And although the Action Alerts PLUS portfolio, which Cramer co-manages, is long JPMorgan and Bank of America, Cramer prefers Bank of America.
He explained that Bank of America's net-interest margins (NIM) are on the rise, along with noninterest income (fees).
Furthermore, the banking giant is offering its five-year CD at 0.8%. Subsequently, it can invest those funds at a much higher rate, Cramer said.
He suggested the unusual spike in litigation "will go down" and found nothing in the earnings report that "perturbed" him.
For all of these reasons, Cramer made Bank of America his top in the sector. He concluded that investors should not expect a big dividend increase, however, because he said that is up to the Federal Reserve, not management.
-- Written by Bret Kenwell in Petoskey, Mich.
At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long JPMorgan Chase and Bank of America.