UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report: December 9, 2022

Professional Holding Corp.

(Exact name of registrant as specified in its charter)

Florida	001-39215	46-5144312
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
396 Alhambra Circle, Suite 255 Coral Gables, Florida,		33134
(Address of principal executive offices)		(Zip Code)

(786) 483-1757

(Registrant's telephone number, including area code)

Not applicable.

(Former name or former address, if changed since last report)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Class		Trading Symbol(s)		Name of Exchange on which registered
Class A Common Stock, par value $0.01 per share		PFHD		NASDAQ Stock Market, LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01

Other Events.

As previously reported, on August 7, 2022, Professional Holding Corp. (the “Company,” “we,” or “our”), the parent company of Professional Bank, entered into an Agreement and Plan of Merger (the “Agreement”) providing for the merger (the “Merger”) of the Company with and into Seacoast Banking Corporation of Florida (“Seacoast”), the parent company of Seacoast National Bank (“SNB”), and the merger of Professional Bank with and into SNB (together with the Merger, the “Mergers”). In connection with the Mergers, the Company filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement, dated November 14, 2022 (the “Definitive Proxy Statement”), and commenced mailing the Definitive Proxy Statement to shareholders of the Company on or about November 14, 2022.

Since October 24, 2022, the Company has received demand letters from certain purported shareholders of the Company (the “Demand Letters”). The Demand Letters allege that the Definitive Proxy Statement (or the related preliminary proxy statement, filed on October 4, 2022) contains certain disclosure deficiencies.

The Company has not responded to the Demand Letters and believes they are without merit. However, in order to moot the unmeritorious disclosure claims, alleviate the costs, risks and uncertainties inherent in litigation, and provide additional information to its shareholders, the Company is voluntarily supplementing the Definitive Proxy Statement with the supplemental disclosures described in the following section entitled “Supplemental Disclosures” in this Current Report on Form 8-K. Nothing in this Current Report on Form 8-K is an admission, or shall be deemed an admission, of the legal necessity or materiality under applicable laws of any of the disclosures set forth herein. To the contrary, the Company denies all allegations in the Demand Letters that additional disclosure was or is required.

This filing will not affect the timing of the special meeting of the Company’s shareholders scheduled for December 15, 2022, at 1:00 p.m., Eastern Time. The Company’s board of directors continues to recommend that the Company’s shareholders vote “FOR” the approval of the merger proposal.

Supplemental Disclosures

The following are additional disclosures that supplement the disclosures contained in, and that should be read in conjunction with, the Definitive Proxy Statement, which should be read in its entirety. To the extent that information in this supplemental disclosure differs from, or updates information contained in, the Definitive Proxy Statement, the information in this supplemental disclosure shall supersede or supplement the information in the Definitive Proxy Statement. Capitalized terms used herein, but not otherwise defined, shall have the meanings ascribed to such terms in the Definitive Proxy Statement.

The Definitive Proxy Statement is hereby revised to reflect the following:

The disclosure under the heading “Proposal 1: The Merger – Background of the Merger” is supplemented by adding the following underlined text to the third full paragraph on page 39 of the Definitive Proxy:

The parties had no further contact until April 12, 2022, when Mr. Martens advised Mr. Shaffer that on April 11, 2022, Professional had received an unsolicited non-binding letter of intent from a third party seeking to purchase Professional. Prior to the receipt of the letter of intent, neither the Professional board of directors nor its management had intended to solicit a sale or merger of Professional. Mr. Martens and Mr. Shaffer informally discussed Seacoast’s interest in a potential merger/acquisition transaction with Professional. At approximately the same time, Professional’s investment bankers, Stephens, informally contacted Piper Sandler, investment bankers to Seacoast, to discuss a potential transaction. On April 13, 2022, Seacoast formally engaged Piper Sandler to act as its exclusive financial advisor in connection with a possible transaction. Following further discussions, on April 15, 2022, Professional and Seacoast entered into a confidentiality agreement containing customary terms, including a waivable standstill provision, in connection with a possible transaction.

The disclosure under the heading “Proposal 1: The Merger – Background of the Merger” is supplemented by adding the following underlined text to the sixth full paragraph on page 39 of the Definitive Proxy:

Following its engagement, Stephens contacted 11 potential parties, including Seacoast and the initial third-party offeror, with regard to a possible combination with Professional. Three of those parties entered into confidentiality agreements containing customary terms, including waivable standstill provisions, with Professional, following which they were given access to a virtual data room. The parties were further advised that the deadline for the submission of a bid was June 1, 2022. Three potential buyers submitted proposals to purchase Professional, including Seacoast.

