Wells Fargo & Co. beat analysts expectations for third-quarter profit, another positive sign for Chief Executive Officer Charlie Scharfs turnaround efforts, but expenses were higher than anticipated and loans fell. 

The bank reported net income rose to $5.1 billion, padded by a $1.7 billion reserve release, according to a statement Thursday. Still, the firm took a $250 million charge related to its latest regulatory order, which drove costs higher than analysts expected.