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: SAND MICHAEL R (Director, President and CEO)

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	78860	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-04	Stock Options (right to buy)	$12	M	2500	Disposed	2009-01-29	Common Stock (2500)	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 31,804 shares held by pension plan, 1,778 shares held by IRA, 1,778 shares held by wife, 2,500 shares held by children, and 1,000 shares held by MRDP Trust; does not reflect beneficial ownership of stock options reportable on Table II.