US Bancorp ( USB) said it will pay $82.4 million in first-quarter dividends to the U.S. government in connection with federal bailout money it received.

The Minneapolis-based company said it plans to pay a quarterly cash dividend of $82.4 million, or $12.50 a share, on its Series E Fixed-Rate Cumulative Perpetual Preferred Stock to the Treasury Department, which acquired the stake through the Troubled Asset Relief Program. The dividend is payable on May 15.

In late January, the bank paid Treasury $83.3 million in preferred dividends , bringing the total payment to the government this year to $165 million.

The company in November issued 6.599 million shares of preferred stock to the government, as well as a warrant to purchase up to 32.7 million shares of common stock, in exchange for $6.6 billion from TARP.

The company was rumored last month to be considering repaying its TARP funds, but the company denied it.

US Bancorp said Tuesday that it made a profit of $529 million, or 24 cents a share, in the first three months of the year, up by more than half compared to the year-earlier period.

CEO Richard Davis said on the firm's conference call that the company is waiting on the results of the stress test in order to consider paying back its TARP capital.

Shares closed down 8.4% to $17.65 on Wednesday.