1. Preheat oven to 350°F; butter and flour a 9-inch springform pan. In a bowl, whisk flour, baking powder, baking soda, salt and nutmeg. In a separate bowl whisk buttermilk, bananas and vanilla.
2. In a large bowl, using an electric mixer on medium-high speed, beat butter and sugar until light, about 3 minutes. Beat in eggs 1 at a time. Scrape down sides and bottom of bowl; beat again. Beat flour mixture into butter mixture in thirds, alternating with half of banana mixture, until batter is smooth. Spread batter in pan.
3. Bake cake until golden and a tester inserted into center comes out clean, about 45 minutes, rotating halfway through. (Tent pan with foil if cake is browning too quickly.) Cool completely in pan on a wire rack.
4. Make icing: In a skillet over medium heat, melt butter, swirling occasionally, until it has stopped foaming and milk solids in bottom of pan have turned golden brown and smell nutty, about 7 minutes. Transfer to a bowl and let cool slightly. Whisk in confectioners' sugar, cream, vanilla and salt until smooth.
5. Run a knife around inside edge of pan; release cake ring. Spread icing on top; serve.
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