TIMBERLAND BANCORP INC — Director's Dealing 2004

Jan 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2004-01-07

Reporting Person: HAMRE CLARENCE E (Director, Chairman of the Board)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-05	Common Stock	S	18865	$22.94	Disposed	60810	Direct

Footnotes

F1: The transaction is an Intra-plan transfer within the Timberland Bank 401(k) Profit Sharing Plan, which Mr. Hamre elected to have transferred on September 16, 2003. The transfer was delayed until January 2004 because of administrative issues.

F2: 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 onwership of stock options reportable on Table II.