TIMBERLAND BANCORP INC — Director's Dealing 2004

May 27, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2004-05-26

Reporting Person: HAMRE CLARENCE E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-26	Common Stock, $.01 par value per share	M	3600	$12	Acquired	64410	Direct
2004-05-26	Common Stock, $.01 par value per share	S	3600	$22.54	Disposed	60810	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-26	Stock Options (right to buy)	$12	M	3600	Disposed	2005-02-28	Common Stock (3600)	Direct

Footnotes

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