It's a Girl for Colin Hanks

Tom Hanks's Son Colin Hanks Welcomes Daughter Olivia Jane
Colin Hanks and Samantha Bryant
Brian Zak/Sipa

02/03/2011 AT 12:55 PM EST

Baby makes three for Colin Hanks and wife Samantha Bryant.

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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