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

Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) – Form 4 overview

On 30 June 2025, Director David A. Montgomery Jr. filed a Form 4 detailing changes in his beneficial ownership.

• 1,016 time-based restricted stock units (RSUs) were granted on 26 June 2025 under the 2024 Equity Incentive Plan at an exercise price of $0. The RSUs vest fully on 26 June 2026 and are subject to forfeiture under certain conditions.
• No open-market purchases or sales of common stock were reported; the line item showing 13,252 common shares simply updates the director's existing direct holdings as of the transaction date.
• Post-transaction ownership stands at 13,252 common shares plus 1,016 unvested RSUs, all held directly.

The filing reflects routine equity compensation for a board member and does not indicate directional trading activity.

Positive

• Equity alignment: Grant of 1,016 RSUs aligns director incentives with shareholder interests without immediate cash outlay or significant dilution.
• Clear disclosure: Filing specifies vesting schedule and forfeiture conditions, enhancing transparency.

Negative

• Potential dilution: Although immaterial, the RSU grant will increase share count upon vesting.
• Short vesting horizon: One-year vest may encourage a short-term focus rather than long-term strategic outlook.

Insights

Corporate Governance Analyst

TL;DR: Routine RSU grant; no shares traded; negligible dilution; neutral governance signal.

The Form 4 records a standard director equity award of 1,016 RSUs, representing a fraction of BFST’s outstanding shares. Because there were no purchases or sales of common stock, the filing does not provide insight into management’s near-term view of valuation. The grant aligns the director’s incentives with shareholders and is consistent with typical board compensation practices. Given the immaterial size and one-year vesting, the market impact is expected to be de minimis.

Portfolio Manager

TL;DR: Insider activity neutral; incentive grant modest; no buy/sell signal.

From a portfolio standpoint, the award of 1,016 RSUs (≈$22k at a $22 share price) is too small to affect valuation or float. The absence of share disposals or acquisitions means there is no momentum cue. I view the filing as informational only and would not adjust position sizing based on this data.

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^*

Day Rick D.

(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								264,285(1)	D

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 Rick D. Day	06/30/2025
	** 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.

FAQ

What did Business First Bancshares (BFST) disclose in the latest Form 4?

The company reported a grant of 1,016 restricted stock units to Director David A. Montgomery Jr. on 26 June 2025, with no share purchases or sales.

How many RSUs were granted to Director David A. Montgomery Jr.?

He received 1,016 time-based RSUs under the 2024 Equity Incentive Plan.

When will the granted RSUs vest?

The RSUs will fully vest on 26 June 2026.

Did the insider buy or sell BFST common stock?

No. The Form 4 shows no acquisitions or dispositions of common shares; it only updates existing holdings.

What is the director's total ownership after this filing?

After the grant, he directly holds 13,252 common shares plus 1,016 unvested RSUs.

Does the RSU grant materially dilute existing shareholders?

The grant represents a negligible fraction of BFST’s total shares outstanding, so dilution impact is minimal.