Director adds Business First (BFST) shares in open-market buy

Rhea-AI Filing Summary

Business First Bancshares director Rolfe H. McCollister Jr. bought 120 shares of common stock at a weighted average price of $29.56 in an open-market transaction on February 10, 2026. The trades were executed at prices ranging from $29.50 to $29.60.

After this purchase, he directly owns 93,080 shares of common stock. He also reports indirect beneficial ownership of 5,000 shares held by his spouse and 1,016 time-based restricted stock units that are scheduled to fully vest on June 26, 2026, each equivalent to one share of common stock.

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

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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^*

MCCOLLISTER ROLFE H. JR.

(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)
02/10/2026

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	02/10/2026		P	V	120	A	$29.56(1)	93,080	D
COMMON STOCK								5,000	I	By reporting person's 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
Restricted Stock Units	$0.0000							(2)	(2)	Common Stock	1,016		1,016	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $29.50 to $29.60. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

2. The time-based restricted stock units were granted to the reporting person on June 26, 2025 under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. The time-based restricted stock units will fully vest on June 26, 2026. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. Under the terms of the relevant restricted stock unit grant, the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events.

	/s/ Heather Roemer, as attorney-in-fact for Rolfe H. McCollister	02/12/2026
	** 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.

FAQ

What insider transaction did BFST director Rolfe H. McCollister Jr. report?

BFST director Rolfe H. McCollister Jr. reported buying 120 shares of Business First Bancshares common stock in an open-market transaction. The weighted average purchase price was $29.56 per share, with trades executed between $29.50 and $29.60 on February 10, 2026.

At what price did the BFST director acquire the new Business First shares?

The director acquired the new Business First shares at a weighted average price of $29.56 per share. Individual trades for the 120 purchased shares were executed in a price range from $29.50 to $29.60, according to the Form 4 footnote disclosure.

How many Business First Bancshares shares does the BFST director own after this transaction?

After the reported transaction, the director directly owns 93,080 shares of Business First Bancshares common stock. In addition, he has indirect beneficial ownership of 5,000 shares held by his spouse, as reported in the Form 4 filing’s ownership table.

What indirect BFST share ownership did the Business First director report?

The director reported indirect beneficial ownership of 5,000 Business First Bancshares common shares held by his spouse. These shares are listed separately from his direct holdings, indicating they are attributed through spousal ownership rather than held in his own name.

What restricted stock units (RSUs) does the BFST director hold at Business First?

The director holds 1,016 time-based restricted stock units that are economically equivalent to Business First common shares. These RSUs were granted on June 26, 2025 and are scheduled to fully vest on June 26, 2026, subject to forfeiture upon certain events.

When do the BFST director’s Business First restricted stock units vest?

The director’s 1,016 time-based restricted stock units are scheduled to fully vest on June 26, 2026. They were granted under the Business First Bancshares 2024 Equity Incentive Plan on June 26, 2025 and each unit represents one share of common stock.