TIMBERLAND BANCORP INC — Director's Dealing 2007

Oct 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2007-10-23

Reporting Person: DRUGGE ROBERT A (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-23	Common Stock, $.01 par value per share	A	1000	—	Acquired	13000	Indirect

Footnotes

F1: Represents award of restricted stock under the Management Recognition and Development Plan ("MRDP"). The shares vest in equal installments over the five year period following award date.

F2: Includes 1,200 shares held directly.