Spray a 9-inch springform pan with nonstick cooking spray. Cover the bottom of the pan with a parchment circle. Spray again and flour the pan, removing the excess. Set aside.
In a medium bowl, whisk together flour, baking powder, baking soda, and salt until well blended.
In the bowl of an electric mixer, using the paddle attachment, cream the butter and sugar on medium speed until light.
Add egg and extracts, and beat until well combined.
On low speed, add ½ the flour mixture, followed by the buttermilk, and ending with the remaining flour mixture. Mix until just combined.
Pour batter into prepared pan. Scatter cherries (and gently push in) cherries evenly over batter. Sprinkle top of cake with granulated sugar.
Bake for approximately 23-30 minutes, or until a small sharp knife inserted into the center of the cake comes out clean.
Cool cake in pan until barely warm. Release sides of springform pan, and gently flip cake out of pan onto a large plate. Remove parchment circle, and place a serving platter on top, flipping the cake so the correct side is up.
Dust with confectioner’s sugar if desired. Serve with ice cream or whipped cream.