The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor — Comparable Company Analyses” is amended by deleting the table of company names at the bottom of page 48 (the Seacoast Peer Group) of the Definitive Proxy Statement and replacing it with the following:

Financials as of June 30, 2022			Balance Sheet				Capital Position							LTM Profitability					Valuation as of August 3, 2022
										Total		Bank CRE /							Price /
					Loans/	NPAs /		TCE /	Lev.		RBC		Total					Effic.			LTM	2022	E	2023	E	Div.	Market
				Assets	Deps.	Assets		TA	Ratio		Ratio		RBC		ROAA	ROAE	NIM	Ratio		TBV	EPS	EPS		EPS		Yield	Cap
Company	City, State	Ticker		($M)	(%)	(%)		(%)	(%)		(%)		(%)		(%)	(%)	(%)	(%)		(%)	(x)	(x)		(x)		(%)	($M)
Atlantic Union Bkshs Corp.	Richmond, VA	AUB		19,662	84.7	0.21		6.78	9.26		13.85		268.5		1.14	8.66	3.12	53.7		199	11.8	11.6		9.8		3.6	2,522
Trustmark Corp.	Jackson, MS	TRMK		16,952	74.2	0.39¹		7.23	8.80		13.26		235.6		0.64	6.47	2.64	75.8		167	18.3	14.1		13.0		2.8	2,013
TowneBank	Portsmouth, VA	TOWN		16,864	74.5	0.10		8.26	9.19		16.76		227.6		1.16	9.92	2.77	63.2		158	11.7	11.2		10.3		3.2	2,084
WesBanco Inc.	Wheeling, WV	WSBC		16,800	75.2	0.21¹		7.52	9.51		15.40		275.8		1.09	6.96	3.01	58.9		172	12.0	11.5		10.8		4.0	2,020
Renasant Corp.	Tupelo, MS	RNST		16,618	77.0	0.46¹		7.34	9.16		15.34		256.3		0.91	6.77	2.90	65.9		163	12.5	11.6		10.7		2.7	1,876
ServisFirst Bancshares Inc.	Birmingham, AL	SFBS		14,494	90.2	0.08		8.27	8.19		11.18		319.3		1.52	19.70	2.93	32.2		392	20.9	18.5		17.0		1.1	4,701
FB Financial Corp.	Nashville, TN	FBK		12,194	81.8	0.39¹		8.90	10.20		13.60		270.8		1.21	10.68	3.24	63.2		187	13.6	13.9		11.5		1.2	1,989
First Bancorp	Southern Pines, NC	FBNC		10,566	66.7	0.39		7.27¹	9.95		14.91		283.9		1.10	9.89	3.14	50.2		190	11.2	9.0		8.6		2.5	1,295
Live Oak Bancshares Inc.	Wilmington, NC	LOB		9,121	71.9	1.60¹		6.98¹	9.44		12.49¹		166.0		2.32	26.28	3.98	63.5		218	9.0	17.7		15.3		0.3	1,715
Amerant Bancorp Inc.	Coral Gables, FL	AMTB		8,151	92.3	0.39		8.51	10.25		13.21		282.3		1.35	13.06	3.14	76.0		130	9.2	12.2		10.4		1.4	897
City Holding Co.	Charleston, WV	CHCO		6,243	69.3¹	0.40		7.76	9.42		16.26		203.7		1.50	13.53	2.92	50.1		272	14.7	13.8		13.4		2.8	1,292
The First Bancshares	Hattiesburg, MS	FBMS		6,037	58.9	0.50¹		6.43	10.43¹		16.98¹		165.1		1.10	9.94	3.06	56.6		160	9.5	9.3		8.3		2.5	604

¹⁾Reflects bank level data

²⁾SBCF data does not include pending acquisitions

Note: Peer group includes publicly traded banks headquartered in the southeast between $5 billion and $20 billion in total assets; Price / Estimated EPS multiples based on mean consensus estimates per S&P Global Market Intelligence for each respective year

The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor — Comparable Company Analyses” is amended by deleting the table of company names at the bottom of page 49 (Professional Peer Group) of the Definitive Proxy Statement and replacing it with the following:

Financials as of June 30, 2022			Balance Sheet				Capital Position							LTM Profitability					Valuation as of August 3, 2022
										Total		Bank CRE /							Price /
					Loans/	NPAs /		TCE /	Lev.		RBC		Total					Effic.			LTM	2022	E	2023	E	Div.	Market
				Assets	Deps.	Assets		TA	Ratio		Ratio		RBC		ROAA	ROAE	NIM	Ratio		TBV	EPS	EPS		EPS		Yield	Cap
Company	City, State	Ticker		($M)	(%)	(%)		(%)	(%)		(%)		(%)		(%)	(%)	(%)	(%)		(%)	(x)	(x)		(x)		(%)	($M)
Burke & Herbert Bank & Trust	Alexandria, VA	BHRB		3,586	59.1	0.27¹		8.12	10.94¹		19.16¹		269.5		1.05	10.32	2.92	68.3		131	10.2	--		--		4.1	380
HomeTrust Bancshares Inc.	Asheville, NC	HTBI		3,549	89.3	0.46¹		10.31	10.11¹		11.02¹		291.9		1.01	9.00	3.42	69.9		103	10.8	10.3		10.3		1.5	372
FineMark Holdings Inc.	Fort Myers, FL	FNBT		3,528	72.4	0.03¹		7.56	9.16		20.03		115.2		0.84	9.65	2.20	65.9		128	12.3	--		--		--	343
Southern First Bancshares Inc	Greenville, SC	SFST		3,288	99.1	0.20		8.60	9.71		13.97		235.6		1.41	15.17	3.36	55.7		124	8.6	11.0		9.9		--	351
First Community Bankshares Inc	Bluefield, VA	FCBC		3,258	82.2	0.82		9.08	8.40¹		13.18¹		232.9		1.37	10.26	3.60	57.8		185	12.3	11.6		11.3		3.6	525
Primis Financial Corp.	McLean, VA	FRST		3,237	98.0	0.65		9.27	10.21		17.58		208.7		0.63	5.15	3.03	69.2		117	16.0	15.1		12.1		2.9	339
American National Bankshares	Danville, VA	AMNB		3,234	71.8	0.17¹		7.58	9.42		14.06		294.4		1.17	11.14	2.85	54.9		157	9.8	10.8		10.6		3.2	375
MetroCity Bankshares Inc.	Doraville, GA	MCBS		3,168	115.6	1.07		9.96	10.31		17.60		36.6		2.40	24.30	4.27	34.4		165	7.5	7.4		7.9		2.9	521
CapStar Finl Hldgs Inc	Nashville, TN	CSTR		3,097	85.0	0.08		10.19	11.10		14.79		274.0		1.47	12.44	3.15	54.6		149	10.1	11.0		10.2		1.9	462
MVB Financial Corp	Fairmont, WV	MVBF		2,984	84.7	0.84¹		8.27	11.63¹		--		262.1		0.95	10.23	3.45	89.5		161	15.2	22.0		9.9		2.1	395
Blue Ridge Bankshares Inc.	Charlottesville, VA	BRBS		2,800	88.4	0.49¹		8.23	10.02¹		12.13¹		281.2		1.43	14.01	3.62	62.5		123	7.2	--		--		3.3	279
Colony Bankcorp Inc.	Fitzgerald, GA	CBAN		2,728	62.3	0.22¹		6.52	10.74		16.55		309.6		0.72	8.24	3.20	76.4		146	11.3	10.2		8.7		3.0	253
River Financial Corp.²	Prattville, AL	RVRF		2,501	63.6	0.11¹		4.13	8.36¹		13.44¹		177.6		1.15	16.48	3.19	52.1		209	7.8	--		--		1.4	213
C&F Financial Corp.	Toano, VA	CFFI		2,334	75.8	0.15¹		7.31	9.50		15.50		221.9		1.17	13.05	4.10	69.2		101	6.6	--		--		3.3	169
John Marshall Bancorp Inc.	Reston, VA	JMSB		2,316	82.8	0.02		8.96	10.97¹		15.12¹		335.6		1.38	14.48	3.22	45.4		182	12.7	--		--		--	376
FVCBankcorp Inc.	Fairfax, VA	FVCB		2,306	86.4	0.16¹		8.25	10.72¹		--		385.1		1.18	11.82	3.14	50.2		141	11.6	11.0		11.1		--	267
First Citizens Bancshares Inc.²	Dyersburg, TN	FIZN		2,290	60.9	0.52¹		7.29	9.38¹		--		278.3		1.31	12.45	3.33¹	59.7		114	9.0	--		--		2.2	255

¹⁾Reflects bank level data as of June 30, 2022

²⁾Reflects holding company data as of March 31, 2022

Note: Peer group includes publicly traded banks headquartered in the southeast between $2.25 billion and $3.75 billion in total assets; Price / Estimated EPS multiples based on mean consensus estimates per S&P Global Market Intelligence for each respective year

The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor —Analysis of Precedent Transactions” is amended by deleting the table of Acquiror and Target names at the top of page 51 (the Regional Precedent Transactions) of the Definitive Proxy Statement and replacing it with the following:

