements, asthey reflect management's analysis only as of the date of this report. TheCompany expressly disclaims any obligation or undertaking to publicly releaseany updates or revisions to any forward-looking statement contained herein toreflect any change in the Company's expectation with regard thereto or anychange in events, conditions or circumstances on which any such statement isbased.

Many of the comparisons of financial data from period toperiod presented in the following discussion have been rounded from actualvalues reported in the financial statements. The percentage changes presentedherein are based on a comparison of the actual values recorded in the financialstatements, not the rounded values.
**Critical Accounting Policies**
Our management is required to evaluate and disclose thoseaccounting policies that are judged to be critical, which are those mostimportant to the portrayal of our financial condition and results of operations,and that require management's most subjective and complex judgments. Ourmanagement considers the accounting policies relating to the provision for loanlosses and related allowance for loan losses and the determination of deferredtax assets/liabilities to be critical accounting policies. 
**Discussion of Financial Condition Changes from December 31,2003 to September 30, 2004**
Total assets increased $271.8 million during the first ninemonths of 2004 to $658.0 million, due to increases of $33.9 million cash andcash equivalents, $59.9 million in loans receivable and $170.0 million insecurities. Growth in total assets was funded by $115.8 million in deposits,$139.0 million from securities sold under agreement to repurchase, $12.0 million(net of the Company's investment in the subsidiary) from subordinated debenturesrelated to the issuance of trust preferred securities, and net proceeds of $16.8million from stock offerings to shareholders and employees.
***Cash and Cash Equivalents. Non-interest-bearing cashand due from banks increased from $5.2 million at December 31, 2003 to $6.9million at September 30, 2004. Interest-bearing deposits in other financialinstitutions increased from $4.0 million at December 31, 2003 to $36.2 millionat September 30, 2004. The average yields earned on these deposits were 1.39%and 1.12% over the nine-month periods ended September 30, 2004 and 2003,respectively. Daily cash levels may show significant fluctuations due to avariety of operating factors. Most significantly, the timing of deposit inflows,normal inflows and outflows in transaction accounts, short-term borrowings, loanclosings and securities purchases may cause short-term swings in cash balances;however management attempts to invest all excess cash in longer lived assets asquickly as possible.
***Securities. Securities classified as available forsale are investments that may be sold in response to changing market andinterest rate conditions or for other business purposes. Activity in thisportfolio is undertaken primarily to manage liquidity and interest rate risk andto take advantage of market conditions that create economically more attractivereturns. Purchases and sales of available for sale securities totaled $289.8million and $90.1 million, respectively during the first nine months of 2004.The portfolio increased by $169.0 million from $137.2 million at December 31,2003 to $306.2 million at September 30, 2004. The average yield on thesecurities available for sale portfolio increased from 4.24% at December 31,2003 to 4.45% at September 30, 2004, while the average estimated life, adjustedfor historical prepayment patterns on mortgage-backed securities, also increasedfrom 2.7 years to 3.4 years during this same period. The available for saleportfolio had net unrealized losses of $677.6 thousand at September 30, 2004,compared to net unrealized losses of $655.2 thousand at December 31, 2003.

Securities classified as held to maturity are carried atamortized cost when the Company has the positive intent and ability to hold suchsecurities to maturity. Purchases of held to maturity securities totaled $1.0million during the first nine months of 2004. There were no sales during thisperiod. The portfolio increased from $2.0 million to $3.0 

13

million while the average yield earned increased from 3.02%to 3.84% during this same period. The average estimated life of the held tomaturity securities portfolio was and 8.8 years at September 30, 2004.
***Loans. The loan portfolio inherently includesinterest rate and credit risk. The Bank attempts to control such risks throughanalysis of credit applications and portfolio diversification. During the firstnine months of 2004, total net loans receivable increased $59.9 million from$226.0 million to $285.9 million. The portfolio consists of 71.4% residentialmortgages, 14.2% commercial loans and 14.4% consumer loans, with a weightedaverage interest rate of 5.52%at September 30, 2004, compared to 5.60% at December 31, 2003.Several mortgage brokers in the Western New York area have been contracted withto provide the public with increased access to the Bank's residential mortgageproducts. Total unfunded loan commitments and unused lines-of-credit atSeptember 30, 2004 and December 31, 2003 were $45.4 million and $34.3 millionrespectively.***Allowance for Loan Losses. The allowance for loanlosses is established through a provision for loan losses charged to earnings.Loan losses are charged against the allowance when management believes theuncollectibility of a loan balance is confirmed. Recoveries on loans previouslycharged off are credited directly to the allowance for loan losses. Theallowance is an amount that our management believes is adequate to absorbprobable losses on existing loans.

