In a large sauce pan or dutch oven cook the bacon on medium high temperature until the fat is rendered and the bacon is crisped, 6 to 8 minutes.
Lower the heat to medium and add the onion and bell pepper and cook until softened, 4 minutes.
Add the beans and remaining ingredients and stir well to combine. Bring to a simmer and cook uncovered 15 minutes, stirring every few minutes to prevent sticking.
Serve hot as a side dish.
Notes
Cannellini, pinto beans, or great northern beans can be substituted for navy beans.
Dry beans could also be used. Soak beans in water overnight then simmer them for 1 to 2 hours to desired tenderness. 1 pound of dry beans, (2 cups), equals 6 to 7 cups cooked. Drain and use them per recipe instructions. 3 cans of navy beans is about 5 1/4 cups drained.
I used bacon custom cut in a butcher shop which was 3/8 inches thick then diced. 3 slabs was 10 ounces. Any thick cut bacon can be used.
To reduce the calories per serving, use less bacon. You will still get a nice flavor. Using 5 ounces of bacon will reduce the calories per serving by nearly 100 calories.
If the beans seem too thick after cooking, add more water 1/4 cup at a time.
Store leftovers in the refrigerator for up to 5 days.
Reheat in the microwave and add a bit more water if necessary.