Business First (BFST) director sells 11,595 shares at $27.92

Rhea-AI Filing Summary

Business First Bancshares, Inc. director George W. Cummings III reported an open-market sale of 11,595 shares of common stock at $27.92 per share. After the sale, he directly holds 296,180 shares, which include 223,669 shares pledged as collateral, and indirectly holds 3,911 shares through his spouse.

Insider Trade Summary

Net Seller: 11,595 shares ($323,732)

Net Sell 2 txns

Insider Cummings George W. III

Role null

Sold 11,595 shs ($324K)

Type	Security	Shares	Price	Value
Sale	COMMON STOCK	11,595	$27.92	$324K
holding	COMMON STOCK	--	--	--

Holdings After Transaction: COMMON STOCK — 296,180 shares (Direct, null); COMMON STOCK — 3,911 shares (Indirect, By Spouse)

Footnotes (1)

1. [object Object]

Key Figures

Shares sold: 11,595 shares Sale price: $27.92 per share Direct holdings after sale: 296,180 shares +2 more

5 metrics

Shares sold 11,595 shares Open-market sale of common stock

Sale price $27.92 per share Price for 11,595-share sale

Direct holdings after sale 296,180 shares Total common shares directly held post-transaction

Pledged shares 223,669 shares Included within direct holdings

Indirect holdings 3,911 shares Common stock held by spouse

Key Terms

open-market sale, pledged shares, indirect ownership

3 terms

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

pledged shares financial

"Includes 223,669 pledged shares of common stock of the issuer."

indirect ownership financial

"direct_or_indirect: "I", nature_of_ownership: "By Spouse""

Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Cummings George W. III

(Last) (First) (Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE LOUISIANA 70801

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/27/2026

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

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

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

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	05/27/2026		S		11,595	D	$27.92	296,180(1)	D
COMMON STOCK								3,911	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

Explanation of Responses:

1. Includes 223,669 pledged shares of common stock of the issuer.

	/s/ Heather Roemer, as attorney-in-fact for George W. Cummings III	05/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did BFST director George W. Cummings III report?

George W. Cummings III reported an open-market sale of 11,595 BFST common shares. The sale was recorded at a price of $27.92 per share, according to the Form 4 insider trading disclosure for Business First Bancshares, Inc.

How many Business First Bancshares (BFST) shares does the director hold after the sale?

After the reported sale, Cummings directly holds 296,180 BFST common shares. The filing also shows an additional 3,911 shares held indirectly through his spouse, giving investors a clearer view of his remaining ownership stake.

At what price were the BFST shares sold in the reported insider trade?

The 11,595 BFST common shares were sold at $27.92 per share. This price reflects the execution level for the open-market sale described in the Form 4, providing transparency into the transaction’s approximate dollar value.

Does the BFST director have any pledged shares after this transaction?

Yes. The filing notes that the director’s direct holdings include 223,669 pledged BFST common shares. Pledged shares are typically used as collateral, which can add an extra layer of risk if market conditions change significantly.

What indirect BFST ownership is reported for the director on this Form 4?

The Form 4 shows 3,911 BFST common shares held indirectly by the director through his spouse. Indirect ownership means the shares are not in his name but are still attributed to him for reporting purposes under SEC rules.