Have you been eager to see how Northern Trust Corporation NTRS performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this IL-based asset management firm’s earnings release this morning:An Earnings BeatNorthern Trust came out with earnings per share of $1.01, comfortably beating the Zacks Consensus Estimate of 95 cents. Also, the reported figure improved 7% year over year.Results were aided by top line growth partially offset by higher expenses.How Was the Estimate Revision Trend?You should note that the earnings estimate revisions for Northern Trust depicted optimism prior to the earnings release. The Zacks Consensus Estimate advanced 1% to 95 cents over the last 7 days.Revenue Came In Higher than Expected Northern Trust posted revenues of $1.19 billion, surpassing Zacks Consensus Estimate of $1.18 billion. Further, it compared favorably with the year-ago number of $1.13 billion.Key Statistics:Trust, Investment and Other Servicing Fees of $ 748.2 million was up 3% year over year, primarily due to new business and reduced money market fee waivers. This was however, partially offset by the unfavorable effects of equity markets and movements in foreign exchange rates.Net Interest Income stood at $307.8 million, up 18% year over year.Noninterest expense increased 5% year over year to $828.8 million.Total assets under custody increased 2% year over year to $6.21trillion while total assets under management decreased 6% to $900 billion during first-quarter 2016.What Zacks Rank SaysThe estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Northern Trust. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.Check back later for our full write up on this Northern Trust earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NORTHERN TRUST (NTRS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research