Cortland Bancorp's board approved a share repurchase program authorizing the buyback of up to 200,000 shares, or about 4.6%, of the company's outstanding common stock.

The program is effective for calendar year 2020 and will start on Jan. 2, 2020.

Cortland Bancorp's current share repurchase program will expire Dec. 31. On a year-to-date basis through the close of business on Dec. 16, the Ohio-based company repurchased 54,000 common shares at an average price of $22.48 per share under this program.