Rescued was Jim Sager, 59, from Point Pleasant, N.J.
The Coast Guard received a call from a crewmember aboard the Islander reporting Sager went into the water after he was hit by a loose bait box.
A 25-foot Response Boat crew from Coast Guard Station Manasquan Inlet, N.J., arrived on scene and rescued Sager from the water.
Sager, who was suffering from hypothermia, was transported to the station and transferred to awaiting emergency medical personnel and taken to Ocean Medical Center in Brick, N.J., in stable condition.