Step 1

Preheat the oven to 350F. Butter and flour 3 (9-inch) cake pans or spray with baking spray.

Step 2

In a medium bowl, whisk together the flour, baking powder, salt, and baking soda.

Step 3

In a large mixing bowl or the bowl of a stand mixer with the paddle attachment, beat the butter and shortening together on medium-low speed until combined. Add the sugar and beat until light and fluffy, about 3 minutes. Add the egg yolk one at a time, and beat until well combined. Scrape down the bowl and beat in the vanilla and almond extracts.

Step 4

With the mixer on low, add in the flour mixture alternating with the buttermilk until combined. Scrape down the bowl and stir in the coconut and pecans.

Step 5

In a separate bowl with clean beaters, beat the egg whites until stiff peaks form. Fold into the batter in three portions. Divide the batter among the cake pans.

Step 6

Bake for 30 minutes or until golden brown and the edges of the cake start to pull away from the sides of the pan. Let the cakes cool in the pans for 15 minutes then remove and continue cooling completely on wire racks.

Step 7

In a large mixing bowl or the bowl of a stand mixer with the paddle attachment, beat the cream cheese, butter, and vanilla on medium-low speed until smooth. With the mixer on low speed, gradually mix in the confectioners’ sugar until combined. Increase speed to medium-low and beat until fluffy, about 1 minute.

Step 8

Place a cake layer on a cake plate. Top with 1¼ cup frosting, and spread into an even layer to the edge of the cake. Repeat with another cake layer and frosting. Top with the remaining cake layer. Spread the remaining frosting on the top and sides of the cake, saving about 1 cup for piping on the top, if desired. Garnish with toasted coconut, pecans, and rolled cookies, if desired. Keep the cake refrigerated until ready to serve. Keep any leftover, loosely covered, in the fridge for up to 1 week.