								Transaction Information												Seller Information
										Price/						Core		1-Day
								Deal		LTM		Est.				Dep.		Market		Total		TCE/		LTM		NPAs/
						Announce.		Value		EPS		EPS		TBV		Prem.		Prem.		Assets		TA		ROAA		Assets
Acquiror	St		Target	St		Date		($M)		(x)		(x)		(%)		(%)		(%)		($M)		(%)		(%)		(%)
The First Bancshares		MS	Heritage Southeast Bancorp.		GA		07/27/22		207.5		15.5		–		179		6.9		32.0		1,697		7.0		0.81		0.22
HomeTrust Bancshares Inc.		NC	Quantum Capital Corp.		GA		07/25/22		67.6		4.2		–		158		4.5		–		660		10.2		3.15		0.00
First Bancorp		NC	GrandSouth Bancorporation		SC		06/21/22		181.1		10.7		10.8		189		8.5		14.3		1,253		7.5		1.40		0.26
F.N.B. Corp.		PA	UB Bancorp		NC		06/01/22		117.7		9.2		–		154		4.4		10.2		1,170		6.6		1.14		0.04
DFCU Financial		MI	First Citrus Bancorp. Inc.		FL		05/12/22		105.0		15.3		–		211		9.3		63.3		689		8.0		1.01		0.00
United Community Banks Inc.		GA	Progress Financial Corp.		AL		05/04/22		268.4		13.2		–		165		7.9		–		1,860		8.3		1.19		0.19
Seacoast Bnkg Corp. of FL		FL	Drummond Banking Co.		FL		05/04/22		173.2		13.8		–		191		9.5		–		1,025		8.3		1.37		0.21
The First Bancshares		MS	Beach Bancorp Inc.		FL		04/26/22		116.7		NM		–		154		9.6		–		620		13.1		0.40		1.77
Seacoast Bnkg Corp. of FL		FL	Apollo Bancshares/Apollo Bank		FL		03/29/22		168.3		20.0		–		195		9.7		–		1,044		9.4		0.91		0.37
United Community Banks Inc.		GA	Reliant Bancorp Inc.		TN		07/14/21		518.6		10.4		11.1		181		12.1		11.0		3,098		9.3		1.62		0.28
Lake Michigan CU		MI	Pilot Bancshares Inc.		FL		06/16/21		99.9		12.3		–		187		9.8		19.1		656		8.1		1.36		0.30
Simmons First National Corp.		AR	Triumph Bancshares Inc.		TN		06/07/21		132.1		17.2		–		153		8.9		–		894		9.7		0.98		0.92
Simmons First National Corp.		AR	Landmark Community Bank		TN		06/07/21		146.4		14.0		–		143		8.0		–		1,007		10.1		1.08		0.66
United Bankshares Inc.		WV	Community Bankers Trust Corp		VA		06/03/21		305.3		14.2		13.5		168		11.7		41.9		1,699		10.2		1.28		0.71
First Bancorp		NC	Select Bancorp Inc.		NC		06/01/21		314.3		23.8		14.4		185		11.0		28.6		1,832		9.4		0.79		0.56
United Community Banks Inc.		GA	Aquesta Financial Holdings		NC		05/27/21		130.6		18.1		–		217		11.8		66.5		752		6.2		1.01		0.76
Peoples Bancorp Inc.		OH	Premier Financial Bancorp Inc.		WV		03/29/21		292.4		12.9		–		139		4.9		9.5		1,946		11.0		1.20		1.16
Seacoast Banking Corp. of FL		FL	Legacy Bank of Florida		FL		03/23/21		106.6		18.1		–		187		16.2		–		533		10.7		1.15		0.32
BancorpSouth Bank		MS	FNS Bancshares Inc.		AL		01/13/21		108.4		19.4		–		154		6.5		35.1		786		9.1		0.77		0.64

¹⁾Reflects bank level data

Note: Includes bank and thrift transactions announced since January 1, 2021 with targets headquartered in the southeast with total assets between $500M and $5.0B and disclosed deal values; excludes transactions with targets headquartered outside of the continental U.S. and transactions with non-bank buyers

The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor — Net Present Value Analyses” is supplemented by adding the following underlined text to the paragraph spanning pages 51 and 52 of the Definitive Proxy Statement:

Piper Sandler performed an analysis that estimated the net present value of a share of Seacoast common stock assuming Seacoast performed in accordance with publicly available mean analyst balance sheet and earnings per share estimates for Seacoast for the years ending December 31, 2022 and December 31, 2023 with a long-term annual net income and balance sheet growth rate for the years ending December 31, 2024 through December 31, 2026, as provided by the senior management of Seacoast. To approximate the terminal value of a share of Seacoast common stock at December 31, 2026, Piper Sandler applied price to 2026 earnings multiples ranging from 10.0x to 17.5x and multiples of 2026 tangible book value ranging from 150% to 225%. Piper Sandler selected these price to earnings and tangible book value multiples based on Piper Sandler’s review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to Seacoast. The terminal values were then discounted to present values using different discount rates ranging from 8.0% to 12.0%, which were chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of Seacoast common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of Seacoast common stock of $19.50 to $38.27 when applying multiples of earnings and $24.30 to $41.74 when applying multiples of tangible book value.

The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor — Net Present Value Analyses” is supplemented by adding the following underlined text to the last full paragraph on page 52 of the Definitive Proxy Statement:

Piper Sandler also performed an analysis that estimated the net present value per share of Professional common stock, assuming Professional performed in accordance with certain financial projection assumptions for Professional for the years ending December 31, 2022 through December 31, 2026, as provided by the senior management of Seacoast. To approximate the terminal value of a share of Professional common stock at December 31, 2026, Piper Sandler applied price to 2026 earnings multiples ranging from 8.0x to 13.0x and multiples of 2026 tangible book value ranging from 125% to 175%. Piper Sandler selected these price to earnings and tangible book value multiples based on Piper Sandler’s review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to Professional. The terminal values were then discounted to present values using different discount rates ranging from 9.0% to 13.0%, which were chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of Professional common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of Professional common stock of $11.71 to $22.58 when applying multiples of earnings and $18.31 to $30.41 when applying multiples of tangible book value.

