TIMBERLAND BANCORP INC — Director's Dealing 2004

Jan 29, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2004-01-27

Reporting Person: WARREN HAROLD L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-27	Common Stock	$23.06	A	14169	Acquired	2014-01-27	Common Stock (14169)	Direct

Footnotes

F1: Stock Options were granted on January 27, 2004. These options vest at the rate of 10% per annum. However, for each year in which Timberland Bancorp, Inc. meets three of four established performance criteria items, the vesting percentage will be doubled to 20% per annum.