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

Role: EVP&COO of b1Bank
Signature: /s/ Heather Roemer, as attorney-in-fact for Keith Mansfield
Issuer symbol: BFST
Transactions as of: 12 Dec 2025
Transactions value $: $-17,818
Form type: 4
Filing time: 16 Dec 2025, 17:42:15 UTC
Previous filing: 02 Apr 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
MANSFIELD KEITH	EVP&COO of b1Bank	500 LAUREL STREET, SUITE 101, BATON ROUGE	/s/ Heather Roemer, as attorney-in-fact for Keith Mansfield	16 Dec 2025	0001734773

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+1,833	+2.28%		82,056	12 Dec 2025	Direct	F1, F2, F3
transaction	BFST	COMMON STOCK	Tax liability	$-17,818	-643	-0.78%	$27.71	82,056	12 Dec 2025	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		-1,833	-16.1%		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 27,000 shares held by the reporting person's investment retirement account.
F3	The reporting person received an award of 5,555 time-based restricted stock units on December 12, 2024, vesting in 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 on December 12, 2024, 1,833 shares will vest on December 12, 2026 and the remaining 1,889 shares will vest on December 12, 2027; and (b) 5,838 time-based 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.