In a large heavy bottomed pan, over medium heat, cook the bacon.
Remove the bacon to a paper towel-lined plate; set aside.
Remove all but 1 tablespoon of the bacon fat; carefully discard remainder of the fat.
Add vegetables to pan; cook until onions are translucent and carrots and celery are beginning to soften; 4 – 5 minutes.
Add garlic and tomato paste; cook, stirring, for another minute or until fragrant.
Add chicken broth, water, beans, bay leaves, thyme, salt, pepper and half of bacon.
Bring to boil, reduce to simmer and cook, partially covered, for 15 – 20 minutes or until vegetables are soft.
Remove about half of the soup and puree the remaining soup using either a hand-held immersion blender or a traditional blender.
Stir blended and unblended soup together and add remaining bacon, reserving some to garnish, if desired.
