Business First Bancshares (BFST) exec reports equity awards and share trades

Rhea-AI Filing Summary

Business First Bancshares, Inc. executive vice president and COO of b1Bank, Keith Mansfield, reported insider equity transactions in company common stock and restricted stock units on December 12, 2025.

On that date, he acquired 1,833 shares of common stock in a transaction related to restricted stock units and disposed of 643 shares at a price of $27.71 per share, resulting in 82,056 common shares beneficially owned directly. This total includes 3,776 shares of unvested restricted stock granted on February 1, 2024 that are scheduled to vest on March 31, 2026 and are subject to forfeiture, and 27,000 shares held in his investment retirement account.

He also reported derivative holdings of 9,560 time-based restricted stock units. These comprise 3,722 units from a December 12, 2024 grant, with 1,833 shares scheduled to vest on December 12, 2026 and 1,889 shares on December 12, 2027, and 5,838 units from a March 1, 2025 grant, with tranches of 1,926 shares vesting on March 1, 2026 and March 1, 2027, and 1,986 shares vesting on March 1, 2028.

Insider Trade Summary

1,833 shares exercised/converted

Mixed 3 txns

Insider MANSFIELD KEITH

Role EVP&COO of b1Bank

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	1,833	$0.00	--
Exercise	COMMON STOCK	1,833	$0.00	--
Tax Withholding	COMMON STOCK	643	$27.71	$18K

Holdings After Transaction: Restricted Stock Units — 9,560 shares (Direct); COMMON STOCK — 82,056 shares (Direct)

Footnotes (1)

1. Includes 3,776 shares of unvested restricted stock granted on February 1, 2024, which will vest on March 31, 2026. Under the terms of the relevant restricted stock grants, the reported shares of unvested restricted stock are subject to forfeiture upon the occurrence of certain events. Includes 27,000 shares held by the reporting person's investment retirement account. The reporting person received an award of 5,555 time-based restricted stock units on December 12, 2024, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date. Includes: (a) 3,722 time-based restricted stock units granted on December 12, 2024, 1,833 shares will vest on December 12, 2026 and the remaining 1,889 shares will vest on December 12, 2027; and (b) 5,838 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 1,926 shares will vest on March 1, 2026, 1,926 shares will vest on March 1, 2027, and the remaining 1,986 shares will vest on March 1, 2028.

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^*

MANSFIELD KEITH

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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	12/12/2025		M		1,833	A	(3)	82,056(1)(2)	D
COMMON STOCK	12/12/2025		F		643	D	$27.71	82,056(1)(2)	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	(3)	12/12/2025		M			1,833	(3)	(3)	Common Stock	1,833	(3)	9,560(4)	D

Explanation of Responses:

1. Includes 3,776 shares of unvested restricted stock granted on February 1, 2024, which will vest on March 31, 2026. Under the terms of the relevant restricted stock grants, the reported shares of unvested restricted stock are subject to forfeiture upon the occurrence of certain events.

2. Includes 27,000 shares held by the reporting person's investment retirement account.

3. The reporting person received an award of 5,555 time-based restricted stock units on December 12, 2024, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.

4. Includes: (a) 3,722 time-based restricted stock units granted on December 12, 2024, 1,833 shares will vest on December 12, 2026 and the remaining 1,889 shares will vest on December 12, 2027; and (b) 5,838 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 1,926 shares will vest on March 1, 2026, 1,926 shares will vest on March 1, 2027, and the remaining 1,986 shares will vest on March 1, 2028.

	/s/ Heather Roemer, as attorney-in-fact for Keith Mansfield	12/16/2025
	** 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

What insider stock transaction did Business First Bancshares (BFST) report for Keith Mansfield?

The filing shows that EVP and COO of b1Bank, Keith Mansfield, reported insider transactions dated December 12, 2025, involving common stock acquired and disposed of and related restricted stock units.

How many Business First Bancshares (BFST) common shares does Keith Mansfield own after this transaction?

Following the reported transactions, Keith Mansfield beneficially owns 82,056 shares of Business First Bancshares common stock directly.

What specific common stock trades did Keith Mansfield make in Business First Bancshares (BFST) on December 12, 2025?

On December 12, 2025, he acquired 1,833 shares of common stock in a transaction related to restricted stock units and disposed of 643 shares at a price of $27.71 per share.

What unvested restricted stock does the BFST executive hold after the reported transactions?

The executive holds 3,776 shares of unvested restricted stock granted on February 1, 2024, scheduled to vest on March 31, 2026, and these shares are subject to forfeiture under certain conditions.

How many restricted stock units (RSUs) in Business First Bancshares (BFST) does Keith Mansfield still hold and when do they vest?

He beneficially owns 9,560 time-based restricted stock units. This includes 3,722 RSUs from a December 12, 2024 grant, with 1,833 shares scheduled to vest on December 12, 2026 and 1,889 shares on December 12, 2027, and 5,838 RSUs from a March 1, 2025 grant, with 1,926 shares vesting on March 1, 2026, 1,926 shares on March 1, 2027, and 1,986 shares on March 1, 2028.

How many Business First Bancshares (BFST) shares are held in Keith Mansfields retirement account?

The filing states that 27,000 shares of Business First Bancshares common stock are held in the reporting persons investment retirement account.

What is Keith Mansfields role at Business First Bancshares (BFST) related to this insider filing?

Keith Mansfield is reported as an officer of Business First Bancshares, serving as EVP & COO of b1Bank, and is the reporting person for these equity transactions.