Our loan loss methodology consists of several key components,including a review of the two elements of the Bank's loan portfolio, performingloans and classified loans. Performing loans are reviewed based upon the premisethat there are losses inherent within the loan portfolio that have been incurredas of the balance sheet date, however, have not yet been identified. We utilizea formula to determine our allowance relating to performing loans, reservingvarious percentages for each loan category. In deriving these expected losspercentages, our management considered the following criteria: the historicalloss experience of each loan category; an assessment of portfolio trends andconditions; the level and composition of new loan activity; specific industryconditions; and specific risk factors impacting the portfolios, such as theinterest rate environment and the current condition and recent history of theoverall local real estate market.

Classified loans are designated as substandard, doubtful orloss. We consider a loan to be substandard if it is inadequately protected bythe current net worth and paying capacity of the borrower or of the collateralpledged, if any. Substandard assets include those characterized by the distinctpossibility that the Bank will sustain some loss if the deficiencies are notcorrected. Loans classified as doubtful have all of the weaknesses inherent inthose classified substandard, with the added characteristic that the weaknessespresent make collection or liquidation in full, on the basis of currentlyexisting facts, conditions, and values, highly questionable and improbable.Loans classified as loss are those considered uncollectible and of such littlevalue that their continuance as assets without the establishment of a specificloss reserve is not warranted. When the classifies problem loans as eithersubstandard or doubtful, it establishes allowances for loan losses in amountsdeemed prudent by management, generally at an additional 20% and 50%,respectively.

Additionally, the Bank's allowance for loan losses consistsof an unallocated component. This component addresses the margin of imprecisionin the underlying assumptions used in the methodologies for estimating losses inthe performing and classified elements of the loan portfolio.

The allowance for loan losses at September 30, 2004 of $2.0million equaled .71% of total loans outstanding and 546.6% of non-performingloans. The allowance for loan losses at December 31, 2003 of $1.8 millionequaled .81% of total loans outstanding and 539.8% of non-performing loans. Thedecrease in the allowance for loan losses as a percentage of total loans isattributable to the removal of a commercial loan from the substandardclassification and a change in our Bank's reserve methodology during the firstquarter of 2004. Approximately $100 thousand had been specifically reserved forthe loan of $498.3 thousand, which management removed from the classified loanlisting after a year of positive performance. In addition, the Bank lowered theallocated loss percentages on its residential mortgage portfolio from .50% to..40% and from 1.00% to .75% on its home equity products (loans and lines). Theimpact of the decrease in the expected loss percentages was approximately $200thousand. We believe that our allowance for loan losses is sufficient to coverprobable loan losses. The allowance for loan losses at September 30, 2003 of$1.6 million equaled .83% of total loans outstanding and 491.0% ofnon-performing loans.

14

The following table summarizes activity in the allowance forloan losses and other related data:
Nine months ended September 30,20042003Average loans outstanding$         276,646,093     $        186,661,281 Loans outstanding at end of period (1)         283,675,037           196,034,691 Allowance for loan losses at beginning of period             1,807,000               1,377,000    Charge-offs:Residential mortgage -  - Commercial loans -  - Consumer loans                           (675)                      (3,195)Total charge-offs                      (675)                (3,195)Recoveries:Consumer loans                    1,726                         248    Net recoveries (charge-offs)                    1,051                    (2,947)Provision for loan losses                210,949                  249,947    Allowance for loan losses at end of period$             2,019,000     $            1,624,000    
(1) Loans outstanding at end ofperiod does not include allowance for loan losses or deferred lending costs.
***Deposits. Deposits, which include non-interestbearing demand deposits and interest-bearing savings and time deposits, are theBank's primary source of funding. The Bank seeks deposits within the market areaby paying competitive interest rates, offering high quality customer service andusing technology to deliver deposit services effectively. We offer a variety ofproducts designed to attract and retain customers, with the primary focus onbuilding and expanding relationships. As our Bank is less than five years old,each of our existing seven branches is still relatively new. We expect thatbranch deposit growth will begin to stabilize after several years as thesebranches mature. 

