Exhibit 12.1

PrivateBancorp, Inc.

Calculation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Year Ended December 31,
	2003			2002			2001			2000			1999
Including Interest on Deposits
Earnings:
Earnings before income taxes	$	26,571		$	14,277		$	8,251		$	6,688		$	4,172
Fixed charges from below		30,354			31,241			37,637			33,331			16,605
Earnings	$	56,925		$	45,518		$	45,888		$	40,019		$	20,777
Fixed charges:
Interest expense	$	30,354		$	31,241		$	37,637		$	33,331		$	16,605
Interest portion of fixed rentals (1)		—			—			—			—			—
Total interest expense	$	30,354		$	31,241		$	37,637		$	33,331		$	16,605
Ratio of Earnings to Fixed Charges		1.88	X		1.46	X		1.22	X		1.20	X		1.25	X
Excluding Interest on Deposits
Earnings:
Earnings before income taxes	$	26,571		$	14,277		$	8,251		$	6,688		$	4,172
Fixed charges from below		6,442			7,264			8,058			4,116			931
Earnings	$	33,013		$	21,541		$	16,309		$	10,804		$	5,103
Fixed charges:
Interest expense excluding interest on deposits	$	6,442		$	7,264		$	8,058		$	4,116		$	931
Interest portion of fixed rentals (1)	$	—			—		$	—			—			—
Total Interest expense	$	6,442		$	7,264		$	8,058		$	4,116		$	931
Ratio of Earnings to Fixed Charges		5.12	X		2.97	X		2.02	X		2.62	X		5.48	X

(1) The Company is not a party to any capital leases; therefore, this item is not applicable. All leases are operating leases.