Treasury almost in the black on bank bailouts

In addition, it anticipates taxpayers will ultimately earn a $20 billion profit on TARP's overall bank assistance.

“We expect that the programs within TARP to provide direct financial support to banks will provide a profit for taxpayers, and today’s repayments move us even closer to achieving that result,” said Tim Massad, the Treasury's acting assistant secretary for financial stability. “As the economy heals, we’re continuing to see private capital step up and replace public support in the financial sector, which has dramatically lowered the cost of TARP for taxpayers.”

Of the $245 billion the government lent out to banks under TARP, roughly $243 billion has been paid back, according to the Treasury. The government has spent roughly $410 billion on all the TARP programs, including assistance to the domestic auto industry, insurance company American International Group, and its efforts to prevent foreclosures. With the Fifth Third buyback, the government has been paid back over $274 billion on those investments, Treasury said.

Fifth Third paid back its TARP funds by buying back shares the government purchased in the bank as part of the Capital Purchase Program, which was created under TARP. The Treasury reported that it received a roughly 10 percent return on its investment in the bank.

The Congressional Budget Office estimated in November that TARP would cost the taxpayer as little as $25 billion, well below originally estimated price tags. In recent months, the program has seen several financial institutions pay back loans received, as well as the successful initial public offering of General Motors after its government rescue.

However, it hasn't been all good news for TARP, as the administration's efforts to stave off the rising numbers of foreclosures has largely been ineffective. The Home Affordable Modification Program is falling well short of its goal of modifying 3 million to 4 million mortgages to prevent foreclosures, leading some Republicans to call for the program to be shuttered.