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: Rasmusson Michael J (Senior VP & Chief Credit Admin)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.01 par value per share	0	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$15.21	2012-01-10	Common Stock (5000)		Direct

Footnotes

F1: Reflects grant of stock options on January 10, 2002. 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.