Director Cummings sells 20,000 BFST shares at $28 in insider trade

Rhea-AI Filing Summary

Business First Bancshares, Inc. director George W. Cummings III reported an open-market sale of 20,000 shares of common stock at $28.0000 per share. After this sale on 2026-02-25, he directly owned 338,775 common shares, which includes 223,669 shares that are pledged. In addition, 3,911 shares were reported as held indirectly through his spouse.

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

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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^*

Cummings George W. III

(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)
02/25/2026

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	02/25/2026		S		20,000	D	$28	338,775(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	02/27/2026
	** 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.
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FAQ

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

BFST director George W. Cummings III reported an open-market sale of 20,000 shares of common stock. The sale occurred at a price of $28.0000 per share on 2026-02-25, according to his Form 4 filing.

How many Business First Bancshares (BFST) shares does George W. Cummings III own after the sale?

After the reported sale, George W. Cummings III directly owned 338,775 BFST common shares. The filing also notes that 3,911 additional shares are held indirectly through his spouse, reflecting both direct and indirect holdings.

What was the sale price for the BFST shares sold by George W. Cummings III?

The 20,000 BFST common shares were sold at $28.0000 per share. This price is disclosed in the Form 4 transaction details for the open-market sale executed on 2026-02-25.

Are any of George W. Cummings III’s BFST shares pledged as collateral?

Yes. The footnote to the Form 4 states that his direct holdings include 223,669 pledged BFST common shares. This means a portion of his 338,775 directly owned shares is pledged under a separate arrangement.

How many BFST shares are reported as indirectly owned by George W. Cummings III?

The Form 4 reports 3,911 BFST common shares as indirectly owned by George W. Cummings III. These shares are held "By Spouse," indicating they are attributed to him through spousal ownership rather than direct personal holding.