TIMBERLAND BANCORP INC — Director's Dealing 2015

May 1, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIMBERLAND BANCORP INC (TSBK)
CIK: 0001046050
Period of Report: 2015-04-30

Reporting Person: Foster Edward Colman (EVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-04-30	Common Stock, $0.01 par value per share	M	1000	$6	Acquired	1200	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-04-30	Stock Options (right to buy)	$6	M	1000	Disposed	2022-10-23	Common Stock (1000)	Direct
2015-04-30	Stock Options (right to buy)	$10.55	A	3000	Acquired	2025-04-30	Common Stock (3000)	Direct

Footnotes

F1: Represents exercise of vested stock options that were granted on 10/30/2012.

F2: Represents stock options granted on 4/30/2015. These options will vest at 20% per annum.