Earnings of Sandy Spring Bancorp (SASR) plunged by 65% sequentially in the first quarter due to a hike in credit costs amid the COVID-19 pandemic. Earnings per share will likely recover from the first-quarter hit in the remainder of the year, but stay below the 2019 level. Provision expense will likely remain elevated in the second quarter as the economic outlook has worsened since the end of the first quarter. On the other hand, the acquisition of Revere Bank and participation in the Paycheck Protection Program will drive loans, which will support earnings.