Here comes Wells Fargo ...

Wells Fargo is set to report second-quarter earnings at 8 a.m. Friday.

Wall Street estimates the firm will announce earnings of $1.01 per share, a 1% increase from the previous quarter.

Here's what else analysts are expecting:

• Revenues climb 2% over the previous quarter to $22.5 billion
• Operating efficiency of 60.1%, down from 62.7% in Q1
• Loan balances increase to $967 billion, from $958 billion in Q1

Wells, JPMorgan, and Citi are kicking off the earnings cycle for US banks, which are riding high after nearly every firm passed Federal Reserve's annual stress tests with flying colors.

Wells Fargo received authorization from the Fed to pursue $11.5 billion in share buybacks, exceeding industry expectations.

Investors will look for signs of any further fallout from the scandals that have wracked Wells Fargo in the past year. The bank has been spending significant time and resources to clean up the mess from its fake accounts scandal, which it just agreed to settle this week for $142 million.

The bank saw a steep decline in new account openings since the scandal hit. It reported last quarter that new account openings declined by 35% in March from the same month last year, but were up 7% from February. Additionally, bank branch interactions were down from the year before.

Wells beat earnings expectations last quarter but missed slightly on revenue. Consumer loans and outstanding credit both declined in the first quarter.