Preheat oven to 350°.

Grease the bottom and a 1/2 inch up the sides of an 8 x 4 x 2 inch loaf pan; set aside.

In a medium mixing bowl, combine the flour, baking powder, baking soda, cinnamon, nutmeg, and salt. Make a well in the center of dry mixture; set aside.

In another bowl, combine the egg, mashed bananas, sugar, vanilla, and cooking oil. Add mixture all at once to dry mixture. Stir until just moistened, batter should be lumpy. Fold in nuts and/or chocolate chips.

Spoon batter into the prepared pan. Bake 50-55 minutes or until a wooden toothpick inserted near center comes out clean. Cool in pan on a wire rack for 10 minutes. Remove loaf from pan; cool on rack. For best results, wrap and store overnight before slicing (but if you can't wait it still tastes amazing).