Halve the bread lengthwise to create a top and a bottom. Open up and place on a piece of foil large enough to wrap the loaf in set on a baking sheet.
In a small bowl, mix together the softened butter, garlic, parsley, salt, and paprika until evenly blended.
Divide the butter in half and spread each half on each piece of bread in an even layer, spreading all the way to the edges. Sandwich the halves back together and wrap in the foil.
Place in the oven and bake for 15 minutes. Unwrap the bread and separate the halves. If needed, re-spread any butter that didn't melt or stuck to one side of the bread. Sprinkle with cracked black pepper and/or grated parmesan cheese if desired.
Return to the oven and bake 5-10 minutes, until butter is completely melted and bread is desired toastiness. Let cool slightly, slice, and serve.