Directors of Mason-Dixon Bancshares, parent corporation of Carroll County Bank and Trust Co., have declared a 34-cents-per-share dividend. The dividend, payable Wednesday, will be paid to stockholders of record as of June 3, 1994.

The second-quarter dividend reflects an increase of 6.25 percent above the previous dividend paid.

Earnings for the three months ending March, 31, 1994, totaled $1,850,994, an increase of 10 percent over the same period in 1993. Net income per share was $1.27, compared with $1.16 for the same period in 1993 (average shares outstanding of 1,454,634 and 1,452,134).

Carroll County Bank and Trust Co. has its headquarters in Westminster and operates 11 offices in Carroll County and one in Ellicott City.