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

Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) – Form 4 filing: Director Patrick E. Mockler reported a transaction dated 08/01/2025 in which he acquired 14,095.5 shares of common stock at a stated price of $0.00. The transaction code “W” indicates the shares were received by inheritance under the laws of descent and distribution.

After the transfer, Mockler’s direct ownership rises to 32,142.5 shares. The filing also discloses 1,016 time-based restricted stock units that were granted on 06/26/2025 under the 2024 Equity Incentive Plan and are scheduled to fully vest on 06/26/2026; each unit is economically equivalent to one share and remains subject to forfeiture until vested.

No shares were sold and no cash was exchanged, so the event has no immediate earnings or liquidity impact on the company but does modestly increase insider ownership.

Positive

• Director ownership increases to 32,142.5 shares, slightly enhancing insider alignment with shareholders

Negative

• None.

Insights

Financial Analyst

TL;DR: Inherited shares lift director’s stake; neutral corporate impact.

The Form 4 shows a passive, zero-cost inheritance that boosts Director Patrick E. Mockler’s direct holdings to 32,142.5 shares and confirms 1,016 unvested RSUs. Because the acquisition was not an open-market purchase, it does not reflect management sentiment on valuation, nor does it inject or withdraw capital. The additional shares marginally improve insider alignment but are immaterial to BFST’s share count and financials. Overall, the filing is informational with neutral market impact.

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^*

MOCKLER PATRICK E.

(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)
08/01/2025

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	08/01/2025		W	V	14,095.5	A	$0(1)	32,142.5	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	$0.0000							(2)	(2)	Common Stock	1,016		1,016	D

Explanation of Responses:

1. Shares acquired by inheritance.

2. The time-based restricted stock units were granted to the reporting person on June 26, 2025 under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. 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 Patrick E. Mockler	08/01/2025
	** 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

How many BFST shares did Patrick E. Mockler acquire on 08/01/2025?

He acquired 14,095.5 common shares.

What was the transaction code and its meaning?

The code was "W", denoting acquisition by inheritance under will or laws of descent.

What is Mockler’s total direct ownership after the transaction?

He now directly owns 32,142.5 BFST shares.

How many restricted stock units does the director hold?

Mockler holds 1,016 time-based RSUs.

When will the disclosed RSUs fully vest?

The RSUs are scheduled to fully vest on 06/26/2026.