Business First Bancshares Subordinated Notes Up to $85M

Business First Bancshares, Inc. entered into a subordinated note purchase agreement dated April 2, 2026 to sell 6.50% fixed-to-floating subordinated notes due 2036. The notes are offered in an aggregate principal amount of up to $85,000,000.

The agreement is structured for sales to accredited investors under Regulation D and, for qualified institutional buyers, relies on Securities Act exemptions. The document also references tier 2 capital and includes provisions covering purchase and closing mechanics, representations and warranties, covenants, and transfer restrictions such as a legend and secondary-market transfer procedures.