Heat oven to 350°F. Coat two 9 x 5-inch loaf pans with nonstick cooking spray.
Sift together flour, baking powder and salt onto waxed paper.
Beat together butter and sugar in a bowl on medium speed until light and fluffy, about 3 minutes. Beat in eggs, one at a time, beating well after each addition. Beat in vanilla and almond extract.
On low speed, beat in flour mixture. Increase speed to medium; beat for 3 minutes. Pour batter into prepared pans, dividing equally.
Bake in 350°F oven for 55 minutes or until wooden pick inserted in center comes out clean. Cool cakes in pans on wire rack for 10 minutes. Turn cakes out onto wire racks to cool.
To make simple syrup, bring water to boiling in small saucepan. Stir in sugar until dissolved. Remove from heat. Generously brush top of one loaf with syrup; press almonds onto the top of the loaf.
Wrap the second loaf, without the syrup topping and almonds, in plastic wrap; overwrap in aluminum foil; freeze for up to 6 months.