Combine first 5 ingredients in a large bowl; add eggs and melted butter, stirring until dry ingredients are moistened. (Do not beat.) Stir in vanilla, applesauce, half the pecans, and bananas.
Pour batter into three greased and floured 9-inch round cakepans.
Bake at 350° for 25 to 30 minutes or until a wooden pick inserted in center comes out clean.
Cool in pans on wire racks 10 minutes; remove from pans, and cool completely on wire racks.
Prepare cream cheese frosting by mixing ingredients in a mixer fitted with a wire whip until smooth, adding a little milk only if the frosting is too thick to pipe.
Spread Cream Cheese Frosting between layers and on top and sides of cake; sprinkle remaining 1 cup chopped pecans on top. Store in refrigerator.