Preheat oven to 350°F. Grease a 9x13-inch baking pan with butter or cooking spray. Line the bottom with parchment paper for easy removal. 5 minutes.

In a small bowl, whisk together 1 3/4 cups all-purpose flour, 2 teaspoons baking powder, and 1/2 teaspoon salt. Set aside. 2 minutes.

In a large bowl, beat 1/2 cup softened unsalted butter with 1 cup granulated sugar using an electric mixer on medium-high speed. Beat for 3–4 minutes until the mixture is light, fluffy, and pale yellow. This incorporates air for a tender cake. Checkpoint: The mixture should look like fluffy frosting.

Add 3 large eggs one at a time to the butter mixture, beating well for 30 seconds after each egg. Scrape down the bowl between additions. 3 minutes total.

Add half the flour mixture (about 3/4 cup) and beat on low speed for 30 seconds until just combined.

Add 1/2 cup whole milk and beat on low for 30 seconds until combined.

Add remaining flour mixture and beat on low for 30 seconds until just combined. Do not overmix.

Add 2 teaspoons vanilla extract and beat on low for 15 seconds.

Gently fold in 3 mashed ripe bananas using a spatula until no streaks remain. Be gentle to keep the batter light. Checkpoint: The batter should be thick, creamy, and smell strongly of bananas.

Pour the batter into the prepared pan and smooth the top with a spatula. 2 minutes.

Place the pan in the preheated 350°F oven on the center rack. Bake for 30–35 minutes until a toothpick inserted in the center comes out clean or with just 1–2 moist crumbs. The top should be light golden brown.

Remove the cake from the oven and let it cool in the pan for 10 minutes. The cake will still be warm. 10 minutes.

Using a fork or wooden skewer, pierce the entire surface of the cake with small holes, working in a grid pattern. Make about 50–60 holes, going about halfway down into the cake but not all the way to the bottom. This allows the pudding to soak in. Checkpoint: The cake surface should look dotted with small holes.

In a medium bowl, whisk together 1 3.4-ounce package instant vanilla pudding mix with 2 cups cold whole milk. Whisk constantly for 2–3 minutes until the pudding thickens and reaches a consistency similar to yogurt. If using alcohol, add 1/4 cup banana liqueur or rum now and whisk for 30 more seconds. Checkpoint: The pudding should coat the back of a spoon.

Slowly pour the warm pudding mixture evenly over the poked cake, starting at the edges and working toward the center. Use an offset spatula or the back of a spoon to gently spread it, allowing it to fill the holes. 5 minutes total.

Let the pudding set at room temperature for 15–20 minutes. You will see the pudding absorb into the cake slightly. 20 minutes.

In a medium bowl, beat 8 ounces softened cream cheese with 1/2 cup powdered sugar using an electric mixer on medium speed for 2–3 minutes until smooth and creamy. Scrape down the bowl often. Checkpoint: The mixture should be completely smooth with no lumps.

Gently fold in 8 ounces thawed whipped topping using a spatula in 3 additions, folding until just combined. Do not overmix or the topping will deflate. Checkpoint: The mixture should be fluffy and light, resembling mousse.

Spread the cream cheese mixture evenly over the pudding layer using an offset spatula. Create gentle swirls or a smooth finish, as desired. 5 minutes.

Crush about 15–20 vanilla wafer cookies into bite-sized pieces (not crumbs). Sprinkle these pieces over the top third of the cake. Arrange about 10–15 whole vanilla wafers upright around the edges and center of the cake for decoration. 3 minutes.

Slice 3 ripe bananas into 1/4-inch-thick rounds. Immediately toss the banana slices in 2 tablespoons fresh lemon juice to prevent browning. 2 minutes.

Arrange the banana slices in overlapping rows or clusters on top of the cake, nestling them among the vanilla wafers. Checkpoint: The cake should look like a classic banana pudding dessert.

Sprinkle 2 tablespoons chopped roasted peanuts and 2 tablespoons chopped maraschino cherries over the top for color and crunch. 2 minutes.

Cover the cake loosely with plastic wrap and refrigerate for at least 4 hours, preferably overnight. The flavors deepen and the pudding fully absorbs into the cake. 4–24 hours.

Remove from the refrigerator 10 minutes before serving to allow the cream cheese topping to soften slightly. Cut into squares and serve with a cake server or wide spatula. Each slice should have layers of cake, pudding, and creamy topping. Checkpoint: The cake should cut cleanly without crumbling.