What restricted stock units related to BFST does George W. Cummings III hold?

He holds 998 time-based restricted stock units granted on June 25, 2026 under the 2024 Equity Incentive Plan. These units are economically equivalent to BFST common shares, fully vest on June 25, 2027, and are subject to forfeiture upon certain events.

Business First director sells 10,000 shares at $31.78

Q: What insider transaction did BFST director George W. Cummings III report?

George W. Cummings III reported selling 10,000 BFST common shares on August 18, 2026 at $31.78 per share. The transaction is characterized as a sale in an open-market or private transaction and reduces, but does not eliminate, his direct equity position.

Q: How many BFST shares does George W. Cummings III own after the reported sale?

After the sale, George W. Cummings III directly owns 201,180 BFST common shares. He also holds 998 unvested restricted stock units tied to BFST common stock and indirectly holds 3,911 common shares through his spouse, reflecting his remaining reported equity interest.

Q: At what price did George W. Cummings III sell BFST shares on August 18, 2026?

He sold BFST common stock at a price of $31.78 per share. The Form 4 describes this as a sale in an open-market or private transaction, covering 10,000 shares of Business First Bancshares, Inc. common stock on that date.

Business First Bancshares, Inc. (BFST) director George W. Cummings III reported selling 10,000 shares of common stock on August 18, 2026 at $31.78 per share in an open-market or private transaction.

Filing Impact

(Moderate)

Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) director George W. Cummings III reported selling 10,000 shares of common stock on August 18, 2026 at $31.78 per share in an open-market or private transaction. After this sale, he directly holds 201,180 common shares, plus 998 unvested restricted stock units that are economically equivalent to common shares and scheduled to fully vest on June 25, 2027, and indirectly holds 3,911 common shares through his spouse.

Insider Trade Summary

Net Seller: 10,000 shares

Net Sell 3 txns

Insider Cummings George W. III

Role Director

Sold 10,000 shs ($318K)

Type	Security	Shares	Price	Value
Sale	COMMON STOCK	10,000	$31.78	$318K
holding	Restricted Stock Units ^F1	--	--	--
holding	COMMON STOCK	--	--	--

Holdings After Transaction: COMMON STOCK — 201,180 shares (Direct); Restricted Stock Units — 998 contracts (Direct); COMMON STOCK — 3,911 shares (Indirect, By Spouse)

Footnotes (1)

F1. The time-based restricted stock units were granted to the reporting person on June 25, 2026, under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. The time-based restricted stock units will fully vest on June 25, 2027. 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.

Key Figures

Shares sold: 10,000 shares Sale price: $31.78 per share Direct common shares after sale: 201,180 shares +3 more

6 metrics

Shares sold 10,000 shares Common stock sale on August 18, 2026

Sale price $31.78 per share Price for 10,000 BFST common shares sold

Direct common shares after sale 201,180 shares Direct BFST common stock holdings following transaction

Unvested RSUs underlying shares 998 shares Restricted stock units economically equivalent to BFST common stock

Indirect common shares 3,911 shares BFST common stock held indirectly by spouse

RSU exercise price $0.00 Exercise price for restricted stock units

Key Terms

Restricted Stock Units, time-based restricted stock units, economically equivalent, Equity Incentive Plan

4 terms

Restricted Stock Units financial

"The time-based restricted stock units were 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.

time-based restricted stock units financial

"The time-based restricted stock units will fully vest on June 25, 2027"

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.

economically equivalent financial

"Each time-based restricted stock unit is economically equivalent to one share"

Equity Incentive Plan financial

"under the Business First Bancshares, Inc. 2024 Equity Incentive Plan"

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

George W. Cummings III reported selling 10,000 BFST common shares on August 18, 2026 at $31.78 per share. The transaction is characterized as a sale in an open-market or private transaction and reduces, but does not eliminate, his direct equity position.

How many BFST shares does George W. Cummings III own after the reported sale?

After the sale, George W. Cummings III directly owns 201,180 BFST common shares. He also holds 998 unvested restricted stock units tied to BFST common stock and indirectly holds 3,911 common shares through his spouse, reflecting his remaining reported equity interest.

At what price did George W. Cummings III sell BFST shares on August 18, 2026?

He sold BFST common stock at a price of $31.78 per share. The Form 4 describes this as a sale in an open-market or private transaction, covering 10,000 shares of Business First Bancshares, Inc. common stock on that date.

Does George W. Cummings III have any indirect ownership of BFST shares?

Yes. In addition to his direct holdings, he indirectly owns 3,911 BFST common shares through his spouse. This indirect ownership is reported separately from his direct common stock and restricted stock unit positions in the Form 4 filing.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Available on EDGAR 08/19/2026 - 04:36 PM Accepted by SEC EDGAR 08/19/2026 - 04:35 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^*

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)
08/18/2026

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	08/18/2026		S		10,000	D	$31.78	201,180	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)
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							⁽¹⁾	⁽¹⁾	Common Stock	998		998	D

Explanation of Responses:

1. The time-based restricted stock units were granted to the reporting person on June 25, 2026, under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. The time-based restricted stock units will fully vest on June 25, 2027. 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 George W. Cummings III	08/19/2026
	** 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