TIMBERLAND BANCORP INC — Director's Dealing 2007

May 8, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2007-05-07

Reporting Person: PARKER JON C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-07	Common Stock, $.01 par value per share	M	3175	$12	Acquired	22595	Direct
2007-05-07	Common Stock, $.01 par value per share	S	3175	$35.86	Disposed	19420	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-07	Stock Options (right to buy)	$12	M	3175	Disposed	2009-01-29	Common Stock (3175)	Direct

Footnotes

F1: Includes indirect ownership of 18,700 shares held by IRA, 500 shares held by children and 220 shares held by MRDP Trust; does not reflect beneficial ownership of stock options reportable on Table II.