Preheat the oven to 350 degrees and grease an 8-inch square baking pan.
In a small bowl, mix 1/2 cup flour, 1/4 cup granulated sugar, the brown sugar, 1/4 cup butter, the cinnamon, and 1/4 cup sliced almonds until crumbly. Set the streusel aside.
In a large bowl, beat the remaining 1/4 cup butter with the remaining 1/2 cup granulated sugar until light. Add the eggs one at a time, then stir in the sour cream and almond extract.
Whisk together the remaining 1 cup flour and the baking powder. Fold the dry mixture into the wet ingredients until just combined.
Spread the batter into the prepared pan. Scatter the cherries over the top, then sprinkle on the streusel mixture and the remaining 1/4 cup sliced almonds.
Bake for 35 to 40 minutes until a toothpick inserted in the center comes out clean. Cool in the pan before slicing.