TIMBERLAND BANCORP INC — Director's Dealing 2003

Dec 17, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2003-12-16

Reporting Person: BACKSTROM ROBERT (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-16	Common Stock, $.01 par value per share	M	3000	$12	Acquired	33068	Direct
2003-12-16	Common Stock, $.01 par value per share	S	3000	$24.06	Disposed	30068	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-16	Stock Options (right to buy)	$12	M	3000	Disposed	2009-01-29	Common Stock (3000)	Direct

Footnotes

F1: Includes indirect ownership of 21,000 shares held by IRA and 6,801 shares held by MRDP Trust; does not reflect beneficial ownership of stock options reportable on Table II.