Business First Bancshares (BFST) director sells 11,000 shares at $27.60

Rhea-AI Filing Summary

Business First Bancshares director Cummings George W. III sold 11,000 shares of common stock in an open-market transaction at $27.60 per share. After this sale on March 4, 2026, he directly owned 317,775 shares, which includes 223,669 shares pledged as collateral.

In addition to his direct holdings, 3,911 shares were reported as indirectly owned through his spouse, with no change in that indirect position reported in this filing.

Insider Trade Summary

Net Seller: 11,000 shares ($303,600)

Net Sell 2 txns

Insider Cummings George W. III

Role Director

Sold 11,000 shs ($304K)

Type	Security	Shares	Price	Value
Sale	COMMON STOCK	11,000	$27.60	$304K
holding	COMMON STOCK	--	--	--

Holdings After Transaction: COMMON STOCK — 317,775 shares (Direct); COMMON STOCK — 3,911 shares (Indirect, By Spouse)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

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)
03/04/2026

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	03/04/2026		S		11,000	D	$27.6	317,775(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	03/06/2026
	** 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.

FAQ

What insider transaction did BFST director Cummings report on this Form 4?

Director Cummings George W. III reported an open-market sale of 11,000 shares of Business First Bancshares common stock at $27.60 per share on March 4, 2026, reducing but not eliminating his direct ownership stake in the company.

How many BFST shares does Cummings own after the reported sale?

After selling 11,000 shares, Cummings directly owned 317,775 shares of Business First Bancshares common stock. This direct position includes 223,669 shares that are pledged, meaning they are committed as collateral but remain part of his reported ownership.

At what price were the BFST shares sold in the March 4, 2026 transaction?

The 11,000 Business First Bancshares shares were sold at $27.60 per share. This per-share price reflects the consideration received in the reported open-market transaction, as disclosed in the Form 4 insider trading report.

What portion of Cummings’ BFST direct holdings is pledged as collateral?

Out of Cummings’ 317,775 directly owned Business First Bancshares shares after the sale, 223,669 are pledged. Pledged shares are typically used as collateral for obligations while still being counted in his beneficial ownership.

Does Cummings report any indirect ownership of BFST shares on this Form 4?

Yes. The filing lists 3,911 Business First Bancshares shares as indirectly owned "By Spouse." This indicates his spouse holds those shares, and they are reported as part of his beneficial ownership, with no new transaction indicated for this indirect position.

What is the net share change from this BFST insider transaction?

The net change from the reported insider activity is a sale of 11,000 shares. The transaction summary shows 11,000 shares sold, zero shares bought, and a resulting net-sell direction, reflecting only this single open-market sale during the reported period.