A flyout is an expanding toolbar icon. They all have a little triangle on the bottom right corner. I assume NOF 8 is not much different to my NOF 7 in which the banner flyout is the 10th icon on the toolbar.
Click and hold the icon to get the flyout, then drag to the third icon to get the banner tool. A lot of programs condense tools in this way to save screen space. If you hover your mouse over an icon, you will also get a tooltip.