TIMBERLAND BANCORP INC — Director's Dealing 2004

Mar 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2004-03-01

Reporting Person: MASON JAMES CRAIG (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-01	Common Stock, $.01 par value per share	M	5339	$12	Acquired	32940	Direct
2004-03-01	Common Stock, $.01 par value per share	S	5339	$23	Disposed	27601	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-01	Stock Option (right to buy)	$12	M	5339	Disposed	2009-01-29	Common Stock (5339)	Direct

Footnotes

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