TIMBERLAND BANCORP INC — Director's Dealing 2006

Sep 1, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2006-08-30

Reporting Person: Rasmusson Michael J (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-08-30	Common Stock, $.01 par value per share	M	2500	$15.205	Acquired	2500	Direct
2006-08-30	Common Stock, $.01 par value per share	S	2500	$39	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-08-30	Stock Option (right to buy)	$15.205	M	2500	Disposed	2012-01-10	Common Stock (2500)	Direct

Footnotes

F1: Does not reflect beneficial ownership of stock options reportable on Table II.