Winter Tomato Soup with Cheesy Croutons

Name: Winter Tomato Soup with Cheesy Croutons
Ingredients: 2 tablespoons olive oil; 2 tablespoons unsalted butter; 1 large onion, chopped; 1 large carrot, chopped; 4 garlic cloves, minced; 1 teaspoon Italian seasoning; 1/4 to 1/2 teaspoon red pepper flakes (to taste); 6 saffron threads; 1 bay leaf; 1 28oz can San Marzano or whole Jersey tomatoes; 2 cups low sodium chicken or vegetable broth; 1/4 cup heavy cream; salt and freshly ground black pepper, to taste; 4 1-inch thick slices French or Italian bread, cut into 1-inch cubes; 3 tablespoons olive oil; 1 teaspoon dried Italian seasoning; 1/2 teaspoon garlic powder; 1/4 teaspoon each salt and pepper; 2 ounces cheddar cheese, thinly sliced