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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities
 
December 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Loss
 
Fair
Value
 
(in thousands)
U.S. Treasury and government agency securities
$
24,993

 
$
4

 
$
—

 
$
24,997

Corporate debt securities
2,195,004

 
35,611

 
(12,435
)
 
2,218,180

Asset-backed securities
2,727,235

 
9,345

 
(4,350
)
 
2,732,230

Equity securities
10,331

 
—

 
(490
)
 
9,841

State and municipal securities
1,891,996

 
20,515

 
(62,362
)
 
1,850,149

Mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,904,178

 
134

 
(103,889
)
 
1,800,423

FHLMC and FNMA debt securities
3,202,428

 
1,486

 
(207,392
)
 
2,996,522

Non-agency securities
13,898

 
—

 
—

 
13,898

Total investment securities available-for-sale
$
11,970,063

 
$
67,095

 
$
(390,918
)
 
$
11,646,240

The following tables present the amortized cost, gross unrealized gains and losses and approximate fair values of securities available-for-sale at the dates indicated:
 
June 30, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Loss
 
Fair
Value
 
(in thousands)
U.S. Treasury and government agency securities
$
8,000

 
$
—

 
$
—

 
$
8,000

Corporate debt securities
2,191,038

 
46,151

 
(2,840
)
 
2,234,349

Asset-backed securities
2,584,562

 
23,251

 
(3,152
)
 
2,604,661

Equity securities
10,473

 
2

 
(312
)
 
10,163

State and municipal securities
1,807,170

 
36,355

 
(13,249
)
 
1,830,276

Mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,910,373

 
511

 
(44,925
)
 
1,865,959

FHLMC and FNMA debt securities
3,260,969

 
1,356

 
(154,523
)
 
3,107,802

Non-agency securities
13,579

 
253

 
—

 
13,832

Total investment securities available-for-sale
$
11,786,164

 
$
107,879

 
$
(219,001
)
 
$
11,675,042
Investments Classified by Contractual Maturity Date
Contractual maturities of the Company’s debt securities available-for-sale at June 30, 2014 are as follows:
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due within one year
$
449,148

 
$
451,412

Due after 1 year but within 5 years
3,062,277

 
3,120,848

Due after 5 years but within 10 years
1,107,476

 
1,110,344

Due after 10 years
7,156,790

 
6,982,275

Total
$
11,775,691

 
$
11,664,879
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value
The following tables present the aggregate amount of unrealized losses as of June 30, 2014 and December 31, 2013 on securities in the Company’s investment portfolio classified according to the amount of time that those securities have been in a continuous loss position:
 
June 30, 2014
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
(in thousands)
Corporate debt securities
$
67,225

 
$
(129
)
 
$
216,573

 
$
(2,711
)
 
$
283,798

 
$
(2,840
)
Asset-backed securities
576,287

 
(2,534
)
 
95,495

 
(618
)
 
671,782

 
(3,152
)
Equity securities
30

 
—

 
9,854

 
(312
)
 
9,884

 
(312
)
State and municipal securities
103,244

 
(345
)
 
514,405

 
(12,904
)
 
617,649

 
(13,249
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
98,283

 
(205
)
 
1,677,833

 
(44,720
)
 
1,776,116

 
(44,925
)
FHLMC and FNMA debt securities
162,874

 
(3,612
)
 
2,735,174

 
(150,911
)
 
2,898,048

 
(154,523
)
Total
$
1,007,943

 
$
(6,825
)
 
$
5,249,334

 
$
(212,176
)
 
$
6,257,277

 
$
(219,001
)

NOTE 4. INVESTMENT SECURITIES (continued)

 
December 31, 2013
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
(in thousands)
Corporate debt securities
$
743,041

 
$
(10,868
)
 
$
32,020

 
$
(1,567
)
 
$
775,061

 
$
(12,435
)
Asset-backed securities
803,685

 
(4,111
)
 
24,316

 
(239
)
 
828,001

 
(4,350
)
Equity securities
5,020

 
(188
)
 
4,797

 
(302
)
 
9,817

 
(490
)
State and municipal securities
710,456

 
(45,972
)
 
126,345

 
(16,390
)
 
836,801

 
(62,362
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
1,648,691

 
(94,937
)
 
139,791

 
(8,952
)
 
1,788,482

 
(103,889
)
FHLMC and FNMA debt securities
2,271,301

 
(150,996
)
 
695,830

 
(56,396
)
 
2,967,131

 
(207,392
)
Total
$
6,182,194

 
$
(307,072
)
 
$
1,023,099

 
$
(83,846
)
 
$
7,205,293

 
$
(390,918
)
Realized Gain (Loss) on Investments
Proceeds from sales of investment securities and the realized gross gains and losses from those sales are as follows:
 
Three-Month Period
Ended June 30,
 
Six-Month Period
Ended June 30,
 
2014
 
2013
 
2014
 
2013
 
(in thousands)
Proceeds from the sales of available-for-sale securities
$
201,768

 
$
3,107,987

 
$
289,881

 
$
5,695,170

 
 
 
 
 
 
 
 
Gross realized gains
9,472

 
41,657

 
11,416

 
115,181

Gross realized losses
(67
)
 
(18,984
)
 
(67
)
 
(18,986
)
OTTI
—

 
(63,630
)
 
—

 
(63,630
)
    Net realized gains/(losses)
$
9,405

 
$
(40,957
)
 
$
11,349

 
$
32,565