Preheat the oven to 350º. Spray a 9-by-5-inch loaf pan with Baker’s Joy cooking spray; set aside. Spread the coconut on a baking sheet; toast, shaking the pan once, until golden brown, 3 to 4 minutes. Immediately transfer to a bowl and cool slightly.
In a large bowl, combine the flour, coconut, sugar, baking powder, and salt.
In a small bowl, combine the milk, oil, eggs, coconut extract, and vanilla. Beat hard with a whisk until frothy. Make a well in the center of the flour mixture and pour in. Stir well with a large spatula until evenly incorporated; batter will be slightly lumpy.
Scrape the batter into the loaf pan. Bake in the center of the preheated oven 50 to 60 minutes, or until a cake tester inserted into the center comes out clean. The top surface will be crusty and firm to the touch, the sides deep brown. Let rest in the pan 10 minutes.
Turn the loaf out onto a rack, right side up, to cool completely before slicing. Wrap in plastic and store at room temperature. Makes one 9-by-5-inch loaf.