On May 10, 2021 Professional Holding Corp. and Valley National Bank entered into an extension of that certain Promissory Note (Revolving) (the Note") dated December 19, 2019, as extended January 7, 2021, in the amount of $10.0 million. The principal balance outstanding pursuant to the Note on the Closing Date was $0. The Valley National Extension, among other things, extended the maturity date of the Note to March 1, 2022. The other material terms of the Note were unchanged. The foregoing description of the Valley National Extension is qualified in its entirety by reference to the complete text of the Valley National Extension, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.