Begin by cutting the tops off the banana peppers and removing the seeds. Dice the banana and green peppers, as well as the onion, into small pieces. Set all the vegetables aside.

In a large stockpot, heat over medium heat and add the Italian sausage. Cook until browned, about 6-8 minutes, then remove sausage and let it rest while keeping drippings in the pot.

Reduce the heat, add butter and olive oil, and toss in the diced onion, banana peppers, and green peppers. Sauté for about 5 minutes until softened and onion is translucent. Add minced garlic and stir for another minute.

Return the sausage to the pot and pour in the chicken broth followed by evaporated milk. Increase heat to a gentle boil. Once boiling, add cream cheese, Parmesan cheese, and dried herbs, stirring until melted and smooth.

Reduce heat to low, cover the pot, and let the soup simmer for about 25 minutes, stirring occasionally until thickened.

After simmering, uncover the pot and add uncooked orzo pasta. Cook for an additional 10 minutes, stirring occasionally, until orzo is tender. Add more broth if necessary for desired consistency.

Ladle soup into bowls, garnishing with reserved pepper slices. Serve warm with Italian bread or a fresh salad.