Preheat the oven to 350°F (175°C). Spread the chopped pecans evenly on a baking sheet and toast them in the preheated oven for approximately 5 to 7 minutes, or until they become fragrant. Allow them to cool completely before incorporating them into the batter.

Grease and flour a 9×5-inch loaf pan, or alternatively, line it with parchment paper. In a large mixing bowl, cream together the softened butter, granulated sugar, and light brown sugar until the mixture becomes light and fluffy. Incorporate the eggs one at a time, beating well after each addition. Blend in the vanilla extract.

In a separate bowl, whisk together the all-purpose flour, baking powder, baking soda, and salt. Gradually incorporate the dry ingredients into the butter mixture, alternating with the milk. Begin and conclude with the dry ingredients, mixing just until combined. Gently fold in the toasted pecans.

Transfer the batter to the prepared loaf pan, smoothing the top with a spatula. Bake in the preheated oven for 50 to 60 minutes, or until a toothpick inserted into the center of the loaf comes out clean. Allow the cake to cool in the pan for 10 minutes before transferring it to a wire rack to cool completely.

In a medium mixing bowl, beat together the softened cream cheese and butter until the mixture is smooth and creamy. Gradually add the powdered sugar and vanilla extract, continuing to beat until the icing is well blended. Incorporate the milk, one tablespoon at a time, until the desired consistency is achieved.

Once the cake loaf has completely cooled, spread the cream cheese icing evenly over the top of the loaf. Garnish with the remaining toasted pecans.

Slice and serve the cake loaf at room temperature. Store any leftovers in an airtight container in the refrigerator for up to five days.