Poage Bankshares Inc. may buy back up to 185,000 common shares, representing about 5% of the shares currently outstanding, under a new stock repurchase program authorized by its board Dec. 20.

The Ashland, Ky.-based company will treat any repurchased shares as authorized but unissued shares.

A Form 8-K said that 39,691 shares may still be bought back under the company's current stock repurchase program.