Preheat oven to 325°F (163°C). Grease a 9x5-inch loaf pan and line the bottom with parchment. Beat butter and sugar on medium speed until light and fluffy, about 3 minutes.

Add eggs one at a time, beating well after each. Beat in cream cheese and vanilla until smooth, about 2 minutes.

In a small bowl, whisk together flour, baking powder, and salt. Fold into the wet mixture by hand in two additions just until no streaks remain.

Scrape batter into the prepared pan, smooth the top, and bake for 55 to 65 minutes until a toothpick inserted in the center comes out with a few moist crumbs. Cool in the pan on a wire rack for 10 minutes, then lift out to cool completely.

Slice with a serrated knife and serve as is or with fresh berries and powdered sugar.