Item 1.01. Entry into a Material Definitive Agreement.

On January 7, 2021 (the "Closing Date"), Professional Holding Corp. (the "Company") and Valley National Bank, entered into an amendment (the "Valley National Amendment") of that certain Promissory Note (Revolving) (the "Note") dated December 19, 2019, in the amount of $10.0 million. The principal balance outstanding pursuant to the Note on the Closing Date was $0.

The Valley National Amendment, among other things, extended the maturity date of the Note to March 19, 2021. No other material terms of the Note changed.

The foregoing description of the Valley National Amendment is qualified in its entirety by reference to the complete text of the Valley National Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is hereby incorporated by reference to this Item 2.03.




Item 9.01.     Financial Statements and Exhibits.



(d) Exhibits



Exhibit No.    Description
10.1             Amendment dated January 7, 2021, to the Promissory Note (Revolving)
               dated December 19, 2019, by and between Professional Holding Corp. and
               Valley National Bank.

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