Cherry Bread Delight

1/2 cup butter
3/4 cup granulated sugar
1/2 cup brown sugar, firmly packed
2 eggs
1/2 teaspoon vanilla extract
1/2 teaspoon almond extract
1 (16 ounce) can pitted dark sweet cherries
2 1/4 cups flour
1/2 teaspoon salt
1 teaspoon baking powder
1/4 cup confectioners