Arrange a rack in the middle of the oven and heat the oven to 350ºF. Coat an 8x4-inch (for a taller cake) or 9x5-inch loaf pan with cooking spray.

Meanwhile, prepare the following, adding each to the same medium bowl as you complete it: Halve ¾ cup pitted green olives. Thinly slice 1 small shallot (about ¼ cup). Grate 4 ounces sharp cheddar cheese on the large holes of a box grater (about 1 cup), or measure out 1 cup store-bought shredded.

Dice 2 slices thick-cut bacon. Place in a medium nonstick skillet over medium heat and cook, stirring occasionally, until crisped and browned, about 5 minutes. Transfer a paper towel-lined plate to drain, then add the bowl with olive mixture.

Place 1 ½ cups all-purpose flour, 2 teaspoons baking powder, ½ teaspoon kosher salt, and ½ teaspoon black pepper in a large bowl and whisk to combine. Make a well in the center of the flour mixture. Place the following into the well: 3 large eggs, ½ cup whole milk, and ½ cup extra-virgin olive oil. Mix with a flexible spatula until just combined, it will have some lumps.

Add the olive mixture and fold together with the spatula until just combined; do not overmix. Transfer the batter into the loaf pan and smooth the top.

Bake until golden brown and a toothpick inserted in the center comes out clean, 55 minutes to 1 hour. Let cool for 10 minutes in the pan, then flip the bread out onto a wire rack and let cool completely before slicing, about 1 hour.