Democratic candidates running in the most competitive Senate contests around the country raised a combined $5 million more than their Republican counterparts, but the Republicans maintain a huge cash lead, thanks to several well-heeled incumbents who are sitting on massive war chests.

Across 12 states with 13 Senate seats up for election this year, 16 Democratic candidates raised a combined $32 million in the fourth quarter of 2018, new reports filed with the Federal Election Commission (FEC) show. Eighteen Republican candidates running in those same races pulled in $27 million — a figure which includes a $5 million check written by a wealthy new senator intent on saving her seat from a GOP challenger.

But the reports also show that the 18 Republicans have a combined $96 million in the bank, led by huge sums collected by the top two Senate Republican leaders, while the 16 Democrats have a combined $57 million on hand.

The reports show 20 candidates in those most competitive races raised more than $1 million in the final three months of the year.

In all three cases, though, the incumbent held a substantial cash lead: Gardner’s $7.7 million cash on hand and Collins’s $7.1 million are both more than double the amount Hickenlooper and Gideon have left over, while Peters holds $2 million more than James.

The new glimpse at candidate fundraising suggests some contentious races ahead, several in states that were not always seen as competitive.

Graham’s likely opponent, former state Democratic Party chairman Jaime Harrison, has built a $4.7 million bank account after raising $3.5 million over three months. Graham has more than twice as much on hand, and the advantage of a Republican state, but Harrison is proving an adept fundraiser.

The National Republican Senatorial Committee reported Friday it held $20 million in cash reserves, just over $1 million more than the $18.7 million that the Democratic Senatorial Campaign Committee (DSCC) had on hand. But the advantage is larger than it appears; the DSCC is still carrying $6.8 million in debt from the 2018 midterm elections.

Among the top outside groups that back Senate Democrats and Republicans, the Democratic-aligned Senate Majority PAC pulled in $61 million in 2019. Its top rival, the Senate Leadership Fund, reported raising $30.8 million over the same period. An affiliated nonprofit, One Nation, raised $35.5 million, though slightly different rules govern how that money must be spent.

Updated: Feb. 2 at 10:13 a.m.