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

Business First Bancshares, Inc. executive Philip Jordan, EVP & CBO of b1Bank, reported a tax-withholding disposition of 1,033 shares of common stock at $27.04 per share on March 31, 2026.

Rhea-AI Filing Summary

Business First Bancshares, Inc. executive Philip Jordan, EVP & CBO of b1Bank, reported a tax-withholding disposition of 1,033 shares of common stock at $27.04 per share on March 31, 2026. This was a share delivery to cover tax obligations, not an open-market sale. After this transaction, he holds 81,008 shares of common stock directly, plus 13,335 restricted stock units that can convert into common shares over future vesting dates.

Insider Trade Summary

Exercise Price or Tax Liability: 1,033 shares

Exercise Price or Tax Liability 2 txns

Insider JORDAN PHILIP

Role EVP&CBO of b1Bank

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	COMMON STOCK	1,033	$27.04	$28K
holding	Restricted Stock Units	--	--	--

Holdings After Transaction: COMMON STOCK — 81,008 shares (Direct); Restricted Stock Units — 13,335 contracts (Direct)

Footnotes (2)

1. F1. Includes 4,000 shares of common stock of the issuer held by the reporting person's investment retirement account and units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 14,993 shares of common stock of the issuer.
2. F2. Includes: (a) 3,722 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) 3,912 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; and (c) 5,701 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.

Key Figures

Tax-withholding shares: 1,033 shares Tax-withholding price: $27.04 per share Common shares held: 81,008 shares +5 more

8 metrics

Tax-withholding shares 1,033 shares Shares delivered to cover tax liability at $27.04 on March 31, 2026

Tax-withholding price $27.04 per share Value used for 1,033-share tax-withholding disposition

Common shares held 81,008 shares Direct Business First Bancshares common stock after transaction

Restricted stock units 13,335 units RSUs convertible into BFST common stock, held directly

IRA holdings 4,000 shares Common stock held in investment retirement account included in total

401(k) employer stock fund ≈14,993 shares Units in employer stock fund equivalent to BFST common shares

2024 RSU grant 3,722 units Time-based RSUs granted December 12, 2024, vesting in two installments

2026 RSU grant 5,701 units Time-based RSUs granted March 2, 2026, vesting over three installments

Key Terms

tax-withholding disposition, Restricted Stock Units, employer stock fund, time-based restricted stock units, +1 more

5 terms

tax-withholding disposition financial

"transaction_action": "tax-withholding disposition""

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

""security_title": "Restricted Stock Units""

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.

employer stock fund financial

"units of the employer stock fund through the issuer's 401(k) plan"

time-based restricted stock units financial

"Includes: (a) 3,722 time-based restricted stock units granted"

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.

investment retirement account financial

"held by the reporting person's investment retirement account"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did BFST executive Philip Jordan report?

Philip Jordan reported a small tax-related share disposition. He delivered 1,033 Business First Bancshares common shares at $27.04 each to cover tax obligations, rather than selling them in the open market, which is a routine administrative event tied to equity compensation.

How many BFST shares does Philip Jordan hold after this Form 4 filing?

After the reported transaction, Philip Jordan holds 81,008 Business First Bancshares common shares directly. This total includes 4,000 shares in his retirement account and units in the employer stock fund through the 401(k) plan equivalent to about 14,993 common shares.

What does a tax-withholding disposition mean for BFST insiders?

A tax-withholding disposition means shares are delivered to satisfy tax liabilities on equity awards. For BFST, Jordan used 1,033 shares this way, which reduces his share count slightly but does not represent an open-market sale or a discretionary change in his investment position.

What restricted stock units (RSUs) does the BFST executive hold?

Jordan holds 13,335 restricted stock units tied to Business First Bancshares common stock. These include grants of 3,722, 3,912 and 5,701 time-based RSUs from 2024–2026, which are scheduled to vest in equal installments on future anniversaries of their issuance dates.

Does this BFST Form 4 indicate buying or selling shares on the market?

This Form 4 does not show an open-market buy or sell. Instead, it shows 1,033 BFST shares delivered to cover tax liabilities related to equity compensation, a standard administrative transaction that slightly reduces holdings but does not reflect a market trade decision.

How significant is this BFST insider transaction compared with Jordan’s total holdings?

The 1,033-share tax-withholding disposition is small relative to Jordan’s 81,008 common shares and 13,335 RSUs. It represents a routine adjustment to satisfy tax obligations rather than a major change in his overall exposure to Business First Bancshares stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 04:05 PM Learn about SEC filing dates

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^*

JORDAN PHILIP

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP&CBO of b1Bank

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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	03/31/2026		F		1,033	D	$27.04	81,008(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	$0.0000							(2)	(2)	Common Stock	13,335		13,335(2)	D

Explanation of Responses:

1. Includes 4,000 shares of common stock of the issuer held by the reporting person's investment retirement account and units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 14,993 shares of common stock of the issuer.

2. Includes: (a) 3,722 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) 3,912 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; and (c) 5,701 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 Phillip Jordan	04/02/2026
	** 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)