Deposits at September 30, 2004 totaled $476.5 million, a32.1% increase over the December 31, 2003 balance of $360.6 million.Our cost of funding deposits increased slightly from 1.90%to 1.91% over this nine-month period. The composition of the deposit base, bycategory, at September 30, 2004 is as follows: 4.1% non-interest bearing demanddeposits, 57.8% savings deposits, 6.7% money market and interest bearing demanddeposits and 31.4% time deposits.Each deposit category experienced increases over the nine-month period. Dollarand percentage increases were as follows: non-interest bearing demand deposits,$5.2 million or 36.6%; savings deposits, $37.7 million or 15.9%; money marketand interest bearing demand deposits, $7.5 million or 55.8%; and time deposits,$65.4 million or 77.5%. Time deposits of $100,000 or more totaled $73.2 million,or 15.4% of total deposits at September 30, 2004. Included in time deposits are certificates issued through theCertificate of Deposit Account Registry Service®, or CDARS®.Through participation in this program, the Bank can provide its customers withup to $5 million in Federal deposit insurance coverage. There were $6.1 millionof deposits issued through the CDARS® program at September 30, 2004(none at December 31, 2003). The composition of deposits at December 31, 2003was 4.0% non-interest bearing demand deposits, 65.9% savings deposits, 6.7%money market and interest bearing demand deposits and 23.4% time deposits.***Short-term Borrowings. At September 30, 2004,short-term borrowings consisted of $145.0 thousand of Treasury Tax and Loandeposits through the Bank's Federal Reserve Bank account. At December 31, 2003,short-term borrowings consisted of one three-day loan due the Federal Home LoanBank totaling $1.3 million and $107.5 thousand of Treasury Tax and Loandeposits. Short-term borrowings from the Federal Home Loan Bank may occasionallybe used to offset fluctuations in deposit inflows and outflows and to manageliquidity needs at competitive rates. Federal Home Loan Bank rates are presentlywell below the Bank's cost of funds and are collateralized by certain qualifyingsecurities. Treasury Tax and Loan deposits can fluctuate daily and are generallyshort-term in nature.
******
15
*** 
Securities Sold Under Agreement to Repurchase. Totalsecurities sold under agreement to repurchase were $129.0 million at September30, 2004 (none at December 31, 2003). The Bank borrowed $139.0 million, inincrements having various maturities of no longer than two years, and investedthe proceeds in agency and mortgage-backed securities to take advantage of thespread between short and long-term interest rates. The Bank repaid a $10.0million agreement which matured in August. These borrowings are secured byspecific investment securities of the Bank. ***Long-term Debt. In June 2004, the Companyutilized a portion of the proceeds from the issuance oftrust preferred securities to retire a $5.0 million note payable to Fifth ThirdBank. Interest expense on the note totaled $101.8 thousand and $4.5 thousand forthe nine-month periods ended September 30, 2004 and 2003, respectively.***Deferred Tax Liability. The deferred tax liability atSeptember 30, 2004 was $960.7 thousand compared to a deferred tax asset of$519.4 thousand at December 31, 2003.The increase resulted from the reduction of the netoperating loss carryforward by $1.5 million attributed to the current year'searnings (see ***Provision for Income Taxes***). Deferred tax assets andliabilities are recognized for the future tax consequences attributable todifferences between the financial statement carrying amount of existing assetsand liabilities and their respective tax bases. Deferred tax assets andliabilities are measured using enacted tax rates expected to be recovered orsettled. The effect on deferred tax assets and liabilities of a change in taxrates is recognized, in income, in the period that includes the enactment date.***Subordinated Debentures. OnJune 17, 2004, the Company, through Great Lakes Bancorp Statutory Trust I,issued 12,000 floating rate pooled trust preferred securities with a liquidationpreference of $1,000 per security. The trust preferred securities represent aninterest in the related junior subordinated debentures of the Company, whichwere purchased by the Trust and have substantially the same payment terms asthese trust preferred securities. The junior subordinated debentures are theonly assets of the Trust and interest payments from the debentures finance thedistributions paid on the trust preferred securities. Distributions on thedebentures are payable quarterly at a variable interest rate, reset quarterly,equal to 3-month LIBOR plus 2.70% (4.59% at September 30, 2004) and are includedin interest expense in the consolidated statements of income.
***Shareholders' Equity. Total shareholders' equityincreased from $18.1 million to $37.3 million during the first nine months of2004. The increase of $19.2 million is comprised of $16.7 million from the saleof common stock, as explained below, and $2.5 million from current year netoperating income. 

In March 2004, the Company completed a sale of common stockto its existing shareholders of record as of January 14, 2004. A total of1,814,291 shares of $.001 par value common stock were sold at $9.00 per share,providing $16.2 million in additional capital, net of $97.2 thousand for stockoffering costs.

In April 2004, the Company issued 115,750 shares of Commonstock, in exchange for 115,750 shares of Class B Common stock, to the soleshareholder of the Class B Common Stock. This transaction had no effect on thenumber of authorized shares of either class of stock.

In June 2004, the Company's Board of Directors approved theadoption of an employee stock purchase plan. The plan was established to allowthe Company to offer shares to its employees and directors when shares areoffered to its existing shareholders, however, the board may elect not to makethe shares available, regardless of any stock offering made or scheduled to bemade to existing shareholders. In September 2004, the Company completed the saleof common stock through the employee stock purchase plan. A total of 63,904shares of $.001 par value common stock were sold at $9.00 per share, providing$575.1 thousand in additional capital, net of $4.8 thousand for stock offeringcosts.

