He keeps a pic of her in his wallet??

Sooo, my boyfriend of a year an a half has this friend hes been friends with for a long time (I'll call her Sarah) I know I cant tell him anything cause hes known Sarah and been friends with her since way before me but it does bother me when he's around her he seems "too friendly" with her? Ive seen their old messages too on Snapchat saying things like "I love you" and just kinda flirty messages like they never dated but did like each other or something.. Andddd he keeps a picture of Sarah in his wallet.. Which bothers me the most cause like.. Whyy does he need that..?? Ive asked him about it before and he just says oh I've always had that .. Thats all I get and I can't ask him to get rid of it cause im sure he'll be upset and start an argument.

My question is would this bother anyone else?? Or am I just overreacting ?