JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) reported their latest quarterly results before opening bell, starting off this round of bank earnings strong. Both beat expectations, although JPMorgan’s results were tempered by high legal costs.

JPMorgan Chase

JPMorgan Chase’s results send shares higher

In premarket trading, shares of JPMorgan Chase & Co. (NYSE:JPM) rose more than 1 percent after the company’s results were released. The company posted net losses of 17 cents per share. However, excluding items, earnings per share were $1.42 for the quarter. The bank reported one-time items of reserve losses and litigation expenses.

Revenue for the quarter was $23.9 billion. Consensus estimates for JPMorgan Chase & Co. (NYSE:JPM) were $1.28 per share in earnings and $24 billion in revenue. Litigation expenses for the bank during the quarter amounted to $7.2 billion after taxes. Because of those expenses, the third quarter was Jamie Dimon’s first quarterly loss as CEO, and he’s been in that position since 2004.

Other results from JPMorgan

JPMorgan reported that Consumer and Community Banking deposits rose 10 percent, while client investment assets set a new record of $179 billion—a 16 percent increase. Credit card sales volume also hit a new record of $107 billion, which was an 11 percent increase. Merchant processing volume rose 14 percent to $185.9 billion.

In terms of the litigation expenses, JPMorgan Chase & Co. (NYSE:JPM) said it is still seeking a “fair and reasonable settlement” with the U.S. government in connection with the mortgage lawsuit it faces.

Wells Fargo shares decline after earnings

Wells Fargo & Co. (NYSE:WFC) shares didn’t do as well as JPMorgan in premarket trading. They declined more than 1 percent after the results were announced. The bank also came out ahead of consensus, although not as much as JPMorgan. It reported earnings of 99 cents per share on revenue of $20.5 billion for the third quarter. Consensus estimates indicated analysts were looking for adjusted earnings per share of 97 cents on $21.02 billion in revenue.

For the first nine months of the year, Wells Fargo & Co. (NYSE:WFC) hit a new record net income of $16.3 billion or $2.89 per share.  That’s compared to $13.8 billion or $2.45 per share during the same period last year.