Repeated use of the String.replaceFirst() method would help you here.
Simply replace your first ':' with the 'h', then apply again for 'm' etc.
There are additional options, which may be more appropriate/robust etc. depending on your circumstances. 
Regular expressions may be useful here, to help you parse/split up such a string.
Or given that you're parsing/outputting times, it may also be worth looking at SimpleDateFormat and its ability to parse/output date/time combinations. 
In fact, if you're storing that date as a string, you may want to revist that decision. Storing it as a date object (of whatever variant) is more typesafe, will protect you against invalid values, and allow you to perform arithmetic etc on these.