Preheat oven to 350-degrees. Grease and flour a large loaf pan and line it with parchment paper, leaving about 1" overhang on the sides.
Whisk together the milk and the egg.
Pour the sugar along with the shortening into a mixing bowl. Add the milk and egg and mix on medium-low until blended, about 2 to 3 minutes.
Add the peanut butter and continue mixing on medium speed for another 2 minutes then stir in the vanilla extract.
Reserve about 3 tablespoons of the 2 cups of flour to coat the nuts and the bacon. Whisk together the remaining flour, baking powder and kosher salt.
Add the flour mixture to the batter in two batches and blend on low speed just until the flour disappears.
Toss the chopped peanuts and the crumbled bacon with the 3 tablespoons of flour. Blend into the batter on low speed.
Scoop the batter into a large loaf pan (9” x 5” x 3”) that has been greased, floured and preferably lined with parchment paper.
Bake in a 350-degree oven for 55 to 60 minutes or until a toothpick inserted in the center of the loaf comes out clean.
Cool the bread in the pan on a rack for 10 minutes then remove from the pan and finish cooling on the wire rack.
Keep the bread refrigerated and warm to room temperature for serving.
To roast raw peanuts: Spread them out on a rimmed sheet and pop in a 400-degree oven for 20 to 25 minutes, stirring once or twice while they roast.
To cook bacon in the oven: Line a rimmed baking sheet with heavy-duty foil. Set a wire baking rack over the top and lightly spray it with a cooking spray. Lay the strips of bacon out on the wire rack and cook in a 400-degree oven for 35 to 40 minutes, turning 3 to 4 times while it cooks. You want the bacon very crisp.