Eugene, Ore.-based Summit Bank's board approved a common stock offering expected to be worth around $5 million.

The terms of the offering will be released by early March, and will be open to existing shareholders and new investors.

In an earnings release, the company reported net income of $759,000, or 21 cents per share, for the fourth quarter of 2016, as compared to $647,000, or 19 cents per share, in the year-ago period.