The disclosure under the heading “Proposal 1: The Merger — Opinion of Professional’s Financial Advisor —Relevant Public Companies Analysis” is amended by deleting the bulleted list of company names spanning pages 60 and 61 of the Definitive Proxy Statement and replacing it with the following:

					Balance Sheet																										Asset Quality				Profitability / Earnings (MRQ)
							LTM Loan										Tier 1				NIB		TBV + Dividends										ALLL /		Cost of		Net		Fee
					Total		Growth		Securities		TCE /		Loans /		CRE/		Leverage		TRBC		Dep. /		1-Year			3-Year			5-Year		NPAs/		Loans		Total		Interest		Income /
					Assets		(ex. PPP)		/ Assets		TA		Deposits		TRBC		Ratio		Ratio		Dep.		CAGR			CAGR			CAGR		Assets⁽¹⁾		(ex. PPP)		Deposits		Margin		Revenue
	Company	Ticker		City, State	($M)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)			(%)			(%)		(%)		(%)		(%)		(%)		(%)
1	South Plains Finl Inc.		SPFI	Lubbock, TX	$	3,975		12.3		24.0		8.6		75.3		217		10.1		13.9		34.9		(2.3	)		7.7			NM		0.18		1.52		0.27		4.01		33.7
2	Summit Financial Group Inc.		SMMF	Moorefield, WV		3,763		19.2		13.4		6.9		100.1		310		10.5		12.4		20.2		9.6			9.3			11.8		0.43		1.18		0.35		3.65		13.5
3	West Bancorp.		WTBA	West Des Moines, IA		3,475		15.3		21.5		6.2		90.5		397		11.2		13.6		24.3		(6.2	)		8.4			9.8		0.01		0.99		0.42		2.92		8.6
4	Peoples Financial Services		PFIS	Scranton, PA		3,422		19.4		21.3		7.4		88.1		317		9.8		14.0		25.7		(0.1	)		8.5			9.4		0.09		1.16		0.22		3.05		14.1
5	Home Bancorp Inc.		HBCP	Lafayette, LA		3,362		22.9		15.7		7.4		76.2		284		9.3		13.7		32.1		(6.1	)		6.3			6.7		0.56		1.18		0.15		3.75		11.2
6	Southern First Bancshares Inc		SFST	Greenville, SC		3,288		20.4		3.1		8.6		99.1		236		10.0		13.5		27.8		11.1			12.1			12.6		0.09		1.19		0.26		3.34		9.7
7	Guaranty Bancshares Inc.		GNTY	Addison, TX		3,281		14.0		29.4		7.6		76.9		266		9.7		14.9		39.8		3.2			11.2			10.0		0.30		1.36		0.23		3.60		18.5
8	Primis Financial Corp.		FRST	McLean, VA		3,237		15.4		8.8		9.3		98.0		209		12.4		15.7		24.3		(0.4	)		7.3			8.9		0.57		1.15		0.35		3.32		9.7
9	American National Bankshares		AMNB	Danville, VA		3,234		10.1		20.9		7.6		71.8		294		9.2		13.7		37.0		(0.8	)		9.3			8.1		0.05		0.91		0.09		2.76		18.4
10	Red River Bancshares Inc.		RRBI	Alexandria, LA		3,121		16.2		26.2		8.1		64.6		164		9.4		16.3		41.5		(11.5	)		3.4			NM		0.03		1.05		0.19		2.72		19.3
11	CapStar Finl Hldgs Inc		CSTR	Nashville, TN		3,097		13.8		23.2		10.2		85.0		274		11.7		14.3		27.3		3.0			7.8			6.6		0.08		0.93		0.23		3.39		19.4
12	Civista Bancshares Inc.		CIVB	Sandusky, OH		3,039		10.1		25.0		7.5		84.1		301		10.7		16.0		34.3		(10.1	)		4.1			5.7		0.12		1.33		0.11		3.46		18.7
13	MVB Financial Corp		MVBF	Fairmont, WV		2,984		25.0		22.3		8.3		84.7		262		11.6		-		51.4		1.2			13.1			13.6		0.69		1.03		0.11		4.09		30.9
14	Bank First Corporation		BFC	Manitowoc, WI		2,961		12.7		14.5		8.8		91.8		244		8.9		11.7		31.7		8.1			13.0			13.7		0.15		0.95		0.27		3.21		17.6
15	First Guaranty Bancshares Inc.		FGBI	Hammond, LA		2,959		17.7		15.3		6.0		86.3		296		9.4		11.7		21.1		12.0			8.2			9.1		0.43		1.03		0.83		3.71		8.8
16	Orrstown Financial Services		ORRF	Shippensburg, PA		2,824		20.1		18.4		7.7		81.4		282		9.5		13.3		23.0		(2.8	)		9.2			6.5		0.19		1.17		0.11		3.68		23.0
17	First Business Finl. Svcs. Inc		FBIZ	Madison, WI		2,777		13.7		8.8		9.6		122.5		383		10.2		11.3		29.1		12.4			12.2			11.0		0.21		1.06		0.22		3.71		22.5
18	The First Bancorp		FNLC	Damariscotta, ME		2,630		17.2		26.1		7.6		79.4		224		8.8		13.6		14.4		3.5			10.4			11.8		0.19		0.91		0.44		3.13		17.9
19	First Bank		FRBA	Hamilton, NJ		2,568		16.4		6.0		10.0		102.5		393		10.2		12.5		27.7		10.6			11.1			9.6		0.47		1.13		0.23		3.75		5.2
20	Chemung Financial Corp.		CHMG	Elmira, NY		2,450		11.3		28.8		6.3		74.1		362		8.1		12.9		32.3		(13.4	)		3.8			7.1		0.31		1.08		0.14		2.96		23.8
21	Bankwell Financial Group Inc.		BWFG	New Canaan, CT		2,436		20.5		4.8		9.2		100.9		427		10.2		11.8		18.3		23.8			11.3			9.9		0.63		0.77		0.37		4.01		4.6
22	Orange County Bancorp Inc.		OBT	Middletown, NY		2,392		19.2		23.6		5.8		66.8		403		8.1		13.2		35.9		(14.6	)		4.1			5.2		0.79		1.62		0.13		3.13		14.5
23	ChoiceOne Financial Services		COFS	Sparta, MI		2,360		11.9		42.9		4.5		52.3		166		8.2		12.7		27.1		(30.8	)		(4.9	)		1.6		0.05		0.66		0.19		2.94		20.4
24	Central Valley Community Bncp		CVCY	Fresno, CA		2,346		12.5		43.9		4.7		53.9		257		9.1		14.9		44.2		(38.7	)		(6.5	)		0.4		0.01		0.87		0.04		3.47		8.1
25	PCB Bancorp		PCB	Los Angeles, CA		2,345		18.8		6.4		14.0		91.8		230		15.1		18.9		49.5		15.7			11.3			14.0		0.09		1.14		0.22		4.00		14.6
26	FVCBankcorp Inc.		FVCB	Fairfax, VA		2,306		17.0		13.6		8.3		86.4		385		10.7		-		28.1		(3.7	)		5.1			10.3		0.15		0.90		0.41		3.29		3.7
27	Capital Bancorp Inc.		CBNK	Rockville, MD		2,155		12.5		10.7		9.6		86.0		274		9.1		14.3		44.6		16.6			18.7			17.1		0.33		1.63		0.21		7.04		19.1
28	Unity Bancorp Inc.		UNTY	Clinton, NJ		2,117		11.8		7.0		10.3		104.2		258		10.7		-		30.1		20.3			17.7			16.3		0.36		1.28		0.23		4.38		13.0