Subsequent to these capital transactions, there were3,955,565 shares of Common stock issued and outstanding and no shares of Class BCommon stock issued or outstanding at September 30, 2004.
**Discussion of Results of Operations for the Three and NineMonths Ended September 30, 2004 and 2003
*General. Our results of operations depend primarilyon net interest income. Net interest income is the difference between theinterest income we earn on our interest-earning assets, primarily mortgageloans, mortgage-backed securities and investment securities, and the interest wepay on our interest-bearing liabilities, primarily time deposits, savingsdeposits and borrowed funds. Our results of operations are also affected by ourprovision for loan losses, non-

16

interest income, and non-interest expense. Non-interestexpense consists primarily of salaries and employee benefits, occupancy expensesand other general and administrative expenses. Non-interest income consistsmainly of service charges and fees and realized gains on securities availablefor sale.

Our results of operations may also be affected significantlyby general and local economic and competitive conditions, particularly thosewith respect to changes in the level of market interest rates, governmentpolicies and actions of regulatory authorities. Future changes in applicablelaw, regulations or government policies may materially impact us. Additionally,our primary lending activity is concentrated in loans secured by real estatemainly located in Western New York. Accordingly, our results of operations maybe affected by local market and economic conditions.
***Net Income. Net income for the nine months endedSeptember 30, 2004 was $2.5 million, compared to $950.8 thousand for the ninemonths ended September 30, 2003. Total interest and noninterest income increased63.7% from $10.7 million during the nine months ended September 30, 2003 to$17.5 million during the nine months ended September 30, 2004. Interest expense,noninterest expense and the provision for loan losses increased 47.9% from $9.1million to $13.5 million during the same periods as the Bank continues to incuroperating expenses related to its growth.

Net income for the three months ended September 30, 2004******was $1.2 million, compared to $373.8******thousand for thethree months ended September 30, 2003. Total interest and noninterest incomeincreased 86.7% from $3.9 million during the three months ended September 30,2003 to $7.3 million during the three months ended September 30, 2004. Interestexpense, noninterest expense and the provision for loan losses increased 62.6%from $3.3 million to $5.4 million during the same periods.
***Interest Income. For the nine months ended September30, 2004, total interest income increased by $6.3 million or 65.2% to $16.0million compared to $9.7 million for the nine months ended September 30, 2003.Similarly, for the three months ended September 30, 2004, total interest incomeincreased by $2.8 million or 77.6% to $6.4 million compared to $3.6 million forthe three months ended September 30, 2003. These increases resulted primarilyfrom a $191.7 million, or 72.9% increase in average interest-earning assets to$454.7******million for the nine months ended September 30, 2004, from $263.0million for the nine months ended September 30, 2003. The yield on averageinterest-earning assets decreased to 4.69% and 4.61% for the nine and threemonth periods ended September 30, 2004 from 4.87% and 4.67% for the same periodslast year.
The significant increases in average interest-earning assetswere due to a combination of rapid loan growth and purchases of investmentsecurities. These assets were funded by a combination of increased deposits,proceeds from repurchase agreements and capital growth. The decrease in theyield on average interest-earning assets from period to period resultedprimarily from a decrease in the yield on the Bank's loans receivable, partiallyoffset by an increase in the yield on investment securities. The yields earnedon interest-earning assets generally declined throughout these periods as theFederal Reserve Bank continued to maintain the historically low interest rateenvironment. We expect the yields on interest-earning assets to increase withthe recent increase in interest rates by the Federal Reserve Bank.

Interest income on loans receivable increased by $2.7 millionto $10.0 million for the nine months ended September 30, 2004 compared to $7.3million during the same period last year. This increase resulted primarily froman $88.5 million increase in average loans outstanding to $259.8 million for thenine months ended September 30, 2004 from $171.3 million for the same periodlast year. The yield on average loans decreased to 5.16% during the nine monthsended September 30, 2004 from 6.02% for the comparable period last year.

Interest income on loans receivable increased by $1.0 millionto $3.6 million for the three months ended September 30, 2004 compared to $2.6million during the same period last year. This increase resulted primarily froma $92.3 million increase in average loans outstanding to $280.7 million for thethree months ended September 30, 2004 from $188.4 million for the same periodlast year. The yield on average loans decreased to 5.08% during the three monthsended September 30, 2004 from 5.82% for the comparable period last year.

