Preheat oven to 350°F. Line a muffin tin with paper liners and set aside.
Make the cupcakes: In a medium bowl whisk the flour, baking soda, baking powder, salt, cinnamon, and nutmeg.
In a large bowl or bowl of a stand mixer fitted with a paddle attachment, beat the butter and sugars on medium speed for 2-3 minutes. The mixture should cream together.
Beat in the bananas until combined. Add the egg, egg yolk, and vanilla extract and mix until combined.
Add half of the dry ingredients and turn the mixer to low. Stream in the buttermilk. Add the remaining dry ingredients and mix until just combined. Do not overmix.
Portion the batter into the muffin tin, filling each cavity ¾ full. Will make 15 cupcakes.
Bake for 18-20 minutes or until a toothpick inserted in the center comes out clean or with a few moist crumbs but no wet batter. Remove and transfer to a wire rack to cool completely. Once cool, frost each cupcake with cream cheese frosting and sprinkle chopped walnuts overtop (optional).
Make the Cream cheese frosting: In the bowl of a stand mixer fitted with the paddle attachment mix the butter, sugar, vanilla, and salt on low speed until combined. Scrape down the sides of the bowl as needed. With the mixer on, add the cream cheese, 2 oz at a time. Once all cream cheese has been added continue mixing for 2-3 minutes. Frost the cooled cupcakes.