Cream butter, cream cheese and sugar until light and fluffy. Beat in egg yolk, orange juice and almond extract. In a separate bowl, whisk flour, baking powder and salt; gradually beat into creamed mixture. Stir in 3 cups coconut. Refrigerate until easy to handle, about 30 minutes.

Preheat oven to 350°. Shape rounded tablespoons of dough into balls; roll in remaining coconut. Place 2 in. apart on ungreased baking sheets. Press a deep indentation in the center of each with the end of a wooden spoon handle. Bake until edges are light brown, 8-10 minutes. Cool 1 minute. Using the wooden spoon, enlarge any indentations that may have narrowed or closed. Remove cookies from pans to wire racks. Fill with preserves; cool completely.