Business First Bancshares (BFST) director sells shares around $29.50

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Business First Bancshares director Mark P. Folse reported selling common stock in two open-market transactions. On February 9, 2026, he sold 5,146 shares at a weighted average price of $29.75, and on February 10, 2026, he sold 4,854 shares at a weighted average price of $29.51.

After these sales, Folse directly owned 53,286 shares of Business First Bancshares common stock. He also held 1,016 time-based restricted stock units granted on June 26, 2025, which are scheduled to fully vest on June 26, 2026, each unit representing the economic equivalent of one share of common stock and subject to forfeiture under certain conditions.

Insider Trade Summary

Net Seller: 10,000 shares ($296,335)

Net Sell 3 txns

Insider Folse Mark P.

Role Director

Sold 10,000 shs ($296K)

Type	Security	Shares	Price	Value
Sale	Common Stock	4,854	$29.51	$143K
Sale	Common Stock	5,146	$29.75	$153K
holding	Restricted Stock Units	--	--	--

Holdings After Transaction: Common Stock — 53,286 shares (Direct); Restricted Stock Units — 1,016 shares (Direct)

Footnotes (1)

This transaction was executed in multiple trades at prices ranging from $29.70 to $29.82. 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. This transaction was executed in multiple trades at prices ranging from $29.50 to $29.54. 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. 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.

Form 4 Insider Transactions: What Each Field Means →

02/11/2026 - 04:05 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^*

Folse Mark P.

(Last)

(First)

(Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE

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)
02/09/2026

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)
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	02/09/2026		S		5,146	D	$29.75⁽¹⁾	58,140	D
Common Stock	02/10/2026		S		4,854	D	$29.51⁽²⁾	53,286	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							⁽³⁾	⁽³⁾	Common Stock	1,016		1,016⁽³⁾	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $29.70 to $29.82. 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. This transaction was executed in multiple trades at prices ranging from $29.50 to $29.54. 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.

3. 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 Mark P. Folse	02/11/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did BFST director Mark P. Folse report?

Mark P. Folse reported two open-market sales of Business First Bancshares common stock. He sold 5,146 shares on February 9, 2026 at a weighted average of $29.75 and 4,854 shares on February 10, 2026 at a weighted average of $29.51.

How many BFST shares does Mark P. Folse own after the reported sales?

After the reported transactions, Mark P. Folse directly owns 53,286 shares of Business First Bancshares common stock. This figure reflects his holdings following the two February 2026 open-market sales disclosed in the Form 4 filing.

At what prices did the BFST director sell his shares in February 2026?

On February 9, 2026, the director sold shares at a weighted average price of $29.75, based on multiple trades between $29.70 and $29.82. On February 10, 2026, he sold at a weighted average of $29.51, from trades between $29.50 and $29.54.

What restricted stock units does the BFST director hold and when do they vest?

The director holds 1,016 time-based restricted stock units granted June 26, 2025 under the 2024 Equity Incentive Plan. These units are scheduled to fully vest on June 26, 2026 and each unit is economically equivalent to one share of Business First Bancshares common stock.

Are the BFST director’s restricted stock units subject to forfeiture?

Yes. The 1,016 time-based restricted stock units held by the director are subject to forfeiture upon the occurrence of certain events. This condition is part of the terms of the June 26, 2025 restricted stock unit grant under the 2024 Equity Incentive Plan.