In a large bowl, whisk together the instant pudding mix and 1 cup of milk until fully combined. Let it sit for about 5 minutes to thicken.

In another bowl, beat the softened Neufchatel cheese and peanut butter until smooth for about 2-3 minutes.

Add the sweetened condensed milk to the peanut butter mixture and beat for another minute until fully incorporated.

Gently fold the thickened pudding mixture into the peanut butter combination.

Fold in one-third of the defrosted Cool Whip, then gradually fold in the remaining Cool Whip.

Slice the ripe bananas and layer them at the bottom of the graham cracker pie crust.

Pour the peanut butter and pudding filling over the banana layer, smoothing the top with a spatula.

Chill in the refrigerator for at least one hour before serving.