Interest income on securities increased $3.6 million, or161.8% to $5.8 million for the nine months ended September 30, 2004 from $2.2million for the nine months ended September 30, 2003. This increase resultedprimarily from a $99.8 million increase in average securities to $181.2 millionduring the nine months ended September 30, 2004 from $81.4 million for the sameperiod last year. The yield on average investments increased to 4.26% during thenine months ended September 30, 2004 compared to 4.06% during the nine monthsended September 30, 2003.

17

Interest income on securities increased $1.7 million, or184.2% to $2.7 million for the three months ended September 30, 2004 from $937.5thousand for the three months ended September 30, 2003. This increase resultedprimarily from a $138.1 million increase in average securities to $243.3 millionduring the three months ended September 30, 2004 from $105.2 million for thesame period last year. The yield on average investments increased to 4.36%during the three months ended September 30, 2004 compared to 3.93% during thethree months ended September 30, 2003. 

Interest income on interest-bearing deposits increased $34.3thousand, or 28.2% to $156.1 thousand for the nine months ended September 30,2004 from $121.8 thousand for the nine months ended September 30, 2003. Theseincreases resulted from a higher yield combined with a $2.1 million increase inaverage interest-bearing deposits to $11.5 million during the nine months endedSeptember 30, 2004 from $9.1million for the same period last year. The yield on averageinterest-bearing increased to 1.39% during the nine months ended September 30,2004 compared to 1.12% during the nine months ended September 30, 2003. Interestincome on interest-bearing deposits increased $68.1 thousand, or 167.5% to$108.8 thousand for the three months ended September 30, 2004 from $40.7thousand for the three months ended September 30, 2003.***Interest Expense. Total interest expense increased$2.1 million, or 44.3% to $6.6 million for the nine months ended September 30,2004 compared to $4.5 million for the nine months ended September 30, 2003.Total interest expense increased $1.3 million, or 85.9% to $2.9 million for thethree months ended September 30, 2004 compared to $1.6 million for the threemonths ended September 30, 2003. 

Interest expense from deposits increased $1.1 million, or24.4% to $5.6 million for the nine months ended September 30, 2004 from $4.5million for the nine months ended September 30, 2003. The average balance ofcustomer deposits, the most significant portion of interest-bearing liabilities,increased by $136.2 million, or 53.8% to $389.2 million for the nine monthsended September 30, 2004 from $253.0 million for the comparable period lastyear. However, the average cost of funds (customer deposits) decreased to 1.93%for the nine months ended September 30, 2004 from 2.41% for the nine monthsended September 30, 2003. The decrease in the cost of funds during this periodwas primarily attributable to the Bank's downward adjustment of interest rateson passbook savings deposits, which represent over 50% of the Bank's totaldeposits, during the second quarter of 2004. Management prices its depositliabilities based on various factors, such as the interest rate environment,market conditions and local competition. Interest expense from depositsincreased $733.3 thousand, or 47.2% to $2.3 million for the three months endedSeptember 30, 2004 from $1.6 million for the three months ended September 30,2003. This increase is consistent with the average balance of customer depositswhich increased by $136.9 million, or 46.9% to $428.5 million for the threemonths ended September 30, 2004 from $291.6 million for the comparable periodlast year. The average cost of funds (customer deposits) was 2.12% during eachof these three months periods.

Interest expense from securities sold under agreements torepurchase was $500.3 thousand and $672.4 thousand for the three and nine monthsended September 30, 2004, respectively. Interest expense from subordinateddebentures was $134.0 thousand and $154.1 thousand for the three and nine monthsended September 30, 2004, respectively. There was no interest expense incurredfrom these items for the three and nine months ended September 30, 2003.Interest expense from long-term debt was $101.8 thousand for the nine monthsended September 30, 2004 and $4.5 thousand for the three and nine months endedSeptember 30, 2003.
***Net Interest Income. Net interest income is thedifference between interest and fees earned on assets and the interest paid ondeposits and borrowings. Net interest income is one of the major determiningfactors in the Bank's performance as it is the principal source of revenue andearnings. For the nine month period ended September 30, 2004, net interestincome increased $4.3 million, or 83.8% to $9.4 million compared to $5.1 millionfor the nine months ended September 30, 2003, primarily as a result of increasesin the volume of interest-earning assets. For the three-month period endedSeptember 30, 2004, net interest income increased $1.4 million, or 71.1% to $3.4million compared to $2.0 million for the three months ended September 30, 2003.

