Preheat oven to 350F. Line a 9x5 loaf pan with parchment paper OR lightly grease. Set aside.
In a large bowl, whisk mashed banana, oil, sugars, egg, and vanilla until combined. In a medium separate bowl, combine flour, cinnamon, nutmeg, baking soda, and salt.
Gently fold flour mixture into liquid until batter is just combined. Fold in shredded carrot and nuts if using.
Scrape batter into prepared pan and smooth top. Bake bread at 350F 50-55 minutes until a toothpick inserted in center comes out clean. Allow bread to cool completely in pan on a cooling rack.
Orange Cream Cheese Frosting
Place cream cheese in a large bowl and use an electric mixer to beat on medium speed until creamy. Add powdered sugar, orange zest, orange juice, and vanilla and beat until frosting is smooth and creamy.
Use parchment paper to remove cooled bread from pan and discard parchment paper. Use an offset spatula to frost bread and garnish with additional toasted nuts if desired. Cut bread into slices and serve. Enjoy!
Notes
Storing InstructionsStore bread in refrigerator up to 4 days.