Cortland Bancorp's board adopted a new stock repurchase program, under which the Cortland, Ohio-based company is authorized to buy back up to 100,000 of its 4,420,255 issued and outstanding shares, equating to about 2.3%.

The program is effective through Dec. 31 but may be limited or terminated at any time.

Also, the board declared a quarterly dividend of 8 cents per share and a special year-end dividend of 7 cents per share, both payable March 1 to shareholders of record as of Feb. 10. The company's previous quarterly dividend was 7 cents per share.

The company reported fourth-quarter 2016 net income of $1.1 million, or 26 cents per share, compared to $1.1 million, or 24 cents per share, in the fourth quarter of 2015. Full-year 2016 net income was $4.9 million, or $1.11 per share, compared to $4.4 million or 97 cents per share in 2015.