TIMBERLAND BANCORP INC — Director's Dealing 2003

Jul 31, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2003-07-25

Reporting Person: MORRIS RICHARD R JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-07-25	Common Stock, $.01 par value per share	M	1500	$12	Acquired	52835	Direct
2003-07-25	Common Stock, $.01 par value per share	S	1500	$22.91	Disposed	51335	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-07-25	Stock Options (right to buy)	$12	M	1500	Disposed	2009-01-29	Common Stock (1500)	Direct

Footnotes

F1: Includes indirect ownership of 6,801 shares held by MRDP Trust; does not reflect the beneficial ownership of stock options that are reported on Table II.