TIMBERLAND BANCORP INC — Director's Dealing 2004

Mar 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2004-03-04

Reporting Person: BACKSTROM ROBERT (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-04	Common Stock, $.01 par value per share	M	7000	$12	Acquired	37068	Direct
2004-03-04	Common Stock, $.01 par value per share	S	7000	$22.92	Disposed	30668	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-04	Stock Options (right to buy)	$12	M	7000	Disposed	2009-01-29	Common Stock (7000)	Direct

Footnotes

F1: Includes indirect ownership of 21,000 shares held by IRA and 4,534 shares held by MRDP Trust; does not reflect beneficial ownership of stock options reportable on Table II.