TIMBERLAND BANCORP INC — Director's Dealing 2006

Feb 3, 2006

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2006-01-24

Reporting Person: Johansen Roger A (Senior VP & Bus.Bankg.Div.Mgr)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.01 par value per share	959	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$12.06	2010-11-09	Common Stock (5000)		Direct
Stock Options	$13.59	2011-04-26	Common Stock (5000)		Direct

Footnotes

F1: Reflects grants of stock options on November 9, 2000 and April 26, 2001. These options vest over a ten year period in equal installments of 10% per year. The vesting period is, however, subject to an accelerated vesting schedule of up to 20% each year in which the Company meets three of four established performance criteria.