Cut the loaf of white bread into cubes. Place the cubes into a greased 9 x 13-inch pan. Spread the cherries over the bread.
Microwave the cream cheese to soften it. Add 1/2 cup sugar, 1 teaspoon almond extract and sour cream to cream cheese. Spread over cherries.
Cut ten 1-inch slices of French bread. Place the slices over the cherries.
Beat the eggs well; add the remaining 1/2 cup sugar, 1 teaspoon almond extract, the milk and cream, and beat again. Pour the egg and milk mixture over the French bread slices. Cover and refrigerate overnight.
Preheat the oven to 350 degrees F. Bake covered with aluminum foil for for 40 to 50 minutes, then uncovered for the last 10 minutes to brown slightly. Let set for about 10 minutes.
Sprinkle top with powdered sugar and sliced almonds before slicing into squares.