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

BFST (BFST) CEO logs 4,279-share tax withholding, holds over 208k shares

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Business First Bancshares, Inc. President and CEO David R. Melville III reported a routine equity-compensation-related adjustment. On March 31, 2026, 4,279 shares of common stock were disposed of at $27.04 per share to satisfy tax obligations through a tax-withholding disposition, rather than an open-market sale. Following this transaction, he directly holds 208,902 shares of common stock.

The filing also shows 37,346 restricted stock units directly held, each tied to one share of common stock, reflecting future potential equity subject to time-based vesting schedules. Footnotes note additional exposure through an employer stock fund equivalent to 13,786 shares and 96,288 pledged shares of common stock.

Positive

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Negative

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Insider MELVILLE DAVID R. III
Role President and CEO
Type Security Shares Price Value
Tax Withholding COMMON STOCK 4,279 $27.04 $116K
holding Restricted Stock Units -- -- --
Holdings After Transaction: COMMON STOCK — 208,902 shares (Direct); Restricted Stock Units — 37,346 shares (Direct)
Footnotes (1)
  1. Includes units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 13,786 shares of common stock of the issuer and 96,288 pledged shares of common stock of the issuer. Includes: (a) 10,028 time-based restricted stock units granted to the reporting person on December 12, 2024, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (b) 10,917 time-based restricted stock units granted to the reporting person on March 1, 2025, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (c) 3,280 time-based restricted stock units granted to the reporting person on March 2, 2026, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date; and (d) 13,121 time-based restricted stock units granted to the reporting person on March 2, 2026, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date.
Tax-withholding shares 4,279 shares Common stock disposed on March 31, 2026 for tax withholding
Tax-withholding price $27.04 per share Value used for 4,279-share tax-withholding disposition
Direct common shares after transaction 208,902 shares Direct holdings following March 31, 2026 transaction
Restricted stock units 37,346 units RSUs directly held, each underlying one BFST common share
Employer stock fund equivalent 13,786 shares Units in 401(k) employer stock fund equivalent to BFST shares
Pledged shares 96,288 shares Pledged BFST common shares disclosed in footnote
tax-withholding disposition financial
"Payment of exercise price or tax liability by delivering securities"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
Restricted Stock Units financial
"Restricted Stock Units ... underlying security title Common Stock"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
pledged shares financial
"and 96,288 pledged shares of common stock of the issuer"
employer stock fund financial
"Includes units of the employer stock fund through the issuer's 401(k) plan"
time-based restricted stock units financial
"Includes: (a) 10,028 time-based restricted stock units granted to the reporting person"
Time-based restricted stock units are a form of employee compensation where individuals are granted company shares that are earned over a set period, often as a reward for staying with the company. These shares typically become fully owned and transferable only after passing specific time milestones, encouraging long-term commitment. For investors, they highlight a company's focus on employee retention and can influence future stock supply and company stability.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
MELVILLE DAVID R. 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)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
President and CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
COMMON STOCK03/31/2026F4,279D$27.04208,902(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units$0.0000 (2) (2)Common Stock37,34637,346(2)D
Explanation of Responses:
1. Includes units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 13,786 shares of common stock of the issuer and 96,288 pledged shares of common stock of the issuer.
2. Includes: (a) 10,028 time-based restricted stock units granted to the reporting person on December 12, 2024, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (b) 10,917 time-based restricted stock units granted to the reporting person on March 1, 2025, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (c) 3,280 time-based restricted stock units granted to the reporting person on March 2, 2026, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date; and (d) 13,121 time-based restricted stock units granted to the reporting person on March 2, 2026, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date.
/s/ Heather Roemer, as attorney-in-fact for David R. Melville III04/02/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did BFST CEO David R. Melville III report?

David R. Melville III reported a tax-withholding disposition of 4,279 shares of Business First Bancshares common stock at $27.04 per share. This transaction satisfied tax obligations linked to equity compensation rather than representing an open-market share sale.

How many BFST shares does the CEO hold after this Form 4 filing?

After the reported tax-withholding transaction, the CEO directly holds 208,902 shares of Business First Bancshares common stock. This figure reflects his remaining direct equity position excluding separate indirect plan holdings and pledged shares disclosed in the filing footnotes.

What does the 4,279-share tax-withholding disposition mean for BFST investors?

The 4,279-share tax-withholding disposition covers taxes on equity compensation and is not an open-market sale. Such transactions are typically mechanical, reflecting payroll-style tax payments rather than a discretionary decision to buy or sell shares in the market.

How many restricted stock units does the BFST CEO hold and what are their terms?

The CEO holds 37,346 restricted stock units tied to Business First Bancshares common stock. Footnotes detail time-based grants vesting over two or three years from issuance dates, representing potential future share deliveries subject to continued service and vesting conditions.

What additional BFST share exposure is disclosed through plans and pledges?

Footnotes show units in an employer stock fund equal to about 13,786 BFST shares within a 401(k) plan and 96,288 pledged common shares. These figures indicate further economic exposure beyond directly held shares and restricted stock units noted in the primary tables.

Was there any open-market buying or selling by BFST’s CEO in this Form 4?

The filing does not report open-market purchases or sales. The only share movement is a 4,279-share tax-withholding disposition, which uses shares to satisfy tax liabilities tied to equity compensation instead of involving a traditional market trade.