South Dakota Republican Senate candidate Mike Rounds raised just over half a million in the fourth quarter and has about $1.15 million cash on hand at the end of the year, according to reports.

The former governor raised $516,000 last quarter, according to the Capital Journal, a slight decrease from the $600,000 he raised in the third quarter.

He told the Journal, however, he's satisfied with the amount and it's more than the campaign expected to raise over the holiday season.

Overall, Rounds raised more than $2 million in 2013. He appears to already be spending at a significant rate, however. He ended the quarter with just $136,000 more than he started off with, as local political blog Political Smokeout points out.

Rounds is the establishment pick to take the GOP nomination, but he’s facing dissatisfaction from the right and three primary challengers.

Still, Republicans are heavily favored to take the seat, which Sen. Tim Johnson (D-S.D.) is vacating with his retirement this year. Former Senate aide Rick Weiland is the only Democrat in the race, and has not yet reported his fourth-quarter fundraising. Former Republican Sen. Larry Pressler is now running as an independent.