During an appearance on The Ellen DeGeneres Show on Monday, the singer confirmed he welcomed a second child, a boy, with the actress in 2020

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Jessica Biel Justin Timberlake
Justin Timberlake (R) and Jessica Biel
| Credit: Justin Timberlake/Instagram

Justin Timberlake and Jessica Biel are in "Heaven" with their two boys.

A source tells PEOPLE in this week's issue, on newsstands Friday, that the singer, 39, and the actress, 38, have been adjusting well to life as a family of four with their new baby, Phineas, and 5-year-old son, Silas.

"They are spending time together as a family in both Montana and Los Angeles," says the source. "They seem happy."

After months of keeping the details of Phineas' arrival under wraps — even after pals Lance Bass and Jimmy Fallon let the news slip last year — Timberlake opened up about him for the first time during an appearance on The Ellen DeGeneres Show on Monday.

"He's awesome and so cute," Timberlake told the host. "Nobody's sleeping, but we're thrilled. We're thrilled and couldn't be happier. Very grateful."

Timberlake said DeGeneres, 62, was among the few "outside of the immediate family" who knew about Biel's pregnancy.

"I think we were FaceTiming and you said, 'Hey, you want to know a secret?' " DeGeneres said. "Then Jessica walked in and you put your hand on her stomach. You were like, 'I'm having another baby!' "

When asked how parenting two kids compares to one, Timberlake joked, "We don't see each other anymore," adding, "It's a lot of fun. I guess the saying goes go from a zone defense to a man-to-man really quickly. It's great. Silas is super excited."

As to how Silas has been adjusting to life as a big brother, Timberlake said that "right now, he's very much liking it."

"Phin can't walk yet or chase him down," he said, "so we'll see what happens."

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In addition to being an older sibling, Silas is getting really into video games.

"He's into Legos and tennis," Timberlake said. "We got him a Nintendo Switch. It's just like, child crack."

He's also enjoying golf like his dad.

"He likes golf, but I'm not pressing it," Timberlake said. "I want him to like it if he likes it. He's fast and active so he's very good at tennis."

For all the details on Justin Timberlake and Jessica Biel's new life as a family of four, pick up the latest issue of PEOPLE, on newsstands Friday.