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

Rhea-AI Filing Summary

Form 4 filing summary

This Form 4 for Business First Bancshares, Inc. (BFST) was filed by reporting person James J. Buquet III, identified as a Director. The filing records a common stock transaction dated 08/04/2025 with transaction code S and a listed price of $23.08. The filing also shows an indirect beneficial ownership entry of 3,689 shares via Mary Mercer Buquet Trust No. 2. The form is signed by attorney-in-fact Heather Roemer on 08/05/2025. Certain numeric fields in Table I appear ambiguous in context.

Insights

Securities Analyst

TL;DR: Director-reported sale (code S) on 08/04/2025 at $23.08; insufficient clarity to assess materiality.

The filing explicitly shows a common stock transaction by Director James J. Buquet III on 08/04/2025 with transaction code 'S' and a price of $23.08. An indirect holding of 3,689 shares via Mary Mercer Buquet Trust No. 2 is disclosed. Table I contains numeric entries that are not clearly labeled, limiting ability to quantify shares sold or post-transaction ownership precisely. Without clear share counts or percentages relative to outstanding stock, market impact cannot be determined.

Corporate Governance Expert

TL;DR: Insider transaction and trust ownership disclosed; ambiguous table entries prevent a governance-materiality conclusion.

The form confirms the reporter's status as a director and records a common stock transaction dated 08/04/2025. It also identifies indirect ownership through Mary Mercer Buquet Trust No. 2 (3,689 shares). The signature by an attorney-in-fact on 08/05/2025 is included. Ambiguities in the Table I fields (numeric values without clear labels) impede assessment of whether the transaction reflects routine diversification or a materially significant disposition.

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

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X

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^*

Buquet James J. 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)
08/04/2025

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	08/04/2025		S		5,164	D	$23.08	28,522.91	D
COMMON STOCK								3,689	I	By Mary Mercer Buquet Trust No. 2

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:

	/s/ Heather Roemer, as attorney-in-fact for James J. Buquet III	08/05/2025
	** 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 transaction does the BFST Form 4 report?

The Form 4 reports a common stock transaction dated 08/04/2025 with transaction code S (sale) and a listed price of $23.08.

Who filed the Form 4 for BFST and what is their role?

The reporting person is James J. Buquet III, identified in the form as a Director of Business First Bancshares, Inc.

Does the filing show any indirect ownership related to the reporting person?

Yes. The filing discloses an indirect beneficial ownership entry of 3,689 shares via Mary Mercer Buquet Trust No. 2.

When was the Form 4 signed and by whom?

The Form 4 is signed by Heather Roemer, as attorney-in-fact for James J. Buquet III on 08/05/2025.

Are the exact shares sold and post-transaction holdings clearly stated?

Table I contains numeric entries (for example 5,164 and 28,522.91) but the filing's table layout makes the exact meaning of those figures unclear.