1. Preheat oven to 350°F (175°C) and grease a 9×5-inch loaf pan.
2. Spread chopped pecans on a baking sheet and toast in the oven for 5-7 minutes, or until fragrant. Remove from oven and set aside to cool.
3. In a large bowl, cream together the softened butter and sugar until light and fluffy.
4. Beat in the eggs one at a time, mixing well after each addition. Stir in the vanilla extract.
5. In a separate bowl, whisk together the all-purpose flour, baking powder, and salt.
6. Gradually add the dry ingredients to the wet ingredients, alternating with milk. Mix until just combined.
7. Gently fold in the toasted pecans.
8. Pour the batter into the prepared loaf pan and bake for 50-60 minutes, or until a toothpick inserted into the center comes out clean.
9. Allow the cake to cool in the pan for 10 minutes before transferring it to a wire rack to cool completely.

For the Cream Cheese Icing:

1. In a medium bowl, beat together the softened cream cheese and butter until smooth and creamy.
2. Gradually add powdered sugar and vanilla extract, beating until the icing is fluffy and well combined.
3. Spread the icing evenly over the cooled cake loaf.