Source: S&P Global Market Intelligence, FactSet.

Note: Dollars in millions. LTM=Last Twelve Months.

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NPAs/Assets excludes restructured loans from nonperforming assets.

					Profitability / Earnings (MRQ)																Ownership Data						Market Data
							LTM		LTM						Est.		Est.		Est.												Price/												LTM
					Effic.		Core		Core		Core		Core		2022		2023		2022		Inst.		Insider		Retail		Market		LTM		Tang.		LTM		NTM		2022		2023		Div.		Div.
					Ratio		ROAA		ROATCE		ROAA		ROATCE		ROA		ROA		ROTE		Owner.		Owner.		Owner.		Cap		ADTV⁽¹⁾		BV		EPS		EPS		EPS		EPS		Yield		Payout
	Company	Ticker		City, State	(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		($M)		($M)		(x)		(x)		(x)		(x)		(x)		(%)		(%)
1	South Plains Finl Inc.		SPFI	Lubbock, TX		63.3		1.58		16.7		1.64		18.5		1.32		1.14		13.5		24		41		35	$	466		0.6		1.37		8.2		10.5		9.7		10.1		1.8		12.2
2	Summit Financial Group Inc.		SMMF	Moorefield, WV		47.5		1.42		20.3		1.42		20.6		1.43		1.35		17.8		30		19		51		376		0.4		1.47		8.0		6.8		7.1		7.1		2.4		19.5
3	West Bancorp.		WTBA	West Des Moines, IA		42.0		1.47		20.5		1.45		22.7		1.35		1.04		20.7		41		11		47		426		0.7		1.97		8.5		10.5		8.9		11.1		3.9		32.7
4	Peoples Financial Services		PFIS	Scranton, PA		54.9		1.08		13.3		1.13		14.7		1.10		1.17		14.5		30		4		66		378		0.6		1.52		8.5		9.3		10.0		9.0		3.0		25.0
5	Home Bancorp Inc.		HBCP	Lafayette, LA		59.9		1.32		14.5		1.22		16.5		1.11		1.14		14.1		40		14		46		324		0.6		1.35		8.5		7.9		9.0		7.8		2.4		20.1
6	Southern First Bancshares Inc		SFST	Greenville, SC		57.3		1.42		15.3		0.96		10.7		1.03		1.06		10.7		79		6		15		351		1.0		1.24		8.6		10.4		10.0		8.9		0.0		0.0
7	Guaranty Bancshares Inc.		GNTY	Addison, TX		58.9		1.30		15.4		1.36		17.2		1.32		1.23		15.9		25		30		45		437		0.6		1.76		11.2		10.8		10.6		10.8		2.4		25.6
8	Primis Financial Corp.		FRST	McLean, VA		69.6		0.75		8.3		0.79		8.4		0.65		0.78		7.4		65		15		20		339		0.8		1.17		16.0		12.9		15.1		12.1		2.9		46.5
9	American National Bankshares		AMNB	Danville, VA		57.3		1.32		16.4		1.12		14.1		1.06		1.07		13.9		40		4		56		375		0.7		1.57		9.8		10.8		10.8		10.6		3.2		30.9
10	Red River Bancshares Inc.		RRBI	Alexandria, LA		55.2		1.09		11.8		1.17		14.6		1.12		1.17		13.5		19		34		47		389		0.4		1.54		11.8		10.5		10.9		10.5		0.5		6.1
11	CapStar Finl Hldgs Inc		CSTR	Nashville, TN		54.9		1.49		14.5		1.32		13.1		1.35		1.38		12.8		44		16		40		462		1.0		1.49		10.1		10.6		11.0		10.2		1.9		13.5
