Not sure what version of Photoshop/Premiere you are using, or if you're working with NTSC or PAL, widescreen or 4:3, but this is what I would do:
A: create the titles in premiere, job done.
If you need to use Photoshop:
create a new file in Photoshop using the relevant built in template - for me it's PAL 16:9 for instance.
Create your text, save the file a s a .psd.
Import the .psd file - don't save as a jpg or gif, just import the actual psd file, depending on your version of premiere it will likely give you the option to import individual layers of the whole thing, I'd just import the text layers.
In premiere, I'd create a blank white video in the first video track.
Put your imported text in the second video track > record voice over > put that in the audio track > export.
Panasonic SD9, Panasonic NVGS-75, Canon MV600i