Business First Bancshares (NASDAQ: BFST) director sells 20,000 shares in open market

Rhea-AI Filing Summary

Business First Bancshares, Inc. director George W. Cummings III reported open-market sales of 20,000 shares of common stock. He sold 15,000 shares at $28.89 per share and 5,000 shares at $28.78 per share. After these transactions, he holds 261,180 shares directly and 3,911 shares indirectly through his spouse. A footnote states that his direct holdings include 223,669 pledged shares of common stock.

Insider Trade Summary

Net Seller: 20,000 shares ($577,250)

Net Sell 3 txns

Insider Cummings George W. III

Role null

Sold 20,000 shs ($577K)

Type	Security	Shares	Price	Value
Sale	COMMON STOCK	5,000	$28.78	$144K
Sale	COMMON STOCK	15,000	$28.89	$433K
holding	COMMON STOCK	--	--	--

Holdings After Transaction: COMMON STOCK — 261,180 shares (Direct, null); COMMON STOCK — 3,911 shares (Indirect, By Spouse)

Footnotes (1)

1. [object Object]

Key Figures

Total shares sold: 20,000 shares Sale price (15,000 shares): $28.89 per share Sale price (5,000 shares): $28.78 per share +3 more

6 metrics

Total shares sold 20,000 shares Open-market sales of common stock

Sale price (15,000 shares) $28.89 per share Open-market sale on 2026-06-10

Sale price (5,000 shares) $28.78 per share Open-market sale on 2026-06-11

Direct holdings after transactions 261,180 shares Common stock held directly after sales

Indirect holdings 3,911 shares Common stock held indirectly by spouse

Pledged shares 223,669 shares Included within direct common stock holdings

Key Terms

open-market sale, indirect ownership, pledged shares, Form 4

4 terms

open-market sale financial

"transaction_action": "open-market sale""

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

""ownership_type": "indirect", "nature_of_ownership": "By Spouse""

pledged shares financial

"Includes 223,669 pledged shares of common stock of the issuer"

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/12/2026 - 04:07 PM Accepted by SEC EDGAR 06/12/2026 - 04:06 PM Learn about SEC filing dates

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 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/10/2026

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)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK	06/10/2026		S		15,000	D	$28.89	266,180(1)	D
COMMON STOCK	06/11/2026		S		5,000	D	$28.78	261,180(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	06/12/2026
	** 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)

FAQ

What insider transactions did BFST director George W. Cummings III report?

George W. Cummings III reported selling 20,000 shares of Business First Bancshares common stock in open-market transactions. The sales occurred in two trades on different days at prices just under $29 per share, according to the Form 4 filing.

At what prices did George W. Cummings III sell BFST shares?

He sold 15,000 Business First Bancshares shares at $28.89 per share and 5,000 shares at $28.78 per share. These were reported as open-market sales of common stock in the Form 4 insider trading report.

How many BFST shares does George W. Cummings III hold after the reported sales?

After the reported sales, George W. Cummings III holds 261,180 shares of Business First Bancshares common stock directly and 3,911 shares indirectly through his spouse. The filing notes these updated ownership totals as of the transaction dates.

What does the BFST Form 4 say about pledged shares held by George W. Cummings III?

A footnote in the filing states that Cummings’ holdings include 223,669 pledged shares of Business First Bancshares common stock. Pledged shares are typically used as collateral, which can add risk if the share price falls significantly.

Does George W. Cummings III report any indirect ownership of BFST stock?

Yes. The Form 4 discloses 3,911 shares of Business First Bancshares common stock held indirectly, listed as owned "By Spouse." This indicates beneficial ownership through a related party rather than direct personal registration.