Business First Bancshares (BFST) COO sells 4,200 shares at $32.08

Q: What insider transaction did BFST executive Keith Mansfield report?

Keith Mansfield reported selling 4,200 shares of Business First Bancshares common stock. The sale occurred on July 30, 2026 at a $32.08 weighted average price, with individual trade prices ranging from $31.98 to $32.14 .

Q: What price did the BFST insider receive for the 4,200 shares sold?

The BFST insider sale was executed at a $32.08 weighted average price per share. Multiple trades were completed within a price range of $31.98 to $32.14 , with the weighted average reported as the transaction price.

Q: How many BFST shares does Keith Mansfield hold after the reported sale?

After the sale, Keith Mansfield directly holds 77,139 Business First Bancshares shares. This total includes 27,000 shares held in his investment retirement account, as referenced in the footnote to the reported transaction.

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

The executive holds 13,374 time-based restricted stock units linked to BFST common stock. These RSUs have an exercise price of $0.00 and will vest in scheduled installments over future anniversaries of their respective grant dates.

Q: What are the vesting terms of Keith Mansfield’s BFST RSU grants?

His RSUs include 3,722 units from December 12, 2024 and 3,912 from March 1, 2025, each vesting in two equal installments, plus 5,740 units from March 2, 2026 vesting in three equal annual installments.

Q: Is the reported BFST insider sale under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is not marked as affirmative . The footnotes describe pricing details and holdings but do not state that the July 30, 2026 sale occurred under a pre-arranged 10b5-1 trading plan.

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Business First Bancshares EVP & COO of b1Bank Keith Mansfield sold 4,200 shares of common stock on July 30, 2026 at a weighted average price of $32.08, with trades ranging from $31.98 to $32.14. After the sale he directly holds 77,139 shares, including 27,000 in a retirement account, plus 13,374 time-based restricted stock units scheduled to vest in future installments.

Insider Trade Summary

Net Seller: 4,200 shares

Net Sell 2 txns

Insider MANSFIELD KEITH

Role EVP&COO of b1Bank

Sold 4,200 shs ($135K)

Type	Security	Shares	Price	Value
Sale	COMMON STOCK ^{F1, F2}	4,200	$32.08	$135K
holding	Restricted Stock Units ^F3	--	--	--

Holdings After Transaction: COMMON STOCK — 77,139 shares (Direct); Restricted Stock Units — 13,374 shares (Direct)

Footnotes (3)

F1. This transaction was executed in multiple trades at prices ranging from $31.98 to $32.14. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a securityholder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
F2. Includes 27,000 shares held by the reporting person's investment retirement account.
F3. 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) 5,740 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

Shares sold: 4,200 shares Weighted average sale price: $32.08 per share Sale price range: $31.98–$32.14 per share +5 more

8 metrics

Shares sold 4,200 shares Common stock sale on July 30, 2026

Weighted average sale price $32.08 per share Common stock sale on July 30, 2026

Sale price range $31.98–$32.14 per share Multiple trades comprising the reported sale

Shares held after sale 77,139 shares Direct common stock holdings following the transaction

IRA shares included 27,000 shares Portion of post-transaction holdings in retirement account

RSUs outstanding (underlying shares) 13,374 shares Time-based restricted stock units convertible into common stock

RSU grant 12/12/2024 3,722 units Vests in two equal installments on second and third anniversaries

RSU grant 03/01/2025 3,912 units Vests in two equal installments on second and third anniversaries

Key Terms

Restricted Stock Units, weighted average sale price, time-based restricted stock units, investment retirement account

4 terms

Restricted Stock Units financial

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

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.

weighted average sale price financial

"The price reported above reflects the weighted average sale price."

time-based restricted stock units financial

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

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

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

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/31/2026 - 06:08 PM Accepted by SEC EDGAR 07/31/2026 - 06:08 PM

FAQ

What insider transaction did BFST executive Keith Mansfield report?

Keith Mansfield reported selling 4,200 shares of Business First Bancshares common stock. The sale occurred on July 30, 2026 at a $32.08 weighted average price, with individual trade prices ranging from $31.98 to $32.14.

What price did the BFST insider receive for the 4,200 shares sold?

The BFST insider sale was executed at a $32.08 weighted average price per share. Multiple trades were completed within a price range of $31.98 to $32.14, with the weighted average reported as the transaction price.

How many BFST shares does Keith Mansfield hold after the reported sale?

After the sale, Keith Mansfield directly holds 77,139 Business First Bancshares shares. This total includes 27,000 shares held in his investment retirement account, as referenced in the footnote to the reported transaction.

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

The executive holds 13,374 time-based restricted stock units linked to BFST common stock. These RSUs have an exercise price of $0.00 and will vest in scheduled installments over future anniversaries of their respective grant dates.

What are the vesting terms of Keith Mansfield’s BFST RSU grants?

His RSUs include 3,722 units from December 12, 2024 and 3,912 from March 1, 2025, each vesting in two equal installments, plus 5,740 units from March 2, 2026 vesting in three equal annual installments.

Is the reported BFST insider sale under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is not marked as affirmative. The footnotes describe pricing details and holdings but do not state that the July 30, 2026 sale occurred under a pre-arranged 10b5-1 trading plan.

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

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&COO of b1Bank

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/30/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK	07/30/2026		S		4,200	D	$32.08⁽¹⁾	77,139⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	$0.0000							⁽³⁾	⁽³⁾	Common Stock	13,374		13,374⁽³⁾	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $31.98 to $32.14. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a securityholder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

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

3. 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) 5,740 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 Keith Mansfield	07/31/2026
	** 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)

Source: View Original Filing on SEC EDGAR