Earnings

The era of exceptionally strong loan performance in the credit card business has come to an end, and the Riverwoods, Ill., firm is feeling the effects.

Northwest, which produced lackuster first-quarter results, said it will close all 44 offices of Northwest Consumer Discount Co. by mid-July. The unit’s loans will be transferred to Northwest’s bank for servicing and collections.

The results handily beat estimates as the company benefited from CEO Ellen Alemany’s ongoing effort to shed businesses and simplify operations.

Merger-related expenses cut into the Pittsburgh company's earnings, though management is excited about growth opportunities in North Carolina.

The Cincinnati company’s 1Q profits were hurt as it scaled back in key consumer and commercial credits, paid higher severance and saw fee income fall.