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

Director at Business First (NASDAQ: BFST) sells 10,000 common shares

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Business First Bancshares, Inc. director George W. Cummings III reported an open-market sale of 10,000 shares of common stock on May 22, 2026 at $27.99 per share. After this sale, he directly owned 307,775 shares of common stock and indirectly owned 3,911 shares through his spouse. The filing notes that the direct holdings include 223,669 pledged shares of common stock.

Positive

  • None.

Negative

  • None.
Insider Cummings George W. III
Role null
Sold 10,000 shs ($280K)
Type Security Shares Price Value
Sale COMMON STOCK 10,000 $27.99 $280K
holding COMMON STOCK -- -- --
Holdings After Transaction: COMMON STOCK — 307,775 shares (Direct, null); COMMON STOCK — 3,911 shares (Indirect, By Spouse)
Footnotes (1)
  1. [object Object]
Shares sold 10,000 shares Open-market sale of common stock on May 22, 2026
Sale price $27.99 per share Price for 10,000-share sale of common stock
Direct holdings after sale 307,775 shares Common stock directly owned following the transaction
Indirect holdings after sale 3,911 shares Common stock held indirectly by spouse
Pledged shares 223,669 shares Pledged common stock included in direct holdings
open-market sale financial
"Sale in open market or private transaction"
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
indirect ownership financial
"direct_or_indirect: "I" with nature_of_ownership: "By Spouse""
pledged shares financial
"Includes 223,669 pledged shares of common stock of the issuer."
common stock financial
"security_title: "COMMON STOCK""
Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.
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*
Cummings George W. 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
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026		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 STOCK05/22/2026S10,000D$27.99307,775(1)D
COMMON STOCK3,911IBy 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 III05/27/2026
** 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 director George W. Cummings III report?

He reported selling 10,000 shares of Business First Bancshares common stock in an open-market transaction on May 22, 2026 at $27.99 per share. This was disclosed as a non-derivative transaction on a Form 4 insider trading report.

How many Business First Bancshares (BFST) shares does the director hold after the sale?

After the sale, George W. Cummings III directly held 307,775 shares of Business First Bancshares common stock. He also indirectly owned 3,911 shares through his spouse, giving investors visibility into his remaining equity position following this reported transaction.

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

Yes. A footnote states that his direct holdings include 223,669 pledged shares of Business First Bancshares common stock. Pledged shares are typically committed as collateral for obligations, which may limit flexibility but do not by themselves change the reported ownership amount.

Does the Form 4 show any derivative securities for BFST held by the director?

No derivative securities are listed in the derivative summary for this filing. The reported positions relate only to Business First Bancshares common stock, covering both the 10,000-share sale and the resulting direct and indirect common stock holdings.

How is indirect ownership of BFST shares reported for George W. Cummings III?

The filing shows 3,911 shares of Business First Bancshares common stock held indirectly, noted as owned "By Spouse." This indicates the shares are attributed to him through a related person, distinct from his directly held 307,775-share position.