First Bancorp, the parent company of First Bank, announced a cash dividend of 18 cents per share, a 50 percent increase over the prior rate of 12 cents, in a press release Tuesday.

The dividend price will be payable on Jan. 24 to shareholders on record as of Dec. 31.

The company also updated its share repurchase program, allowing it to buy back shares of its common stock worth up to $40 million.

The previous repurchase program, announced Feb. 5, permitted up to $25 million of repurchase authorization. The company repurchased $10 million in shares under that program.

“As a result of high levels of earnings, the company’s capital position has increased significantly and provided us the opportunity to increase the dividend rate and to consider share repurchases if they are believed to be beneficial to shareholders,” said Richard Moore, chief executive officer of First Bancorp.

First Bancorp is a bank holding company that owns and operates First Bank. Its shares closed at $38.46 Thursday afternoon, up 7 cents.