NEW YORK (TheStreet) -- TheStreet's Jim Cramer will be watching bank earnings in the coming week. 

Cramer said his hope was that if the 10-year interest rates went over 2.5%, net interest margins would be a lot better. Unfortunately for the banks, Cramer said, that hasn't happened. The 10-year interest rates only got to 2.4% in the quarter.

Since the 10-year interest rate didn't break the 2.5% hurdle, the big banks can't be as bullish as Cramer would like, he said.

Cramer's charitable trust portfolio, Action Alerts PLUS, owns Wells Fargo  (WFC - Get Report), but Cramer said he is not expecting to see a great quarter from the San Francisco-based bank. He doesn't think, however, that a quarter of bad earnings will be an issue for Wells Fargo or the Action Alerts PLUS portfolio.

"The valuations are so inexpensive that I think you can own the group," Cramer said.

Despite not having the margins Cramer hoped for, the valuations Wall Street has put on the banking sector are low enough to outweigh the margin shortcomings, he said. Investors must understand that if interest rates don't go higher on the 10-year, they won't hear the "guide-ups," and there will be easy comparisons beginning with the fourth quarter, he said.

Wells Fargo will report earnings July 14, along with JP Morgan Chase  (JPM - Get Report). Bank of America  (BAC - Get Report) reports earnings July 15, with BlackRock  (BLK - Get Report), US Bancorp (USB - Get Report), Citigroup  (C - Get Report), First Republic  (FRC - Get Report) and Goldman Sachs  (GS - Get Report) reporting the day after. HSBC  (HSBC) reports Aug. 3.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held a position in Wells Fargo.