We provide general sufficient conditions for branching out of a timeperiodic family of solutions from steady-state solutions to the twodimensional Navier-Stokes equations in the exterior of a cylinder. To this end, we first show that the problem can be formulated as a coupled elliptic-parabolic nonlinear system in appropriate function spaces. This is obtained by separating the time-independent averaged component of the velocity field from its "purely periodic" one. We then prove that time-periodic bifurcation occurs, provided the linearized time-independent operator of the parabolic problem possess a simple eigenvalue that crosses the imaginary axis when the Reynolds number passes through a (suitably defined) critical value. We also show that only supercritical or subcritical bifurcation may occur. Our approach is different and, we believe, more direct than those used by previous authors in similar, but distinct, context.