12	Civista Bancshares Inc.		CIVB	Sandusky, OH		66.4		1.23		14.6		1.01		13.5		1.12		1.25		15.9		55		6		39		335		0.9		1.42		8.7		7.9		8.9		7.6		2.6		22.7
13	MVB Financial Corp		MVBF	Fairmont, WV		76.3		0.33		3.6		0.03		0.3		0.64		1.28		6.3		46		12		43		395		1.1		1.61		15.2		13.9		22.0		9.9		2.1		29.4
14	Bank First Corporation		BFC	Manitowoc, WI		42.6		1.46		17.2		1.50		18.4		1.46		1.56		17.3		27		16		57		581		0.7		2.28		13.4		11.9		12.6		11.6		1.3		19.9
15	First Guaranty Bancshares Inc.		FGBI	Hammond, LA		61.2		1.13		19.0		1.12		19.1		1.05		1.12		16.2		9		45		46		259		0.4		1.47		8.9		8.5		8.9		8.1		2.6		23.0
16	Orrstown Financial Services		ORRF	Shippensburg, PA		58.4		1.12		13.4		1.27		16.2		1.19		1.08		17.4		44		5		50		278		0.6		1.29		9.2		8.3		8.3		8.6		2.9		26.8
17	First Business Finl. Svcs. Inc		FBIZ	Madison, WI		63.7		1.42		16.2		1.65		15.7		1.32		1.14		15.1		62		6		31		282		0.8		1.28		7.6		8.2		7.6		8.1		2.4		17.2
18	The First Bancorp		FNLC	Damariscotta, ME		43.5		1.51		18.2		1.55		19.9		-		-		-		39		15		46		334		0.5		1.70		8.7		-		-		-		4.5		37.4
19	First Bank		FRBA	Hamilton, NJ		46.7		1.34		13.5		1.35		13.6		1.44		1.43		13.5		37		8		55		294		0.4		1.15		8.8		7.4		8.0		7.6		1.6		12.2
20	Chemung Financial Corp.		CHMG	Elmira, NY		61.6		1.13		15.5		1.34		21.0		1.13		1.06		17.0		35		27		38		221		0.3		1.45		7.9		8.6		8.0		8.2		2.6		20.7
21	Bankwell Financial Group Inc.		BWFG	New Canaan, CT		43.7		1.49		17.5		1.95		22.3		1.47		1.10		15.3		31		28		40		243		0.9		1.12		7.2		8.2		6.9		8.7		2.5		17.1
22	Orange County Bancorp Inc.		OBT	Middletown, NY		60.5		0.85		11.1		0.37		5.8		0.85		1.12		13.1		39		17		44		185		0.3		1.33		9.8		7.5		9.5		6.9		2.4		23.8
23	ChoiceOne Financial Services		COFS	Sparta, MI		62.7		1.03		16.5		1.10		22.8		-		-		-		11		12		77		158		0.1		1.53		7.3		-		-		-		4.7		34.5
24	Central Valley Community Bncp		CVCY	Fresno, CA		54.2		1.10		15.5		1.22		24.0		1.11		1.18		22.5		49		16		35		195		0.6		1.79		7.6		6.9		7.2		6.8		2.9		22.0
25	PCB Bancorp		PCB	Los Angeles, CA		49.0		1.92		16.9		1.65		15.8		1.77		1.70		14.1		39		20		41		294		1.4		1.13		7.3		7.1		7.4		6.9		3.0		20.0
26	FVCBankcorp Inc.		FVCB	Fairfax, VA		46.7		1.25		13.1		1.22		13.6		1.25		1.24		11.9		32		21		47		267		0.7		1.41		11.6		11.2		11.0		11.1		0.0		0.0
27	Capital Bancorp Inc.		CBNK	Rockville, MD		62.0		2.08		21.7		2.23		22.1		1.98		2.02		17.5		33		38		28		339		0.5		1.63		8.0		8.2		8.3		7.6		1.0		6.6
28	Unity Bancorp Inc.		UNTY	Clinton, NJ		42.8		1.91		19.0		1.90		18.4		1.89		1.81		16.1		47		30		23		292		0.8		1.37		7.8		7.3		7.6		7.4		1.6		11.2