Net interest margin is interest income earned on loans,securities and other earning assets, less interest expense paid on deposits andborrowings, expressed as a percentage of total average earning assets. The netinterest margin for the nine months ended September 30, 2004 was 2.76% comparedto 2.58% for the same period in 2003. The increase in net interest marginresulted primarily from the re-pricing of our interest bearing liabilities tolower prevailing rates. The interest rate spread, which is the differencebetween the average yield on earning assets and the cost of interest-bearingfunds, increased 19 basis points from 2.42% in the nine month period endedSeptember 30, 2003 to 2.61% for the same period in 2004. The net interest marginfor the quarter ended September 30, 2004 was 2.49% compared to 2.62% for 

18

the same quarter in 2003. This decrease in net interestmargin resulted from the re-pricing of our interest bearing liabilities tohigher prevailing rates during the third quarter of 2004. The interest ratespread decreased 21 basis points from 2.51% in the quarter ended September 30,2003 to 2.30% for the same period in 2004.
***Provision for Loan Losses. The provision for loanlosses was $210.9******thousand, a decrease of $39.0 thousand for the nine months endedSeptember 30, 2004 compared to $249.9 thousand during the nine months endedSeptember 30, 2003. For the three months ended September 30, 2004, the provisionincreased $20.2 thousand or 20.8% compared to $97.0 thousand during the threemonths ended September 30, 2003. 
Provisions for losses in the portfolio are charged toearnings in an amount sufficient, in management's judgment, to cover probablelosses based upon the overall risk in the Bank's loan portfolio, currenteconomic conditions and historical trends. Loans totaling $719.0 thousand areclassified as substandard at September 30, 2004 compared to $1.3 million atDecember 31, 2003. Loans in non-accrual status totaled $305.9 thousand atSeptember 30, 2004 compared to $286.6 thousand at December 31, 2003. See ***Allowance for Loan Losses*** for further discussion of the Bank's policiesand accounting treatment relating to loan losses.
***Noninterest Income. Noninterest income increased$491.5 thousand to $1.5 million for the nine-month period ended September 30,2004 compared to $1.0 million for the same period last year. The largestcomponents of noninterest income for the nine months ended September 30, 2004and 2003, respectively, were net realized gains on the sale of securities of$879.0 thousand as compared to $489.4 thousand or a 79.6% increase, otheroperating income, which consists of service charges on loan accounts and othermiscellaneous fees, of $336.3 compared to $276.3 thousand or a 21.7% increase,and service charges on deposit accounts of $277.4 thousand as compared to $163.9thousand or a 69.3% increase.Noninterest income increased $606.5 thousand to $930.3 thousandfor the three-month period ended September 30, 2004 compared to $323.8 thousandfor the same period last year. The net realized gains on the sale of securitiesincreased $573.0 thousand or 422.4% from $135.6 thousand to $708.6 thousand overthe same three-month period.***Noninterest Expense. Noninterest expense increased$2.4 million, or 55.3% to $6.7 million for the nine months ended September 30,2004 compared to $4.3 million for the nine months ended September 30, 2003.Similarly, noninterest expense increased $704.7 thousand, or 42.8% to $2.4million for the quarter ended September 30, 2004 compared to $1.6 million forthe same quarter in 2003.

Salaries and employee benefits increased $1.5 million or75.9% as the number of full-time equivalent employees increased from 88 to 121at September 30, 2003 and 2004, respectively. Occupancy, equipment andfurnishings expense increased $245.4 thousand, or 34.1% from $720.3 thousand to$965.7 thousand between the nine months ended September 30, 2003 and 2004,respectively. This increase was primarily the result of equipment costsassociated with the increased number of full-time equivalent employees andexpansion of the Bank's branch network. Data processing expense increased $111.6thousand or 24.7% between the nine months ended September 30, 2003 and 2004. TheBank had 29,933 and 23,040 customer accounts opened at September 30, 2004 and2003, respectively. Data processing costs are directly linked to the number ofcustomer accounts and transactions processed through those accounts. Advertisingexpense increased 88.9% from $207.5 thousand to $392.1 thousand between the ninemonths ended September 30, 2003 and 2004, respectively. The increasedadvertising expense relates to an identity/branding initiative that the Banklaunched during the second quarter of 2004.
***Provision for Income Taxes. The Company's provisionfor income taxes was $1.5 million for the nine months ended September 30, 2004compared to $583.0 thousand for the nine months ended September 30, 2003. Forthe third quarter of 2004, income tax expense was $720.8 thousand, compared to$213.9 thousand for the third quarter of 2003. Income tax expense increasedduring these periods as a result of increased pre-tax income. The effective taxrates for the nine months and three months ended September 30, 2004 were 37.9%and 38.0%, respectively, compared to 38.0% and 36.4% for the same periods of2003. Effective tax rates are impacted by items of income and expense that arenot subject to federal or state taxation. The Company adjusted its income taxprovision during August 2003 to reflect the impact of these items, resulting ina lower effective rate in the 2003 third quarter than the same period in 2004.
** **
19

**Liquidity and Capital Resources**
The Bank's primary sources of funds are customer deposits,short-term borrowings and proceeds from principal and interest payments onloans, mortgage-backed securities and investment securities. While maturitiesand scheduled amortization of loans and mortgage-backed securities are apredictable source of funds, deposit flows and mortgage prepayments areinfluenced by the general level of interest rates, economic conditions andcompetition. In general, as interest rates rise, we expect to realize areduction in cash flows from mortgage prepayments and principal paydowns on ourmortgage-backed securities.

