Wells Fargo & Co. today announced it will pay the U.S. Treasury Department a quarterly dividend totaling $371.5 million in its first payout to the government since receiving $25 billion through the Troubled Assets Relief Program (TARP). The dividends amount to $14,861.11 per share, payable on Feb. 15.

Wells Fargo was among nine major financial institutions to receive the first $125 billion in TARP funds in late October. The company’s mortgage lending operations are based in West Des Moines.

Wells Fargo made $22 billion in loan commitments and $50 billion in mortgage originations in the fourth quarter, the company’s chief financial officer, Howard Atkins, said in a press release. “That’s more than $70 billion, or almost three times the amount of the U.S. Treasury’s investment (of $25 billion) in Wells Fargo,” he said. “We believe we’re leading our industry in lending to creditworthy customers during this difficult economy.” The figures do not include lending by Wachovia Corp., which Wells Fargo completed its purchase of on Dec. 31.

A recent analysis by Bloomberg found that the big dividend payments are eroding banks’ profits, however. Fifth Third Bancorp, for instance, will pay $170 million of its $565 million in fourth-quarter pretax income as TARP dividends, and Regions Financial Corp.’s $172 million in pretax quarterly income won’t even cover its dividend payment, Bloomberg reported.