Green’s Dictionary of Slang

broke adj.1

also broke-ass, broken, bruk
[orig. image was of creditors physically ‘breaking’ a debtor]

[mid-16C+] out of funds, impoverished, poor.

In phrases

broke for (adj.) [fig. use of broke adj.1 ]

[1940s–50s] (Aus.) in great need of, desperate for; esp. in the phr. broke for a feed, very hungry.

broke to the wide (adj.)

[20C+] absolutely penniless.

flat broke (adj.)

see separate entry.

go for broke

see separate entries.

stone broke (adj.)

see separate entry.

SE in slang uses

In compounds

broke-dick (adj.) (also broke-ass) [SE broke + dick n.1 (5), i.e. impotent]

[1950s+] (US) worthless, useless.