Preheat the oven to 350°F and prepare a 9 x 5-inch loaf pan with butter and set it aside.
In a medium mixing bowl, add the ripe bananas, shredded coconut, and coconut milk and blend with a hand mixer on low for about 1 minute. Set the bowl aside.
In another large mixing bowl, add the oil and sugar and beat them together. Add the eggs, coconut, and vanilla extracts and continue beating until smooth. Set the bowl aside.
In a third bowl, add the flour, salt, baking powder, and baking soda and stir together with a whisk or fork.
Add half of the dry ingredients to the egg mixture and stir to combine with a spatula. Add half of the banana coconut mixture and continue mixing. Add the rest of the dry ingredients and then the rest of the banana mixture and stir just until combined.
Pour the batter into the prepared pan and bake for 1 hour 15 minutes or until a toothpick comes out clean. Remove from the oven and allow to cool for 10 minutes in the pan before placing it on a cooling rack to cool completely.