TIMBERLAND BANCORP INC — Director's Dealing 2004

May 13, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2004-05-12

Reporting Person: HAMRE CLARENCE E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-12	Common Stock, $.01 par value per share	M	6832	$12	Acquired	67642	Direct
2004-05-12	Common Stock, $.01 par value per share	S	6832	$21.32	Disposed	60810	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-12	Stock Option (right to buy)	$12	M	6832	Disposed	2004-04-29	Common Stock (6832)	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 ownership of stock options reportable on Table II.