Preheat an oven to 350 degrees F (175 degrees C). Spray 2 loaf pans with cooking spray.

Combine flour, baking powder, and salt in a bowl; set aside.

Beat butter, 2 1/2 cups sugar, and lemon extract with an electric mixer in a large bowl until light and fluffy and noticeably lighter in color. Stir in lemon zest and 2 tablespoons lemon juice; beat for 30 seconds. Add eggs one at a time, beating well after each addition.

Add the flour mixture alternately with the sour cream, mixing until just incorporated. Spoon the batter into the prepared pans.

Bake in the preheated oven until a toothpick inserted into the center comes out clean, about 1 hour. Cool in the pans for 10 minutes before removing to cool completely on a wire rack.

Meanwhile, combine cherries, 1/4 cup sugar, water, and cornstarch for the compote in a saucepan. Bring to a boil over medium-high heat. Cook for 1 minute, stirring constantly. Remove from the heat and stir in the almond extract. Set aside.

Combine lemon juice and confectioners' sugar; mix well. When the cake is completely cool, drizzle the lemon glaze over top. Serve with cherry compote.