TIMBERLAND BANCORP INC — Director's Dealing 2006

May 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2006-05-04

Reporting Person: BASICH MARCI A (Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-04	Common Stock, $.01 par value per share	M	500	$15.96	Acquired	500	Direct
2006-05-04	Common Stock, $.01 par value per share	S	500	$29.05	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-04	Employee Stock Option (right to buy)	$15.96	M	500	Disposed	2012-07-11	Common Stock (500)	Direct