TIMBERLAND BANCORP INC — Director's Dealing 2007

May 11, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2007-05-10

Reporting Person: BASICH MARCI A (Treasurer/SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-10	Common Stock, $.01 par value per share	M	1000	$15.96	Acquired	1000	Direct
2007-05-10	Common Stock, $.01 par value per share	S	1000	$35.59	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-10	Stock Options (right to buy)	$15.96	M	1000	Disposed	2012-07-11	Common Stock (1000)	Direct