TIMBERLAND BANCORP INC — Director's Dealing 2004

Feb 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2004-02-20

Reporting Person: SAND MICHAEL R (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-20	Common Stock, $.01 par value per share	M	1500	$12	Acquired	48122	Direct
2004-02-20	Common Stock, $.01 par value per share	S	1500	$23	Disposed	46622	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-20	Employee Stock Option (right to buy)	$12	M	1500	Disposed	2009-01-29	Common Stock (1500)	Direct

Footnotes

F1: Includes indirect ownership of 12,696 shraes held by MRDP Trust, 15,902 shares held by pension plan, 889 shares held by IRA, 889 shares held by wife, and 1,250 shares held by children; does not reflect beneficial onwership of stock options reportable on Table II.