In a large soup pot cook bacon over medium-high heat until brown and crispy, about 5 minutes; pour off all but 2 tablespoons fat. Add onion, celery, and sweet pepper; cook 5 minutes until softened. Stir in potatoes, corn, ham, thyme, salt, and black pepper. Sprinkle flour over mixture and stir until thickened, about 3 minutes.
Slowly pour in broth, stirring constantly, until smooth. Add bay leaf and bring to a boil.
Reduce heat and simmer until potatoes are tender, about 25 minutes. Remove bay leaf and thyme sprigs.
Stir in half-and-half and cook until warmed through. Do not allow soup to come to a boil again. Makes 8 one-cup servings. Recipe from Matt Norris of Johnston.