Yes.
The condition bit holds the value put into it by a comparison instruction until
another comparison instruction is executed.
This code 
puts the minimum of $f0 or $f2
into   $f12 .
If they are equal, then $f12 gets the value they both contain. 
The code is awkward; it would be better to reverse the third and fourth statements. However, sometimes it is very useful to hold the condition bit's value for several instructions before using it.
                  
        # $f12 <-- min of A and B
        #
        l.s     $f0,A            # get the values 
        l.s     $f2,B            # into registers
        
        c.lt.s  $f0,$f2          # is A < B?
        mov.s   $f12,$f0         # move A to $f12
                                 # (condition bit continues to hold
                                 # its value)
        bc1t    common           # otherwise
        mov.s   $f12,$f2         # move B to $f12
common: .....
        .data
A:      .float  12.45
B:      .float  53.05
(Review: ) should c.eq.s be used to
implement a while loop?