Prepare the cake layer by whisking together the flour, sugar, baking powder, and baking soda in a medium bowl.
In a separate bowl, beat together the egg, sour cream, buttermilk, oil, and vanilla just until combined.
Add dry ingredients gradually to the wet and beat to combine. Set aside.
Prepare the cream cheese layer by beating the cream cheese until smooth. Add the sugar and egg; beat just until combined.
To assemble the cake, spread half of the cake batter into the greased and floured loaf pan. Spread half of the cream cheese mixture over the cake batter. Sprinkle evenly with half the cherries. Add remaining cake batter and then the remaining cream cheese. Sprinkle the remaining cherry halves over the top.
Bake in the oven at 180°C for 40-45 minutes or until toothpick inserted into the middle comes out clean. Let cake cool for 5-8 minutes at room temperature before removing to a wire rack to cool completely.