In a large bowl, whisk together the eggs, milk, granulated sugar, brown sugar, vanilla, nutmeg, cinnamon, and banana extract. Add the bread, and stir so that it absorbs the liquid. Fold in the diced bananas and melted butter. Set aside and soak for 30 minutes.
Next, pre-heat oven to 350. Grease a 3-qt baking dish. Once the bread pudding has soaked, add bread pudding mixture into the greased baking dish. Place in oven and bake uncovered for 45 minutes or until a knife inserted in the center comes out clean.
Meanwhile, make the sauce. Melt the butter in a sauce pan over medium heat. Whisk in the brown sugar and heavy cream until combined. Simmer, whisking, until the sauce has thickened, approximately 10 minutes. Stir in the sliced bananas and remove from heat. Keep warm and serve over the bread pudding.
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