Peoples Federal Bancshares will be allowed to repurchase another 5 percent of its outstanding shares, or 323,296 shares, under a recent increase in the company’s share repurchase program.

The board of directors at the Brighton-based holding company for Peoples Federal Savings Bank authorized the third such increase Friday, the company said in a statement. The stock repurchase plan was first announced in July 2011 and expanded in February 2012 and again in October 2012.

As of Dec. 5, the company had repurchased 1.03 million shares under the repurchase plan.