The search for a man missing off the Waihi coast is expected to continue this morning.

The 24-year-old man went missing when a boat he, another man and a boy were in overturned on Monday night.

One man and a 10-year-old boy were rescued but the 24-year-old has not been seen since.

The police dive squad is expected to be called in to help with the search for the missing boatie today.

The dinghy the three were in overturned when it hit a wave on the Bowentown Bar at about 8pm on Monday.

Waikato Senior Sergeant Mike Henwood says there was only one life jacket on board.

It was put on the boy and he, along with the 28 year old, floated to shore just before midnight.

They both had mild hypothermia and were taken to hospital.

The third man clung to the dinghy and was washed further out to sea, says Mike.

The Trustpower TECT Rescue Helicopter searched the Waihi Beach coastline and the Matakana Island coastline using Night Vision Goggles but was unable to locate the man.