Yes, this is what is known as a racing homer, one band is registered to the owner so the bird may be tracked as for pedigreed and for entry & clocking during races. The other may no doubt be just a small colored rubber band also used to clock the bird in when he gets home. Miles & time. It looks like the poster above me found you a local club to contact, I also posted the link to the American Racing Pigeon Union, the second link gives you a form to find the owner using the band number. Rasing pigeons can be worth thousands of $ if they are good. The owner would be happy to learn the faith of his bird. Storms, birds of pray or shooters can put them out for good or temporary.
I am a pigeon breeder and flyer not a racer. I own breeds from Turkey & Egypt known for their fast flying ability, they can out fly a falcon. There are hundreds of different types of domestic breeds. from all over the world.