Mechanics Bancorp's stock plummeted 7.35% during pre-market trading on Thursday, following the release of its first-quarter financial results that fell significantly short of analyst expectations.

The bank reported quarterly earnings of $0.19 per share, which missed the consensus estimate of $0.41 by 53.66% and represented a 9.52% decrease from the same period last year. Revenue for the quarter came in at $200.065 million, missing the $258.161 million estimate by 22.50%, despite showing a year-over-year increase.

Further details from the earnings report revealed a 60.34% drop in net income to $44.1 million, a decline in total deposits to $18.2 billion, and a decrease in total assets to $21.4 billion. The company also reported an increase in its allowance for credit losses, which rose to 1.13% of total loans with a provision of $7.8 million.