The couple welcomed daughter Olivia Jane Hanks on Tuesday, Feb. 1 in Los Angeles, PEOPLE has confirmed.
This is the couple's first child and is also the first grandchild for Colin's father, actor Tom Hanks.
"The family is home and everyone's happy and healthy," says a source close to the actor.
Hanks, 33, and Bryant met through mutual friends and were engaged in June 2009 before marrying less than a year later in May 2010.
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