[Form 4] Business First Bancshares, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 30 June 2025 director John P. Ducrest filed a Form 4 covering his holdings in Business First Bancshares, Inc. (BFST). Table I discloses 11,490.772 common shares held directly and 6,036 shares held indirectly through his spouse; no purchases or sales were executed, and the entry merely updates ownership as of 26 June 2025.

The only reportable transaction appears in Table II: a grant of 1,016 time-based restricted stock units (RSUs) under the 2024 Equity Incentive Plan (transaction code “A”). Each RSU equals one BFST share, carries no exercise price, and will fully vest on 26 June 2026, subject to customary forfeiture provisions. After the award, Ducrest beneficially owns 1,016 unvested RSUs in addition to his previously reported common shares.

Because the filing reflects a routine director equity award and no dispositions, it has minimal dilution and negligible immediate market impact. Investors may view the grant as further aligning director and shareholder interests, while the absence of insider selling removes potential negative signaling.

Positive

• Alignment of interests: 1,016 RSUs increase the director’s equity-based stake, reinforcing shareholder alignment.
• No insider selling: The absence of dispositions avoids negative signaling and potential overhang.

Negative

• Minor dilution: Although immaterial, the new RSUs marginally increase the company’s fully diluted share count.

Insights

Securities Analyst

TL;DR: Routine RSU grant; no share sales; neutral impact on BFST valuation.

The filing does not include any open-market trades, so supply-and-demand dynamics remain unchanged. The 1,016-share RSU grant equates to less than 0.01 % of BFST’s ~9 million diluted shares, implying immaterial dilution. While equity compensation can signal confidence, the scale here is too small to influence valuation models or earnings-per-share forecasts. Accordingly, I classify the event as informational rather than catalytic.

Corporate Governance Expert

TL;DR: Director equity award modestly strengthens pay-for-performance alignment; governance stance unchanged.

The single-year vesting schedule promotes near-term alignment but lacks long-term performance conditioning, a common feature for community-bank boards. No deviations from the company’s 2024 Equity Incentive Plan are noted, and insider ownership levels remain healthy for effective oversight. Overall governance quality is unaffected, and the filing carries no red-flag implications.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ducrest John P.

(Last) (First) (Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE LA 70801

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Business First Bancshares, Inc. [ BFST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK								11,490.772(1)	D
COMMON STOCK								6,036(1)	I	By spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0	06/26/2025		A		1,016		(2)	(2)	Common Stock	1,016	(2)	1,016	D

Explanation of Responses:

1. No transaction is being reported at this time. This line is only reporting holdings as of June 26, 2025.

2. Reflects the grant of time-based restricted stock units granted to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on June 26, 2025. The time-based restricted stock units will fully vest on June 26, 2026. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. Under the terms of the relevant restricted stock unit grant, the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events.

	/s/ Heather Roemer, as attorney-in-fact for John P. Ducrest	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many BFST shares does director John P. Ducrest now own?

11,490.772 shares directly and 6,036 shares indirectly via his spouse, plus 1,016 unvested RSUs.

What transaction was reported in the June 2025 Form 4 for BFST?

A grant of 1,016 time-based restricted stock units on 26 June 2025; no shares were bought or sold.

When will the 1,016 RSUs granted to BFST director Ducrest vest?

All RSUs will fully vest on 26 June 2026 if forfeiture conditions are not triggered.

Did the BFST director sell any shares in this filing?

No. The Form 4 reports no dispositions; it only discloses an RSU grant and existing holdings.

Does the RSU grant materially dilute existing BFST shareholders?

Dilution impact is negligible; 1,016 shares represent less than 0.01 % of outstanding shares.