TIMBERLAND BANCORP INC — Director's Dealing 2006

May 1, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2006-04-28

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-28	Common Stock, $.01 par value per share	M	799	$12	Acquired	39729	Direct
2006-04-28	Common Stock, $.01 par value per share	S	799	$29.04	Disposed	38930	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-28	Stock option (right to buy)	$12	M	799	Disposed	2009-01-29	Common Stock (799)	Direct

Footnotes

F1: Includes indirect ownership of 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 ownership of stock options reportable on Table II.