TIMBERLAND BANCORP INC — Director's Dealing 2003

Sep 24, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2003-09-23

Reporting Person: HAMRE CLARENCE E (Director, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-23	Common Stock, $.01 par value per share	M	4400	$12	Acquired	84075	Direct
2003-09-23	Common Stock, $.01 par value per share	S	4400	$23.86	Disposed	79675	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-23	Stock Options (right to buy)	$12	M	4400	Disposed	2004-04-29	Common Stock (4400)	Direct

Footnotes

F1: Includes indirect ownership of 20,000 shares held by wife, 18,865 shares held by pension plan, 15,870 shares held by MRDP Trust, and 1,135 shares held by IRA; does not reflect beneficial ownership of stock options reportable on Table II.