It will keep growing.
It will look funny for a while.
It will eventually flower, perhaps at a diminished height, but if it has enough leaves when it does, nanners might well be normal in size and quantity.
Don't give up on it!!!

It looks kinda funny how a banana looks inside, doesn't it? Just like little rectangle honeycombs or something. Your banana will be fine, just give it some time.

I have had to cut several down like that and it will grow back, and I bet it will pup like crazy!

Its amazing how fast these plants grow.
Here is a picture after 3 days. If I remember correctly it has grown 6 inches the night it got damaged. Over 14 inches now.

Yep, it does look funny.

Is it still growing?

We have a fellow who cuts the tops off the bananas in the gulch to feed his goats. They look like the one in your picture for awhile but soon they will sprout up new leaves and look pretty normal again.

Banana trees flowering seems to be more of a time factor than a plant size factor. If they reach the flowering age, they will flower no matter what size they are or how abused they've been. As long as the flower bud itself hasn't been cut off, it will flower and make bananas.

It looks like one of those kids 'star wars' light sabres that you get in the stores. The kind where it has different levels. I don't know how else to explain it. orchiddude, glad your banana is growing back. May it produce a nice rack of bananas!