Preheat your oven to 350°F (175°C). Line an 8.5 x 4.5-inch loaf pan with parchment paper, leaving an overhang on the long sides, then lightly grease the parchment and exposed pan sides with butter or cooking spray.
In a large mixing bowl, whisk together the almond flour, coconut flour, erythritol, baking powder, baking soda, cinnamon, xanthan gum, and salt for at least 30 seconds until fully combined with no lumps.
In a second large bowl, beat the softened butter and any remaining sweetener with a hand mixer or stand mixer on medium speed for 2–3 minutes until light, fluffy, and pale in color. Scrape down the sides as needed.
Add the eggs one at a time to the butter mixture, beating well after each addition, then mix in the banana extract and vanilla extract on medium speed for 30 seconds until smooth.
Add half the dry ingredients to the wet ingredients and stir gently; pour in the almond milk and stir, then fold in the remaining dry ingredients until just combined and no streaks remain — do not overmix.
If using walnuts or chocolate chips, fold them gently into the batter, reserving a tablespoon to sprinkle on top of the loaf before baking.
Pour batter into the prepared pan, smooth the top with a spatula, tap the pan gently on the counter 2–3 times, then bake on the center rack for 45–55 minutes until a toothpick inserted in the center comes out with just a few moist crumbs.
Let the bread cool in the pan on a wire rack for 15 minutes, then lift it out using the parchment overhang and cool completely on the rack for at least 1 hour before slicing with a serrated knife.