Philip Jordan - 12 Dec 2025 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: EVP&CBO of b1Bank
Signature: /s/ Heather Roemer, as attorney-in-fact for Phillip Jordan
Issuer symbol: BFST
Transactions as of: 12 Dec 2025
Net transactions value: -$50,792
Form type: 4
Filing time: 16 Dec 2025, 17:43:30 UTC
Previous filing: 02 Apr 2025
Next filing: 03 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
JORDAN PHILIP	EVP&CBO of b1Bank	500 LAUREL STREET, SUITE 101, BATON ROUGE	/s/ Heather Roemer, as attorney-in-fact for Phillip Jordan	16 Dec 2025	0001734775

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+1,833	+2.3%		82,475	12 Dec 2025	Direct	F1, F2, F3
transaction	BFST	COMMON STOCK	Disposed to Issuer	$50,792	-1,833	-2.2%	$27.71	80,642	12 Dec 2025	Direct	F1, F2, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BFST	Restricted Stock Units	Options Exercise		-1,833	-16%		9,560	12 Dec 2025	Common Stock	1,833		Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 3,776 shares of unvested restricted stock granted on February 1, 2024, which will vest on March 31, 2026. Under the terms of the relevant restricted stock grants, the reported shares of unvested restricted stock are subject to forfeiture upon the occurrence of certain events.
F2	Includes 4,000 shares of common stock of the issuer held by the reporting person's investment retirement account and units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 14,993 shares of common stock of the issuer.
F3	The reporting person received an award of 5,555 time-based restricted stock units on December 12, 2024, vesting on three substantially equal installments on the first, second, and third anniversary of the issuance date.
F4	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; and (b) 5,838 restricted stock units granted to the reporting person on March 1, 2025, of which 1,926 shares will vest on March 1, 2026, 1,926 shares will vest on March 1, 2027, and the remaining 1,986 shares will vest on March 1, 2028.
F5	These shares were acquired upon the partial vesting of the previously reported time-based restricted stock units granted to the reporting person on December 12, 2024. The reporting person has irrevocably elected to defer the reported securities under the b1BANK Deferred Compensation Plan (the "Deferred Compensation Plan"). In accordance with the Deferred Compensation Plan, the reporting person will receive a lump sum cash distribution in an amount equal to the vested securities deferred under the Deferred Compensation Plan, plus any earnings or losses attributable thereto, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs.