NewStar Financial Inc.'s board has authorized the repurchase of up to $30 million of the company's common stock.

The company may buy back shares from time to time on the open market or in privately negotiated transactions. The new program will start immediately after the expiration of the current buyback program on Dec. 31 and will expire Dec. 31, 2017, unless extended. The company may also establish from time to time 10b5-1 trading plans.

Under the existing program, NewStar has repurchased about 2.4 million common shares for a total of about $18.6 million to date, in addition to 2.5 million shares bought for about $22.3 million in privately negotiated transactions authorized by the board outside of the repurchase program.