According to the director and writer of Chasing Amy, Kevin Smith, despite all of Banky's "passive-agressive gay bashing," he is gay. In the New Jersey Triolgy timeline, some time after the end of Chasing Amy, Banky and Hooper (also a gay man) end up getting together.

Kevin Smith seems to like hinting towards characters being gay without actually saying it in the movie (ie. Randal Graves, Banky Edwards, and Jay).