TheStreet's Jim Cramer will be watching bank earnings in the coming week. Cramer says his hope was that if we saw the ten-year go over 2.5% then you start seeing net interest margins being a lot better. Unfortunately for the banks, Cramer says, we are not there. The 10-year interest rates only got to 2.4% in the quarter so the banks will not be seeing the net interest margins growing as Cramer was hoping would be the case. Cramer says that since the ten-year interest rate only got to 2.4% and didn't break the 2.5% hurdle, that it means the big banks cannot be as bullish as he would like. Cramer's charitable trust portfolio, Action Alerts PLUS, owns Wells Fargo (WFC) but Cramer is not expecting to see a great quarter from the San Francisco based bank. He however does not think that a quarter of bad earnings will be an issue for Wells Fargo or the Action Alerts PLUS portfolio. 'I think 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 that Wall Street has put on the banking sector are low enough to outweigh the margin shortcomings. Cramer then posited that investors must understand that if interest rates don't go higher on the ten-year, you're not going to hear the guide up's, and that you'll get easy comparisons beginning Q4. Wells Fargo will report earnings on Tuesday July 14th along with JP Morgan Chase (JPM). Bank of America (BAC) reports earnings on Wednesday July 15th with BlackRock (BLK), US Bancorp, Citigroup (C), First Republic (FRC) and Goldman Sachs (GS) reporting the day after. HSBC (HSBC) reports on August 3rd.