Add your #9F9176 text to the canvas. In this tutorial the font is Arial black, 60 pt, Smooth, #9F9176 and -100 on character tracking. You need to set your text so each letter is close to each other because we adding the bullet hole later, it will look much better if the hole is behind two letter. What is character tracking? It's a setting in the character panel, to open character panel go to windows > character. See picture guide for visuals.
Step two:
Add the following layer-styles:
Blend Mode: Color Dodge
Opacity: 42
Gradient: Default
Reverse: Check
Style: Reflected
Aligh with Layer: Check
Angle: 90
Scale: 57
Blend Mode: Color Burn
Opacity: 61
Noise: 33
Color: #877050