Philip Jordan - 01 Mar 2026 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: 01 Mar 2026
Net transactions value: -$14,387
Form type: 4
Filing time: 03 Mar 2026, 18:49:38 UTC
Previous filing: 16 Dec 2025
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	03 Mar 2026	0001734775

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+1,926	+2.4%		82,568	01 Mar 2026	Direct	F1, F2, F3
transaction	BFST	COMMON STOCK	Tax liability	$14,387	-527	-0.64%	$27.30	82,041	01 Mar 2026	Direct	F1, F2

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		-1,926	-20%		7,634	01 Mar 2026	Common Stock	1,926		Direct	F3
transaction	BFST	Restricted Stock Units	Award		+5,701	+75%		13,335	02 Mar 2026	Common Stock	5,701	$0.000000	Direct	F4, F5

* 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 5,838 time-based restricted stock units on March 1, 2025, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.
F4	Reflects the grant of 5,701 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,900 shares will vest on March 2, 2027, 1,900 shares will vest on March 2, 2028, and the remaining 1,901 shares will vest on March 2, 2029. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer.
F5	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; (b) 3,912 time-based restricted stock units granted to the reporting person on March 1, 2025, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; and (c) 5,701 time-based restricted stock units granted to the reporting person on March 2, 2026, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date.