Set butter and cream cheese on counter to come to room temperature one hour before starting this recipe.
Lightly grease (I use butter) and flour a tube pan.
Combine cream cheese, ⅓ cup sugar, 1 tablespoon flour and ½ teaspoon nutmeg in mixing bowl. Use an electric mixer to beat until smooth. Add 1 egg and beat again. Use a spatula to scrape this mix into another bowl. (if using a stand mixer)
Add softened butter to the mixing bowl and cream, gradually adding 1 ½ cups sugar. Beat well. Add 2 eggs, one at a time, beating well after adding each. Combine soda and hot water and add to creamed mixture, stirring until well blended.
In a separate mixing bowl, combine 3 cups flour, baking powder, salt, ½ teaspoon nutmeg and 1 teaspoon cinnamon. Use a whisk to combine.
Add flour mixture to butter mixture alternately with orange juice while mixer is running.
Stir in vanilla, mashed bananas and pecans. Spoon 1 ½ cups of the banana batter into the tube pan. Spread cream cheese mixture evenly over batter. Spoon remaining banana batter over cream cheese.
Bake at 350 degrees for 50 - 55 minutes or until a wooden pick or cake tester inserted in center comes out clean. Move to a rack and let cool 1 hour before removing from pan.
To remove from the pan: Run a knife around the ended of the cake and around the inside tube. Invert the pan over a plate and using the handle of the knife gently tap the bottom of the pan to encourage the coffee cake to release.
One the cake has dropped onto the plate, place another plate on top, then turn the cake so it's right side up.
Drizzle with melted butter and sprinkle with 1 tablespoon sugar or light brown sugar combined with ¼ teaspoon cinnamon.
Garnish with whole pecans or walnuts to finish.