First Republic stock craters 49% after the bank reveals customers pulled out $100 billion of deposits last quarter

• First Republic shares fell 49% Tuesday on the back of dire first-quarter earnings.
• The regional bank's customers pulled out more than $100 billion worth of deposits last quarter.
• First Republic plans to lay off around 25% of its workforce during the second quarter.

First Republic's stock price cratered Tuesday after the embattled lender revealed its customers pulled out over $100 billion worth of deposits last quarter due to the banking turmoil.

Shares were down more than 49% shortly before 4 p.m. ET, trading at just over $8.