Heather G. Roemer - 12 Dec 2025 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: EVP, CAO
Signature: /s/ Saundra Strong, as attorney-in-fact for Heather G. Roemer
Issuer symbol: BFST
Transactions as of: 12 Dec 2025
Net transactions value: -$29,982
Form type: 4
Filing time: 16 Dec 2025, 17:43:51 UTC
Previous filing: 10 Jul 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Roemer Heather G.	EVP, CAO	500 LAUREL STREET, SUITE 101, BATON ROUGE	/s/ Saundra Strong, as attorney-in-fact for Heather G. Roemer	16 Dec 2025	0002076134

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+1,082	+5.5%		20,674	12 Dec 2025	Direct	F1, F2
transaction	BFST	COMMON STOCK	Disposed to Issuer	$29,982	-1,082	-5.2%	$27.71	19,592	12 Dec 2025	Direct	F1, F4
holding	BFST	COMMON STOCK						8,817	12 Dec 2025	By spouse
holding	BFST	COMMON STOCK						7,230	12 Dec 2025	As custodian for minor children

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		-1,082	-16%		5,657	12 Dec 2025	Common Stock	1,082		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	Includes: (a) 1,927 shares of restricted stock granted on February 1, 2024, which vest on March 31, 2026; and (b) 725 shares held jointly with spouse.
F2	The reporting person received an award of 3,280 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.
F3	Includes: (a) 2,198 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) 3,459 time-based restricted stock units granted to the reporting person on March 1, 2025, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date.
F4	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.