Wells Fargo posts earnings of $1.03 a share vs. $1.03 expected

A Wells Fargo branch in New York City.
Scott Mlyn | CNBC

Wells Fargo delivered quarterly earnings that were in line with analysts' expectations on Tuesday.

After the earnings announcement, the company's shares fell in premarket trading. (Get the latest quote here.)

The company posted second-quarter earnings of $1.03 per share, up from $1.01 a share in the year-earlier period.

Revenue increased to $21.32 billion from $21.07 billion a year ago.

Analysts expected Wells Fargo to report earnings of $1.03 a share on $21.7 billion in revenue, according to a consensus estimate from Thomson Reuters.

Wells Fargo and JPMorgan Chase kick off earnings season for big U.S. banks on Tuesday. Wells Fargo cited strong growth in average loans and deposits among the highlights of its first quarter.