Business First Bancshares (BFST) director plans $76K sale

Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) director George W. Cummings has filed a notice under Rule 144 to permit the sale of up to 2,435 common shares through broker Goldman Sachs & Co. LLC. The shares have an aggregate market value of $76,215.50, with 32,549,883 common shares outstanding as of the filing date.

The shares proposed for sale were originally acquired from the issuer in private transactions between 2005 and 2008. The filing also lists multiple recent open-market sales by Cummings over the past three months, including blocks of 15,000 shares sold on June 8, 2026 and June 10, 2026, reflecting ongoing liquidity activity under Rule 144.

Key Figures

Shares to be sold under Rule 144: 2,435 shares Aggregate market value of shares to be sold: $76,215.50 Shares outstanding: 32,549,883 shares +3 more

6 metrics

Shares to be sold under Rule 144 2,435 shares Common shares of Business First Bancshares, Inc. proposed for sale by George W. Cummings

Aggregate market value of shares to be sold $76,215.50 Total market value of 2,435 BFST common shares covered by the notice

Shares outstanding 32,549,883 shares BFST common shares outstanding as of the Form 144 filing

Sale on June 8, 2026 15,000 shares for $427,713.17 Common shares sold by George W. Cummings during the past three months

Sale on June 10, 2026 15,000 shares for $432,927.07 Common shares sold by George W. Cummings during the past three months

Sale on August 24, 2026 7,565 shares for $236,758.43 Most recent listed sale by George W. Cummings in the three-month history

Key Terms

Rule 144, Securities To Be Sold, private transaction, aggregate market value

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Securities To Be Sold regulatory

"144: Securities To Be Sold Common Shares | 02/26/2008 | Acquired"

private transaction financial

"Acquired from issuer in private transaction | Issuer"

A private transaction is the sale or transfer of securities, assets, or ownership stakes carried out directly between a small number of parties rather than on a public exchange. For investors it matters because these deals are less visible and often less liquid than public trades, so pricing can be harder to verify, the investment can be harder to sell quickly, and buyers or sellers may gain strategic advantages not available in open markets — like negotiated terms similar to a private garage sale versus a crowded marketplace.

aggregate market value financial

"Common Shares | Goldman Sachs & Co. LLC ... | 2435 | 76215.5"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

FAQ

What does the Form 144 filing disclose for Business First Bancshares, Inc. (BFST)?

It discloses that director George W. Cummings intends to sell up to 2,435 BFST common shares under Rule 144 through Goldman Sachs & Co. LLC, with an aggregate market value of $76,215.50 at the time of the notice.

How many Business First Bancshares (BFST) shares are outstanding in this Form 144?

The Form 144 states that 32,549,883 BFST common shares were outstanding as of the filing date. This figure provides context for the relative size of the 2,435 shares that may be sold under the notice.

Who is selling BFST shares under this Rule 144 notice and through which broker?

The seller is director George W. Cummings, and the broker named is Goldman Sachs & Co. LLC. The notice covers the potential sale of 2,435 BFST common shares on the NASD market.

When and how were the BFST shares proposed for sale originally acquired?

The 2,435 BFST shares proposed for sale were acquired in several lots between 2005 and 2008, each described as “acquired from issuer in private transaction”, with the issuer listed as Business First Bancshares, Inc..

What recent BFST share sales by George W. Cummings are listed in the Form 144?

Recent sales include 15,000 common shares on June 8, 2026 for $427,713.17 and 15,000 shares on June 10, 2026 for $432,927.07, plus several additional transactions in May–August 2026 with specified share counts and dollar amounts.

What is the aggregate market value of BFST shares covered by this Rule 144 notice?

The notice covers 2,435 BFST common shares with an aggregate market value of $76,215.50 at the time of filing. This value is listed alongside the number of shares and the outstanding share count.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/24/2026 - 05:12 PM Accepted by SEC EDGAR 08/24/2026 - 05:12 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0002106698
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Business First Bancshares, Inc.
SEC File Number	001-38447
Address of Issuer	500 Laurel Street Suite 101 Baton Rouge LOUISIANA 70801
Phone	1-225-248-7600
Name of Person for Whose Account the Securities are To Be Sold	George W. Cummings
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Director

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Shares	Goldman Sachs & Co. LLC 200 West Street New York NY 10282	2435	76215.5	32549883	08/24/2026	NASD

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Shares	02/26/2008	Acquired from issuer in private transaction	Issuer			583	02/26/2008	None
Common Shares	11/03/2008	Acquired from issuer in private transaction	Issuer			583	11/03/2008	None
Common Shares	12/03/2007	Acquired from issuer in private transaction	Issuer			557	12/03/2007	None
Common Shares	09/01/2005	Acquired from issuer in private transaction	Issuer			497	09/01/2005	None
Common Shares	03/06/2007	Acquired from issuer in private transaction	Issuer			215	03/06/2007	None

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	05/27/2026	11595	323358.17
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	06/08/2026	15000	427713.17
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	06/09/2026	445	12918.93
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	06/10/2026	15000	432927.07
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	06/11/2026	5000	143768.03
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	07/28/2026	10000	318344.43
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	07/29/2026	10000	318533.43
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	07/30/2026	10000	320490.39
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	07/31/2026	10000	314681.51
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	08/03/2026	10000	318434.43
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	08/18/2026	10000	317487.45
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	08/19/2026	3235	102766.71
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	08/21/2026	4200	131184.71
George W. Cummings 500 Laurel Street Suite 101 Baton Rouge LA 70801	Common Shares	08/24/2026	7565	236758.43

144: Remarks and Signature

Remarks
Date of Notice	08/24/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	Goldman Sachs & Co. LLC on behalf of George W. Cummings
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)