Heat 2 tbsps. oil and garlic in a skillet over medium for 4 minutes or until garlic is golden. Add red pepper and beans, toss.
Heat remaining 1 Tablespoon of oil in a Dutch oven over medium-high. Add onion, carrot, and thyme; cook 3 minutes. Stir in tomato paste. Stir in stock, salt, tomatoes, and bread. Bring to a boil; cook 5 minutes.
Discard thyme sprigs. Place tomato mixture in a blender; process until smooth. Divide soup among 4 bowls, top with beans. (serving size about 1 1/2 cups soup and 1/4 cup bean mixture)