The overall asset/liability strategy of our Bank takes intoaccount the need to maintain adequate liquidity to fund asset growth and depositrunoff. Our management monitors our Bank's liquidity position daily inconjunction with the Federal Reserve position monitoring. We may borrow fundsfrom the Federal Home Loan Bank of New York on a short or long-term basis. Wemay sell or pledge investment securities to create additional liquidity for ourBank. Since its inception in November 1999, our Bank's rapidly increasing coredeposit base has provided our most significant source of funds. During the firstnine months of 2004, the Bank's deposits increased 32.1% from $360.6 million to$476.5 million. However, short-term borrowings from the Federal Home Loan Bankhave been used occasionally to offset fluctuations in deposit inflows andoutflows and to manage liquidity needs at competitive rates. Federal Home LoanBank rates are presently well below the bank's cost of funds. 

The Bank may also obtain capital through additionalinvestments by its parent company, Great Lakes Bancorp, Inc. During the ninemonth period ended September 30, 2004, the Company contributed $23.6 million inadditional capital to the Bank.The contribution of capital to the Bank will permit continuedgrowth in deposits, assets and loans through expansion of its existing lendingand investment activities and possible further branching and acquisitions. Theremaining portion of the net proceeds will be retained by the Company as workingcapital.
The Bank is required to maintain specific amounts of capitalpursuant to FDIC regulations. As of September 30, 2004, the Bank was incompliance with all regulatory capital requirements that were effective as ofsuch date, with a total risk-based capital to risk-weighted assets ratio of18.58% and a Tier 1 risk-based capital to risk-weighted assets ratio of 17.85%and a Tier 1 leverage ratio of 8.68%. These ratios greatly exceed the minimumcapital ratios as required by federal and state regulations.
**Item 3. - Controls and Procedures
*Evaluation of disclosure controls and procedures. TheCompany carried out an evaluation, under the supervision and with theparticipation of the Company's management, including the Chief Executive Officer("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the designand operation of our "disclosure controls and procedures" (as defined in Rule13a-15(e) under the Securities Exchange Act of 1934, as amended). Based on thatevaluation, the CEO and CFO have concluded that, as of the end of the periodcovered by this quarterly report, the information required to be disclosed bythe Company in the reports it files under the Exchange Act is gathered, analyzedand disclosed with adequate timeliness, accuracy and completeness.
***Changes in internal control over financial reporting.There were no changes in the Company's internal control over financial reportingthat occurred during the last fiscal quarter that have materially affected, orare reasonably likely to materially affect, the Company's internal control overfinancial reporting.

20

**Part II. OTHER INFORMATION

Item 1. - Legal Proceedings**
There are no material pending legal proceedings to which theBank or Company is a party, or to which any of their property is subject.
**Item 2. - Unregistered Sales of Equity Securities and Use ofProceeds**
Not applicable.
**Item 3. - Defaults upon Senior Securities**
Not applicable.
**Item 4. - Submission of Matters to a Vote of Security Holders**
Not applicable.
**Item 5. - Other Information**
Not applicable.
**Item 6. - Exhibits**
    (a)    The following exhibits are filed as part of this report:
 **Exhibit #**Description** 
31.1Certification of    the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant    to Section 302 of the Sarbanes-Oxley Act of 2002 
31.2Certification of    the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant    to Section 302 of the Sarbanes-Oxley Act of 2002 
32.1Certification of    the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant    to Section 906 of the Sarbanes-Oxley Act of 2002 
32.2Certification of    the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant    to Section 906 of the Sarbanes-Oxley Act of 2002
21

 
**SIGNATURES**
Pursuant to the requirements of the Securities Exchange Act of 1934, theRegistrant has duly caused this report to be signed by the undersigned thereuntoduly authorized.
**  Great Lakes Bancorp, Inc.      Date: November 12, 2004By:/s/ Andrew W. Dorn, Jr.  Andrew W. Dorn, Jr.    President and Chief Executive Officer            Date: November 12, 2004By:/s/ Kim S. Destro  Kim S. Destro    Vice President and Chief Financial Officer       **
22

**Exhibit 31.1

CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350,AS ADOPTED PURSUANT TOSECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**
I, Andrew W. Dorn, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-QSB ofGreat Lakes Bancorp, Inc. (the "Company");

