Gather all ingredients. Preheat the oven to 375 degrees F (180 degrees C). Lightly grease an 8x8-inch baking pan with cooking spray; set aside.
For rolls, roll out crescent dough sheet onto a clean work surface, and shape into an 8x12-inch rectangle.
Stir mashed banana and melted butter together in a small bowl until evenly combined. Spread butter mixture evenly on top of crescent dough, leaving a 1/4-inch border along the longer side farthest from you.
Combine brown sugar, cinnamon, and nutmeg in a small bowl; sprinkle mixture evenly over banana mixture. Sprinkle evenly with chopped walnuts.
Roll dough up tightly and carefully to form a log, starting from the longer side closest to you. Pinch the seam gently to seal.
Cut dough log into 9 slices, about 1 1/4-inches thick. Arrange slices, cut side down, about 1/2-inch apart on the prepared baking pan.
Bake in the preheated oven until golden brown, about 20 minutes. Remove from the oven and let rest in baking pan.
Meanwhile, for icing, beat cream cheese and butter together with an electric mixer on medium speed until combined, 1 to 2 minutes. Add confectioner’s sugar and vanilla extract; beat until smooth, about 1 minute.
Spread icing over warm rolls, garnish with cinnamon, and serve immediately. Recipe developed by Amanda Holstein
