BFST (NASDAQ: BFST) COO reports tax withholding of 1,324 shares, holds 81,339

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Business First Bancshares EVP & COO Keith Mansfield reported a routine tax-related share disposition. On March 31, 2026, 1,324 shares of common stock were withheld at $27.04 per share to cover tax obligations, rather than being sold in the open market.

After this withholding, Mansfield directly holds 81,339 common shares, including 27,000 shares in his investment retirement account. He also holds 13,374 time-based restricted stock units tied to common stock, which are scheduled to vest in installments over future anniversaries of their grant dates.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider MANSFIELD KEITH

Role EVP&COO of b1Bank

Type	Security	Shares	Price	Value
Tax Withholding	COMMON STOCK	1,324	$27.04	$36K
holding	Restricted Stock Units	--	--	--

Holdings After Transaction: COMMON STOCK — 81,339 shares (Direct); Restricted Stock Units — 13,374 shares (Direct)

Footnotes (1)

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

Tax-withholding shares: 1,324 shares Tax-withholding price: $27.04/share Common shares held after: 81,339 shares +5 more

8 metrics

Tax-withholding shares 1,324 shares Common stock withheld on March 31, 2026

Tax-withholding price $27.04/share Value used for tax-withholding disposition

Common shares held after 81,339 shares Direct BFST common stock holdings post-transaction

Retirement account shares 27,000 shares Included within direct common holdings per footnote

Restricted stock units 13,374 units Time-based RSUs tied to BFST common stock

RSU grant 1 3,722 units Granted December 12, 2024; vests over two installments

RSU grant 2 3,912 units Granted March 1, 2025; vests over two installments

RSU grant 3 5,740 units Granted March 2, 2026; vests over three installments

Key Terms

tax-withholding disposition, Restricted Stock Units, time-based restricted stock units, investment retirement account, +1 more

5 terms

tax-withholding disposition financial

"transaction_action: tax-withholding disposition"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Restricted Stock Units financial

"security_title: Restricted Stock Units"

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.

time-based restricted stock units financial

"Includes: (a) 3,722 time-based restricted stock units granted..."

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."

vesting financial

"which will vest in two substantially equal installments..."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 04:06 PM

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)
03/31/2026

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	03/31/2026		F		1,324	D	$27.04	81,339⁽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)
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							⁽²⁾	⁽²⁾	Common Stock	13,374		13,374⁽²⁾	D

Explanation of Responses:

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

2. 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	04/02/2026
	** 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

FAQ

What did BFST executive Keith Mansfield report in this Form 4 filing?

Keith Mansfield reported a tax-related share disposition, where 1,324 BFST common shares were withheld at $27.04 per share to satisfy tax obligations. This was not an open-market sale but a payment mechanism tied to equity compensation.

How many Business First Bancshares (BFST) shares does Keith Mansfield hold after the transaction?

After the tax withholding, Keith Mansfield directly holds 81,339 BFST common shares. This total includes 27,000 shares held in his investment retirement account, reflecting his ongoing equity stake in the company following the reported disposition.

Was the BFST Form 4 transaction an open-market sale of shares?

No, the Form 4 shows a tax-withholding disposition of 1,324 shares at $27.04 per share. This type F transaction represents shares delivered to cover tax liabilities, not a discretionary open-market sale of Business First Bancshares stock.

What restricted stock units does Keith Mansfield hold in Business First Bancshares (BFST)?

Mansfield holds 13,374 restricted stock units tied to BFST common stock. These include grants of 3,722, 3,912, and 5,740 time-based units that vest in installments on the first, second, and third anniversaries of their respective issuance dates.

How are Keith Mansfield’s restricted stock units in BFST scheduled to vest?

The footnotes state that his restricted stock units vest in substantially equal installments on future anniversaries. Earlier grants vest over two years on the second and third anniversaries, while the March 2, 2026 grant vests over three years on the first, second, and third anniversaries.

What portion of Keith Mansfield’s BFST holdings are in a retirement account?

The filing notes that 27,000 BFST common shares are held in Keith Mansfield’s investment retirement account. These shares are included within his 81,339 directly held shares, indicating part of his stake is maintained in a retirement-focused vehicle.