Source: S&P Global Market Intelligence, FactSet.

Note: Dollars in millions. LTM=Last Twelve Months.

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LTM ADTV = Last twelve months average daily trading volume.

The disclosure under the heading “Proposal 1: The Merger — Opinion of Professional’s Financial Advisor — Relevant Nationwide Transactions Analysis — Professional Holding Corp” is amended by deleting the bulleted list of company names spanning pages 63 and 64 of the Definitive Proxy Statement and replacing it with the following:

										Transaction Multiples														Buyer Impacts					Target Financial Data
										Target		Buyer				Price/		Price/		Core		Market
					Deal	Stock		Cost		Price/		Price/		Pay-to-		LTM		LTM EPS +		Deposit		One Day		EPS		TBV		TBV	Total	NPAs/		LTM
			Target	Annc.	Value	Consid.		Saves		TBV		TBV		Trade⁽¹⁾		EPS		Cost Saves		Prem.		Prem.		Acc/(Dil)		Acc/(Dil)		Earnback	Assets	Assets		ROAA
	Acquirer	Target	ST	Date	($MM)	(%)		(%)		(x)		(x)		(x)		(x)		(x)		(%)		(%)		(%)		(%)		(yrs)	($MM)	(%)		(%)
1	The First Bancshares	Heritage Southeast Bancorp.	GA	7/27/22	208	100	%	30	%	1.79	x	1.67	x	1.07	x	15.5	x	8.6	x	6.9	%	32.0	%	10.0	%	(8.0	%)	3.0	1,697	--		0.8	%
2	Brookline Bancorp Inc.	PCSB Financial Corp.	NY	5/24/22	320	57	%	30	%	1.18	x	1.35	x	0.87	x	20.3	x	14.0	x	3.3	%	13.9	%	13.0	%	--		--	1,985	0.4	%	0.8	%
3	United Community Banks Inc.	Progress Financial Corp.	AL	5/4/22	268	97	%	25	%	1.65	x	1.86	x	0.89	x	13.2	x	8.8	x	7.9	%	--		2.0	%	--		--	1,860	0.2	%	1.2	%
4	National Bank Holdings Corp.	Bancshares of Jackson Hole Inc	WY	4/1/22	230	77	%	28	%	2.03	x	1.71	x	1.19	x	19.6	x	--		8.5	%	--		15.7	%	--		2.9	1,599	0.4	%	1.0	%
5	Origin Bancorp Inc.	BT Holdings Inc.	TX	2/24/22	313	97	%	30	%	1.45	x	1.51	x	0.96	x	13.8	x	10.0	x	7.0	%	--		12.7	%	(3.6	%)	2.2	1,989	0.8	%	1.3	%
6	Simmons First National Corp.	Spirit of Texas Bancshares Inc	TX	11/19/21	582	100	%	35	%	1.83	x	1.72	x	1.07	x	12.4	x	9.1	x	12.8	%	20.0	%	9.8	%	(2.0	%)	2.8	3,154	0.2	%	1.5	%
7	OceanFirst Financial Corp.	Partners Bancorp	MD	11/4/21	188	81	%	40	%	1.46	x	1.38	x	1.05	x	26.3	x	9.6	x	5.3	%	20.1	%	10.0	%	(4.0	%)	3.0	1,638	0.8	%	0.5	%
8	First Merchants Corp.	Level One Bancorp Inc.	MI	11/4/21	332	74	%	30	%	1.83	x	1.73	x	1.06	x	10.0	x	7.0	x	9.7	%	15.7	%	10.4	%	(4.3	%)	2.9	2,544

Professional Holding Corp. 8-K