Prepare the Cherry Filling:
In a mixing bowl, combine the powdered sugar, softened butter, vanilla extract, almond extract, sweetened condensed milk, and chopped maraschino cherries. Mix on low speed for 30 seconds, then increase to medium speed for 2 minutes. Scrape down the sides and mix for an additional 2 minutes until fluffy.
Shape the Cherry Centers:
Line a baking sheet with parchment paper. Scoop 1–1.5 tbsp portions of the cherry filling onto the baking sheet. Freeze for 1 hour. Once firm, roll each portion into a smooth ball. Freeze again for 30 minutes.
Make the Chocolate Coating:
In a microwave-safe bowl, combine the chopped almond bark and bittersweet chocolate chips. Microwave in 30-second intervals, stirring until smooth. Stir in the chopped peanuts.
Coat the Cherry Centers:
Remove the cherry centers from the freezer. Using a fork, dip each frozen center into the melted chocolate and peanut mixture, ensuring it’s fully coated. Tap off excess chocolate and place onto a clean sheet of parchment paper. Let the coating harden completely.
Store and Serve:
Once set, transfer the candies to an airtight container. Serve immediately or store for later.