Preheat oven to 350°F (175°C).

Lightly spray the bottom of a 9 x 5-inch loaf pan with cooking spray.

In a medium bowl, combine oats and milk.

Mix well and let stand for 10 minutes to soften the oats.

In the same bowl, stir in mashed bananas, eggs, oil, and applesauce until well blended.

In a large bowl, combine flour, sugar, baking powder, cinnamon, baking soda, salt (if using), and nutmeg.

Mix the dry ingredients thoroughly.

Add the oat mixture to the dry ingredients all at once.

Stir just until the dry ingredients are moistened. Be careful not to overmix.

Pour the batter into the prepared loaf pan.

Bake for 55 to 65 minutes, or until a wooden pick inserted in center comes out clean.

Let the bread cool in the pan on a wire rack for 10 minutes.

Remove the bread from the pan and cool completely before slicing and serving.

Store tightly wrapped at room temperature.