Don't listen to me, the bank is telling you the pref holders made out like bandits - now they're walking out with their loot:
"We issued our Series B noncumulative convertible preferred stock in 2009 for $25.00 per share. The return on this investment has been very strong for our shareholders and they have been well rewarded. In addition to the interest payments, our effective common stock share price has increased more than 30% since we issued the preferred shares. "
Ummmmmm, did you read closely? "..common stock share price has increased more than 30% since we issued the preferred shares..." Means the common share price jumped 30% in that period. Also, throw in a total dividend of .49/share that common shareholders have received since 2010 and it sounds like a win for everyone.