TIMBERLAND BANCORP INC — Director's Dealing 2007

Feb 27, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2007-02-23

Reporting Person: SMITH DAVID ALAN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-23	Common Stock, $.01 par value per share	M	20	$14.9	Acquired	6850	Direct
2007-02-23	Common Stock, $.01 par value per share	S	20	$37	Disposed	6830	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-23	Stock Options (right to buy)	$14.9	M	20	Disposed	2011-06-14	Common Stock (20)	Direct

Footnotes

F1: Includes indirect ownership of 220 shares held by MRDP Trust; does not reflect beneficial ownership of stock options reportable on Table II.