02/03/2011 AT 12:55 PM ET
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.