2. Based on my knowledge, this quarterly report does notcontain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under whichsuch statements were made, not misleading with respect to the period covered bythis quarterly report; 

3. Based on my knowledge, the consolidated financialstatements, and other financial information included in this quarterly report,fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periodspresented in this quarterly report; 

4. The registrant's other certifying officer and I areresponsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-15(e) and 15d-15 (e)) for the registrantand have:

a) designed such disclosure controls and procedures, orcaused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this quarterly report isbeing prepared;

b) evaluated the effectiveness of the registrant's disclosurecontrols and procedures presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the end of theperiod covered by this report based on such evaluation; and

c) disclosed in this report any change in the registrant'sinternal control over financial reporting that occurred during the registrant'smost recent fiscal quarter (the registrant's fourth fiscal quarter in the caseof an annual report) that has materially affected, or is reasonably likely tomaterially affect, the registrant's internal control over financial reporting;and

5. The registrant's other certifying officer and I havedisclosed, based on our most recent evaluation of internal control overfinancial reporting, to the registrant's auditors and the audit committee ofregistrant's board of directors (or persons performing the equivalentfunctions):

a) all significant deficiencies and material weaknesses inthe design or operation of internal control over financial reporting which arereasonable likely to adversely affect the registrant's ability to record,process, summarize and report financial information; and

b) any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in the registrant'sinternal control over financial reporting.

November 12, 2004

 

/s/ Andrew W. Dorn, Jr.Andrew W. Dorn, Jr.President & Chief Executive Officer

23

******Exhibit 31.2

CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350,AS ADOPTED PURSUANT TOSECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**
I, Kim S. Destro, certify that:

1. I have reviewed this quarterly report on Form 10-QSB ofGreat Lakes Bancorp, Inc. (the "Company");

2. Based on my knowledge, this quarterly report does notcontain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under whichsuch statements were made, not misleading with respect to the period covered bythis quarterly report; 

3. Based on my knowledge, the consolidated financialstatements, and other financial information included in this quarterly report,fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periodspresented in this quarterly report; 

4. The registrant's other certifying officer and I areresponsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-15(e) and 15d-15 (e)) for the registrantand have:

a) designed such disclosure controls and procedures, orcaused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this quarterly report isbeing prepared;

b) evaluated the effectiveness of the registrant's disclosurecontrols and procedures presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the end of theperiod covered by this report based on such evaluation; and

c) disclosed in this report any change in the registrant'sinternal control over financial reporting that occurred during the registrant'smost recent fiscal quarter (the registrant's fourth fiscal quarter in the caseof an annual report) that has materially affected, or is reasonably likely tomaterially affect, the registrant's internal control over financial reporting;and

5. The registrant's other certifying officer and I havedisclosed, based on our most recent evaluation of internal control overfinancial reporting, to the registrant's auditors and the audit committee ofregistrant's board of directors (or persons performing the equivalentfunctions):

a) all significant deficiencies and material weaknesses inthe design or operation of internal control over financial reporting which arereasonable likely to adversely affect the registrant's ability to record,process, summarize and report financial information; and

b) any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in the registrant'sinternal control over financial reporting.

November 12, 2004

 

/s/Kim S. DestroKim S. DestroVice President & Chief Financial Officer

24

******Exhibit 32.1

CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350,AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**
In connection with the quarterly report of Great Lakes Bancorp, Inc. (the"Company") on Form 10-QSB for the period ended September 30, 2004 as filed withthe Securities and Exchange Commission on the date hereof (the "Report"), I,Andrew W. Dorn, Jr., Chief Executive Officer, certify to the best of myknowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002, that:

 
 (1)The Report fully complies with the requirements of section 13(a)or 15(d) of    the Securities Exchange Act of 1934; and,    (2)
The information contained in the Report fairly presents, in all material    respects, the financial condition and results of operations of the Company.              November 12, 2004           /s/Andrew W. Dorn, Jr.             Andrew W. Dorn, Jr.****President & Chief Executive Officer         
 

 

25

**Exhibit 32.2

CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350,AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**
In connection with the quarterly report of Great Lakes Bancorp, Inc. (the"Company") on Form 10-QSB for the period ended September 30, 2004 as filed withthe Securities and Exchange Commission on the date hereof (the "Report"), I, KimS. Destro, Chief Financial Officer, certify to the best of my knowledge,pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of theSarbanes-Oxley Act of 2002, that:

 
 (1)    The Report fully complies with the requirements of section 13(a)or      15(d) of the Securities Exchange Act of 1934; and,    (2)The information contained in the Report fairly presents, in all material    respects, the financial condition and results of operations of the Company.              November 12, 2004           /s/Kim S. Destro             Kim S. DestroVice    President & Chief Financial Officer         
26************************************************************************************ |