Preheat oven to 350 degrees and spray baking vessel with cooking spray. Set aside. (This recipe makes 1-2 loafs or 1 bunt cake, see notes below)
In a mixer fitted with a paddle attachment, cream together butter and sugar. Add yolks one at a time until fully incorporated. Add extracts.
Sift together flour, baking powder and salt. Stir coconut into sifted ingredients. Add into butter and egg mixture. Mix until just barely combined.
Slowly stream in milk until combined.
In a separate mixing bowl whip egg whites to soft peaks. Fold into bread mixture. (You could do this step first if you don't have two mixings bowls and transfer egg whites to another bowl until ready to fold in.) Pour batter into baking pan.
Bake at 350 degrees for 1-1/2 hours. Baking time will vary depending on what size pan you use. Check after 50 minutes. Once a toothpick comes out clean, bread is fully cooked.
Let bread cool completely before topping with glaze. Store at room temp for 2-3 days or in refrigerator for up to 7.