TIMBERLAND BANCORP INC — Director's Dealing 2007

Feb 20, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2007-02-16

Reporting Person: ROBBEL RONALD A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-16	Common Stock, $.01 par value per share	M	6065	$23.25	Acquired	8785	Direct
2007-02-16	Common Stock, $.01 par value per share	S	6065	$36.85	Disposed	2720	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-16	Stock Options (right to buy)	$23.25	M	6065	Disposed	2014-01-27	Common Stock (6065)	Direct

Footnotes

F1: Includes indirect ownership of 2,500 shares by IRA and 220 shares held by MRDP Trust; does not reflect beneficial ownership of stock options reportable on Table II.