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: Bailey Kathie M (Senior VP & COO)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.01 par value per share	12500	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$12	2009-01-29	Common Stock (4600)		Direct

Footnotes

F1: Reflects grant of stock options on January 29, 1999. These options were fully vested on January 29, 2004.