Business First director sells 14,200 shares at $31

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

George W. Cummings III reported selling 14,200 shares of BFST common stock in two transactions on August 21 and 24, 2026, at prices of $31.27 and $31.33 per share, respectively. He also reported continuing derivative and indirect equity interests.

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

He reported selling BFST common stock at $31.27 per share for 4,200 shares on August 21, 2026, and at $31.33 per share for 10,000 shares on August 24, 2026, characterized as sales in open market or private transactions.

Q: How many BFST restricted stock units does George W. Cummings III hold?

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

Q: What indirect BFST shareholdings are reported for George W. Cummings III?

The filing lists 3,911 shares of BFST common stock held indirectly "By Spouse" as of August 21, 2026. These are reported as indirect ownership, separate from his direct and derivative holdings.

Q: Were the reported BFST stock sales made under a Rule 10b5-1 trading plan?

The Rule 10b5-1 checkbox is reported as not affirmatively checked, and no footnote states that the August 2026 sales were made pursuant to a Rule 10b5-1 or other pre-arranged trading plan.

Business First Bancshares, Inc. (BFST) director George W. Cummings III reported selling a total of 14,200 shares of common stock in two transactions on August 21 and 24, 2026, at prices of $31.27 and $31.33 per share.

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Filing Sentiment

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Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) director George W. Cummings III reported selling a total of 14,200 shares of common stock in two transactions on August 21 and 24, 2026, at prices of $31.27 and $31.33 per share. He also reports holdings of 998 time-based restricted stock units, each economically equivalent to one share of common stock and granted under the 2024 Equity Incentive Plan, which are scheduled to fully vest on June 25, 2027 and are subject to forfeiture upon certain events. In addition, 3,911 shares of common stock are reported as held indirectly through his spouse.

Insider Trade Summary

Net Seller: 14,200 shares

Net Sell 4 txns

Insider Cummings George W. III

Role Director

Sold 14,200 shs ($445K)

Type	Security	Shares	Price	Value
Sale	COMMON STOCK	10,000	$31.33	$313K
Sale	COMMON STOCK	4,200	$31.27	$131K
holding	Restricted Stock Units ^F1	--	--	--
holding	COMMON STOCK	--	--	--

Holdings After Transaction: COMMON STOCK — 183,745 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 on 2026-08-24: 10,000 shares of common stock Shares sold on 2026-08-21: 4,200 shares of common stock Aggregate shares sold: 14,200 shares of common stock +4 more

7 metrics

Shares sold on 2026-08-24 10,000 shares of common stock Sale transaction at $31.33 per share

Shares sold on 2026-08-21 4,200 shares of common stock Sale transaction at $31.27 per share

Aggregate shares sold 14,200 shares of common stock Total reported sales across the two August 2026 transactions

Sale price 2026-08-24 $31.33 per share Price for 10,000-share common stock sale

Sale price 2026-08-21 $31.27 per share Price for 4,200-share common stock sale

Unvested Restricted Stock Units 998 units (0.0000 exercise price) Time-based RSUs economically equivalent to common stock; vest June 25, 2027

Indirect common shares by spouse 3,911 shares Indirect ownership reported as held "By Spouse" as of August 21, 2026

Key Terms

Restricted Stock Units, time-based restricted stock units, 2024 Equity Incentive Plan, economically equivalent, +1 more

5 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.

2024 Equity Incentive Plan financial

"granted to the reporting person on June 25, 2026, under the Business First Bancshares, Inc. 2024 Equity Incentive Plan"

economically equivalent financial

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

subject to forfeiture financial

"the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events"

FAQ

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

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

George W. Cummings III reported selling 14,200 shares of BFST common stock in two transactions on August 21 and 24, 2026, at prices of $31.27 and $31.33 per share, respectively. He also reported continuing derivative and indirect equity interests.

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

He reported selling BFST common stock at $31.27 per share for 4,200 shares on August 21, 2026, and at $31.33 per share for 10,000 shares on August 24, 2026, characterized as sales in open market or private transactions.

How many BFST restricted stock units does George W. Cummings III hold?

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

What indirect BFST shareholdings are reported for George W. Cummings III?

The filing lists 3,911 shares of BFST common stock held indirectly "By Spouse" as of August 21, 2026. These are reported as indirect ownership, separate from his direct and derivative holdings.

Were the reported BFST stock sales made under a Rule 10b5-1 trading plan?

The Rule 10b5-1 checkbox is reported as not affirmatively checked, and no footnote states that the August 2026 sales were made pursuant to a Rule 10b5-1 or other pre-arranged trading plan.

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

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Available on EDGAR 08/25/2026 - 04:15 PM EDT Accepted by SEC EDGAR 08/25/2026 - 04:14 PM EDT

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)
08/21/2026

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	08/21/2026		S		4,200	D	$31.27	193,745	D
COMMON STOCK	08/24/2026		S		10,000	D	$31.33	183,745	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	08/25/2026
	** 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