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

Rhea-AI Filing Summary

Form 4 Overview – Business First Bancshares, Inc. (BFST)

Director Carol Calkins filed a Form 4 reporting no open-market transactions; the filing mainly discloses current equity holdings and a new equity award.

• Common stock holdings: 6,000 shares reported for record-keeping only; no shares were bought or sold on 06/26/2025.
• Equity award: 1,016 time-based restricted stock units (RSUs) granted on 06/26/2025 under the 2024 Equity Incentive Plan. Each RSU converts to one BFST common share upon vesting.
• Vesting schedule: The RSUs will fully vest on 06/26/2026, subject to forfeiture under certain conditions.
• Ownership form: All reported securities are held directly by the director.

The filing increases the director’s potential future share ownership by roughly 17% (1,016 ÷ 6,000) once the RSUs vest, modestly aligning her incentives with shareholders. However, the absolute share count is too small to have a material effect on BFST’s share count or trading dynamics.

Insights

Corporate Governance Expert

TL;DR: Routine RSU grant to BFST director; no buys or sells; negligible dilution; neutral governance impact.

The Form 4 is a standard disclosure of equity compensation rather than an indicator of insider sentiment. The 1,016-unit grant represents less than 0.01% of BFST’s outstanding shares, so dilution risk is immaterial. While the award strengthens director–shareholder alignment, the absence of purchases or sales provides no new signal on management’s view of valuation. Overall, the filing is non-impactful for investors.

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^*

Calkins Carol

(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)
06/26/2025

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								6,000(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	06/26/2025		A		1,016		(2)	(2)	Common Stock	1,016	(2)	1,016	D

Explanation of Responses:

1. No transaction is being reported at this time. This line is only reporting holdings as of June 26, 2025.

2. Reflects the grant of time-based restricted stock units granted to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on June 26, 2025. 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 Carol Calkins	06/30/2025
	** 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

Who is the insider in BFST's latest Form 4 filing?

The insider is Carol Calkins, a director of Business First Bancshares, Inc.

Did Carol Calkins buy or sell BFST shares on 06/26/2025?

No. The filing shows no purchases or sales; it only reports existing holdings.

How many restricted stock units were granted to the director?

Calkins received 1,016 time-based RSUs on 06/26/2025.

When will the newly granted BFST RSUs vest?

The RSUs will fully vest on 06/26/2026, subject to forfeiture conditions.

What is the director’s total directly held common stock after the filing?

She directly holds 6,000 common shares, unchanged from prior levels.