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: BRYDON DEAN J (CFO/EVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-23	Common Stock, $.01 par value per share	M	1000	—	Acquired	21220	Direct

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 the award date.

F2: Includes indirect ownership of 1,000 shares held by MRDP Trust; does not reflect beneficial ownership of stock options reportable on Table II.