Start by creating a rounded rectangle using rounded rectangle shape tool.



Press Ctrl+T. Right click the layer and select warp. Adjust nodes to get the shape as shown.



Enable add to shape area form the top bar.



Create a rectangle using rectangular shape tool. Press Ctrl+T. Right click the layer and select warp. Adjust nodes to get the shape as shown.



Duplicate path and flip horizontal. Place for the other arm.



Double click the layer to open layer style window. Apply layer style with the settings shown.







Create a rectangle using rectangular shape tool. Press Ctrl+T. Right click the layer and select warp. Adjust nodes to get the shape as shown.